First Trust Managed Municipal ETF (FMB) Performance
FMB total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −1.0% since Dec 31, 2025
- 1 year
- −0.3% total return
- 5 years
- +0.3% a year
- 10 years
- +1.9% a year
- Since first price
- +2.7% a year since 2014
FMB trailing returns vs SPY, QQQ, AGG
| Period | FMB total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +1.6% | +0.9% | −1.0% | −5.0% | +0.9% |
| 3 months | −1.4% | −2.3% | +3.2% | +1.9% | −0.4% |
| 6 months | −2.3% | −4.1% | +7.8% | +8.4% | −1.5% |
| YTD | −1.0% | −4.0% | +12.3% | +15.1% | −1.0% |
| 1 year | −0.3% | −4.2% | +14.4% | +15.9% | −1.1% |
| 3 years | +12.8%+4.1%/yr | +1.3% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +1.7%+0.3%/yr | −13.2% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | +21.2%+1.9%/yr | −8.5% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| Since inceptionMay 15, 2014 | +38.8%+2.7%/yr | −2.2% | — | — | — |
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: FMB vs SPY
From May 15, 2014: FMB grew to $13,879, SPY to $49,959.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
FMB returns by calendar year
10 of 11 full years positive. Best 2019 (+8.3%), worst 2022 (−9.9%). 2026 is year to date.
FMB annual returns table
| Year | FMB | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −1.0% | −6.8% | +12.3% | +15.1% | −1.0% |
| 2025 | +4.0% | −4.3% | +17.7% | +20.8% | +7.2% |
| 2024 | +1.9% | −2.3% | +24.9% | +25.6% | +1.3% |
| 2023 | +6.3% | −4.8% | +26.2% | +54.9% | +5.7% |
| 2022 | −9.9% | −13.7% | −18.2% | −32.6% | −13.0% |
| 2021 | +2.4% | −2.1% | +28.7% | +27.4% | −1.8% |
| 2020 | +4.4% | −13.9% | +18.3% | +48.6% | +7.5% |
| 2019 | +8.3% | −1.5% | +31.2% | +39.0% | +8.5% |
| 2018 | +0.9% | −2.0% | −4.6% | −0.1% | +0.1% |
| 2017 | +7.2% | −1.5% | +21.7% | +32.7% | +3.6% |
| 2016 | +1.3% | −6.0% | +12.0% | +7.1% | +2.4% |
| 2015 | +4.4% | −2.0% | +1.2% | +9.4% | +0.5% |
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.
FMB largest drawdowns
Now 3.4% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Jul 19, 2021 | −14.2% | Oct 26, 2022 | Oct 16, 2025 | 1.3 years | 4.2 years |
| Mar 6, 2020 | −13.9% | Mar 23, 2020 | Dec 3, 2020 | 17 days | 9 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
FMB risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2014 |
|---|---|---|---|---|
| Annualized return | +2.8% | −0.3% | +1.6% | +2.5% |
| Volatility (annualized) | 5.5% | 6.1% | 5.4% | 5.0% |
| Sharpe ratio | -0.27 | -0.62 | -0.10 | 0.15 |
| Sortino ratio | -0.36 | -0.78 | -0.13 | 0.20 |
| Best month | +5.2% | +5.2% | +5.2% | +5.2% |
| Worst month | −3.9% | −3.9% | −5.2% | −5.2% |
| Best 12 months | +9.8% | +9.8% | +10.5% | +10.5% |
| Worst 12 months | −1.8% | −12.6% | −12.6% | −12.6% |
| Positive months | 61% | 53% | 62% | 65% |
| Beta vs S&P 500 | 0.27 | 0.26 | 0.16 | — |
| Correlation with S&P 500 | 0.62 | 0.67 | 0.45 | — |
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.
FMB rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 138 | −12.6% | +3.3% | +10.5% | 85% |
| 3-year (a year) | 114 | −2.4% | +3.3% | +6.1% | 75% |
| 5-year (a year) | 90 | −0.3% | +1.7% | +5.0% | 99% |
| 10-year (a year) | 30 | +1.6% | +2.5% | +3.0% | 100% |
Every holding period starting at a month-end since 2014. Returns for 3 years and longer are annualized.
FMB performance overview
First Trust Managed Municipal ETF (FMB) returned −0.3% over the past year and +1.9% a year over ten years, with distributions reinvested. Since its first recorded price in 2014 it has returned +2.7% a year, turning $10,000 into about $13,879. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −14.2%, from Jul 19, 2021 to Oct 26, 2022, and it took 3.0 years to get back to the old high. FMB finished 10 of its 11 full calendar years with a gain; the best year was 2019 (+8.3%) and the worst 2022 (−9.9%). Volatility has been 5.0% a year.
Related: FMB chart, FMB dividends. See the FMB overview for the latest quote and fund facts.
FMB performance FAQ
What is the FMB return over the past year?
FMB returned −0.3% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 4.2%.
What is the average annual return of FMB?
FMB has returned +0.3% a year over 5 years, +1.9% a year over 10 years, +2.7% a year since May 15, 2014 (total return, distributions reinvested).
How much would $10,000 invested in FMB be worth?
$10,000 invested in FMB at its first recorded close on May 15, 2014 would be worth about $13,879 on October 23, 2026 with distributions reinvested.
What was the worst year for FMB?
The worst calendar year was 2022, with a total return of −9.9%. The best was 2019 at +8.3%.
What is the biggest drawdown of FMB?
The largest peak-to-trough decline was −14.2% between July 19, 2021 and October 26, 2022. It recovered to the old high on October 16, 2025, 3.0 years after the bottom.
How volatile is FMB?
Over the past 3 years FMB had an annualized volatility of 5.5% and a Sharpe ratio of -0.27 (excess return over 1–3 month T-bills per unit of risk).