TAXS vs. THYM

Last updated Jun 4, 2026

TAXS (Northern Trust Short-Term Tax-Exempt Bond ETF) and THYM (T. Rowe Price High Income Municipal ETF) are both exchange-traded funds - TAXS is a Municipal Bonds fund tracking the ICE Short Term Focused Municipal Bond Index, while THYM is a High Yield Muni fund actively managed by T. Rowe Price. TAXS is passively managed, while THYM is actively managed. At a 0.49 correlation, their price movements are largely independent. TAXS charges 0.05%/yr vs 0.32%/yr for THYM.

Performance

TAXS vs. THYM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Northern Trust Short-Term Tax-Exempt Bond ETF (TAXS) 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, TAXS achieves a 0.93% return, which is significantly lower than THYM's 3.33% return.

TAXS

• 1D: 0.06%
• 1M: 0.38%
• YTD: 0.93%
• 6M: 1.33%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

THYM

• 1D: 0.14%
• 1M: 1.14%
• YTD: 3.33%
• 6M: 3.62%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TAXS vs. THYM - Yearly Performance Comparison

	2026 (YTD)	2025
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF	0.93%	0.83%
THYM T. Rowe Price High Income Municipal ETF	3.33%	0.27%

Correlation

The correlation between TAXS and THYM is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 21, 2025	0.49

Return for Risk

TAXS vs. THYM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern Trust Short-Term Tax-Exempt Bond ETF (TAXS) 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.

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

Sharpe Ratios by Period

	TAXS	THYM	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	2.78	1.62	+1.16

Drawdowns

TAXS vs. THYM - Drawdown Comparison

The maximum TAXS drawdown since its inception was -0.84%, smaller than the maximum THYM drawdown of -2.93%. Use the drawdown chart below to compare losses from any high point for TAXS and THYM.

Drawdown Indicators

	TAXS	THYM	Difference
Max Drawdown Largest peak-to-trough decline	-0.84%	-2.93%	+2.09%
Current Drawdown Current decline from peak	-0.09%	0.00%	-0.09%
Average Drawdown Average peak-to-trough decline	-0.24%	-0.49%	+0.25%

Volatility

Volatility by Period

	TAXS	THYM	Difference
Volatility (1Y) Calculated over the trailing 1-year period	1.00%	4.35%	-3.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.00%	4.35%	-3.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.00%	4.35%	-3.35%

TAXS vs. THYM - Expense Ratio Comparison

TAXS has a 0.05% expense ratio, which is lower than THYM's 0.32% expense ratio.

Dividends

TAXS vs. THYM - Dividend Comparison

TAXS's dividend yield for the trailing twelve months is around 1.83%, less than THYM's 2.18% yield.

Position	TTM	2025
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF	1.83%	0.74%
THYM T. Rowe Price High Income Municipal ETF	2.18%	0.37%

Frequently Asked Questions

Can I hold both TAXS and THYM in my portfolio?

TAXS 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.

Which ETF is better, TAXS or THYM?

On fees, TAXS is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TAXS or THYM?

TAXS is cheaper with a 0.05% expense ratio, compared with 0.32% for THYM.

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

THYM has the higher dividend yield at 2.18%, compared with 1.83% for TAXS.

What is the main difference between TAXS and THYM?

TAXS is categorized as Municipal Bonds, while THYM is High Yield Muni. They also come from different issuers: Northern Trust and T. Rowe Price. Their fees differ too: 0.05% for TAXS and 0.32% for THYM.