SHM vs. THYM
SHM (SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF) and THYM (T. Rowe Price High Income Municipal ETF) are both exchange-traded funds - SHM is a Municipal Bonds fund tracking the Bloomberg Municipal Managed Money Short, while THYM is a High Yield Muni fund actively managed by T. Rowe Price. SHM is passively managed, while THYM is actively managed. Their 0.49 correlation means their historical movements had little consistent relationship. SHM charges 0.20%/yr vs 0.32%/yr for THYM.
Performance
SHM vs. THYM - Performance Comparison
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Returns By Period
In the year-to-date period, SHM achieves a 0.54% return, which is significantly lower than THYM's 2.25% return.
SHM
- 1D
- 0.00%
- 1M
- -0.61%
- 6M
- -0.17%
- YTD
- 0.54%
- 1Y
- 1.54%
- 3Y*
- 2.72%
- 5Y*
- 0.82%
- 10Y*
- 1.10%
- ALL TIME*
- 1.76%
THYM
- 1D
- 0.00%
- 1M
- -2.31%
- 6M
- 1.43%
- YTD
- 2.25%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $9.50M | $14.07M | $11.05M | |
| $170.69K | $138.29K | $131.50K |
SHM vs. THYM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
SHM SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF | 0.54% | 0.49% |
THYM T. Rowe Price High Income Municipal ETF | 2.25% | 0.25% |
Correlation
The correlation between SHM and THYM is 0.49, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Nov 20, 2025 | 0.49 |
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Return for Risk
SHM vs. THYM — Risk / Return Rank
SHM
THYM
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
SHM vs. THYM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF (SHM) 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.
| SHM | THYM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.27 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 1.67 | — | — |
| Martin ratioReturn relative to average drawdown | 4.09 | — | — |
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Drawdowns
SHM vs. THYM - Drawdown Comparison
The maximum SHM drawdown since its inception was -11.61%, which is greater than THYM's maximum drawdown of -2.93%. Use the drawdown chart below to compare losses from any high point for SHM and THYM.
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Drawdown Indicators
| SHM | THYM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.61% | -2.93% | -8.68% |
Max Drawdown (1Y)Largest decline over 1 year | -1.13% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -1.67% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -6.67% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -11.61% | — | — |
Current DrawdownCurrent decline from peak | -0.63% | -2.31% | +1.68% |
Average DrawdownAverage peak-to-trough decline | -0.96% | -0.55% | -0.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.46% | — | — |
Volatility
SHM vs. THYM - Volatility Comparison
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Volatility by Period
| SHM | THYM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.52% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 0.96% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 1.34% | 4.41% | -3.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.08% | 4.41% | -2.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.31% | 4.41% | -1.10% |
SHM vs. THYM - Expense Ratio Comparison
SHM has a 0.20% expense ratio, which is lower than THYM's 0.32% expense ratio.
Dividends
SHM vs. THYM - Dividend Comparison
SHM's dividend yield for the trailing twelve months is around 2.68%, less than THYM's 2.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SHM SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF | 2.47% | 2.61% | 2.06% | 1.15% | 0.69% | 0.86% | 1.24% | 1.40% | 1.23% | 1.06% | 0.94% | 0.92% |
THYM T. Rowe Price High Income Municipal ETF | 2.99% | 0.37% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SHM and THYM have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SHM is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SHM is cheaper with a 0.20% expense ratio, compared with 0.32% for THYM.
THYM has the higher dividend yield at 2.99%, compared with 2.47% for SHM.
SHM 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: 0.20% for SHM and 0.32% for THYM.
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