CGHM vs SHYD: Grades, Fees and Holdings Compared

Capital Group Municipal High-Income ETF

CGHMANYSE Arca

VanEck Short High Yield Muni ETF

SHYDACboe

Overlap

0.0%by weight

Expense ratio

SHYD −0.02pt a year

CGHM0.34%SHYD0.32%

Avg volume · 30D

CGHM 4.5×the volume

CGHM865KSHYD191K

CGHM vs SHYD Performance

Oct 31, 2025 – Oct 30, 2026

+1.3%CGHM+2.5%SHYD

Expense ratio: CGHM 0.34%; SHYD 0.32%, better
Fund size: CGHM $3.73B; SHYD $524M
1Y total return: CGHM +1.3%; SHYD +2.5%, better
Yield (12M): CGHM 4.73%, better; SHYD 3.64%
Holdings: CGHM 3766; SHYD 628
Avg volume (30D): CGHM 865K sh, better; SHYD 191K sh
NAV per share: CGHM $24.72; SHYD $22.43
52W range

ETF.net Grade

Pillar letters and Scores for CGHM, SHYD, with each pillar’s weight
Pillar	CGHM	SHYD
Cost30% weight	A78	A89Higher
Mission25% weight	A100Higher	B65
Risk15% weight	B61	A71Higher
Tradability15% weight	B69Higher	C48
Holdings10% weight	A94Higher	B57
Durability5% weight	B67	A71Higher

Rank among High-Yield Municipal Bonds funds

How we build Categories ›

Same Category. CGHM and SHYD 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 SHYD 5th 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 4AHYMBState Street SPDR Nuveen ICE High Yield Municipal Bond ETFScore 71
Rank 5ASHYDVanEck Short High Yield Muni ETFScore 70
Rank 6BFTMHFranklin Municipal High Yield ETFScore 68

Our read on each fund

ETF.net Research

CGHMACapital Group Municipal High-Income ETF

SHYDAVanEck Short High Yield Muni 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.

SHYD High-yield munis usually mean 30-year paper. SHYD tracks a 'crossover' index capped at 12 years, blending BBB-rated and below-investment-grade tax-exempt bonds, and pays income monthly. Short maturities, spicier credit.

Stated mandate

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

SHYD The fund seeks to track the price and yield performance of the ICE 1-12 Year Broad High Yield Crossover Municipal Index before fees and expenses. That index represents the U.S.-dollar-denominated short-term high-yield tax-exempt municipal bond market.

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.

SHYD The maturity ceiling is the whole idea. The index runs 1 to 12 years, skipping the long-dated bonds that drive most high-yield muni funds' rate sensitivity.vaneck.com
'Crossover' is doing work in the name: the index reaches into BBB-rated munis alongside below-investment-grade ones, rather than living only at the deepest end of the credit pool.vaneck.com
Monthly distributions from a spread of roughly 500 bonds, drawn from the tax-exempt municipal market.
Live since 2014, so it carries a real record through multiple rate cycles instead of a backtest.

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.

SHYD At 0.32%, it runs slightly above the typical muni ETF and roughly ten times what plain-vanilla index funds like VTEB (0.03%) and MUB (0.05%) charge.
Credit risk is the engine here. Below-investment-grade munis can be thinly traded, and that shows up in pricing when the market gets stressed.
The 12-year cap trims off the longest end of the muni curve, where yields typically sit highest. That's the trade for the shorter profile.

Full CGHM profile⁠

Full SHYD profile⁠

CGHM vs SHYD Holdings

How CGHM and SHYD differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of CGHM and 0.0% of SHYD.

Level by level

Holdings0 in both0.0%
Countryby domicile99.9%

Sector

No Sector split for CGHM and SHYD.

Country, concentration and asset class

Country by domicile

Country weights in CGHM and SHYD, widest gap first
Country	More in CGHMMore in SHYD	CGHM	SHYD
United States	CGHM +0.1 points	92.9%	92.8%
Puerto Rico	SHYD +0.1 points	7.1%	7.2%
Canada	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

