THYM vs. NHYM

Last updated Jun 5, 2026

THYM (T. Rowe Price High Income Municipal ETF) and NHYM (Nuveen High Yield Municipal Income ETF) are both High Yield Muni funds. Both are actively managed. A 0.63 correlation means they provide meaningful diversification when combined. THYM charges 0.32%/yr vs 0.35%/yr for NHYM.

Performance

THYM vs. NHYM - Performance Comparison

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

Returns By Period

In the year-to-date period, THYM achieves a 3.70% return, which is significantly higher than NHYM's 2.94% return.

THYM

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

NHYM

• 1D: 0.17%
• 1M: 1.24%
• YTD: 2.94%
• 6M: 3.46%
• 1Y: 8.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

THYM vs. NHYM - Yearly Performance Comparison

	2026 (YTD)	2025
THYM T. Rowe Price High Income Municipal ETF	3.70%	0.27%
NHYM Nuveen High Yield Municipal Income ETF	2.94%	0.48%

Correlation

The correlation between THYM and NHYM is 0.63, 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 21, 2025	0.63

Return for Risk

THYM vs. NHYM — Risk / Return Rank

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

NHYM

NHYM Risk / Return Rank: 60
NHYM Sharpe Ratio Rank: 57
NHYM Sortino Ratio Rank: 63
NHYM Omega Ratio Rank: 66
NHYM Calmar Ratio Rank: 61
NHYM 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. NHYM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price High Income Municipal ETF (THYM) and Nuveen High Yield Municipal Income ETF (NHYM). 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	NHYM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.89	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.77	0.78	+0.99

Drawdowns

THYM vs. NHYM - Drawdown Comparison

The maximum THYM drawdown since its inception was -2.93%, smaller than the maximum NHYM drawdown of -6.11%. Use the drawdown chart below to compare losses from any high point for THYM and NHYM.

Drawdown Indicators

	THYM	NHYM	Difference
Max Drawdown Largest peak-to-trough decline	-2.93%	-6.11%	+3.18%
Max Drawdown (1Y) Largest decline over 1 year	—	-2.77%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.49%	-1.73%	+1.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.95%	—

Volatility

Volatility by Period

	THYM	NHYM	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.35%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.61%	—
Volatility (1Y) Calculated over the trailing 1-year period	4.35%	4.39%	-0.04%
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. NHYM - Expense Ratio Comparison

THYM has a 0.32% expense ratio, which is lower than NHYM's 0.35% expense ratio.

Dividends

THYM vs. NHYM - Dividend Comparison

THYM's dividend yield for the trailing twelve months is around 2.18%, less than NHYM's 4.52% yield.

Position	TTM	2025
NHYM Nuveen High Yield Municipal Income ETF	4.52%	4.06%
THYM T. Rowe Price High Income Municipal ETF	2.18%	0.37%

Frequently Asked Questions

Can I hold both THYM and NHYM in my portfolio?

THYM and NHYM have a correlation of 0.63, 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 NHYM?

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 NHYM?

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

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

NHYM has the higher dividend yield at 4.52%, compared with 2.18% for THYM.

What is the main difference between THYM and NHYM?

They also come from different issuers: T. Rowe Price and Nuveen. Their fees differ too: 0.32% for THYM and 0.35% for NHYM.