DFNMvsCGSMETF Comparison
VS
Dimensional National Municipal Bond ETF (DFNM) and Capital Group Short Duration Municipal Income ETF (CGSM) belong to the same industry segment: Municipal Bonds. Both ETFs have the same top 1 sector exposures: Municipal. DFNM is less expensive with a Total Expense Ratio (TER) of 0.18%, versus 0.25% for CGSM. DFNM is down -0.02% year-to-date (YTD) with +$379M in YTD flows. CGSM performs better with 1.27% YTD performance, and +$641M in YTD flows. Run a side-by-side ETF comparison of DFNM and CGSM 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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DFNM vs CGSM performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 09/01/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | DFNM CGSM | -0.48%+0.14% | -1.14%+0.17% | -0.02%+1.27% | +2.73%+2.76% | +8.95%n/a | n/an/a |
| Flows | DFNM CGSM | +$45M+$27M | +$173M+$394M | +$379M+$641M | +$645M+$791M | +$1.31B- | -- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | DFNM CGSM | +1.74%+1.02% | +1.62%+1.45% | +2.17%n/a | n/an/a |
| Max drawdown | DFNM CGSM | -1.65%-0.63% | -1.79%-1.36% | -2.92%n/a | n/an/a |
| Max drawdown duration | DFNM CGSM | 57d37d | 124d116d | 183dn/a | n/an/a |
Trading data
DFNM | CGSM | |
Last sale 9/3/2026 at 6:00 PM | $47.31 | $26.20 |
| Previous close 09/02/2026 | $47.31 | $26.21 |
| Consolidated volume 09/02/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
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Main metrics
Last update 9/3/2026 at 6:00 PM
Live
Closed
DFNM | CGSM | |
|---|---|---|
| Last price | $47.31 | $26.20 |
| 1D performance | -0.01% | -0.04% |
| AuM | $2.27 B | $1.58 B |
| E/R | 0.18% | 0.25% |
Characteristics
DFNM | CGSM | |
|---|---|---|
| Management strategy | Active | Active |
| Provider | Dimensional | Capital Group |
| Benchmark | - | - |
| N° of holdings | 271 | 238 |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | November 15, 2021 | September 26, 2023 |
| ESG | No | No |
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Exposure
Countries
DFNM
USA
32.24%
Other
67.76%
CGSM
USA
30.86%
Other
69.14%
Sectors
DFNM
Municipal
32.24%
Other
67.76%
CGSM
Municipal
30.86%
Other
69.14%
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Diversification
DFNM
Total weight of top 15 holdings out of 15
8.43%
CGSM
Total weight of top 15 holdings out of 15
11.66%
Top 15 holdings
Data as of July 31, 2026
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%
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%
Frequently asked questions about DFNM and CGSM
How have the DFNM and CGSM ETFs performed in 2026?
As of September 1, 2026, DFNM is down -0.02% year-to-date (YTD), while CGSM has returned 1.27%. That puts CGSM better performer ahead so far this year.
Which ETF is attracting more investor money: DFNM or CGSM?
Year-to-date, the DFNM ETF saw +$379M in flows, compared to +$641M for CGSM.
Which ETF is more volatile: DFNM or CGSM?
Over the past year, DFNM had a volatility of 1.62%, while CGSM experienced 1.45%.
Which ETF is bigger: DFNM or CGSM?
As of September 1, 2026, DFNM holds $2.27 B in assets under management (AUM), while CGSM manages $1.58 B.
What sectors do the DFNM and CGSM ETFs invest in?
DFNM leans toward sectors like Municipal. Meanwhile, CGSM focuses on Municipal.
What are the top holdings of the DFNM ETF and CGSM ETF?
DFNM top holdings include County of Hudson, 4% 24feb2027, USD (2026), Revere, 4% 29jul2027, USD and City of Somerville (MA), 4% 28may2027, USD. CGSM holds in its top three: US650028E821, US574193XS28 and US34153QZG45.
Which ETF is more diversified: DFNM or CGSM?
DFNM holds 1204 securities with 8.43% of its assets in the top 15. CGSM has 1018 securities and a top 15 weight of 11.66%.
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Latest news about DFNM & CGSM
A Close Look at Capital Group's 5 New Active ETFs Listed on NYSE ARCA
October 26, 2023
CGSM
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