MUNX vs. THYM

Last updated Jun 7, 2026

MUNX (AMG GW&K Muni Income ETF) and THYM (T. Rowe Price High Income Municipal ETF) are both exchange-traded funds - MUNX is a Municipal Bonds fund actively managed by AMG, while THYM is a High Yield Muni fund actively managed by T. Rowe Price. Both are actively managed. A 0.77 correlation means they provide meaningful diversification when combined. MUNX charges 0.29%/yr vs 0.32%/yr for THYM.

Performance

MUNX vs. THYM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AMG GW&K Muni Income ETF (MUNX) 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, MUNX achieves a 1.74% return, which is significantly lower than THYM's 3.16% return.

MUNX

• 1D: -0.25%
• 1M: 0.36%
• YTD: 1.74%
• 6M: 1.97%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

THYM

• 1D: -0.52%
• 1M: 0.50%
• YTD: 3.16%
• 6M: 3.44%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MUNX vs. THYM - Yearly Performance Comparison

	2026 (YTD)	2025
MUNX AMG GW&K Muni Income ETF	1.74%	0.33%
THYM T. Rowe Price High Income Municipal ETF	3.16%	0.27%

Correlation

The correlation between MUNX and THYM is 0.77, 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	0.77

Return for Risk

MUNX vs. THYM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AMG GW&K Muni Income ETF (MUNX) 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.

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

Sharpe Ratios by Period

	MUNX	THYM	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	1.12	1.50	-0.38

Drawdowns

MUNX vs. THYM - Drawdown Comparison

The maximum MUNX drawdown since its inception was -2.95%, roughly equal to the maximum THYM drawdown of -2.93%. Use the drawdown chart below to compare losses from any high point for MUNX and THYM.

Drawdown Indicators

	MUNX	THYM	Difference
Max Drawdown Largest peak-to-trough decline	-2.95%	-2.93%	-0.02%
Current Drawdown Current decline from peak	-0.50%	-0.52%	+0.02%
Average Drawdown Average peak-to-trough decline	-0.64%	-0.49%	-0.15%

Volatility

Volatility by Period

	MUNX	THYM	Difference
Volatility (1Y) Calculated over the trailing 1-year period	3.47%	4.40%	-0.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.47%	4.40%	-0.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.47%	4.40%	-0.93%

MUNX vs. THYM - Expense Ratio Comparison

MUNX has a 0.29% expense ratio, which is lower than THYM's 0.32% expense ratio.

Dividends

MUNX vs. THYM - Dividend Comparison

MUNX's dividend yield for the trailing twelve months is around 1.95%, less than THYM's 2.19% yield.

Position	TTM	2025
MUNX AMG GW&K Muni Income ETF	1.95%	0.55%
THYM T. Rowe Price High Income Municipal ETF	2.19%	0.37%

Frequently Asked Questions

Can I hold both MUNX and THYM in my portfolio?

MUNX and THYM have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MUNX or THYM?

On fees, MUNX is cheaper at 0.29% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MUNX or THYM?

MUNX is cheaper with a 0.29% expense ratio, compared with 0.32% for THYM.

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

THYM has the higher dividend yield at 2.19%, compared with 1.95% for MUNX.

What is the main difference between MUNX and THYM?

MUNX is categorized as Municipal Bonds, while THYM is High Yield Muni. They also come from different issuers: AMG and T. Rowe Price. Their fees differ too: 0.29% for MUNX and 0.32% for THYM.