MBNE vs. THYM

Last updated Jun 5, 2026

MBNE (SPDR Nuveen Municipal Bond ESG ETF) and THYM (T. Rowe Price High Income Municipal ETF) are both exchange-traded funds - MBNE is a Municipal Bonds fund actively managed by State Street, while THYM is a High Yield Muni fund actively managed by T. Rowe Price. Both are actively managed. At a 0.38 correlation, their price movements are largely independent. MBNE charges 0.43%/yr vs 0.32%/yr for THYM.

Performance

MBNE vs. THYM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Nuveen Municipal Bond ESG ETF (MBNE) 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, MBNE achieves a 0.84% return, which is significantly lower than THYM's 3.70% return.

MBNE

• 1D: 0.00%
• 1M: 0.05%
• YTD: 0.84%
• 6M: 0.94%
• 1Y: 4.70%
• 3Y*: 2.95%
• 5Y*: —
• 10Y*: —

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)

MBNE vs. THYM - Yearly Performance Comparison

	2026 (YTD)	2025
MBNE SPDR Nuveen Municipal Bond ESG ETF	0.84%	-0.10%
THYM T. Rowe Price High Income Municipal ETF	3.70%	0.27%

Correlation

The correlation between MBNE and THYM is 0.38, 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	0.38

Return for Risk

MBNE vs. THYM — Risk / Return Rank

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

MBNE

MBNE Risk / Return Rank: 50
MBNE Sharpe Ratio Rank: 49
MBNE Sortino Ratio Rank: 48
MBNE Omega Ratio Rank: 59
MBNE Calmar Ratio Rank: 48
MBNE Martin Ratio Rank: 45

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.

MBNE vs. THYM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Nuveen Municipal Bond ESG ETF (MBNE) 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.

	MBNE	THYM	Difference
Sharpe ratio: Return per unit of total volatility	1.67	—	—
Sortino ratio: Return per unit of downside risk	2.33	—	—
Omega ratio: Gain probability vs. loss probability	1.36	—	—
Calmar ratio: Return relative to maximum drawdown	2.34	—	—
Martin ratio: Return relative to average drawdown	7.16	—	—
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

	MBNE	THYM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.67	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	1.77	-1.15

Drawdowns

MBNE vs. THYM - Drawdown Comparison

The maximum MBNE drawdown since its inception was -6.19%, which is greater than THYM's maximum drawdown of -2.93%. Use the drawdown chart below to compare losses from any high point for MBNE and THYM.

Drawdown Indicators

	MBNE	THYM	Difference
Max Drawdown Largest peak-to-trough decline	-6.19%	-2.93%	-3.26%
Max Drawdown (1Y) Largest decline over 1 year	-2.02%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-4.98%	—	—
Current Drawdown Current decline from peak	-1.04%	0.00%	-1.04%
Average Drawdown Average peak-to-trough decline	-1.41%	-0.49%	-0.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.66%	—	—

Volatility

Volatility by Period

	MBNE	THYM	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.33%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.97%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.85%	4.35%	-1.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.70%	4.35%	-0.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.70%	4.35%	-0.65%

MBNE vs. THYM - Expense Ratio Comparison

MBNE has a 0.43% expense ratio, which is higher than THYM's 0.32% expense ratio.

Dividends

MBNE vs. THYM - Dividend Comparison

MBNE's dividend yield for the trailing twelve months is around 3.15%, more than THYM's 2.18% yield.

Position	TTM	2025	2024	2023	2022
MBNE SPDR Nuveen Municipal Bond ESG ETF	3.15%	3.63%	3.32%	3.01%	1.81%
THYM T. Rowe Price High Income Municipal ETF	2.18%	0.37%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MBNE and THYM in my portfolio?

MBNE and THYM have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MBNE 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, MBNE or THYM?

THYM is cheaper with a 0.32% expense ratio, compared with 0.43% for MBNE.

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

MBNE has the higher dividend yield at 3.15%, compared with 2.18% for THYM.

What is the main difference between MBNE and THYM?

MBNE is categorized as Municipal Bonds, while THYM is High Yield Muni. They also come from different issuers: State Street and T. Rowe Price. Their fees differ too: 0.43% for MBNE and 0.32% for THYM.