HYD vs. THYM
HYD (VanEck Vectors High-Yield Municipal Index ETF) and THYM (T. Rowe Price High Income Municipal ETF) are both exchange-traded funds - HYD is a Municipal Bonds fund tracking the Bloomberg Barclays Municipal Custom High Yield Composite Index, while THYM is a High Yield Muni fund actively managed by T. Rowe Price. HYD is passively managed, while THYM is actively managed. A 0.79 correlation means they provide meaningful diversification when combined. HYD charges 0.35%/yr vs 0.32%/yr for THYM.
Performance
HYD vs. THYM - Performance Comparison
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Returns By Period
In the year-to-date period, HYD achieves a 2.11% return, which is significantly lower than THYM's 3.33% return.
HYD
- 1D
- -0.06%
- 1M
- 1.05%
- YTD
- 2.11%
- 6M
- 2.99%
- 1Y
- 8.23%
- 3Y*
- 4.73%
- 5Y*
- -0.10%
- 10Y*
- 2.00%
THYM
- 1D
- 0.14%
- 1M
- 1.14%
- YTD
- 3.33%
- 6M
- 3.62%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HYD vs. THYM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
HYD VanEck Vectors High-Yield Municipal Index ETF | 2.11% | 1.03% |
THYM T. Rowe Price High Income Municipal ETF | 3.33% | 0.27% |
Correlation
The correlation between HYD and THYM is 0.79, 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 21, 2025 | 0.79 |
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Return for Risk
HYD vs. THYM — Risk / Return Rank
HYD
THYM
HYD vs. THYM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors High-Yield Municipal Index ETF (HYD) 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.
| HYD | THYM | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.06 | — | — |
Sortino ratioReturn per unit of downside risk | 3.01 | — | — |
Omega ratioGain probability vs. loss probability | 1.43 | — | — |
Calmar ratioReturn relative to maximum drawdown | 2.58 | — | — |
Martin ratioReturn relative to average drawdown | 8.87 | — | — |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| HYD | THYM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.06 | — | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.02 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.16 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.45 | 1.62 | -1.17 |
Drawdowns
HYD vs. THYM - Drawdown Comparison
The maximum HYD drawdown since its inception was -35.61%, which is greater than THYM's maximum drawdown of -2.93%. Use the drawdown chart below to compare losses from any high point for HYD and THYM.
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Drawdown Indicators
| HYD | THYM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.61% | -2.93% | -32.68% |
Max Drawdown (1Y)Largest decline over 1 year | -3.21% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -7.23% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -20.72% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -35.61% | — | — |
Current DrawdownCurrent decline from peak | -2.05% | 0.00% | -2.05% |
Average DrawdownAverage peak-to-trough decline | -4.32% | -0.49% | -3.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.93% | — | — |
Volatility
HYD vs. THYM - Volatility Comparison
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Volatility by Period
| HYD | THYM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.14% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 2.99% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 4.02% | 4.35% | -0.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.45% | 4.35% | +2.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.60% | 4.35% | +8.25% |
HYD vs. THYM - Expense Ratio Comparison
HYD has a 0.35% expense ratio, which is higher than THYM's 0.32% expense ratio.
Dividends
HYD vs. THYM - Dividend Comparison
HYD's dividend yield for the trailing twelve months is around 4.26%, more than THYM's 2.18% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYD VanEck Vectors High-Yield Municipal Index ETF | 4.26% | 4.29% | 4.29% | 4.13% | 3.96% | 3.50% | 4.01% | 4.08% | 4.43% | 4.29% | 4.58% | 4.82% |
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
HYD and THYM have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, THYM is cheaper at 0.32% per year. The better choice depends on whether you care most about return, fees, risk, or income.
THYM is cheaper with a 0.32% expense ratio, compared with 0.35% for HYD.
HYD has the higher dividend yield at 4.26%, compared with 2.18% for THYM.
HYD is categorized as Municipal Bonds, while THYM is High Yield Muni. They also come from different issuers: VanEck and T. Rowe Price. Their fees differ too: 0.35% for HYD and 0.32% for THYM.
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