THYM vs. NHYM
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. Their 0.65 correlation means they have sometimes moved together and sometimes differently. THYM charges 0.32%/yr vs 0.35%/yr for NHYM.
Performance
THYM vs. NHYM - Performance Comparison
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Returns By Period
In the year-to-date period, THYM achieves a 2.25% return, which is significantly higher than NHYM's 1.57% return.
THYM
- 1D
- 0.00%
- 1M
- -2.31%
- 6M
- 1.43%
- YTD
- 2.25%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
NHYM
- 1D
- -0.18%
- 1M
- -1.52%
- 6M
- 1.04%
- YTD
- 1.57%
- 1Y
- 7.27%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 3.15%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $370.71K | $444.40K | $624.01K | |
| $170.69K | $138.29K | $131.50K |
THYM vs. NHYM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
THYM T. Rowe Price High Income Municipal ETF | 2.25% | 0.25% |
NHYM Nuveen High Yield Municipal Income ETF | 1.57% | 0.54% |
Correlation
The correlation between THYM and NHYM is 0.65, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| 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. NHYM — Risk / Return Rank
THYM
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
NHYM
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.
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 | NHYM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.43 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 3.03 | — |
| Martin ratioReturn relative to average drawdown | — | 10.90 | — |
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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.
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Drawdown Indicators
| THYM | NHYM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.93% | -6.11% | +3.18% |
Max Drawdown (1Y)Largest decline over 1 year | — | -2.77% | — |
Current DrawdownCurrent decline from peak | -2.31% | -1.66% | -0.65% |
Average DrawdownAverage peak-to-trough decline | -0.55% | -1.60% | +1.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.77% | — |
Volatility
THYM vs. NHYM - Volatility Comparison
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Volatility by Period
| THYM | NHYM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 1.00% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 2.73% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 4.41% | 4.11% | +0.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.41% | 5.69% | -1.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.41% | 5.69% | -1.28% |
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 2.99%, less than NHYM's 4.60% yield.
| Position | TTM | 2025 |
|---|---|---|
NHYM Nuveen High Yield Municipal Income ETF | 4.20% | 4.06% |
THYM T. Rowe Price High Income Municipal ETF | 2.99% | 0.37% |
Frequently Asked Questions
THYM and NHYM 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 0.35% for NHYM.
NHYM has the higher dividend yield at 4.20%, compared with 2.99% for THYM.
They also come from different issuers: T. Rowe Price and Nuveen. Their fees differ too: 0.32% for THYM and 0.35% for NHYM.
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