TMNS vs. HYMB

Last updated Jun 4, 2026

TMNS (T. Rowe Price Short Municipal Income ETF) and HYMB (SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF) are both Municipal Bonds funds. TMNS is actively managed, while HYMB is passively managed. A 0.64 correlation means they provide meaningful diversification when combined. TMNS charges 0.18%/yr vs 0.35%/yr for HYMB.

Performance

TMNS vs. HYMB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Short Municipal Income ETF (TMNS) and SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF (HYMB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TMNS achieves a 1.13% return, which is significantly lower than HYMB's 3.07% return.

TMNS

• 1D: -0.05%
• 1M: 0.34%
• YTD: 1.13%
• 6M: 1.57%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

HYMB

• 1D: 0.20%
• 1M: 1.19%
• YTD: 3.07%
• 6M: 3.18%
• 1Y: 7.38%
• 3Y*: 5.23%
• 5Y*: 0.46%
• 10Y*: 2.47%

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

TMNS vs. HYMB - Yearly Performance Comparison

	2026 (YTD)	2025
TMNS T. Rowe Price Short Municipal Income ETF	1.13%	0.57%
HYMB SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF	3.07%	0.17%

Correlation

The correlation between TMNS and HYMB is 0.64, 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 21, 2025	0.64

Return for Risk

TMNS vs. HYMB — Risk / Return Rank

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

HYMB

HYMB Risk / Return Rank: 55
HYMB Sharpe Ratio Rank: 55
HYMB Sortino Ratio Rank: 56
HYMB Omega Ratio Rank: 62
HYMB Calmar Ratio Rank: 49
HYMB Martin Ratio Rank: 51

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.

TMNS vs. HYMB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Short Municipal Income ETF (TMNS) and SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF (HYMB). 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

	TMNS	HYMB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.83	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.07	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.22	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.01	0.45	+1.56

Drawdowns

TMNS vs. HYMB - Drawdown Comparison

The maximum TMNS drawdown since its inception was -1.28%, smaller than the maximum HYMB drawdown of -29.57%. Use the drawdown chart below to compare losses from any high point for TMNS and HYMB.

Drawdown Indicators

	TMNS	HYMB	Difference
Max Drawdown Largest peak-to-trough decline	-1.28%	-29.57%	+28.29%
Max Drawdown (1Y) Largest decline over 1 year	—	-3.11%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-7.44%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-20.15%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-29.57%	—
Current Drawdown Current decline from peak	-0.33%	0.00%	-0.33%
Average Drawdown Average peak-to-trough decline	-0.32%	-3.80%	+3.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.88%	—

Volatility

Volatility by Period

	TMNS	HYMB	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.35%	—
Volatility (6M) Calculated over the trailing 6-month period	—	3.14%	—
Volatility (1Y) Calculated over the trailing 1-year period	1.64%	4.06%	-2.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.64%	6.66%	-5.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.64%	11.35%	-9.71%

TMNS vs. HYMB - Expense Ratio Comparison

TMNS has a 0.18% expense ratio, which is lower than HYMB's 0.35% expense ratio.

Dividends

TMNS vs. HYMB - Dividend Comparison

TMNS's dividend yield for the trailing twelve months is around 1.72%, less than HYMB's 4.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HYMB SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF	4.54%	4.55%	4.29%	4.07%	3.77%	3.19%	3.55%	3.95%	4.03%	3.78%	4.08%	4.54%
TMNS T. Rowe Price Short Municipal Income ETF	1.72%	0.33%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TMNS and HYMB in my portfolio?

TMNS and HYMB have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TMNS or HYMB?

On fees, TMNS is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TMNS or HYMB?

TMNS is cheaper with a 0.18% expense ratio, compared with 0.35% for HYMB.

Which ETF pays a higher dividend yield, TMNS or HYMB?

HYMB has the higher dividend yield at 4.54%, compared with 1.72% for TMNS.

What is the main difference between TMNS and HYMB?

They also come from different issuers: T. Rowe Price and State Street. Their fees differ too: 0.18% for TMNS and 0.35% for HYMB.