THYM vs. OVM

Last updated Aug 2, 2026

THYM (T. Rowe Price High Income Municipal ETF) and OVM (Overlay Shares Municipal Bond ETF) are both exchange-traded funds - THYM is a High Yield Muni fund actively managed by T. Rowe Price, while OVM is a Municipal Bonds fund actively managed by Liquid Strategies. Both are actively managed. Their 0.60 correlation means they have sometimes moved together and sometimes differently. THYM charges 0.32%/yr vs 0.82%/yr for OVM.

Performance

THYM vs. OVM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price High Income Municipal ETF (THYM) and Overlay Shares Municipal Bond ETF (OVM). 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 2.25% return and OVM slightly higher at 2.26%.

THYM

• 1D: 0.00%
• 1M: -2.31%
• 6M: 1.43%
• YTD: 2.25%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

OVM

• 1D: 0.80%
• 1M: -1.88%
• 6M: 1.00%
• YTD: 2.26%
• 1Y: 7.80%
• 3Y*: 4.39%
• 5Y*: 1.01%
• 10Y*: —
• ALL TIME*: 2.45%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
OVM Overlay Shares Municipal Bond ETF	$294.19K	$270.99K	$329.94K
THYM T. Rowe Price High Income Municipal ETF	$170.69K	$138.29K	$131.50K

THYM vs. OVM - Yearly Performance Comparison

	2026 (YTD)	2025
THYM T. Rowe Price High Income Municipal ETF	2.25%	0.25%
OVM Overlay Shares Municipal Bond ETF	2.26%	1.40%

Correlation

The correlation between THYM and OVM is 0.60, 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	0.60

Return for Risk

THYM vs. OVM — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

THYM

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

OVM

OVM Risk / Return Rank: 77
OVM Sharpe Ratio Rank: 76
OVM Sortino Ratio Rank: 76
OVM Omega Ratio Rank: 78
OVM Calmar Ratio Rank: 77
OVM Martin Ratio Rank: 79

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

THYM vs. OVM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price High Income Municipal ETF (THYM) and Overlay Shares Municipal Bond ETF (OVM). 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	OVM	Difference
Sharpe ratio: Return per unit of total volatility	—	1.72	—
Sortino ratio: Return per unit of downside risk	—	2.46	—
Omega ratio: Gain probability vs. loss probability	—	1.32	—
Calmar ratio: Return relative to maximum drawdown	—	2.72	—
Martin ratio: Return relative to average drawdown	—	10.05	—

Drawdowns

THYM vs. OVM - Drawdown Comparison

The maximum THYM drawdown since its inception was -2.93%, smaller than the maximum OVM drawdown of -15.58%. Use the drawdown chart below to compare losses from any high point for THYM and OVM.

Drawdown Indicators

	THYM	OVM	Difference
Max Drawdown Largest peak-to-trough decline	-2.93%	-15.58%	+12.65%
Max Drawdown (1Y) Largest decline over 1 year	—	-2.88%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-8.20%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-15.58%	—
Current Drawdown Current decline from peak	-2.31%	-2.10%	-0.21%
Average Drawdown Average peak-to-trough decline	-0.55%	-3.94%	+3.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.78%	—

Volatility

Volatility by Period

	THYM	OVM	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.73%	—
Volatility (6M) Calculated over the trailing 6-month period	—	3.57%	—
Volatility (1Y) Calculated over the trailing 1-year period	4.41%	4.56%	-0.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.41%	5.45%	-1.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.41%	6.52%	-2.11%

THYM vs. OVM - Expense Ratio Comparison

THYM has a 0.32% expense ratio, which is lower than OVM's 0.82% expense ratio.

Dividends

THYM vs. OVM - Dividend Comparison

THYM's dividend yield for the trailing twelve months is around 2.99%, less than OVM's 5.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
OVM Overlay Shares Municipal Bond ETF	5.82%	5.45%	4.91%	4.66%	4.21%	6.10%	3.97%	0.58%
THYM T. Rowe Price High Income Municipal ETF	2.99%	0.37%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both THYM and OVM in my portfolio?

THYM and OVM have a correlation of 0.60, 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 OVM?

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 OVM?

THYM is cheaper with a 0.32% expense ratio, compared with 0.82% for OVM.

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

OVM has the higher dividend yield at 5.82%, compared with 2.99% for THYM.

What is the main difference between THYM and OVM?

THYM is categorized as High Yield Muni, while OVM is Municipal Bonds. They also come from different issuers: T. Rowe Price and Liquid Strategies. Their fees differ too: 0.32% for THYM and 0.82% for OVM.