GCAL vs. THYM

Last updated Jul 14, 2026

GCAL (Goldman Sachs Dynamic California Municipal Income ETF) and THYM (T. Rowe Price High Income Municipal ETF) are both exchange-traded funds - GCAL is a Municipal Bonds fund actively managed by Goldman Sachs, while THYM is a High Yield Muni fund actively managed by T. Rowe Price. Both are actively managed. A 0.70 correlation means they provide meaningful diversification when combined. GCAL charges 0.30%/yr vs 0.32%/yr for THYM.

Performance

GCAL vs. THYM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Dynamic California Municipal Income ETF (GCAL) 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, GCAL achieves a 1.86% return, which is significantly lower than THYM's 3.75% return.

GCAL

• 1D: -0.11%
• 1M: 0.28%
• 6M: 1.43%
• YTD: 1.86%
• 1Y: 6.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —

THYM

• 1D: -0.27%
• 1M: 0.36%
• 6M: 2.98%
• YTD: 3.75%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GCAL vs. THYM - Yearly Performance Comparison

	2026 (YTD)	2025
GCAL Goldman Sachs Dynamic California Municipal Income ETF	1.86%	0.61%
THYM T. Rowe Price High Income Municipal ETF	3.75%	0.25%

Correlation

The correlation between GCAL and THYM is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 20, 2025	0.70

Return for Risk

GCAL vs. THYM — Risk / Return Rank

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

GCAL

GCAL Risk / Return Rank: 85
GCAL Sharpe Ratio Rank: 93
GCAL Sortino Ratio Rank: 94
GCAL Omega Ratio Rank: 94
GCAL Calmar Ratio Rank: 71
GCAL Martin Ratio Rank: 73

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.

GCAL vs. THYM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Dynamic California Municipal Income ETF (GCAL) 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.

	GCAL	THYM	Difference
Sharpe ratio: Return per unit of total volatility	2.68	—	—
Sortino ratio: Return per unit of downside risk	3.87	—	—
Omega ratio: Gain probability vs. loss probability	1.55	—	—
Calmar ratio: Return relative to maximum drawdown	2.87	—	—
Martin ratio: Return relative to average drawdown	10.54	—	—

Drawdowns

GCAL vs. THYM - Drawdown Comparison

The maximum GCAL drawdown since its inception was -4.39%, which is greater than THYM's maximum drawdown of -2.93%. Use the drawdown chart below to compare losses from any high point for GCAL and THYM.

Drawdown Indicators

	GCAL	THYM	Difference
Max Drawdown Largest peak-to-trough decline	-4.39%	-2.93%	-1.46%
Max Drawdown (1Y) Largest decline over 1 year	-2.24%	—	—
Current Drawdown Current decline from peak	-0.39%	-0.88%	+0.49%
Average Drawdown Average peak-to-trough decline	-0.83%	-0.45%	-0.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.61%	—	—

Volatility

Volatility by Period

	GCAL	THYM	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.54%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.81%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.41%	4.32%	-1.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.56%	4.32%	-0.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.56%	4.32%	-0.76%

GCAL vs. THYM - Expense Ratio Comparison

GCAL has a 0.30% expense ratio, which is lower than THYM's 0.32% expense ratio.

Dividends

GCAL vs. THYM - Dividend Comparison

GCAL's dividend yield for the trailing twelve months is around 3.38%, more than THYM's 2.56% yield.

Position	TTM	2025	2024
GCAL Goldman Sachs Dynamic California Municipal Income ETF	3.38%	3.06%	1.41%
THYM T. Rowe Price High Income Municipal ETF	2.56%	0.37%	0.00%

Frequently Asked Questions

Can I hold both GCAL and THYM in my portfolio?

GCAL and THYM have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GCAL or THYM?

On fees, GCAL is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GCAL or THYM?

GCAL is cheaper with a 0.30% expense ratio, compared with 0.32% for THYM.

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

GCAL has the higher dividend yield at 3.38%, compared with 2.56% for THYM.

What is the main difference between GCAL and THYM?

GCAL is categorized as Municipal Bonds, while THYM is High Yield Muni. They also come from different issuers: Goldman Sachs and T. Rowe Price. Their fees differ too: 0.30% for GCAL and 0.32% for THYM.