HIMYX vs. THYM

Last updated Jun 5, 2026

HIMYX (Pioneer High Income Municipal Fund) and THYM (T. Rowe Price High Income Municipal ETF) are both High Yield Muni funds. At a 0.40 correlation, their price movements are largely independent. HIMYX charges 0.55%/yr vs 0.32%/yr for THYM.

Performance

HIMYX vs. THYM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pioneer High Income Municipal Fund (HIMYX) 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, HIMYX achieves a 1.70% return, which is significantly lower than THYM's 3.70% return.

HIMYX

• 1D: -0.18%
• 1M: 0.48%
• YTD: 1.70%
• 6M: 1.49%
• 1Y: 2.79%
• 3Y*: 2.91%
• 5Y*: -0.34%
• 10Y*: 2.27%

THYM

• 1D: 0.36%
• 1M: 1.53%
• YTD: 3.70%
• 6M: 4.04%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HIMYX vs. THYM - Yearly Performance Comparison

	2026 (YTD)	2025
HIMYX Pioneer High Income Municipal Fund	1.70%	0.29%
THYM T. Rowe Price High Income Municipal ETF	3.70%	0.27%

Correlation

The correlation between HIMYX and THYM is 0.40, 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 21, 2025	0.40

Return for Risk

HIMYX vs. THYM — Risk / Return Rank

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

HIMYX

HIMYX Risk / Return Rank: 8
HIMYX Sharpe Ratio Rank: 7
HIMYX Sortino Ratio Rank: 8
HIMYX Omega Ratio Rank: 9
HIMYX Calmar Ratio Rank: 7
HIMYX Martin Ratio Rank: 7

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.

HIMYX vs. THYM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pioneer High Income Municipal Fund (HIMYX) 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.

	HIMYX	THYM	Difference
Sharpe ratio: Return per unit of total volatility	0.52	—	—
Sortino ratio: Return per unit of downside risk	0.99	—	—
Omega ratio: Gain probability vs. loss probability	1.13	—	—
Calmar ratio: Return relative to maximum drawdown	0.67	—	—
Martin ratio: Return relative to average drawdown	1.70	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	HIMYX	THYM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.52	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.06	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	1.77	-1.23

Drawdowns

HIMYX vs. THYM - Drawdown Comparison

The maximum HIMYX drawdown since its inception was -35.00%, which is greater than THYM's maximum drawdown of -2.93%. Use the drawdown chart below to compare losses from any high point for HIMYX and THYM.

Drawdown Indicators

	HIMYX	THYM	Difference
Max Drawdown Largest peak-to-trough decline	-35.00%	-2.93%	-32.07%
Max Drawdown (1Y) Largest decline over 1 year	-4.22%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-7.79%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-19.32%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-19.32%	—	—
Current Drawdown Current decline from peak	-4.29%	0.00%	-4.29%
Average Drawdown Average peak-to-trough decline	-5.65%	-0.49%	-5.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.65%	—	—

Volatility

Volatility by Period

	HIMYX	THYM	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.54%	—	—
Volatility (6M) Calculated over the trailing 6-month period	3.10%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	5.46%	4.35%	+1.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.68%	4.35%	+1.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.07%	4.35%	+0.72%

HIMYX vs. THYM - Expense Ratio Comparison

HIMYX has a 0.55% expense ratio, which is higher than THYM's 0.32% expense ratio.

Dividends

HIMYX vs. THYM - Dividend Comparison

HIMYX's dividend yield for the trailing twelve months is around 8.66%, more than THYM's 2.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HIMYX Pioneer High Income Municipal Fund	8.66%	8.63%	5.32%	4.97%	3.88%	3.71%	3.96%	5.35%	5.20%	5.00%	5.66%	5.65%
THYM T. Rowe Price High Income Municipal ETF	2.18%	0.37%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HIMYX and THYM in my portfolio?

HIMYX and THYM have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.