SMMU vs. THYM
SMMU (PIMCO Short Term Municipal Bond Active ETF) and THYM (T. Rowe Price High Income Municipal ETF) are both exchange-traded funds - SMMU is a Municipal Bonds fund actively managed by PIMCO, while THYM is a High Yield Muni fund actively managed by T. Rowe Price. Both are actively managed. A 0.56 correlation means they provide meaningful diversification when combined. SMMU charges 0.35%/yr vs 0.32%/yr for THYM.
Performance
SMMU vs. THYM - Performance Comparison
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Returns By Period
In the year-to-date period, SMMU achieves a 1.10% return, which is significantly lower than THYM's 2.79% return.
SMMU
- 1D
- -0.05%
- 1M
- -0.12%
- 6M
- 0.65%
- YTD
- 1.10%
- 1Y
- 3.04%
- 3Y*
- 3.45%
- 5Y*
- 1.85%
- 10Y*
- 1.80%
- ALL TIME*
- 1.51%
THYM
- 1D
- -0.22%
- 1M
- -1.00%
- 6M
- 2.10%
- YTD
- 2.79%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $5.67M | $5.86M | $5.93M | |
| $65.07K | $109.92K | $113.42K |
SMMU vs. THYM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
SMMU PIMCO Short Term Municipal Bond Active ETF | 1.10% | 0.42% |
THYM T. Rowe Price High Income Municipal ETF | 2.79% | 0.25% |
Correlation
The correlation between SMMU and THYM is 0.56, 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 | 0.56 |
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Return for Risk
SMMU vs. THYM — Risk / Return Rank
SMMU
THYM
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
SMMU vs. THYM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Short Term Municipal Bond Active ETF (SMMU) 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.
| SMMU | THYM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.64 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 3.96 | — | — |
| Martin ratioReturn relative to average drawdown | 13.94 | — | — |
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Drawdowns
SMMU vs. THYM - Drawdown Comparison
The maximum SMMU drawdown since its inception was -5.09%, which is greater than THYM's maximum drawdown of -2.93%. Use the drawdown chart below to compare losses from any high point for SMMU and THYM.
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Drawdown Indicators
| SMMU | THYM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.09% | -2.93% | -2.16% |
Max Drawdown (1Y)Largest decline over 1 year | -0.77% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -1.95% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -4.76% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -5.09% | — | — |
Current DrawdownCurrent decline from peak | -0.31% | -1.80% | +1.49% |
Average DrawdownAverage peak-to-trough decline | -0.55% | -0.48% | -0.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.22% | — | — |
Volatility
SMMU vs. THYM - Volatility Comparison
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Volatility by Period
| SMMU | THYM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.27% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 0.82% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 1.04% | 4.31% | -3.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.68% | 4.31% | -2.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.70% | 4.31% | -1.61% |
SMMU vs. THYM - Expense Ratio Comparison
SMMU has a 0.35% expense ratio, which is higher than THYM's 0.32% expense ratio.
Dividends
SMMU vs. THYM - Dividend Comparison
SMMU's dividend yield for the trailing twelve months is around 2.88%, more than THYM's 2.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SMMU PIMCO Short Term Municipal Bond Active ETF | 2.88% | 2.80% | 3.03% | 2.79% | 1.37% | 0.60% | 1.19% | 1.82% | 1.57% | 1.41% | 1.03% | 0.89% |
THYM T. Rowe Price High Income Municipal ETF | 2.59% | 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
SMMU and THYM have a correlation of 0.56, 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 SMMU.
SMMU has the higher dividend yield at 2.88%, compared with 2.59% for THYM.
SMMU is categorized as Municipal Bonds, while THYM is High Yield Muni. They also come from different issuers: PIMCO and T. Rowe Price. Their fees differ too: 0.35% for SMMU and 0.32% for THYM.
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