ActivePassive Intermediate Municipal Bond ETF (APMU) Performance
APMU total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −0.4% since Dec 31, 2025
- 1 year
- −0.3% total return
- 3 years
- +3.5% a year
- Since first price
- +1.8% a year since 2023
APMU trailing returns vs SPY, QQQ, AGG
| Period | APMU total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +1.8% | +1.7% | −1.0% | −5.0% | +0.9% |
| 3 months | +0.3% | −0.2% | +3.2% | +1.9% | −0.4% |
| 6 months | −0.8% | −2.0% | +7.8% | +8.4% | −1.5% |
| YTD | −0.4% | −2.2% | +12.3% | +15.1% | −1.0% |
| 1 year | −0.3% | −2.7% | +14.4% | +15.9% | −1.1% |
| 3 years | +10.7%+3.5%/yr | +2.9% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| Since inceptionMay 3, 2023 | +6.2%+1.8%/yr | −2.1% | — | — | — |
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: APMU vs SPY
From May 3, 2023: APMU grew to $10,624, SPY to $19,453.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
APMU returns by calendar year
2 of 2 full years positive. Best 2025 (+4.5%), worst 2024 (+0.9%). 2026 is year to date.
APMU annual returns table
| Year | APMU | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −0.4% | −5.0% | +12.3% | +15.1% | −1.0% |
| 2025 | +4.5% | −2.5% | +17.7% | +20.8% | +7.2% |
| 2024 | +0.9% | −2.0% | +24.9% | +25.6% | +1.3% |
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.
APMU risk statistics
| Statistic | 3 years | Since 2023 |
|---|---|---|
| Annualized return | +2.6% | +1.7% |
| Volatility (annualized) | 3.8% | 3.9% |
| Sharpe ratio | -0.46 | -0.70 |
| Sortino ratio | -0.57 | -0.84 |
| Best month | +3.6% | +3.6% |
| Worst month | −3.1% | −3.1% |
| Best 12 months | +7.5% | +7.5% |
| Worst 12 months | −2.2% | −2.2% |
| Positive months | 64% | 62% |
| Beta vs S&P 500 | 0.18 | — |
| Correlation with S&P 500 | 0.59 | — |
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.
APMU rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 30 | −2.2% | +3.1% | +7.5% | 93% |
| 3-year (a year) | 6 | +2.6% | +3.0% | +3.5% | 100% |
Every holding period starting at a month-end since 2023. Returns for 3 years and longer are annualized.
APMU performance overview
ActivePassive Intermediate Municipal Bond ETF (APMU) returned −0.3% over the past year, with distributions reinvested. Since its first recorded price in 2023 it has returned +1.8% a year, turning $10,000 into about $10,624. Over the same year S&P 500 (SPY) returned +14.4%.
Related: APMU chart, APMU dividends. See the APMU overview for the latest quote and fund facts.
APMU performance FAQ
What is the APMU return over the past year?
APMU returned −0.3% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 2.7%.
How much would $10,000 invested in APMU be worth?
$10,000 invested in APMU at its first recorded close on May 3, 2023 would be worth about $10,624 on October 23, 2026 with distributions reinvested.
What was the worst year for APMU?
The worst calendar year was 2024, with a total return of +0.9%. The best was 2025 at +4.5%.
How volatile is APMU?
Over the past 3 years APMU had an annualized volatility of 3.8% and a Sharpe ratio of -0.46 (excess return over 1–3 month T-bills per unit of risk).