THYM vs. TMNL

Last updated Jun 23, 2026

THYM (T. Rowe Price High Income Municipal ETF) and TMNL (T. Rowe Price Long Municipal Income ETF) are both exchange-traded funds - THYM is a High Yield Muni fund actively managed by T. Rowe Price, while TMNL is a Municipal Bonds fund actively managed by T. Rowe Price. Both are actively managed. A 0.79 correlation means they provide meaningful diversification when combined. THYM charges 0.32%/yr vs 0.26%/yr for TMNL.

Performance

THYM vs. TMNL - 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 Long Municipal Income ETF (TMNL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, THYM achieves a 3.82% return, which is significantly higher than TMNL's 2.76% return.

THYM

• 1D: -0.04%
• 1M: 1.89%
• YTD: 3.82%
• 6M: 3.92%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

TMNL

• 1D: 0.03%
• 1M: 1.67%
• YTD: 2.76%
• 6M: 3.08%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

THYM vs. TMNL - Yearly Performance Comparison

	2026 (YTD)	2025
THYM T. Rowe Price High Income Municipal ETF	3.82%	0.25%
TMNL T. Rowe Price Long Municipal Income ETF	2.76%	0.32%

Correlation

The correlation between THYM and TMNL is 0.79, 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 20, 2025	0.79

Return for Risk

THYM vs. TMNL - 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 Long Municipal Income ETF (TMNL). 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.

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

Drawdowns

THYM vs. TMNL - Drawdown Comparison

The maximum THYM drawdown since its inception was -2.93%, roughly equal to the maximum TMNL drawdown of -2.94%. Use the drawdown chart below to compare losses from any high point for THYM and TMNL.

Drawdown Indicators

	THYM	TMNL	Difference
Max Drawdown Largest peak-to-trough decline	-2.93%	-2.94%	+0.01%
Current Drawdown Current decline from peak	-0.04%	0.00%	-0.04%
Average Drawdown Average peak-to-trough decline	-0.47%	-0.55%	+0.08%

Volatility

Volatility by Period

	THYM	TMNL	Difference
Volatility (1Y) Calculated over the trailing 1-year period	4.31%	4.46%	-0.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.31%	4.46%	-0.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.31%	4.46%	-0.15%

THYM vs. TMNL - Expense Ratio Comparison

THYM has a 0.32% expense ratio, which is higher than TMNL's 0.26% expense ratio.

Dividends

THYM vs. TMNL - Dividend Comparison

THYM's dividend yield for the trailing twelve months is around 2.17%, more than TMNL's 2.11% yield.

Position	TTM	2025
THYM T. Rowe Price High Income Municipal ETF	2.17%	0.37%
TMNL T. Rowe Price Long Municipal Income ETF	2.11%	0.39%

Frequently Asked Questions

Can I hold both THYM and TMNL in my portfolio?

THYM and TMNL have a correlation of 0.79, 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 TMNL?

On fees, TMNL is cheaper at 0.26% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, THYM or TMNL?

TMNL is cheaper with a 0.26% expense ratio, compared with 0.32% for THYM.

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

THYM has the higher dividend yield at 2.17%, compared with 2.11% for TMNL.

What is the main difference between THYM and TMNL?

THYM is categorized as High Yield Muni, while TMNL is Municipal Bonds. Their fees differ too: 0.32% for THYM and 0.26% for TMNL.