PMIO vs. THYM

Last updated Aug 2, 2026

PMIO (PGIM Municipal Income Opportunities ETF) and THYM (T. Rowe Price High Income Municipal ETF) are both exchange-traded funds - PMIO is a Municipal Bonds fund actively managed by PGIM, while THYM is a High Yield Muni fund actively managed by T. Rowe Price. Both are actively managed. Their 0.72 correlation means they have sometimes moved together and sometimes differently. PMIO charges 0.25%/yr vs 0.32%/yr for THYM.

Performance

PMIO vs. THYM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Municipal Income Opportunities ETF (PMIO) 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, PMIO achieves a 0.66% return, which is significantly lower than THYM's 2.25% return.

PMIO

• 1D: -0.09%
• 1M: -1.50%
• 6M: -0.12%
• YTD: 0.66%
• 1Y: 4.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.01%

THYM

• 1D: 0.00%
• 1M: -2.31%
• 6M: 1.43%
• YTD: 2.25%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PMIO PGIM Municipal Income Opportunities ETF	$97.75K	$113.78K	$210.24K
THYM T. Rowe Price High Income Municipal ETF	$170.69K	$138.29K	$131.50K

PMIO vs. THYM - Yearly Performance Comparison

	2026 (YTD)	2025
PMIO PGIM Municipal Income Opportunities ETF	0.66%	0.36%
THYM T. Rowe Price High Income Municipal ETF	2.25%	0.25%

Correlation

The correlation between PMIO and THYM is 0.72, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 20, 2025	0.72

Return for Risk

PMIO vs. THYM — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PMIO

PMIO Risk / Return Rank: 81
PMIO Sharpe Ratio Rank: 91
PMIO Sortino Ratio Rank: 92
PMIO Omega Ratio Rank: 94
PMIO Calmar Ratio Rank: 66
PMIO Martin Ratio Rank: 60

THYM

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PMIO vs. THYM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Municipal Income Opportunities ETF (PMIO) 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.

	PMIO	THYM	Difference
Sharpe ratio: Return per unit of total volatility	2.36	—	—
Sortino ratio: Return per unit of downside risk	3.41	—	—
Omega ratio: Gain probability vs. loss probability	1.51	—	—
Calmar ratio: Return relative to maximum drawdown	2.33	—	—
Martin ratio: Return relative to average drawdown	7.32	—	—

Drawdowns

PMIO vs. THYM - Drawdown Comparison

The maximum PMIO drawdown since its inception was -3.39%, which is greater than THYM's maximum drawdown of -2.93%. Use the drawdown chart below to compare losses from any high point for PMIO and THYM.

Drawdown Indicators

	PMIO	THYM	Difference
Max Drawdown Largest peak-to-trough decline	-3.39%	-2.93%	-0.46%
Max Drawdown (1Y) Largest decline over 1 year	-2.24%	—	—
Current Drawdown Current decline from peak	-1.60%	-2.31%	+0.71%
Average Drawdown Average peak-to-trough decline	-0.65%	-0.55%	-0.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.71%	—	—

Volatility

Volatility by Period

	PMIO	THYM	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.65%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.74%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.22%	4.41%	-2.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.02%	4.41%	-1.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.02%	4.41%	-1.39%

PMIO vs. THYM - Expense Ratio Comparison

PMIO has a 0.25% expense ratio, which is lower than THYM's 0.32% expense ratio.

Dividends

PMIO vs. THYM - Dividend Comparison

PMIO's dividend yield for the trailing twelve months is around 4.29%, more than THYM's 2.99% yield.

Position	TTM	2025	2024
PMIO PGIM Municipal Income Opportunities ETF	3.94%	4.00%	2.11%
THYM T. Rowe Price High Income Municipal ETF	2.99%	0.37%	0.00%

Frequently Asked Questions

Can I hold both PMIO and THYM in my portfolio?

PMIO and THYM have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PMIO or THYM?

On fees, PMIO is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PMIO or THYM?

PMIO is cheaper with a 0.25% expense ratio, compared with 0.32% for THYM.

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

PMIO has the higher dividend yield at 3.94%, compared with 2.99% for THYM.

What is the main difference between PMIO and THYM?

PMIO is categorized as Municipal Bonds, while THYM is High Yield Muni. They also come from different issuers: PGIM and T. Rowe Price. Their fees differ too: 0.25% for PMIO and 0.32% for THYM.