CGHM vs SHYM: Grades, Fees and Holdings Compared

Capital Group Municipal High-Income ETF

CGHMANYSE Arca

iShares Short Duration High Yield Muni Active ETF

SHYMBCboe

Overlap

No data

Expense ratio

CGHM −0.06pt a year

CGHM0.34%SHYM0.40%

Avg volume · 30D

CGHM 1.9×the volume

CGHM865KSHYM449K

CGHM vs SHYM Performance

Oct 31, 2025 – Oct 30, 2026

+1.3%CGHM+2.3%SHYM

Expense ratio: CGHM 0.34%, better; SHYM 0.40%
Fund size: CGHM $3.73B; SHYM $917M
1Y total return: CGHM +1.3%; SHYM +2.3%, better
Yield (12M): CGHM 4.73%, better; SHYM 4.33%
Holdings: CGHM 3766; SHYM 547
Avg volume (30D): CGHM 865K sh, better; SHYM 449K sh
NAV per share: CGHM $24.72; SHYM $21.84
52W range

ETF.net Grade

Pillar letters and Scores for CGHM, SHYM, with each pillar’s weight
Pillar	CGHM	SHYM
Cost30% weight	A78Higher	C47
Mission25% weight	A100Higher	A81
Risk15% weight	B61	B65Higher
Tradability15% weight	B69Higher	B64
Holdings10% weight	A94Higher	C46
Durability5% weight	B67	A71Higher

Rank among High-Yield Municipal Bonds funds

How we build Categories ›

Same Category. CGHM and SHYM 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 SHYM 9th 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 8BHIMUIshares High Yield Muni Active ETFScore 65
Rank 9BSHYMiShares Short Duration High Yield Muni Active ETFScore 62
Rank 10BIROCInvesco Rochester High Yield Municipal ETFScore 61

Our read on each fund

ETF.net Research

CGHMACapital Group Municipal High-Income ETF

SHYMBiShares Short Duration High Yield Muni Active 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.

SHYM High-yield munis on a short leash. iShares runs this one actively instead of tracking an index, aiming at tax-free income first and capital gains second, across roughly 500 bonds, with cash out monthly.

Stated mandate

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

SHYM The fund is actively managed to provide exposure to U.S. short-duration, high-yield municipal bonds, seeking higher tax-free income while managing interest-rate risk.

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.

SHYM Actively managed, not index-shadowing: the team picks the credits itself, unlike index-based short high-yield muni peers such as SHYD.ishares.com vaneck.com
0.40% net of a waiver through June 30, 2027 (0.42% gross), which lands near the typical fee among high-yield muni ETFs.
Income is paid monthly, and the stated mandate puts tax-free current income first, capital appreciation second.ishares.com
Live since its 2021 launch under the iShares banner, spreading its bets across roughly 500 municipal bonds.

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.

SHYM Cheaper options sit in the same aisle: FMUB at 0.30% and SHYD at 0.32%, neither leaning on a waiver.
High yield means below-investment-grade credit. The short-duration tilt dials down interest-rate sensitivity, not default risk.ishares.com
No index to grade the manager against, and the fund sits in the lower half of its high-yield muni peer group on our review.

Full CGHM profile⁠

Full SHYM profile⁠

CGHM vs SHYM Holdings

How CGHM and SHYM differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile98.5%
Asset classFixed Income100%

Sector

No Sector split for CGHM.

Country, concentration and asset class

Country by domicile

Country weights in CGHM and SHYM, widest gap first
Country	More in CGHMMore in SHYM	CGHM	SHYM
Puerto Rico	CGHM +1.5 points	7.1%	5.6%
United States	SHYM +1.3 points	92.9%	94.2%
Canada	SHYM +0.2 points	0.0%	0.2%

Concentration

Weight in the 10 largest Holdings

CGHM6.3%
SHYM15.9%

Securities held

CGHM3,559
SHYM534

Asset class

CGHM: Fixed Income
SHYM: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. CGHM holds 3,559 securities, SHYM 534.

All CGHM holdings⁠All 542 SHYM 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 SHYM Cost

Overpaying SHYM vs CGHM

$1,158

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

CGHM 0.34%
$6,932
SHYM 0.40%
$8,090

Amount$10,000

Years30 years

Cost over time

CGHM 0.34%
SHYM 0.40%
Overpaying

Year by year

Year	CGHM	SHYM	Overpaying
10	$616	$723	$107
20	$2,386	$2,793	$407
30	$6,932	$8,090	$1,158

Expense ratio

0.34%CGHM, cheaper
0.40%SHYM

CGHM0.34%SHYM0.40%

0.30%0.70%

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

CGHM 5th cheapest of 18 funds

SHYM 11th cheapest of 18 funds

CGHM vs SHYM Dividends

Last 12 months to Oct 30, 2026

Yield (12M): CGHM 4.73%, better; SHYM 4.33%
Payout (12M): CGHM $1.17; SHYM $0.95
Last payment: CGHM $0.09; SHYM $0.08
Ex-dividend: CGHM Oct 30, 2026; SHYM Oct 1, 2026
Paid on: CGHM Pays Nov 2, 2026; SHYM Oct 6, 2026
Frequency: CGHM Monthly; SHYM Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

CGHMMonthly · 28 paymentsAll CGHM payments⁠

SHYMMonthly · 45 paymentsAll SHYM payments⁠

CGHM vs SHYM 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 2024SHYM 6.6%
Return per unit of riskSharpe ratio, 3 years: CGHM −0.12since Jul 2024SHYM 0.51
Worst fallMax drawdown, 5 years: CGHM −6.8%since Jun 2024SHYM −21.6%
Market sensitivityBeta, 5 years: CGHM 0.20SHYM 0.42; Market = 1

CGHM and SHYM 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 SHYM

In short

Stated mandate

Why people hold it

Worth knowing

How CGHM and SHYM 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 SHYM differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings