First Trust Active Factor Emerging Markets Fund (AFEM) Performance
AFEM total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +18.4% since Dec 31, 2025
- 1 year
- +21.3% total return
- 5 years
- +10.1% a year
- 10 years
- +8.6% a year
- Since first price
- +9.6% a year since 2016
AFEM trailing returns vs SPY, QQQ, AGG
| Period | AFEM total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −7.0% | −7.7% | −1.0% | −5.0% | +0.9% |
| 3 months | +0.5% | −0.2% | +3.2% | +1.9% | −0.4% |
| 6 months | +4.0% | +2.0% | +7.8% | +8.4% | −1.5% |
| YTD | +18.4% | +16.1% | +12.3% | +15.1% | −1.0% |
| 1 year | +21.3% | +18.0% | +14.4% | +15.9% | −1.1% |
| 3 years | +92.6%+24.4%/yr | +76.8% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +61.9%+10.1%/yr | +32.6% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | +127.2%+8.6%/yr | +62.3% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| Since inceptionJun 15, 2016 | +157.8%+9.6%/yr | +82.4% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: AFEM vs SPY
From Jun 15, 2016: AFEM grew to $25,780, SPY to $43,276.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
AFEM returns by calendar year
7 of 9 full years positive. Best 2017 (+35.7%), worst 2022 (−19.0%). 2026 is year to date.
AFEM annual returns table
| Year | AFEM | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +18.4% | −11.6% | +12.3% | +15.1% | −1.0% |
| 2025 | +27.7% | −14.3% | +17.7% | +20.8% | +7.2% |
| 2024 | +10.9% | −10.4% | +24.9% | +25.6% | +1.3% |
| 2023 | +20.8% | −9.4% | +26.2% | +54.9% | +5.7% |
| 2022 | −19.0% | −31.3% | −18.2% | −32.6% | −13.0% |
| 2021 | +1.0% | −15.0% | +28.7% | +27.4% | −1.8% |
| 2020 | +8.2% | −36.0% | +18.3% | +48.6% | +7.5% |
| 2019 | +20.3% | −13.8% | +31.2% | +39.0% | +8.5% |
| 2018 | −18.8% | −30.2% | −4.6% | −0.1% | +0.1% |
| 2017 | +35.7% | −4.6% | +21.7% | +32.7% | +3.6% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
AFEM largest drawdowns
Now 8.4% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Jan 26, 2018 | −42.2% | Mar 23, 2020 | Jan 14, 2021 | 2.2 years | 3.0 years |
| Feb 17, 2021 | −36.0% | Sep 30, 2022 | Jul 5, 2024 | 1.6 years | 3.4 years |
| Sep 26, 2024 | −15.8% | Apr 8, 2025 | May 19, 2025 | 6 months | 8 months |
| Feb 25, 2026 | −11.6% | Mar 30, 2026 | Apr 17, 2026 | 33 days | 51 days |
| Jul 12, 2024 | −10.4% | Aug 5, 2024 | Sep 24, 2024 | 24 days | 2 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
AFEM risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2016 |
|---|---|---|---|---|
| Annualized return | +26.1% | +12.2% | +9.2% | +10.6% |
| Volatility (annualized) | 12.9% | 16.5% | 17.1% | 17.2% |
| Sharpe ratio | 1.53 | 0.57 | 0.47 | 0.55 |
| Sortino ratio | 3.36 | 0.91 | 0.71 | 0.83 |
| Best month | +12.8% | +14.2% | +14.2% | +14.2% |
| Worst month | −7.6% | −12.1% | −18.0% | −18.0% |
| Best 12 months | +44.9% | +44.9% | +55.4% | +55.4% |
| Worst 12 months | +8.7% | −27.2% | −27.2% | −27.2% |
| Positive months | 78% | 62% | 62% | 63% |
| Beta vs S&P 500 | 0.71 | 0.79 | 0.81 | — |
| Correlation with S&P 500 | 0.68 | 0.75 | 0.73 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
AFEM rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 113 | −27.2% | +11.2% | +55.4% | 68% |
| 3-year (a year) | 89 | −4.8% | +4.0% | +26.1% | 76% |
| 5-year (a year) | 65 | −4.2% | +5.6% | +12.2% | 82% |
| 10-year (a year) | 5 | +8.6% | +9.2% | +10.3% | 100% |
Every holding period starting at a month-end since 2016. Returns for 3 years and longer are annualized.
AFEM performance overview
First Trust Active Factor Emerging Markets Fund (AFEM) returned +21.3% over the past year and +8.6% a year over ten years, with distributions reinvested. Since its first recorded price in 2016 it has returned +9.6% a year, turning $10,000 into about $25,780. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −42.2%, from Jan 26, 2018 to Mar 23, 2020, and it took 10 months to get back to the old high. AFEM finished 7 of its 9 full calendar years with a gain; the best year was 2017 (+35.7%) and the worst 2022 (−19.0%). Volatility has been 17.2% a year.
Related: AFEM chart, AFEM dividends. See the AFEM overview for the latest quote and fund facts.
AFEM performance FAQ
What is the AFEM return over the past year?
AFEM returned +21.3% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 18.0%.
What is the average annual return of AFEM?
AFEM has returned +10.1% a year over 5 years, +8.6% a year over 10 years, +9.6% a year since June 15, 2016 (total return, distributions reinvested).
How much would $10,000 invested in AFEM be worth?
$10,000 invested in AFEM at its first recorded close on June 15, 2016 would be worth about $25,780 on October 23, 2026 with distributions reinvested.
What was the worst year for AFEM?
The worst calendar year was 2022, with a total return of −19.0%. The best was 2017 at +35.7%.
What is the biggest drawdown of AFEM?
The largest peak-to-trough decline was −42.2% between January 26, 2018 and March 23, 2020. It recovered to the old high on January 14, 2021, 10 months after the bottom.
How volatile is AFEM?
Over the past 3 years AFEM had an annualized volatility of 12.9% and a Sharpe ratio of 1.53 (excess return over 1–3 month T-bills per unit of risk).