CGHM vs JMHI: Grades, Fees and Holdings Compared

Capital Group Municipal High-Income ETF

CGHMANYSE Arca

JPMorgan High Yield Municipal ETF

JMHIBNYSE Arca

Overlap

No data

Expense ratio

CGHM −0.18pt a year

CGHM0.34%JMHI0.52%

Avg volume · 30D

CGHM 12.2×the volume

CGHM865KJMHI70.7K

CGHM vs JMHI Performance

Oct 31, 2025 – Nov 2, 2026

+1.2%CGHM0.0%JMHI

Expense ratio: CGHM 0.34%, better; JMHI 0.52%
Fund size: CGHM $3.75B; JMHI $307M
1Y total return: CGHM +1.2%, better; JMHI 0.0%
Yield (12M): CGHM 4.33%; JMHI 4.97%, better
Holdings: CGHM 3762; JMHI 261
Avg volume (30D): CGHM 865K sh, better; JMHI 70.7K sh
NAV per share: CGHM $24.72; JMHI $48.42
52W range

ETF.net Grade

Pillar letters and Scores for CGHM, JMHI, with each pillar’s weight
Pillar	CGHM	JMHI
Cost30% weight	A78Higher	F22
Mission25% weight	A100Higher	A92
Risk15% weight	B61Higher	C47
Tradability15% weight	B69Higher	C52
Holdings10% weight	A96Higher	A70
Durability5% weight	B67	A74Higher

Rank among High-Yield Municipal Bonds funds

How we build Categories ›

Same Category. CGHM and JMHI are both graded against the same 18 High-Yield Municipal Bonds funds, so their Grades compare head to head.

High-Yield Municipal Bonds⁠

Category · 18 funds

See all 18 ›

CGHM ranks 1st and JMHI 14th of 18 funds in the High-Yield Municipal Bonds Category.

Rank 1ACGHMCapital Group Municipal High-Income ETFScore 80
Rank 2AHYDVanEck High Yield Muni ETFScore 79
Rank 13BFMHIFirst Trust Municipal High Income ETFScore 56
Rank 14BJMHIJPMorgan High Yield Municipal ETFScore 55
Rank 15CHTAXNomura National High-Yield Municipal Bond ETFScore 54

Our read on each fund

ETF.net Research

CGHMACapital Group Municipal High-Income ETF

JMHIBJPMorgan High Yield Municipal ETF

In short

CGHM Index high-yield muni funds stop where the ratings stop. CGHM is Capital Group's active version: built to lean into lower-rated and unrated tax-exempt bonds, with the income paid out monthly.

JMHI A 2007-vintage JPMorgan muni strategy that traded its mutual fund shell for an ETF wrapper in 2023. Actively run, free to lean all the way into below-investment-grade munis, built around federally tax-exempt income paid monthly.

Stated mandate

CGHM The fund seeks a high level of current income that is exempt from regular federal income tax.

JMHI The Fund seeks a high level of current income exempt from federal income taxes by investing in tax-exempt municipal securities, with an emphasis on high-yield municipal bonds.

Why people hold it

CGHM The mandate is the whole point: at least 60% in bonds rated BBB+/Baa1 or below, or unrated, the corner of the muni market index funds cap or skip.yahoo.com capitalgroup.com
Income lands monthly and is exempt from regular federal income tax, spread across roughly 600 bond positions rather than a few big credits.
A young fund that is already a multi-billion-dollar one, and what it holds lines up closely with the mandate it advertises.
Sits in the upper half of the muni ETF field we grade, a solid showing for an active fund fishing in the market's messier waters.

