EVSM vs. THYM

Last updated Jun 24, 2026

EVSM (Eaton Vance Short Duration Municipal Income ETF) and THYM (T. Rowe Price High Income Municipal ETF) are both exchange-traded funds - EVSM is a Municipal Bonds fund tracking the ICE BofA 1-3 Year Municipal Securities Index, while THYM is a High Yield Muni fund actively managed by T. Rowe Price. EVSM is passively managed, while THYM is actively managed. At a 0.48 correlation, their price movements are largely independent. EVSM charges 0.19%/yr vs 0.32%/yr for THYM.

Performance

EVSM vs. THYM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance Short Duration Municipal Income ETF (EVSM) and T. Rowe Price High Income Municipal ETF (THYM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EVSM achieves a 1.27% return, which is significantly lower than THYM's 3.61% return.

EVSM

• 1D: 0.08%
• 1M: 0.64%
• YTD: 1.27%
• 6M: 1.41%
• 1Y: 3.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —

THYM

• 1D: -0.21%
• 1M: 1.68%
• YTD: 3.61%
• 6M: 3.80%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

EVSM vs. THYM - Yearly Performance Comparison

	2026 (YTD)	2025
EVSM Eaton Vance Short Duration Municipal Income ETF	1.27%	0.50%
THYM T. Rowe Price High Income Municipal ETF	3.61%	0.25%

Correlation

The correlation between EVSM and THYM is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 20, 2025	0.48

Return for Risk

EVSM vs. THYM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EVSM

EVSM Risk / Return Rank: 87
EVSM Sharpe Ratio Rank: 93
EVSM Sortino Ratio Rank: 95
EVSM Omega Ratio Rank: 95
EVSM Calmar Ratio Rank: 76
EVSM Martin Ratio Rank: 74

THYM

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

EVSM vs. THYM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Short Duration Municipal Income ETF (EVSM) and T. Rowe Price High Income Municipal ETF (THYM). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	EVSM	THYM	Difference
Sharpe ratio: Return per unit of total volatility	3.06	—	—
Sortino ratio: Return per unit of downside risk	4.80	—	—
Omega ratio: Gain probability vs. loss probability	1.64	—	—
Calmar ratio: Return relative to maximum drawdown	3.60	—	—
Martin ratio: Return relative to average drawdown	12.80	—	—

Drawdowns

EVSM vs. THYM - Drawdown Comparison

The maximum EVSM drawdown since its inception was -1.50%, smaller than the maximum THYM drawdown of -2.93%. Use the drawdown chart below to compare losses from any high point for EVSM and THYM.

Drawdown Indicators

	EVSM	THYM	Difference
Max Drawdown Largest peak-to-trough decline	-1.50%	-2.93%	+1.43%
Max Drawdown (1Y) Largest decline over 1 year	-1.07%	—	—
Current Drawdown Current decline from peak	0.00%	-0.24%	+0.24%
Average Drawdown Average peak-to-trough decline	-0.24%	-0.47%	+0.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.30%	—	—

Volatility

Volatility by Period

	EVSM	THYM	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.33%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.85%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	1.26%	4.31%	-3.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.91%	4.31%	-2.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.91%	4.31%	-2.40%

EVSM vs. THYM - Expense Ratio Comparison

EVSM has a 0.19% expense ratio, which is lower than THYM's 0.32% expense ratio.

Dividends

EVSM vs. THYM - Dividend Comparison

EVSM's dividend yield for the trailing twelve months is around 3.00%, more than THYM's 2.18% yield.

Position	TTM	2025	2024
EVSM Eaton Vance Short Duration Municipal Income ETF	3.00%	3.12%	2.99%
THYM T. Rowe Price High Income Municipal ETF	2.18%	0.37%	0.00%

Frequently Asked Questions

Can I hold both EVSM and THYM in my portfolio?

EVSM and THYM have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EVSM or THYM?

On fees, EVSM is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, EVSM or THYM?

EVSM is cheaper with a 0.19% expense ratio, compared with 0.32% for THYM.

Which ETF pays a higher dividend yield, EVSM or THYM?

EVSM has the higher dividend yield at 3.00%, compared with 2.18% for THYM.

What is the main difference between EVSM and THYM?

EVSM is categorized as Municipal Bonds, while THYM is High Yield Muni. They also come from different issuers: Eaton Vance and T. Rowe Price. Their fees differ too: 0.19% for EVSM and 0.32% for THYM.