HYD vs THYM: Grades, Fees and Holdings Compared

VanEck High Yield Muni ETF

HYDACboe

T. Rowe Price High Income Municipal ETF

THYMBNasdaq

Overlap

0.0%by weight

Expense ratio

HYD0.32%THYM0.32%

Avg volume · 30D

HYD 319.2×the volume

HYD1.51MTHYM4.74K

HYD vs THYM Performance

Dec 31, 2025 – Nov 2, 2026

+0.1%HYD+1.0%THYM

Expense ratio: HYD 0.32%; THYM 0.32%
Fund size: HYD $4.6B; THYM $34M
1Y total return: HYD +1.2%; THYM No data
Yield (12M): HYD 4.86%; THYM No data
Holdings: HYD 2160; THYM 289
Avg volume (30D): HYD 1.51M sh, better; THYM 4.74K sh
NAV per share: HYD $49.24; THYM $48.61
52W range

ETF.net Grade

Pillar letters and Scores for HYD, THYM, with each pillar’s weight
Pillar	HYD	THYM
Cost30% weight	A89	A89
Mission25% weight	A93Higher	A85
Risk15% weight	B60Higher	D37
Tradability15% weight	B57Higher	D33
Holdings10% weight	A84Higher	A74
Durability5% weight	A81Higher	F15

Rank among High-Yield Municipal Bonds funds

How we build Categories ›

Same Category. HYD and THYM are both graded against the same 18 High-Yield Municipal Bonds funds, so their Grades compare head to head.

High-Yield Municipal Bonds⁠

Category · 18 funds

See all 18 ›

HYD ranks 2nd and THYM 7th of 18 funds in the High-Yield Municipal Bonds Category.

Rank 1ACGHMCapital Group Municipal High-Income ETFScore 80
Rank 2AHYDVanEck High Yield Muni ETFScore 79
Rank 3AFMUBFidelity Municipal Bond Opportunities ETFScore 72
Rank 6BFTMHFranklin Municipal High Yield ETFScore 68
Rank 7BTHYMT. Rowe Price High Income Municipal ETFScore 66
Rank 8BHIMUIshares High Yield Muni Active ETFScore 65

Our read on each fund

ETF.net Research

HYDAVanEck High Yield Muni ETF

THYMBT. Rowe Price High Income Municipal ETF

In short

HYD Junk munis with a seatbelt: HYD's index mixes lower-rated and unrated bonds with a slice of investment-grade credit, spread across roughly 1,900 tax-exempt issues. Trading since 2009, priced under the category median.

THYM The credit-risk end of T. Rowe Price's muni lineup: an active ETF chasing federally tax-exempt income in longer-term, low- to upper-medium quality bonds, terrain its muni desk has worked since 1985.

Stated mandate

HYD The fund seeks to track the performance of a broad index of U.S. dollar-denominated, high-yield, long-term tax-exempt municipal bonds.

THYM The fund seeks a high level of income exempt from federal income taxes.

Why people hold it

HYD The "crossover" build is the whole idea: lower-rated and unrated munis blended with an investment-grade allocation meant to firm up credit quality and tradability.vaneck.com vaneck.com 2
Costs 0.32% a year, below the high-yield muni median of 0.40% and under index rival HYMB at 0.35%.
Roughly 1,900 bonds, paid out monthly, so no single troubled issuer drives the whole distribution.
Open since 2009 and one of the stronger index implementations in the high-yield muni group.vaneck.com

THYM Active by design: T. Rowe's municipal team picks longer-term, lower-rated bonds one credit at a time, rather than tracking an index.troweprice.com
The stated job is a high level of income exempt from federal income tax, with distributions declared monthly.
Fee is 0.32%, close to what the typical muni ETF charges, for a strategy that leans on analysts instead of an index.troweprice.com
It slots in as the credit sleeve of T. Rowe's muni ETF shelf, which already spans short, intermediate and long investment-grade maturities.troweprice.com

Worth knowing

HYD High yield means what it says: lower-rated and unrated municipal credit, where defaults and price swings bite harder than in investment-grade munis.vaneck.com
A long-term muni portfolio, so interest-rate moves move the price. The tax-exempt income counts for most in a taxable account.vaneck.com
Munis trade over the counter, not on an exchange, so spreads on the fund can widen when the bond market gets jumpy.vaneck.com

THYM Index heavyweights are far cheaper: VTEB runs 0.03% and MUB 0.05%. Here the fee buys credit research, not broad market exposure.
Low- to upper-medium quality munis bring real default and liquidity risk, and longer maturities swing more when rates move.troweprice.com
A November 2025 launch, small and thinly traded so far, which can mean wider bid-ask spreads than the long-established index munis.

Full HYD profile⁠

Full THYM profile⁠

HYD vs THYM Holdings

How HYD and THYM differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of HYD and 0.0% of THYM.

Level by level

Holdings0 in both0.0%
Countryby domicile99.7%

Sector

No Sector split for HYD and THYM.

