SMMU vs. THYM

Last updated Jul 3, 2026

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 0.54 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

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Short Term Municipal Bond Active ETF (SMMU) 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, SMMU achieves a 1.41% return, which is significantly lower than THYM's 4.68% return.

SMMU

• 1D: 0.10%
• 1M: 0.38%
• 6M: 1.41%
• YTD: 1.41%
• 1Y: 3.57%
• 3Y*: 3.65%
• 5Y*: 1.96%
• 10Y*: 1.84%

THYM

• 1D: 0.06%
• 1M: 1.44%
• 6M: 4.68%
• YTD: 4.68%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SMMU vs. THYM - Yearly Performance Comparison

	2026 (YTD)	2025
SMMU PIMCO Short Term Municipal Bond Active ETF	1.41%	0.42%
THYM T. Rowe Price High Income Municipal ETF	4.68%	0.25%

Correlation

The correlation between SMMU and THYM is 0.54, 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	0.54

Return for Risk

SMMU vs. THYM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SMMU

SMMU Risk / Return Rank: 94
SMMU Sharpe Ratio Rank: 96
SMMU Sortino Ratio Rank: 97
SMMU Omega Ratio Rank: 97
SMMU Calmar Ratio Rank: 90
SMMU Martin Ratio Rank: 89

THYM

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

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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 ratio: Return per unit of total volatility	3.50	—	—
Sortino ratio: Return per unit of downside risk	5.29	—	—
Omega ratio: Gain probability vs. loss probability	1.79	—	—
Calmar ratio: Return relative to maximum drawdown	4.66	—	—
Martin ratio: Return relative to average drawdown	16.63	—	—

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.

Drawdown Indicators

	SMMU	THYM	Difference
Max Drawdown Largest 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 Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.55%	-0.45%	-0.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.22%	—	—

Volatility

Volatility by Period

	SMMU	THYM	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.25%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.81%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	1.02%	4.35%	-3.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.67%	4.35%	-2.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.71%	4.35%	-1.64%

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 2.54% 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	2.54%	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

Can I hold both SMMU and THYM in my portfolio?

SMMU and THYM have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SMMU or THYM?

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.

Which ETF is cheaper, SMMU or THYM?

THYM is cheaper with a 0.32% expense ratio, compared with 0.35% for SMMU.

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

SMMU has the higher dividend yield at 2.88%, compared with 2.54% for THYM.

What is the main difference between SMMU and 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.