THYM vs. IROC
THYM (T. Rowe Price High Income Municipal ETF) and IROC (Invesco Rochester High Yield Municipal ETF) are both High Yield Muni funds. Both are actively managed. A 0.65 correlation means they provide meaningful diversification when combined. THYM charges 0.32%/yr vs 0.39%/yr for IROC.
Performance
THYM vs. IROC - Performance Comparison
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Returns By Period
In the year-to-date period, THYM achieves a 3.61% return, which is significantly higher than IROC's 3.13% return.
THYM
- 1D
- -0.21%
- 1M
- 1.68%
- YTD
- 3.61%
- 6M
- 3.80%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IROC
- 1D
- -0.05%
- 1M
- 1.57%
- YTD
- 3.13%
- 6M
- 3.32%
- 1Y
- 7.02%
- 3Y*
- 5.05%
- 5Y*
- —
- 10Y*
- —
THYM vs. IROC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
THYM T. Rowe Price High Income Municipal ETF | 3.61% | 0.25% |
IROC Invesco Rochester High Yield Municipal ETF | 3.13% | 0.45% |
Correlation
The correlation between THYM and IROC is 0.65, 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 | 0.65 |
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Return for Risk
THYM vs. IROC — Risk / Return Rank
THYM
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
IROC
THYM vs. IROC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price High Income Municipal ETF (THYM) and Invesco Rochester High Yield Municipal ETF (IROC). 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.
| THYM | IROC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.50 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.67 | — |
| Martin ratioReturn relative to average drawdown | — | 9.57 | — |
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Drawdowns
THYM vs. IROC - Drawdown Comparison
The maximum THYM drawdown since its inception was -2.93%, smaller than the maximum IROC drawdown of -4.79%. Use the drawdown chart below to compare losses from any high point for THYM and IROC.
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Drawdown Indicators
| THYM | IROC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.93% | -4.79% | +1.86% |
Max Drawdown (1Y)Largest decline over 1 year | — | -2.64% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -4.79% | — |
Current DrawdownCurrent decline from peak | -0.24% | -0.05% | -0.19% |
Average DrawdownAverage peak-to-trough decline | -0.47% | -0.83% | +0.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.73% | — |
Volatility
THYM vs. IROC - Volatility Comparison
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Volatility by Period
| THYM | IROC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 0.80% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 2.38% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 4.31% | 3.02% | +1.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.31% | 3.48% | +0.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.31% | 3.48% | +0.83% |
THYM vs. IROC - Expense Ratio Comparison
THYM has a 0.32% expense ratio, which is lower than IROC's 0.39% expense ratio.
Dividends
THYM vs. IROC - Dividend Comparison
THYM's dividend yield for the trailing twelve months is around 2.18%, less than IROC's 5.13% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
IROC Invesco Rochester High Yield Municipal ETF | 5.13% | 4.79% | 4.08% | 3.68% |
THYM T. Rowe Price High Income Municipal ETF | 2.18% | 0.37% | 0.00% | 0.00% |
Frequently Asked Questions
THYM and IROC have a correlation of 0.65, 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 0.39% for IROC.
IROC has the higher dividend yield at 5.13%, compared with 2.18% for THYM.
They also come from different issuers: T. Rowe Price and Invesco. Their fees differ too: 0.32% for THYM and 0.39% for IROC.
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