SHYD vs. THYM
SHYD (VanEck Short High Yield Muni ETF) and THYM (T. Rowe Price High Income Municipal ETF) are both exchange-traded funds - SHYD is a Municipal Bonds fund tracking the Bloomberg Municipal High Yield Short Duration, while THYM is a High Yield Muni fund actively managed by T. Rowe Price. SHYD is passively managed, while THYM is actively managed. A 0.57 correlation means they provide meaningful diversification when combined. SHYD charges 0.35%/yr vs 0.32%/yr for THYM.
Performance
SHYD vs. THYM - Performance Comparison
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Returns By Period
In the year-to-date period, SHYD achieves a 0.74% return, which is significantly lower than THYM's 3.33% return.
SHYD
- 1D
- -0.09%
- 1M
- 0.48%
- YTD
- 0.74%
- 6M
- 1.44%
- 1Y
- 5.37%
- 3Y*
- 4.40%
- 5Y*
- 0.93%
- 10Y*
- 2.02%
THYM
- 1D
- 0.14%
- 1M
- 1.14%
- YTD
- 3.33%
- 6M
- 3.62%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SHYD vs. THYM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
SHYD VanEck Short High Yield Muni ETF | 0.74% | 0.85% |
THYM T. Rowe Price High Income Municipal ETF | 3.33% | 0.27% |
Correlation
The correlation between SHYD and THYM is 0.57, 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 | 0.57 |
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Return for Risk
SHYD vs. THYM — Risk / Return Rank
SHYD
THYM
SHYD vs. THYM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Short High Yield Muni ETF (SHYD) 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.
| SHYD | THYM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.37 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 2.48 | — | — |
| Martin ratioReturn relative to average drawdown | 8.17 | — | — |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SHYD | THYM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.80 | — | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.17 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.21 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.26 | 1.62 | -1.36 |
Drawdowns
SHYD vs. THYM - Drawdown Comparison
The maximum SHYD drawdown since its inception was -31.22%, which is greater than THYM's maximum drawdown of -2.93%. Use the drawdown chart below to compare losses from any high point for SHYD and THYM.
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Drawdown Indicators
| SHYD | THYM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.22% | -2.93% | -28.29% |
Max Drawdown (1Y)Largest decline over 1 year | -2.17% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -4.17% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -13.32% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -31.22% | — | — |
Current DrawdownCurrent decline from peak | -0.39% | 0.00% | -0.39% |
Average DrawdownAverage peak-to-trough decline | -3.03% | -0.49% | -2.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.66% | — | — |
Volatility
SHYD vs. THYM - Volatility Comparison
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Volatility by Period
| SHYD | THYM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.84% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 1.93% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 3.00% | 4.35% | -1.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.37% | 4.35% | +1.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.69% | 4.35% | +5.34% |
SHYD vs. THYM - Expense Ratio Comparison
SHYD has a 0.35% expense ratio, which is higher than THYM's 0.32% expense ratio.
Dividends
SHYD vs. THYM - Dividend Comparison
SHYD's dividend yield for the trailing twelve months is around 3.51%, more than THYM's 2.18% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SHYD VanEck Short High Yield Muni ETF | 3.51% | 3.50% | 3.16% | 2.99% | 2.66% | 2.56% | 3.05% | 3.19% | 3.17% | 3.11% | 2.97% | 3.26% |
THYM T. Rowe Price High Income Municipal ETF | 2.18% | 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
SHYD and THYM have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
THYM is cheaper with a 0.32% expense ratio, compared with 0.35% for SHYD.
SHYD has the higher dividend yield at 3.51%, compared with 2.18% for THYM.
SHYD is categorized as Municipal Bonds, while THYM is High Yield Muni. They also come from different issuers: VanEck and T. Rowe Price. Their fees differ too: 0.35% for SHYD and 0.32% for THYM.
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