LTAX vs. THYM

Last updated Jun 23, 2026

LTAX (Nomura Tax-Free USA ETF) and THYM (T. Rowe Price High Income Municipal ETF) are both exchange-traded funds - LTAX is a Municipal Bonds fund actively managed by Nomura, while THYM is a High Yield Muni fund actively managed by T. Rowe Price. Both are actively managed. A 0.79 correlation means they provide meaningful diversification when combined. LTAX charges 0.39%/yr vs 0.32%/yr for THYM.

Performance

LTAX vs. THYM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nomura Tax-Free USA ETF (LTAX) and T. Rowe Price High Income Municipal ETF (THYM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

LTAX

• 1D: -0.01%
• 1M: 2.01%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

THYM

• 1D: -0.04%
• 1M: 1.89%
• YTD: 3.82%
• 6M: 3.92%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

LTAX vs. THYM - Yearly Performance Comparison

	2026 (YTD)
LTAX Nomura Tax-Free USA ETF	2.07%
THYM T. Rowe Price High Income Municipal ETF	3.05%

Correlation

The correlation between LTAX 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 Jan 13, 2026	0.79

Return for Risk

LTAX vs. THYM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nomura Tax-Free USA ETF (LTAX) 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.

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

Drawdowns

LTAX vs. THYM - Drawdown Comparison

The maximum LTAX drawdown since its inception was -3.18%, which is greater than THYM's maximum drawdown of -2.93%. Use the drawdown chart below to compare losses from any high point for LTAX and THYM.

Drawdown Indicators

	LTAX	THYM	Difference
Max Drawdown Largest peak-to-trough decline	-3.18%	-2.93%	-0.25%
Current Drawdown Current decline from peak	-0.01%	-0.04%	+0.03%
Average Drawdown Average peak-to-trough decline	-0.65%	-0.47%	-0.18%

Volatility

Volatility by Period

	LTAX	THYM	Difference
Volatility (1Y) Calculated over the trailing 1-year period	5.76%	4.31%	+1.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.76%	4.31%	+1.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.76%	4.31%	+1.45%

LTAX vs. THYM - Expense Ratio Comparison

LTAX has a 0.39% expense ratio, which is higher than THYM's 0.32% expense ratio.

Dividends

LTAX vs. THYM - Dividend Comparison

LTAX's dividend yield for the trailing twelve months is around 1.33%, less than THYM's 2.17% yield.

Position	TTM	2025
LTAX Nomura Tax-Free USA ETF	1.33%	0.00%
THYM T. Rowe Price High Income Municipal ETF	2.17%	0.37%

Frequently Asked Questions

Can I hold both LTAX and THYM in my portfolio?

LTAX 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.

Which ETF is better, LTAX or THYM?

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.

Which ETF is cheaper, LTAX or THYM?

THYM is cheaper with a 0.32% expense ratio, compared with 0.39% for LTAX.

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

THYM has the higher dividend yield at 2.17%, compared with 1.33% for LTAX.

What is the main difference between LTAX and THYM?

LTAX is categorized as Municipal Bonds, while THYM is High Yield Muni. They also come from different issuers: Nomura and T. Rowe Price. Their fees differ too: 0.39% for LTAX and 0.32% for THYM.