THYM vs. THYF
THYM (T. Rowe Price High Income Municipal ETF) and THYF (T. Rowe Price U.S. High Yield ETF) are both exchange-traded funds - THYM is a High Yield Muni fund actively managed by T. Rowe Price, while THYF is a High Yield Bonds fund actively managed by T. Rowe Price. Both are actively managed. Their 0.44 correlation means their historical movements had little consistent relationship. THYM charges 0.32%/yr vs 0.56%/yr for THYF.
Performance
THYM vs. THYF - 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 THYF's 1.74% return.
THYM
- 1D
- 0.00%
- 1M
- -2.31%
- 6M
- 1.43%
- YTD
- 2.25%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
THYF
- 1D
- -0.19%
- 1M
- -0.46%
- 6M
- 1.18%
- YTD
- 1.74%
- 1Y
- 5.14%
- 3Y*
- 7.77%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 8.24%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $928.42K | $859.02K | $1.06M | |
| $170.69K | $138.29K | $131.50K |
THYM vs. THYF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
THYM T. Rowe Price High Income Municipal ETF | 2.25% | 0.25% |
THYF T. Rowe Price U.S. High Yield ETF | 1.74% | 1.67% |
Correlation
The correlation between THYM and THYF is 0.44, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Nov 20, 2025 | 0.44 |
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Return for Risk
THYM vs. THYF — Risk / Return Rank
THYM
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
THYF
THYM vs. THYF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price High Income Municipal ETF (THYM) and T. Rowe Price U.S. High Yield ETF (THYF). 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 | THYF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.27 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 1.83 | — |
| Martin ratioReturn relative to average drawdown | — | 8.18 | — |
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Drawdowns
THYM vs. THYF - Drawdown Comparison
The maximum THYM drawdown since its inception was -2.93%, smaller than the maximum THYF drawdown of -5.24%. Use the drawdown chart below to compare losses from any high point for THYM and THYF.
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Drawdown Indicators
| THYM | THYF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.93% | -5.24% | +2.31% |
Max Drawdown (1Y)Largest decline over 1 year | — | -2.80% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -5.07% | — |
Current DrawdownCurrent decline from peak | -2.31% | -0.64% | -1.67% |
Average DrawdownAverage peak-to-trough decline | -0.55% | -0.79% | +0.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.63% | — |
Volatility
THYM vs. THYF - Volatility Comparison
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Volatility by Period
| THYM | THYF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 0.87% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 2.84% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 4.41% | 3.58% | +0.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.41% | 5.73% | -1.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.41% | 5.73% | -1.32% |
THYM vs. THYF - Expense Ratio Comparison
THYM has a 0.32% expense ratio, which is lower than THYF's 0.56% expense ratio.
Dividends
THYM vs. THYF - Dividend Comparison
THYM's dividend yield for the trailing twelve months is around 2.99%, less than THYF's 6.95% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
THYF T. Rowe Price U.S. High Yield ETF | 6.95% | 7.17% | 7.30% | 8.02% | 1.50% |
THYM T. Rowe Price High Income Municipal ETF | 2.99% | 0.37% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
THYM and THYF have a correlation of 0.44, 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 0.56% for THYF.
THYF has the higher dividend yield at 6.95%, compared with 2.99% for THYM.
THYM is categorized as High Yield Muni, while THYF is High Yield Bonds. Their fees differ too: 0.32% for THYM and 0.56% for THYF.
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