CGHM6.3%
SHYD13.1%

Securities held

CGHM3,559
SHYD258

Asset class

CGHM: Fixed Income
SHYD: Multi-Asset

Holdings

Only in CGHM3,559
In both0
Only in SHYD258

Only in CGHM

3,559 securities, 99.1% of CGHM by weight

Puerto Rico Cmwlth Prc 11/43 Adjustable Var1.28%
Puerto Rico Cmwlth Prc 11/51 Adjustable Var0.93%
Puerto Rico Sales Tax Fing Cor Prcgen 07/40 Fixed 4.3290.73%
Puerto Rico Sales Tax Fing Cor Prcgen 07/46 Zerocpnoid 00.72%
Arkansas Dev Fin Auth Environm Arsdev 09/46 Adjustable Var0.53%
Black Belt Energy Gas Dist Al Bbeutl 04/36 Fixed 5.50.48%
New York City Ny Transitional Nycgen 08/42 Adjustable Var0.45%
Lucas Cnty Oh Hosp Revenue Lucmed 11/48 Fixed 5.250.44%
Iowa St Fin Auth Revenue Iasgen 02/41 Adjustable Var0.43%
Puerto Rico Cmwlth Aqueduct Prcutl 07/47 Fixed 50.41%
Houston Tx Arpt Sys Revenue Houapt 07/41 Fixed 40.39%
Chicago Il Brd of Edu Chiedu 12/42 Fixed 50.37%
Gulf Coast Tx Indl Dev Auth Guldev 11/41 Adjustable Var0.35%
Tulsa Ok Muni Arpt Trust Trust Tulapt 12/40 Fixed 6.250.34%
New York St Transprtn Dev Corp Nyttrn 10/40 Fixed 50.34%
Illinois St Fin Auth Revenue Ilsgen 08/44 Adjustable Var0.32%
Puerto Rico Cmwlth Prc 07/41 Fixed 40.32%
Cumberland Cnty Nc Indl Facs Cumpol 12/27 Adjustable Var0.32%
New York Ny Nyc 04/42 Adjustable Var0.31%
Houston Tx Arpt Sys Revenue Houapt 07/35 Fixed 5.50.31%
New York City Ny Transitional Nycgen 02/45 Adjustable Var0.30%
Houston Tx Arpt Sys Revenue Houapt 07/36 Fixed 5.50.30%
Tulsa Ok Muni Arpt Trust Trust Tulapt 12/35 Fixed 6.250.30%
California St Infrastructure Ca Infrastructure C0.29%
South Carolina St Jobs Econ De Scsmed 05/48 Adjustable Var0.29%
Black Belt Energy Gas Dist Al Bbeutl 06/36 Fixed 50.29%
Orange Cnty Fl Hlth Facs Auth Oramed 10/56 Fixed 5.250.28%
Capital Trust Agy Fl Revenue Cptgen 07/56 Fixed 50.28%
Mission Tx Econ Dev Corp Reven Misdev 08/46 Adjustable Var0.28%
California St Public Wks Brd L Casfac 04/49 Fixed 50.27%
San Francisco City Cnty Ca P Sfoutl 10/49 Fixed 50.27%
New York Ny Nyc 08/55 Fixed Oid 5.250.27%
Texas St Priv Activity Bond Su Txstrn 12/58 Fixed 5.50.27%
Hm Met Dist 2 Co Hmmfac 12/51 Int Aproid Var0.26%
California Stwd Cmntys Dev Aut Casgen 12/56 Fixed 5.250.26%
Mission Tx Econ Dev Corp Sol W Mispol 12/64 Adjustable Var0.26%
National Fin Auth Nh Muni Ctfs Nfadev 07/41 Fixed 4.250.26%
New York St Transprtn Dev Corp Nyttrn 10/45 Fixed Oid 4.3750.25%
Black Belt Energy Gas Dist Al Bbeutl 10/35 Fixed 50.25%
Arizona St Indl Dev Auth Reven Azsdev 05/33 Fixed 3.6250.25%
Cscda Cmnty Impt Auth Ca Essen Cdahsg 07/56 Fixed 40.25%
New York St Thruway Auth Perso Nystrn 03/55 Fixed 50.25%
Hess Ranch Met Dist 6 Co 12/56 7.8750.25%
Puerto Rico Cmwlth Prc 07/46 Fixed 40.25%
Black Belt Energy Gas Dist Al Bbeutl 06/36 Fixed 5.250.23%
California Hsg Fin Agy Muni Ct Cashsg 11/35 Fixed 3.50.23%
National Fin Auth Nh Muni Ctfs Nfadev 10/51 Adjustable Var0.23%
Black Belt Energy Gas Dist Al Bbeutl 12/34 Fixed 50.23%
Public Fin Auth Wi Revenue Pubgen 12/41 Zerocpnoid 00.23%
Michigan St Strategic Fund Ltd Misgen 10/61 Adjustable Var0.23%