JMHI No index to hug. Managers pick the bonds, and the fund may hold up to 100% in below-investment-grade municipals, the corner of the muni market that carries the higher yields.jpmorgan.com
The mandate is narrow and the fund sticks to it: municipal securities whose income is exempt from federal income tax, with cash paid out monthly.
Credit risk is spread across roughly 300 municipal positions rather than a few concentrated issuer bets.
Not a startup strategy. It ran as a mutual fund from 2007 and converted to an ETF in July 2023, so the approach has a long paper trail behind the ticker.jpmorgan.com

Worth knowing

CGHM At 0.34% it runs above the 0.30% muni cohort median, and well above plain index core muni funds like VTEB (0.03%) and MUB (0.05%).
Lower-rated and unrated munis carry more credit and liquidity risk than investment-grade muni funds, so swings can be sharper when credit gets stressed.yahoo.com
Launched in 2024, so the history here is short and has not yet run through a full credit cycle.

JMHI At 0.52%, with no fee waiver, the cost sits above the category median and above index-based rivals HYD (0.32%) and HYMB (0.35%). Active bond picking is what the premium buys.
Permission to hold up to 100% below-investment-grade munis cuts both ways: default and liquidity risk are real, and the issuer flags the greater degree of risk itself.jpmorgan.com
Trading is moderate rather than heavy for the category, which tends to show up in bid-ask spreads on larger orders.

Full CGHM profile⁠

Full JMHI profile⁠

CGHM vs JMHI Holdings

How CGHM and JMHI differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile96.8%
Asset classFixed Income100%

Sector

No Sector split for CGHM.

Country, concentration and asset class

Country by domicile

Country weights in CGHM and JMHI, widest gap first
Country	More in CGHMMore in JMHI	CGHM	JMHI
United States	JMHI +3.2 points	92.9%	96.1%
Puerto Rico	CGHM +3.2 points	7.1%	3.9%
Canada	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

CGHM6.5%
JMHI12.6%

Securities held

CGHM3,556
JMHI259

Asset class

CGHM: Fixed Income
JMHI: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. CGHM holds 3,556 securities, JMHI 259.

All CGHM holdings⁠All 260 JMHI holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

CGHM vs JMHI Cost

Overpaying JMHI vs CGHM

$3,419

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

CGHM 0.34%
$6,932
JMHI 0.52%
$10,351

Amount$10,000

Years30 years

Cost over time

CGHM 0.34%
JMHI 0.52%
Overpaying

Year by year

Year	CGHM	JMHI	Overpaying
10	$616	$935	$319
20	$2,386	$3,593	$1,207
30	$6,932	$10,351	$3,419

Expense ratio

0.34%CGHM, cheaper
0.52%JMHI

CGHM0.34%JMHI0.52%

0.30%0.70%

Middle half of High-Yield Municipal Bonds funds
Median 0.39%

CGHM 5th cheapest of 18 funds

JMHI 15th cheapest of 18 funds

CGHM vs JMHI Dividends

Last 12 months to Nov 2, 2026

Yield (12M): CGHM 4.33%; JMHI 4.97%, better
Payout (12M): CGHM $1.07; JMHI $2.40
Last payment: CGHM $0.09; JMHI $0.20
Ex-dividend: CGHM Oct 30, 2026; JMHI Nov 2, 2026
Paid on: CGHM Nov 2, 2026; JMHI Pays Nov 4, 2026
Frequency: CGHM Monthly; JMHI Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

CGHMMonthly · 28 paymentsAll CGHM payments⁠

JMHIMonthly · 40 paymentsAll JMHI payments⁠

CGHM vs JMHI Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: CGHM 5.7%since Jul 2024JMHI 6.2%
Return per unit of riskSharpe ratio, 3 years: CGHM −0.12since Jul 2024JMHI 0.30
Worst fallMax drawdown, 5 years: CGHM −6.8%since Jun 2024JMHI −7.3%since Jul 2023
Market sensitivityBeta, 5 years: CGHM 0.20JMHI 0.97; Market = 1

CGHM and JMHI in the news

All news⁠

New ETFs
MacKay's new muni ETF matches Capital Group's credit rule and waives its fee to 0.34%
Oct 5, 2026CGHM

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CGHM vs JMHI

In short

Stated mandate

Why people hold it

Worth knowing

How CGHM and JMHI differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

MacKay's new muni ETF matches Capital Group's credit rule and waives its fee to 0.34%

How CGHM and JMHI differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings