TMNS vs. THYM

Last updated Jun 4, 2026

TMNS (T. Rowe Price Short Municipal Income ETF) and THYM (T. Rowe Price High Income Municipal ETF) are both exchange-traded funds - TMNS is a Municipal Bonds fund actively managed by T. Rowe Price, while THYM is a High Yield Muni fund actively managed by T. Rowe Price. Both are actively managed. A 0.74 correlation means they provide meaningful diversification when combined. TMNS charges 0.18%/yr vs 0.32%/yr for THYM.

Performance

TMNS vs. THYM - 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 High Income Municipal ETF (THYM). 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 THYM's 3.33% return.

TMNS

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

THYM

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

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

TMNS vs. THYM - Yearly Performance Comparison

	2026 (YTD)	2025
TMNS T. Rowe Price Short Municipal Income ETF	1.13%	0.57%
THYM T. Rowe Price High Income Municipal ETF	3.33%	0.27%

Correlation

The correlation between TMNS and THYM is 0.74, 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	0.74

Return for Risk

TMNS vs. THYM - 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 High Income Municipal ETF (THYM). 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	THYM	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	2.01	1.62	+0.39

Drawdowns

TMNS vs. THYM - Drawdown Comparison

The maximum TMNS drawdown since its inception was -1.28%, smaller than the maximum THYM drawdown of -2.93%. Use the drawdown chart below to compare losses from any high point for TMNS and THYM.

Drawdown Indicators

	TMNS	THYM	Difference
Max Drawdown Largest peak-to-trough decline	-1.28%	-2.93%	+1.65%
Current Drawdown Current decline from peak	-0.33%	0.00%	-0.33%
Average Drawdown Average peak-to-trough decline	-0.32%	-0.49%	+0.17%

Volatility

Volatility by Period

	TMNS	THYM	Difference
Volatility (1Y) Calculated over the trailing 1-year period	1.64%	4.35%	-2.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.64%	4.35%	-2.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.64%	4.35%	-2.71%

TMNS vs. THYM - Expense Ratio Comparison

TMNS has a 0.18% expense ratio, which is lower than THYM's 0.32% expense ratio.

Dividends

TMNS vs. THYM - Dividend Comparison

TMNS's dividend yield for the trailing twelve months is around 1.72%, less than THYM's 2.18% yield.

Position	TTM	2025
THYM T. Rowe Price High Income Municipal ETF	2.18%	0.37%
TMNS T. Rowe Price Short Municipal Income ETF	1.72%	0.33%

Frequently Asked Questions

Can I hold both TMNS and THYM in my portfolio?

TMNS and THYM have a correlation of 0.74, 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 THYM?

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 THYM?

TMNS is cheaper with a 0.18% expense ratio, compared with 0.32% for THYM.

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

THYM has the higher dividend yield at 2.18%, compared with 1.72% for TMNS.

What is the main difference between TMNS and THYM?

TMNS is categorized as Municipal Bonds, while THYM is High Yield Muni. Their fees differ too: 0.18% for TMNS and 0.32% for THYM.