Country, concentration and asset class

Country by domicile

Country weights in HYD and THYM, widest gap first
Country	More in HYDMore in THYM	HYD	THYM
United States	THYM +0.2 points	92.7%	92.9%
Puerto Rico	THYM +0.1 points	7.0%	7.1%
Philippines	HYD +0.3 points	0.3%	0.0%

Concentration

Weight in the 10 largest Holdings

HYD10.3%
THYM10.8%

Securities held

HYD588
THYM289

Asset class

HYD: Multi-Asset
THYM: Fixed Income

Holdings

Only in HYD588
In both0
Only in THYM289

Only in HYD

588 securities, 96.0% of HYD by weight

New York Transportation Development Cor4.75%
Chicago Board Of Education4.62%
Puerto Rico Sales Tax Financing Corp Sa3.74%
Public Finance Authority3.40%
California Municipal Finance Authority2.10%
Florida Development Finance Corp1.91%
City Of Houston Tx Airport System Reven1.68%
California Statewide Communities Develo1.64%
Commonwealth Of Puerto Rico1.57%
Massachusetts Development Finance Agenc1.25%
Black Belt Energy Gas District1.24%
Colorado Health Facilities Authority1.17%
Tobacco Settlement Financing Corp1.07%
Metropolitan Pier & Exposition Authorit1.04%
California Community Choice Financing A1.00%
Pennsylvania Economic Development Finan0.98%
New Hampshire Business Finance Authorit0.97%
Arizona Industrial Development Authorit0.89%
Build Nyc Resource Corp0.88%
New York Liberty Development Corp0.86%
Cscda Community Improvement Authority0.85%
Virginia Small Business Financing Autho0.84%
Metropolitan Washington Airports Author0.84%
Washington State Housing Finance Commis0.77%
Arkansas Development Finance Authority0.76%
North Carolina Medical Care Commission0.76%
Oklahoma Development Finance Authority0.73%
New York State Dormitory Authority0.72%
New Jersey Transportation Trust Fund Au0.72%
Kentucky Public Energy Authority0.70%
California Health Facilities Financing0.68%
Iowa Finance Authority0.67%
New Hope Cultural Education Facilities0.65%
Illinois Finance Authority0.64%
Southeast Energy Authority A Cooperativ0.62%
Maryland Health & Higher Educational Fa0.62%
City Of Chicago Il0.59%
State Of Illinois0.58%
Chicago O'Hare International Airport0.56%
Puerto Rico Commonwealth Aqueduct & Sew0.55%
Ohio Air Quality Development Authority0.54%
Indiana Finance Authority0.51%
Texas Private Activity Bond Surface Tra0.49%
City Of Salt Lake City Ut Airport Reven0.49%
Mission Economic Development Corp0.47%
Connecticut State Health & Educational0.46%
South Carolina Jobs-Economic Developmen0.45%
Baldwin County Industrial Development A0.43%
Allentown Neighborhood Improvement Zone0.42%
New Jersey Economic Development Authori0.42%

