TMNS vs. THYF

Last updated Jun 5, 2026

TMNS (T. Rowe Price Short Municipal Income ETF) and THYF (T. Rowe Price U.S. High Yield ETF) are both exchange-traded funds - TMNS is a Municipal Bonds 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 0.39 correlation, their price movements are largely independent. TMNS charges 0.18%/yr vs 0.56%/yr for THYF.

Performance

TMNS vs. THYF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Short Municipal Income ETF (TMNS) 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, TMNS achieves a 1.24% return, which is significantly lower than THYF's 1.66% return.

TMNS

• 1D: 0.10%
• 1M: 0.41%
• YTD: 1.24%
• 6M: 1.57%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

THYF

• 1D: 0.16%
• 1M: 0.68%
• YTD: 1.66%
• 6M: 2.06%
• 1Y: 6.98%
• 3Y*: 8.65%
• 5Y*: —
• 10Y*: —

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

TMNS vs. THYF - Yearly Performance Comparison

	2026 (YTD)	2025
TMNS T. Rowe Price Short Municipal Income ETF	1.24%	0.57%
THYF T. Rowe Price U.S. High Yield ETF	1.66%	1.68%

Correlation

The correlation between TMNS and THYF is 0.39, 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	0.39

Return for Risk

TMNS 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: 62
THYF Sharpe Ratio Rank: 60
THYF Sortino Ratio Rank: 68
THYF Omega Ratio Rank: 66
THYF Calmar Ratio Rank: 51
THYF Martin Ratio Rank: 64

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. THYF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Short Municipal Income ETF (TMNS) 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

	TMNS	THYF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.00	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.12	1.48	+0.64

Drawdowns

TMNS vs. THYF - Drawdown Comparison

The maximum TMNS drawdown since its inception was -1.28%, smaller than the maximum THYF drawdown of -5.24%. Use the drawdown chart below to compare losses from any high point for TMNS and THYF.

Drawdown Indicators

	TMNS	THYF	Difference
Max Drawdown Largest peak-to-trough decline	-1.28%	-5.24%	+3.96%
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	-0.23%	-0.19%	-0.04%
Average Drawdown Average peak-to-trough decline	-0.32%	-0.82%	+0.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.61%	—

Volatility

Volatility by Period

	TMNS	THYF	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.13%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.71%	—
Volatility (1Y) Calculated over the trailing 1-year period	1.64%	3.52%	-1.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.64%	5.82%	-4.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.64%	5.82%	-4.18%

TMNS vs. THYF - Expense Ratio Comparison

TMNS has a 0.18% expense ratio, which is lower than THYF's 0.56% expense ratio.

Dividends

TMNS vs. THYF - Dividend Comparison

TMNS's dividend yield for the trailing twelve months is around 1.72%, less than THYF's 7.01% yield.

Position	TTM	2025	2024	2023	2022
THYF T. Rowe Price U.S. High Yield ETF	7.01%	7.17%	7.30%	8.02%	1.50%
TMNS T. Rowe Price Short Municipal Income ETF	1.72%	0.33%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TMNS and THYF in my portfolio?

TMNS and THYF have a correlation of 0.39, 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 THYF?

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 THYF?

TMNS is cheaper with a 0.18% expense ratio, compared with 0.56% for THYF.

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

THYF has the higher dividend yield at 7.01%, compared with 1.72% for TMNS.

What is the main difference between TMNS and THYF?

TMNS is categorized as Municipal Bonds, while THYF is High Yield Bonds. Their fees differ too: 0.18% for TMNS and 0.56% for THYF.