PIMCO RAFI Dynamic Multi-Factor Emerging… (MFEM) Performance
MFEM total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +18.0% since Dec 31, 2025
- 1 year
- +20.6% total return
- 5 years
- +7.4% a year
- Since first price
- +7.0% a year since 2017
MFEM trailing returns vs SPY, QQQ, AGG
| Period | MFEM total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −5.7% | −6.5% | −1.0% | −5.0% | +0.9% |
| 3 months | −1.9% | −2.6% | +3.2% | +1.9% | −0.4% |
| 6 months | +0.7% | −0.8% | +7.8% | +8.4% | −1.5% |
| YTD | +18.0% | +15.7% | +12.3% | +15.1% | −1.0% |
| 1 year | +20.6% | +17.8% | +14.4% | +15.9% | −1.1% |
| 3 years | +75.6%+20.6%/yr | +56.6% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +42.8%+7.4%/yr | −9.0% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| Since inceptionSep 6, 2017 | +86.0%+7.0%/yr | +6.9% | — | — | — |
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: MFEM vs SPY
From Sep 6, 2017: MFEM grew to $18,602, SPY to $35,503.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
MFEM returns by calendar year
6 of 8 full years positive. Best 2025 (+25.3%), worst 2022 (−19.5%). 2026 is year to date.
MFEM annual returns table
| Year | MFEM | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +18.0% | −15.0% | +12.3% | +15.1% | −1.0% |
| 2025 | +25.3% | −13.3% | +17.7% | +20.8% | +7.2% |
| 2024 | +4.7% | −9.8% | +24.9% | +25.6% | +1.3% |
| 2023 | +15.1% | −12.0% | +26.2% | +54.9% | +5.7% |
| 2022 | −19.5% | −30.5% | −18.2% | −32.6% | −13.0% |
| 2021 | +10.8% | −9.0% | +28.7% | +27.4% | −1.8% |
| 2020 | +11.3% | −38.5% | +18.3% | +48.6% | +7.5% |
| 2019 | +15.3% | −9.5% | +31.2% | +39.0% | +8.5% |
| 2018 | −13.1% | −22.7% | −4.6% | −0.1% | +0.1% |
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.
MFEM largest drawdowns
Now 11.2% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Jan 26, 2018 | −42.3% | Mar 23, 2020 | Dec 15, 2020 | 2.2 years | 2.9 years |
| Jun 4, 2021 | −31.4% | Oct 14, 2022 | Sep 26, 2024 | 1.4 years | 3.3 years |
| Oct 7, 2024 | −19.2% | Apr 8, 2025 | Jun 24, 2025 | 6 months | 9 months |
| Jun 2, 2026 | −15.0% | Jul 29, 2026 | not yet | 57 days | 5 months so far |
| Feb 25, 2026 | −12.9% | Mar 30, 2026 | Apr 30, 2026 | 33 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.
MFEM risk statistics
| Statistic | 3 years | 5 years | Since 2017 |
|---|---|---|---|
| Annualized return | +21.1% | +9.1% | +8.1% |
| Volatility (annualized) | 16.5% | 17.4% | 17.7% |
| Sharpe ratio | 0.99 | 0.38 | 0.39 |
| Sortino ratio | 1.83 | 0.62 | 0.60 |
| Best month | +11.7% | +12.9% | +12.9% |
| Worst month | −9.9% | −9.9% | −18.6% |
| Best 12 months | +54.3% | +54.3% | +68.0% |
| Worst 12 months | +3.0% | −26.6% | −26.6% |
| Positive months | 64% | 57% | 56% |
| Beta vs S&P 500 | 0.82 | 0.74 | — |
| Correlation with S&P 500 | 0.62 | 0.67 | — |
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.
MFEM rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 98 | −26.6% | +7.7% | +68.0% | 64% |
| 3-year (a year) | 74 | −1.8% | +5.4% | +24.0% | 80% |
| 5-year (a year) | 50 | −1.3% | +5.8% | +11.3% | 94% |
Every holding period starting at a month-end since 2017. Returns for 3 years and longer are annualized.
MFEM performance overview
PIMCO RAFI Dynamic Multi-Factor Emerging… (MFEM) returned +20.6% over the past year and +7.4% a year over five years, with distributions reinvested. Since its first recorded price in 2017 it has returned +7.0% a year, turning $10,000 into about $18,602. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −42.3%, from Jan 26, 2018 to Mar 23, 2020, and it took 9 months to get back to the old high. MFEM finished 6 of its 8 full calendar years with a gain; the best year was 2025 (+25.3%) and the worst 2022 (−19.5%). Volatility has been 17.7% a year.
Related: MFEM chart, MFEM holdings, MFEM dividends. See the MFEM overview for the latest quote and fund facts.
MFEM performance FAQ
What is the MFEM return over the past year?
MFEM returned +20.6% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 17.8%.
What is the average annual return of MFEM?
MFEM has returned +7.4% a year over 5 years, +7.0% a year since September 6, 2017 (total return, distributions reinvested).
How much would $10,000 invested in MFEM be worth?
$10,000 invested in MFEM at its first recorded close on September 6, 2017 would be worth about $18,602 on October 23, 2026 with distributions reinvested.
What was the worst year for MFEM?
The worst calendar year was 2022, with a total return of −19.5%. The best was 2025 at +25.3%.
What is the biggest drawdown of MFEM?
The largest peak-to-trough decline was −42.3% between January 26, 2018 and March 23, 2020. It recovered to the old high on December 15, 2020, 9 months after the bottom.
How volatile is MFEM?
Over the past 3 years MFEM had an annualized volatility of 16.5% and a Sharpe ratio of 0.99 (excess return over 1–3 month T-bills per unit of risk).