TMNSvsCGSMETF Comparison
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T. Rowe Price Short Municipal Income ETF (TMNS) 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. TMNS is less expensive with a Total Expense Ratio (TER) of 0.18%, versus 0.25% for CGSM. TMNS is up 0.4% year-to-date (YTD) with +$1M in YTD flows. CGSM performs better with 0.64% YTD performance, and +$723M in YTD flows. Run a side-by-side ETF comparison of TMNS 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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TMNS vs CGSM performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/15/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | TMNS CGSM | -0.14%-0.02% | -1.05%-0.75% | +0.40%+0.64% | n/a+1.21% | n/a+13.41% | n/an/a |
| Flows | TMNS CGSM | -$1M+$68M | +$1M+$128M | +$1M+$723M | -+$808M | -+$1.63B | -- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | TMNS CGSM | +2.73%+2.20% | n/a+1.67% | n/a+1.95% | n/an/a |
| Max drawdown | TMNS CGSM | -2.76%-2.33% | n/a-2.33% | n/a-2.33% | n/an/a |
| Max drawdown duration | TMNS CGSM | 51d52d | n/a52d | n/a52d | n/an/a |
Trading data
TMNS | CGSM | |
Last sale 10/16/2026 at 1:30 PM | $49.10 | $25.98 |
| Previous close 10/15/2026 | $49.08 | $25.96 |
| Consolidated volume 10/15/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
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Main metrics
Last update 10/16/2026 at 1:30 PM
Live
Closed
TMNS | CGSM | |
|---|---|---|
| Last price | $49.10 | $25.98 |
| 1D performance | +0.02% | +0.08% |
| AuM | $22.08 M | $1.65 B |
| E/R | 0.18% | 0.25% |
Characteristics
TMNS | CGSM | |
|---|---|---|
| Management strategy | Active | Active |
| Provider | T. Rowe Price | Capital Group |
| Benchmark | - | - |
| N° of holdings | 58 | 235 |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | November 19, 2025 | September 26, 2023 |
| ESG | No | No |
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Exposure
Countries
TMNS
USA
29.18%
Other
70.82%
CGSM
USA
30.46%
Other
69.54%
Sectors
TMNS
Municipal
29.18%
Other
70.82%
CGSM
Municipal
30.46%
Other
69.54%
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Diversification
TMNS
Total weight of top 15 holdings out of 15
25.29%
CGSM
Total weight of top 15 holdings out of 15
11.02%
Top 15 holdings
Data as of August 31, 2026
TMNS
US23503CFK80
2.22%
US735240L842
2.13%
New York Housing Finance Agency, FRN 1may2049, USD
2.11%
US09182TCG04
1.87%
California Community Choice Financing Authority, 5.5% 1oct2054, USD (2023F)
1.82%
US650116DJ25
1.78%
New York Mortgage Agency, 3.4% 1oct2030, USD
1.67%
US735389D620
1.67%
US546068AZ00
1.55%
Illinois Toll Highway Authority, 5% 1jan2031, USD
1.55%
US425507GL89
1.44%
US64988YQ831
1.40%
US04052FDU66
1.38%
Puerto Rico, 5.75% 1jul2031, USD
1.37%
US187145WS29
1.35%
CGSM
US650028E821
1.12%
US574193XS28
1.02%
US34153QZG45
1.01%
US83703FLR19
0.99%
Triborough Bridge and Tunnel Authority, 5% 1feb2028, USD (2026A)
0.83%
US373385QZ98
0.66%
PEFA Inc., 5% 1sep2049, USD (2019)
0.63%
US57421CLT98
0.63%
Virginia College Building Authority, 5% 1feb2032, USD
0.62%
Puerto Rico, FRN 1nov2043, USD
0.62%
US48542TBS87
0.61%
US74440DFN93
0.59%
Black Belt Energy Gas District, 5% 1jun2031, USD (2026)
0.58%
US254773BN34
0.57%
New York Municipal Water Finance Authority, FRN 15jun2053, USD (2023)
0.54%
Frequently asked questions about TMNS and CGSM
How have the TMNS and CGSM ETFs performed in 2026?
As of October 15, 2026, TMNS is up 0.4% year-to-date (YTD), while CGSM has returned 0.64%. That puts CGSM better performer ahead so far this year.
Which ETF is attracting more investor money: TMNS or CGSM?
Year-to-date, the TMNS ETF saw +$1M in flows, compared to +$723M for CGSM.
Which ETF is bigger: TMNS or CGSM?
As of October 15, 2026, TMNS holds $22.08 M in assets under management (AUM), while CGSM manages $1.65 B.
What sectors do the TMNS and CGSM ETFs invest in?
TMNS leans toward sectors like Municipal. Meanwhile, CGSM focuses on Municipal.
What are the top holdings of the TMNS ETF and CGSM ETF?
TMNS top holdings include US23503CFK80, US735240L842 and New York Housing Finance Agency, FRN 1may2049, USD. CGSM holds in its top three: US650028E821, US574193XS28 and US34153QZG45.
Which ETF is more diversified: TMNS or CGSM?
TMNS holds 208 securities with 25.29% of its assets in the top 15. CGSM has 1032 securities and a top 15 weight of 11.02%.
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Latest news about TMNS & CGSM
A Close Look at Capital Group's 5 New Active ETFs Listed on NYSE ARCA
October 26, 2023
CGSM
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