THYM vs. THYF

Last updated Jun 4, 2026

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. At a 0.43 correlation, their price movements are largely independent. THYM charges 0.32%/yr vs 0.56%/yr for THYF.

Performance

THYM vs. THYF - Performance Comparison

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

Returns By Period

In the year-to-date period, THYM achieves a 3.33% return, which is significantly higher than THYF's 1.50% return.

THYM

• 1D: 0.14%
• 1M: 1.14%
• YTD: 3.33%
• 6M: 3.62%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

THYF

• 1D: -0.35%
• 1M: 0.61%
• YTD: 1.50%
• 6M: 1.90%
• 1Y: 7.02%
• 3Y*: 8.57%
• 5Y*: —
• 10Y*: —

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

THYM vs. THYF - Yearly Performance Comparison

	2026 (YTD)	2025
THYM T. Rowe Price High Income Municipal ETF	3.33%	0.27%
THYF T. Rowe Price U.S. High Yield ETF	1.50%	1.68%

Correlation

The correlation between THYM and THYF is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 21, 2025	0.43

Return for Risk

THYM vs. THYF — Risk / Return Rank

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

THYF

THYF Risk / Return Rank: 61
THYF Sharpe Ratio Rank: 59
THYF Sortino Ratio Rank: 66
THYF Omega Ratio Rank: 64
THYF Calmar Ratio Rank: 51
THYF Martin Ratio Rank: 63

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. 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.

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

Sharpe Ratios by Period

	THYM	THYF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.01	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.62	1.47	+0.15

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.

Drawdown Indicators

	THYM	THYF	Difference
Max Drawdown Largest 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 Drawdown Current decline from peak	0.00%	-0.35%	+0.35%
Average Drawdown Average peak-to-trough decline	-0.49%	-0.82%	+0.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.61%	—

Volatility

Volatility by Period

	THYM	THYF	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.12%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.72%	—
Volatility (1Y) Calculated over the trailing 1-year period	4.35%	3.52%	+0.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.35%	5.82%	-1.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.35%	5.82%	-1.47%

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 2.18%, less than THYF's 7.02% yield.

Position	TTM	2025	2024	2023	2022
THYF T. Rowe Price U.S. High Yield ETF	7.02%	7.17%	7.30%	8.02%	1.50%
THYM T. Rowe Price High Income Municipal ETF	2.18%	0.37%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both THYM and THYF in my portfolio?

THYM and THYF have a correlation of 0.43, 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 THYF?

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 THYF?

THYM is cheaper with a 0.32% expense ratio, compared with 0.56% for THYF.

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

THYF has the higher dividend yield at 7.02%, compared with 2.18% for THYM.

What is the main difference between THYM and THYF?

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.