CGSMvsDFNMETF Comparison
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Capital Group Short Duration Municipal Income ETF (CGSM) and Dimensional National Municipal Bond ETF (DFNM) belong to the same industry segment: Municipal Bonds. Both ETFs have the same top 1 sector exposures: Municipal. CGSM is more expensive with a Total Expense Ratio (TER) of 0.25%, versus 0.18% for DFNM. CGSM is up 0.66% year-to-date (YTD) with +$655M in YTD flows. DFNM performs worse with -1.02% YTD performance, and +$395M in YTD flows. Run a side-by-side ETF comparison of CGSM and DFNM below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.
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CGSM vs DFNM performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 09/16/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | CGSM DFNM | -0.81%-1.74% | -0.65%-2.30% | +0.66%-1.02% | +1.14%+0.25% | n/a+8.01% | n/an/a |
| Flows | CGSM DFNM | +$31M+$33M | +$387M+$146M | +$655M+$395M | +$789M+$652M | -+$1.33B | -- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | CGSM DFNM | +1.26%+2.05% | +1.47%+1.65% | n/a+2.20% | n/an/a |
| Max drawdown | CGSM DFNM | -0.91%-2.63% | -1.36%-2.63% | n/a-2.92% | n/an/a |
| Max drawdown duration | CGSM DFNM | 22d71d | 116d71d | n/a183d | n/an/a |
Trading data
CGSM | DFNM | |
Last sale 9/17/2026 at 3:12 PM | $26.06 | $46.82 |
| Previous close 09/16/2026 | $26.03 | $46.78 |
| Consolidated volume 09/16/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Main metrics
Last update 9/17/2026 at 3:12 PM
Live
Closed
CGSM | DFNM | |
|---|---|---|
| Last price | $26.06 | $46.82 |
| 1D performance | +0.12% | +0.07% |
| AuM | $1.59 B | $2.26 B |
| E/R | 0.25% | 0.18% |
Characteristics
CGSM | DFNM | |
|---|---|---|
| Management strategy | Active | Active |
| Provider | Capital Group | Dimensional |
| Benchmark | - | - |
| N° of holdings | 238 | 271 |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | September 26, 2023 | November 15, 2021 |
| ESG | No | No |
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Exposure
Countries
CGSM
USA
30.86%
Other
69.14%
DFNM
USA
32.24%
Other
67.76%
Sectors
CGSM
Municipal
30.86%
Other
69.14%
DFNM
Municipal
32.24%
Other
67.76%
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Diversification
CGSM
Total weight of top 15 holdings out of 15
11.66%
DFNM
Total weight of top 15 holdings out of 15
8.43%
Top 15 holdings
Data as of July 31, 2026
CGSM
US650028E821
1.14%
US574193XS28
1.04%
US34153QZG45
1.02%
US373385QZ98
1.01%
US83703FLR19
1.01%
Triborough Bridge and Tunnel Authority, 5% 1feb2028, USD (2026A)
0.84%
US91412HWB58
0.74%
PEFA Inc., 5% 1sep2049, USD (2019)
0.65%
US57421CLT98
0.64%
Virginia College Building Authority, 5% 1feb2032, USD
0.63%
US48542TBS87
0.62%
US74440DFN93
0.60%
Black Belt Energy Gas District, 5% 1jun2031, USD (2026)
0.59%
US254773BN34
0.57%
Puerto Rico, FRN 1nov2043, USD
0.56%
DFNM
County of Hudson, 4% 24feb2027, USD (2026)
0.82%
Revere, 4% 29jul2027, USD
0.73%
City of Somerville (MA), 4% 28may2027, USD
0.68%
Hoboken, 4% 8mar2027, USD (2026)
0.68%
US562333SJ48
0.60%
US594712ZC81
0.60%
Maryland, 5% 1jun2037, USD (2025)
0.50%
US650028F992
0.50%
New Mexico, 5% 1mar2027, USD (2026)
0.50%
US686507NU45
0.49%
US30382AMM17
0.49%
US59333FR362
0.47%
Charleston School District, 5% 6may2027, USD (2026A)
0.47%
Danbury, 4% 22feb2027, USD
0.45%
US190819JY92
0.45%
Frequently asked questions about CGSM and DFNM
How have the CGSM and DFNM ETFs performed in 2026?
As of September 16, 2026, CGSM is up 0.66% year-to-date (YTD), while DFNM has lost -1.02%. That puts CGSM better performer ahead so far this year.
Which ETF is attracting more investor money: CGSM or DFNM?
Year-to-date, the CGSM ETF saw +$655M in flows, compared to +$395M for DFNM.
Which ETF is more volatile: CGSM or DFNM?
Over the past year, CGSM had a volatility of 1.47%, while DFNM experienced 1.65%.
Which ETF is bigger: CGSM or DFNM?
As of September 16, 2026, CGSM holds $1.59 B in assets under management (AUM), while DFNM manages $2.26 B.
What sectors do the CGSM and DFNM ETFs invest in?
CGSM leans toward sectors like Municipal. Meanwhile, DFNM focuses on Municipal.
What are the top holdings of the CGSM ETF and DFNM ETF?
CGSM top holdings include US650028E821, US574193XS28 and US34153QZG45. DFNM holds in its top three: County of Hudson, 4% 24feb2027, USD (2026), Revere, 4% 29jul2027, USD and City of Somerville (MA), 4% 28may2027, USD.
Which ETF is more diversified: CGSM or DFNM?
CGSM holds 1018 securities with 11.66% of its assets in the top 15. DFNM has 1204 securities and a top 15 weight of 8.43%.
Latest news about CGSM & DFNM
A Close Look at Capital Group's 5 New Active ETFs Listed on NYSE ARCA
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CGSM
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