MUNC vs. THYM

Last updated Jun 27, 2026

MUNC (Northern Trust 2045 Tax-Exempt Distributing Ladder ETF) and THYM (T. Rowe Price High Income Municipal ETF) are both exchange-traded funds - MUNC is a Municipal Bonds fund actively managed by Northern Trust, while THYM is a High Yield Muni fund actively managed by T. Rowe Price. Both are actively managed. A 0.64 correlation means they provide meaningful diversification when combined. MUNC charges 0.18%/yr vs 0.32%/yr for THYM.

Performance

MUNC vs. THYM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Northern Trust 2045 Tax-Exempt Distributing Ladder ETF (MUNC) 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, MUNC achieves a 1.32% return, which is significantly lower than THYM's 4.04% return.

MUNC

• 1D: 0.06%
• 1M: 0.92%
• YTD: 1.32%
• 6M: 1.54%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

THYM

• 1D: 0.09%
• 1M: 1.16%
• YTD: 4.04%
• 6M: 4.21%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MUNC vs. THYM - Yearly Performance Comparison

	2026 (YTD)	2025
MUNC Northern Trust 2045 Tax-Exempt Distributing Ladder ETF	1.32%	0.44%
THYM T. Rowe Price High Income Municipal ETF	4.04%	0.25%

Correlation

The correlation between MUNC and THYM is 0.64, 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 20, 2025	0.64

Return for Risk

MUNC vs. THYM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern Trust 2045 Tax-Exempt Distributing Ladder ETF (MUNC) 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

MUNC vs. THYM - Drawdown Comparison

The maximum MUNC drawdown since its inception was -3.17%, which is greater than THYM's maximum drawdown of -2.93%. Use the drawdown chart below to compare losses from any high point for MUNC and THYM.

Drawdown Indicators

	MUNC	THYM	Difference
Max Drawdown Largest peak-to-trough decline	-3.17%	-2.93%	-0.24%
Current Drawdown Current decline from peak	-0.97%	-0.12%	-0.85%
Average Drawdown Average peak-to-trough decline	-0.71%	-0.46%	-0.25%

Volatility

Volatility by Period

	MUNC	THYM	Difference
Volatility (1Y) Calculated over the trailing 1-year period	2.63%	4.33%	-1.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.63%	4.33%	-1.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.63%	4.33%	-1.70%

MUNC vs. THYM - Expense Ratio Comparison

MUNC has a 0.18% expense ratio, which is lower than THYM's 0.32% expense ratio.

Dividends

MUNC vs. THYM - Dividend Comparison

MUNC's dividend yield for the trailing twelve months is around 2.50%, less than THYM's 2.56% yield.

Position	TTM	2025
MUNC Northern Trust 2045 Tax-Exempt Distributing Ladder ETF	2.50%	1.15%
THYM T. Rowe Price High Income Municipal ETF	2.56%	0.37%

Frequently Asked Questions

Can I hold both MUNC and THYM in my portfolio?

MUNC and THYM have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MUNC or THYM?

On fees, MUNC is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MUNC or THYM?

MUNC is cheaper with a 0.18% expense ratio, compared with 0.32% for THYM.

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

THYM has the higher dividend yield at 2.56%, compared with 2.50% for MUNC.

What is the main difference between MUNC and THYM?

MUNC is categorized as Municipal Bonds, while THYM is High Yield Muni. They also come from different issuers: Northern Trust and T. Rowe Price. Their fees differ too: 0.18% for MUNC and 0.32% for THYM.