Only in SHYD

258 securities, 95.6% of SHYD by weight

Chicago Board Of Education6.32%
New York Transportation Development Cor4.66%
City Of Houston Tx Airport System Reven4.00%
Commonwealth Of Puerto Rico2.81%
California Municipal Finance Authority2.80%
California Community Choice Financing A2.75%
Black Belt Energy Gas District1.97%
New Hampshire Business Finance Authorit1.91%
Mission Economic Development Corp1.63%
Baldwin County Industrial Development A1.50%
Public Finance Authority1.37%
New Jersey Economic Development Authori1.36%
Puerto Rico Sales Tax Financing Corp Sa1.33%
Chandler Industrial Development Authori1.21%
New Jersey Transportation Trust Fund Au1.17%
Greater Orlando Aviation Authority1.15%
California Infrastructure & Economic De1.12%
Kentucky Public Energy Authority1.10%
State Of Illinois1.10%
California Health Facilities Financing1.07%
County Of Miami-Dade Fl Aviation Revenu1.03%
Patriots Energy Group Financing Agency1.01%
New York City Housing Development Corp0.87%
Indiana Finance Authority0.85%
Ohio Air Quality Development Authority0.84%
Massachusetts Development Finance Agenc0.81%
Puerto Rico Commonwealth Aqueduct & Sew0.81%
Metropolitan Transportation Authority0.79%
City & County Of Denver Co0.75%
Virginia Small Business Financing Autho0.75%
Metropolitan Pier & Exposition Authorit0.71%
Territory Of Guam0.67%
Central Plains Energy Project0.67%
Puerto Rico Electric Power Authority0.66%
Monroe County Industrial Development Co0.64%
County Of Allen Oh Hospital Facilities0.64%
North Carolina Medical Care Commission0.63%
Alabama Toll Road Bridge And Tunnel Aut0.61%
Connecticut State Health & Educational0.58%
Colorado Health Facilities Authority0.58%
Florida Development Finance Corp0.55%
Tobacco Settlement Financing Corp0.55%
Alexandria Industrial Development Autho0.54%
Arizona Industrial Development Authorit0.53%
West Virginia Hospital Finance Authorit0.53%
Trust For Cultural Resources Of The Cit0.51%
California Statewide Communities Develo0.50%
Build Nyc Resource Corp0.49%
West Virginia Economic Development Auth0.49%
Southeast Alabama Gas Supply District/T0.49%

Weight gaps

CGHM and SHYD share no securities.

All CGHM holdings⁠All 548 SHYD 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 SHYD Cost

Overpaying CGHM vs SHYD

$390

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

CGHM 0.34%
$6,932
SHYD 0.32%
$6,542

Amount$10,000

Years30 years

Cost over time

CGHM 0.34%
SHYD 0.32%
Overpaying

Year by year

Year	CGHM	SHYD	Overpaying
10	$616	$580	$36
20	$2,386	$2,250	$136
30	$6,932	$6,542	$390

Expense ratio

0.34%CGHM
0.32%SHYD, cheaper

SHYD0.32%CGHM0.34%

0.30%0.70%

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

SHYD 2nd cheapest of 18 funds

CGHM 5th cheapest of 18 funds

CGHM vs SHYD Dividends

Last 12 months to Oct 30, 2026

Yield (12M): CGHM 4.73%, better; SHYD 3.64%
Payout (12M): CGHM $1.17; SHYD $0.82
Last payment: CGHM $0.09; SHYD $0.06
Ex-dividend: CGHM Oct 30, 2026; SHYD Oct 1, 2026
Paid on: CGHM Pays Nov 2, 2026; SHYD Oct 6, 2026
Frequency: CGHM Monthly; SHYD Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

CGHMMonthly · 28 paymentsAll CGHM payments⁠

SHYDMonthly · 45 paymentsAll SHYD payments⁠

CGHM vs SHYD 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 2024SHYD 3.9%
Return per unit of riskSharpe ratio, 3 years: CGHM −0.12since Jul 2024SHYD 0.20
Worst fallMax drawdown, 5 years: CGHM −6.8%since Jun 2024SHYD −13.0%
Market sensitivityBeta, 5 years: CGHM 0.20SHYD 0.55; Market = 1

CGHM and SHYD 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

Popular comparisons

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CGHM vs SHYD

In short

Stated mandate

Why people hold it

Worth knowing

How CGHM and SHYD differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in CGHM

Only in SHYD

Weight gaps

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 SHYD differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in CGHM

Only in SHYD

Weight gaps