IROC vs. SHYM

Last updated Jun 6, 2026

IROC (Invesco Rochester High Yield Municipal ETF) and SHYM (iShares Short Duration High Yield Muni Active ETF) are both High Yield Muni funds. Both are actively managed. Over the past 3 years, IROC returned 5.21%/yr vs 5.74%/yr for SHYM. A 0.71 correlation means they provide meaningful diversification when combined. IROC charges 0.39%/yr vs 0.35%/yr for SHYM.

Performance

IROC vs. SHYM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Rochester High Yield Municipal ETF (IROC) and iShares Short Duration High Yield Muni Active ETF (SHYM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IROC achieves a 2.86% return, which is significantly higher than SHYM's 1.97% return.

IROC

• 1D: -0.17%
• 1M: 0.68%
• YTD: 2.86%
• 6M: 3.35%
• 1Y: 7.23%
• 3Y*: 5.21%
• 5Y*: —
• 10Y*: —

SHYM

• 1D: -0.09%
• 1M: 0.61%
• YTD: 1.97%
• 6M: 2.29%
• 1Y: 5.14%
• 3Y*: 5.74%
• 5Y*: 1.00%
• 10Y*: —

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

IROC vs. SHYM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
IROC Invesco Rochester High Yield Municipal ETF	2.86%	4.13%	4.69%	5.97%	-0.88%
SHYM iShares Short Duration High Yield Muni Active ETF	1.97%	2.58%	6.99%	9.67%	-1.16%

Correlation

The correlation between IROC and SHYM is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (All Time) Calculated using the full available price history since Dec 12, 2022	0.71

The correlation between IROC and SHYM shifts across timeframes, from 0.56 (1 year) to 0.71 (all time), reflecting how their relationship changes across market environments.

Return for Risk

IROC vs. SHYM — Risk / Return Rank

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

IROC

IROC Risk / Return Rank: 76
IROC Sharpe Ratio Rank: 82
IROC Sortino Ratio Rank: 88
IROC Omega Ratio Rank: 89
IROC Calmar Ratio Rank: 61
IROC Martin Ratio Rank: 60

SHYM

SHYM Risk / Return Rank: 51
SHYM Sharpe Ratio Rank: 51
SHYM Sortino Ratio Rank: 52
SHYM Omega Ratio Rank: 57
SHYM Calmar Ratio Rank: 47
SHYM Martin Ratio Rank: 47

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.

IROC vs. SHYM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Rochester High Yield Municipal ETF (IROC) and iShares Short Duration High Yield Muni Active ETF (SHYM). 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.

	IROC	SHYM	Difference
Sharpe ratio: Return per unit of total volatility	2.39	1.64	+0.75
Sortino ratio: Return per unit of downside risk	3.63	2.38	+1.25
Omega ratio: Gain probability vs. loss probability	1.51	1.33	+0.19
Calmar ratio: Return relative to maximum drawdown	2.75	2.18	+0.57
Martin ratio: Return relative to average drawdown	9.87	7.36	+2.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IROC vs. SHYM - Sharpe Ratio Comparison

The current IROC Sharpe Ratio is 2.39, which is higher than the SHYM Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of IROC and SHYM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	IROC	SHYM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.39	1.64	+0.75
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.14	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.38	0.27	+1.12

Drawdowns

IROC vs. SHYM - Drawdown Comparison

The maximum IROC drawdown since its inception was -4.79%, smaller than the maximum SHYM drawdown of -22.55%. Use the drawdown chart below to compare losses from any high point for IROC and SHYM.

Drawdown Indicators

	IROC	SHYM	Difference
Max Drawdown Largest peak-to-trough decline	-4.79%	-22.55%	+17.76%
Max Drawdown (1Y) Largest decline over 1 year	-2.64%	-2.23%	-0.41%
Max Drawdown (3Y) Largest decline over 3 years	-4.79%	-8.06%	+3.27%
Max Drawdown (5Y) Largest decline over 5 years	—	-22.55%	—
Current Drawdown Current decline from peak	-0.17%	-0.09%	-0.08%
Average Drawdown Average peak-to-trough decline	-0.84%	-6.75%	+5.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.73%	0.66%	+0.07%

Volatility

IROC vs. SHYM - Volatility Comparison

Invesco Rochester High Yield Municipal ETF (IROC) has a higher volatility of 0.95% compared to iShares Short Duration High Yield Muni Active ETF (SHYM) at 0.78%. This indicates that IROC's price experiences larger fluctuations and is considered to be riskier than SHYM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IROC	SHYM	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.95%	0.78%	+0.17%
Volatility (6M) Calculated over the trailing 6-month period	2.34%	1.81%	+0.53%
Volatility (1Y) Calculated over the trailing 1-year period	3.03%	2.97%	+0.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.50%	7.07%	-3.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.50%	6.94%	-3.44%

IROC vs. SHYM - Expense Ratio Comparison

IROC has a 0.39% expense ratio, which is higher than SHYM's 0.35% expense ratio.

Dividends

IROC vs. SHYM - Dividend Comparison

IROC's dividend yield for the trailing twelve months is around 5.11%, more than SHYM's 4.30% yield.

Position	TTM	2025	2024	2023	2022	2021
IROC Invesco Rochester High Yield Municipal ETF	5.11%	4.79%	4.08%	3.68%	0.00%	0.00%
SHYM iShares Short Duration High Yield Muni Active ETF	4.30%	4.55%	4.35%	4.35%	4.01%	2.97%

Frequently Asked Questions

Can I hold both IROC and SHYM in my portfolio?

IROC and SHYM have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IROC or SHYM?

IROC has higher volatility (0.95%) compared to SHYM (0.78%). In terms of maximum drawdown, IROC dropped -4.79% vs SHYM's -22.55%.

Which ETF is better, IROC or SHYM?

On 3-year performance, SHYM leads with 5.74% vs 5.21% for IROC. On fees, SHYM is cheaper at 0.35% per year. On volatility, SHYM has been the lower-risk option at 0.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IROC or SHYM?

Over the 3-year period, SHYM has performed better with a 5.74% return vs 5.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IROC or SHYM?

SHYM is cheaper with a 0.35% expense ratio, compared with 0.39% for IROC.

Which ETF pays a higher dividend yield, IROC or SHYM?

IROC has the higher dividend yield at 5.11%, compared with 4.30% for SHYM.

What is the main difference between IROC and SHYM?

They also come from different issuers: Invesco and iShares. Their fees differ too: 0.39% for IROC and 0.35% for SHYM.

Which has better risk-adjusted returns?

IROC currently has the higher Sharpe Ratio (2.39 vs 1.64), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.