TMSF vs. THYF

Last updated Jun 24, 2026

TMSF (T. Rowe Price Multi-Sector Income ETF) and THYF (T. Rowe Price U.S. High Yield ETF) are both exchange-traded funds - TMSF is a Multisector 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. A 0.65 correlation means they provide meaningful diversification when combined. TMSF charges 0.37%/yr vs 0.56%/yr for THYF.

Performance

TMSF vs. THYF - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with TMSF having a 1.77% return and THYF slightly higher at 1.84%.

TMSF

• 1D: -0.05%
• 1M: 0.55%
• YTD: 1.77%
• 6M: 2.12%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

THYF

• 1D: -0.15%
• 1M: 0.51%
• YTD: 1.84%
• 6M: 1.95%
• 1Y: 6.06%
• 3Y*: 8.57%
• 5Y*: —
• 10Y*: —

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

TMSF vs. THYF - Yearly Performance Comparison

	2026 (YTD)	2025
TMSF T. Rowe Price Multi-Sector Income ETF	1.77%	1.29%
THYF T. Rowe Price U.S. High Yield ETF	1.84%	1.67%

Correlation

The correlation between TMSF and THYF is 0.65, 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	0.65

Return for Risk

TMSF vs. THYF — Risk / Return Rank

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

TMSF

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

THYF

THYF Risk / Return Rank: 55
THYF Sharpe Ratio Rank: 54
THYF Sortino Ratio Rank: 60
THYF Omega Ratio Rank: 57
THYF Calmar Ratio Rank: 46
THYF Martin Ratio Rank: 59

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.

TMSF vs. THYF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Multi-Sector Income ETF (TMSF) 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.

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.

	TMSF	THYF	Difference
Sharpe ratio: Return per unit of total volatility	—	1.72	—
Sortino ratio: Return per unit of downside risk	—	2.63	—
Omega ratio: Gain probability vs. loss probability	—	1.33	—
Calmar ratio: Return relative to maximum drawdown	—	2.17	—
Martin ratio: Return relative to average drawdown	—	9.87	—

Drawdowns

TMSF vs. THYF - Drawdown Comparison

The maximum TMSF drawdown since its inception was -2.28%, smaller than the maximum THYF drawdown of -5.24%. Use the drawdown chart below to compare losses from any high point for TMSF and THYF.

Drawdown Indicators

	TMSF	THYF	Difference
Max Drawdown Largest peak-to-trough decline	-2.28%	-5.24%	+2.96%
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	-0.35%	-0.35%	0.00%
Average Drawdown Average peak-to-trough decline	-0.37%	-0.81%	+0.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.62%	—

Volatility

Volatility by Period

	TMSF	THYF	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.95%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.77%	—
Volatility (1Y) Calculated over the trailing 1-year period	2.93%	3.56%	-0.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.93%	5.79%	-2.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.93%	5.79%	-2.86%

TMSF vs. THYF - Expense Ratio Comparison

TMSF has a 0.37% expense ratio, which is lower than THYF's 0.56% expense ratio.

Dividends

TMSF vs. THYF - Dividend Comparison

TMSF's dividend yield for the trailing twelve months is around 3.06%, less than THYF's 7.00% yield.

Position	TTM	2025	2024	2023	2022
THYF T. Rowe Price U.S. High Yield ETF	7.00%	7.17%	7.30%	8.02%	1.50%
TMSF T. Rowe Price Multi-Sector Income ETF	3.06%	0.75%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TMSF and THYF in my portfolio?

TMSF and THYF have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TMSF or THYF?

On fees, TMSF is cheaper at 0.37% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TMSF or THYF?

TMSF is cheaper with a 0.37% expense ratio, compared with 0.56% for THYF.

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

THYF has the higher dividend yield at 7.00%, compared with 3.06% for TMSF.

What is the main difference between TMSF and THYF?

TMSF is categorized as Multisector Bonds, while THYF is High Yield Bonds. Their fees differ too: 0.37% for TMSF and 0.56% for THYF.