THYM vs. HTAX

Last updated Jun 5, 2026

THYM (T. Rowe Price High Income Municipal ETF) and HTAX (Nomura National High-Yield Municipal Bond ETF) are both High Yield Muni funds. Both are actively managed. Their correlation of 0.86 suggests significant overlap in exposure. THYM charges 0.32%/yr vs 0.49%/yr for HTAX.

Performance

THYM vs. HTAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price High Income Municipal ETF (THYM) and Nomura National High-Yield Municipal Bond ETF (HTAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with THYM having a 3.70% return and HTAX slightly higher at 3.80%.

THYM

• 1D: 0.36%
• 1M: 1.53%
• YTD: 3.70%
• 6M: 4.04%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

HTAX

• 1D: 0.19%
• 1M: 1.53%
• YTD: 3.80%
• 6M: 4.06%
• 1Y: 8.99%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

THYM vs. HTAX - Yearly Performance Comparison

	2026 (YTD)	2025
THYM T. Rowe Price High Income Municipal ETF	3.70%	0.27%
HTAX Nomura National High-Yield Municipal Bond ETF	3.80%	-0.16%

Correlation

The correlation between THYM and HTAX is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 21, 2025	0.86

Return for Risk

THYM vs. HTAX — Risk / Return Rank

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

HTAX

HTAX Risk / Return Rank: 59
HTAX Sharpe Ratio Rank: 58
HTAX Sortino Ratio Rank: 62
HTAX Omega Ratio Rank: 64
HTAX Calmar Ratio Rank: 59
HTAX Martin Ratio Rank: 52

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.

THYM vs. HTAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price High Income Municipal ETF (THYM) and Nomura National High-Yield Municipal Bond ETF (HTAX). 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

	THYM	HTAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.93	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.77	0.66	+1.11

Drawdowns

THYM vs. HTAX - Drawdown Comparison

The maximum THYM drawdown since its inception was -2.93%, smaller than the maximum HTAX drawdown of -6.10%. Use the drawdown chart below to compare losses from any high point for THYM and HTAX.

Drawdown Indicators

	THYM	HTAX	Difference
Max Drawdown Largest peak-to-trough decline	-2.93%	-6.10%	+3.17%
Max Drawdown (1Y) Largest decline over 1 year	—	-3.14%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.49%	-1.77%	+1.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.03%	—

Volatility

Volatility by Period

	THYM	HTAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.42%	—
Volatility (6M) Calculated over the trailing 6-month period	—	3.35%	—
Volatility (1Y) Calculated over the trailing 1-year period	4.35%	4.71%	-0.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.35%	6.47%	-2.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.35%	6.47%	-2.12%

THYM vs. HTAX - Expense Ratio Comparison

THYM has a 0.32% expense ratio, which is lower than HTAX's 0.49% expense ratio.

Dividends

THYM vs. HTAX - Dividend Comparison

THYM's dividend yield for the trailing twelve months is around 2.18%, less than HTAX's 4.46% yield.

Position	TTM	2025
HTAX Nomura National High-Yield Municipal Bond ETF	4.46%	3.67%
THYM T. Rowe Price High Income Municipal ETF	2.18%	0.37%

Frequently Asked Questions

Can I hold both THYM and HTAX in my portfolio?

THYM and HTAX have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, THYM or HTAX?

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, THYM or HTAX?

THYM is cheaper with a 0.32% expense ratio, compared with 0.49% for HTAX.

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

HTAX has the higher dividend yield at 4.46%, compared with 2.18% for THYM.

What is the main difference between THYM and HTAX?

They also come from different issuers: T. Rowe Price and Nomura. Their fees differ too: 0.32% for THYM and 0.49% for HTAX.