THYM vs. LTAX

Last updated Jun 5, 2026

THYM (T. Rowe Price High Income Municipal ETF) and LTAX (Nomura Tax-Free USA ETF) are both exchange-traded funds - THYM is a High Yield Muni fund actively managed by T. Rowe Price, while LTAX is a Municipal Bonds fund actively managed by Nomura. Both are actively managed. A 0.77 correlation means they provide meaningful diversification when combined. THYM charges 0.32%/yr vs 0.39%/yr for LTAX.

Performance

THYM vs. LTAX - 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 Tax-Free USA ETF (LTAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

THYM

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

LTAX

• 1D: 0.26%
• 1M: 1.20%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

THYM vs. LTAX - Yearly Performance Comparison

	2026 (YTD)
THYM T. Rowe Price High Income Municipal ETF	3.03%
LTAX Nomura Tax-Free USA ETF	1.90%

Correlation

The correlation between THYM and LTAX is 0.77, 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 Jan 14, 2026	0.77

Return for Risk

THYM vs. LTAX - 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 Tax-Free USA ETF (LTAX). 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	LTAX	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	1.77	0.84	+0.93

Drawdowns

THYM vs. LTAX - Drawdown Comparison

The maximum THYM drawdown since its inception was -2.93%, smaller than the maximum LTAX drawdown of -3.18%. Use the drawdown chart below to compare losses from any high point for THYM and LTAX.

Drawdown Indicators

	THYM	LTAX	Difference
Max Drawdown Largest peak-to-trough decline	-2.93%	-3.18%	+0.25%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.49%	-0.71%	+0.22%

Volatility

Volatility by Period

	THYM	LTAX	Difference
Volatility (1Y) Calculated over the trailing 1-year period	4.35%	5.92%	-1.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.35%	5.92%	-1.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.35%	5.92%	-1.57%

THYM vs. LTAX - Expense Ratio Comparison

THYM has a 0.32% expense ratio, which is lower than LTAX's 0.39% expense ratio.

Dividends

THYM vs. LTAX - Dividend Comparison

THYM's dividend yield for the trailing twelve months is around 2.18%, more than LTAX's 1.34% yield.

Position	TTM	2025
LTAX Nomura Tax-Free USA ETF	1.34%	0.00%
THYM T. Rowe Price High Income Municipal ETF	2.18%	0.37%

Frequently Asked Questions

Can I hold both THYM and LTAX in my portfolio?

THYM and LTAX have a correlation of 0.77, 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 LTAX?

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 LTAX?

THYM is cheaper with a 0.32% expense ratio, compared with 0.39% for LTAX.

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

THYM has the higher dividend yield at 2.18%, compared with 1.34% for LTAX.

What is the main difference between THYM and LTAX?

THYM is categorized as High Yield Muni, while LTAX is Municipal Bonds. They also come from different issuers: T. Rowe Price and Nomura. Their fees differ too: 0.32% for THYM and 0.39% for LTAX.