Only in THYM

289 securities, 100% of THYM by weight

Buckeye Oh Tobacco Settlement Bucgen 06/55 Fixed 51.48%
Puerto Rico Sales Tax Fing Cor Prcgen 07/58 Fixed Oid 51.36%
Maryland St Econ Dev Corp Priv Mdsdev 06/52 Fixed 5.251.26%
Tobacco Settlement Fing Corp N Tobgen 06/46 Fixed 51.12%
Black Belt Energy Gas Dist Al Bbeutl 12/55 Adjustable Var1.06%
Puerto Rico Cmwlth Prc 11/51 Adjustable Var1.00%
California St Stwd Cmntys Dev Casdev 09/40 Fixed 50.90%
Louisiana St Gas Fuels Tax R Lasgen 05/43 Adjustable Var0.88%
Illinois St Toll Highway Auth Ilstrn 01/40 Fixed 50.87%
Delaware St Econ Dev Auth Chrt Desedu 06/52 Fixed 40.83%
Puerto Rico Sales Tax Fing Cor Prcgen 07/46 Zerocpnoid 00.82%
Maryland St Hlth Hgr Eductnl Mdsmed 07/42 Fixed 5.750.80%
Delaware St Econ Dev Auth Reve Desdev 09/46 Fixed 50.76%
Summit Cnty Oh Dev Fin Auth Pk Sumdev 12/58 Fixed Oid 60.76%
Los Angeles Ca Dept of Arpts A Losapt 05/37 Fixed 50.75%
California St Muni Fin Auth Re Casfin 01/55 Fixed Oid 60.75%
California Stwd Cmntys Dev Aut Casgen 12/54 Fixed 5.50.73%
Puerto Rico Cmwlth Prc 07/46 Fixed 40.73%
Chester Cnty Pa Indl Dev Auth Chedev 10/52 Fixed 60.65%
California St Sch Fin Auth Chr Casscd 07/52 Fixed 50.63%
Texas St Muni Gas Acquisition Tgautl 03/37 Fixed 5.250.62%
Alabama St Toll Road Bridge Atrtrn 01/66 Fixed 60.62%
Kentucky St Econ Dev Fin Auth Kysdev 06/45 Fixed 50.61%
Black Belt Energy Gas Dist Al Bbeutl 07/33 Fixed 50.60%
Southeast Energy Authority A C Seepwr 11/35 Fixed 50.60%
Med Univ Sc Hosp Auth Hosp Mtg Mdumed 05/46 Fixed 5.250.60%
San Francisco Ca City Cnty Ar Sfoapt 05/55 Fixed 5.50.60%
Massachusetts St Dev Fin Agy R Masdev 12/56 Fixed 5.50.60%
Berks Cnty Pa Muni Auth Berfac 06/39 Fixed 50.60%
New York St Transprtn Dev Corp Nyttrn 06/59 Fixed 60.60%
Pennsylvania St Econ Dev Fing Pasdev 06/61 Fixed 60.59%
Mission Tx Econ Dev Corp Sol W Mispol 12/64 Adjustable Var0.59%
New Jersey St Econ Dev Auth Re Njsdev 01/34 Fixed Oid 5.1250.59%
New York City Ny Transitional Nycgen 08/41 Fixed 50.59%
Cuyahoga Cnty Oh Hosp Revenue Cuymed 02/37 Fixed 50.59%
Arizona St Hlth Facs Auth Azsmed 01/46 Adjustable Var0.59%
Connector 2000 Assn Inc Sc Tol Scstrn 07/51 Zerocpnoid 00.59%
Public Fin Auth Wi Toll Revenu Pubtrn 12/65 Fixed Oid 5.750.58%
Dist of Columbia Revenue Disrev 07/42 Fixed 50.58%
New York St Dorm Auth Revenues Nyshgr 12/31 Fixed 50.58%
California St Stwd Cmntys Dev Casdev 09/40 Fixed Oid 4.250.58%
Ohio St Air Quality Dev Auth E Ohsdev 01/38 Fixed 4.250.57%
Savannah Ga Hosp Auth Savmed 07/36 Fixed 40.57%
Tobacco Settlement Auth Ia Tob Tobgen 06/39 Fixed 40.57%
National Fin Auth Nh Revenue Nfadev 07/54 Fixed 5.750.56%
Puerto Rico Sales Tax Fing Cor Prcgen 07/40 Fixed Oid 4.550.56%
Arkansas Dev Fin Auth Environm Arsdev 09/46 Adjustable Var0.56%
California St Muni Fin Auth St Casfin 07/40 Fixed 50.56%
Public Fin Auth Wi Retmnt Fac Pubfin 10/43 Fixed 50.56%
New Hope Cultural Ed Facs Fin Nhpfac 01/60 Fixed Oid 5.3750.55%

Weight gaps

HYD and THYM share no securities.

All 1,940 HYD holdings⁠All THYM holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

HYD vs THYM Cost

Same expense ratio

$6,542

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

HYD 0.32%
$6,542
THYM 0.32%
$6,542

Amount$10,000

Years30 years

Cost over time

HYD 0.32%
THYM 0.32%

Year by year

Year	HYD	THYM
10	$580	$580
20	$2,250	$2,250
30	$6,542	$6,542

Expense ratio

0.32%HYD
0.32%THYM

HYD0.32%THYM0.32%

0.30%0.70%

Middle half of High-Yield Municipal Bonds funds
Median 0.39%

HYD 2nd cheapest of 18 funds

THYM 2nd cheapest of 18 funds

HYD vs THYM Dividends

Last 12 months to Nov 2, 2026

Yield (12M): HYD 4.86%; THYM No data
Payout (12M): HYD $2.40; THYM No data
Last payment: HYD $0.18; THYM $0.18
Ex-dividend: HYD Nov 2, 2026; THYM Oct 27, 2026
Paid on: HYD Pays Nov 5, 2026; THYM Oct 29, 2026
Frequency: HYD Monthly; THYM Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

HYDMonthly · 46 paymentsAll HYD payments⁠

THYMMonthly · 11 paymentsAll THYM payments⁠

HYD vs THYM Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: HYD 6.6%THYM No data
Return per unit of riskSharpe ratio, 3 years: HYD 0.20THYM No data
Worst fallMax drawdown, 5 years: HYD −20.2%THYM No data
Market sensitivityBeta, 5 years: HYD 1.02THYM 0.18; Market = 1

HYD and THYM in the news

All news⁠

New ETFs
GMO's ETF share class costs more than the fund's $35 million Class III shares
Oct 22, 2026HYD
New ETFs
Nine new bond ETFs match the index fund beside them, or cost more
Oct 5, 2026HYD
New ETFs
Victory's two new municipal ETFs list at fees a waiver is holding down
Oct 5, 2026HYD
New ETFs
MacKay's new muni ETF matches Capital Group's credit rule and waives its fee to 0.34%
Oct 5, 2026HYD

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HYD vs THYM

In short

Stated mandate

Why people hold it

Worth knowing

How HYD and THYM differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in HYD

Only in THYM

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

GMO's ETF share class costs more than the fund's $35 million Class III shares

Nine new bond ETFs match the index fund beside them, or cost more

Victory's two new municipal ETFs list at fees a waiver is holding down

MacKay's new muni ETF matches Capital Group's credit rule and waives its fee to 0.34%

How HYD and THYM differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in HYD

Only in THYM

Weight gaps