First Trust Multi-Manager Small Cap… (MMSC) Performance
MMSC total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +8.2% since Dec 31, 2025
- 1 year
- +7.5% total return
- 5 years
- +4.5% a year
- Since first price
- +4.8% a year since 2021
MMSC trailing returns vs SPY, QQQ, AGG
| Period | MMSC total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −3.6% | −3.6% | −1.0% | −5.0% | +0.9% |
| 3 months | −6.8% | −6.8% | +3.2% | +1.9% | −0.4% |
| 6 months | −2.8% | −2.8% | +7.8% | +8.4% | −1.5% |
| YTD | +8.2% | +8.2% | +12.3% | +15.1% | −1.0% |
| 1 year | +7.5% | +7.5% | +14.4% | +15.9% | −1.1% |
| 3 years | +79.0%+21.4%/yr | +78.3% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +24.7%+4.5%/yr | +24.2% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| Since inceptionOct 14, 2021 | +26.3%+4.8%/yr | +25.9% | — | — | — |
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: MMSC vs SPY
From Oct 14, 2021: MMSC grew to $12,634, SPY to $18,363.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
MMSC returns by calendar year
3 of 4 full years positive. Best 2024 (+22.2%), worst 2022 (−31.0%). 2026 is year to date.
MMSC annual returns table
| Year | MMSC | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +8.2% | −14.3% | +12.3% | +15.1% | −1.0% |
| 2025 | +15.4% | −28.0% | +17.7% | +20.8% | +7.2% |
| 2024 | +22.2% | −11.3% | +24.9% | +25.6% | +1.3% |
| 2023 | +18.8% | −14.6% | +26.2% | +54.9% | +5.7% |
| 2022 | −31.0% | −35.8% | −18.2% | −32.6% | −13.0% |
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.
MMSC largest drawdowns
Now 12.4% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Nov 8, 2021 | −40.8% | Jun 16, 2022 | Nov 11, 2024 | 7 months | 3.0 years |
| Dec 4, 2024 | −29.8% | Apr 8, 2025 | Sep 17, 2025 | 4 months | 9 months |
| Jun 30, 2026 | −14.3% | Oct 16, 2026 | not yet | 4 months | 4 months so far |
| Jan 22, 2026 | −14.1% | Mar 30, 2026 | Apr 17, 2026 | 2 months | 3 months |
| Oct 28, 2025 | −10.0% | Nov 20, 2025 | Dec 10, 2025 | 23 days | 43 days |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
MMSC risk statistics
| Statistic | 3 years | Since 2021 |
|---|---|---|
| Annualized return | +20.5% | +4.7% |
| Volatility (annualized) | 20.0% | 21.4% |
| Sharpe ratio | 0.82 | 0.15 |
| Sortino ratio | 1.35 | 0.22 |
| Best month | +13.3% | +13.3% |
| Worst month | −8.8% | −16.7% |
| Best 12 months | +46.2% | +46.2% |
| Worst 12 months | −6.6% | −31.0% |
| Positive months | 69% | 56% |
| Beta vs S&P 500 | 1.39 | — |
| Correlation with S&P 500 | 0.86 | — |
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.
MMSC rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 49 | −31.0% | +15.1% | +46.2% | 80% |
| 3-year (a year) | 25 | −1.7% | +16.5% | +23.9% | 96% |
| 5-year (a year) | 1 | +4.0% | +4.0% | +4.0% | 100% |
Every holding period starting at a month-end since 2021. Returns for 3 years and longer are annualized.
MMSC performance overview
First Trust Multi-Manager Small Cap… (MMSC) returned +7.5% over the past year and +4.5% a year over five years, with distributions reinvested. Since its first recorded price in 2021 it has returned +4.8% a year, turning $10,000 into about $12,634. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −40.8%, from Nov 8, 2021 to Jun 16, 2022, and it took 2.4 years to get back to the old high. MMSC finished 3 of its 4 full calendar years with a gain; the best year was 2024 (+22.2%) and the worst 2022 (−31.0%). Volatility has been 21.4% a year.
Related: MMSC chart, MMSC holdings, MMSC valuation. See the MMSC overview for the latest quote and fund facts.
MMSC performance FAQ
What is the MMSC return over the past year?
MMSC returned +7.5% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 7.5%.
What is the average annual return of MMSC?
MMSC has returned +4.5% a year over 5 years, +4.8% a year since October 14, 2021 (total return, distributions reinvested).
How much would $10,000 invested in MMSC be worth?
$10,000 invested in MMSC at its first recorded close on October 14, 2021 would be worth about $12,634 on October 23, 2026 with distributions reinvested.
What was the worst year for MMSC?
The worst calendar year was 2022, with a total return of −31.0%. The best was 2024 at +22.2%.
What is the biggest drawdown of MMSC?
The largest peak-to-trough decline was −40.8% between November 8, 2021 and June 16, 2022. It recovered to the old high on November 11, 2024, 2.4 years after the bottom.
How volatile is MMSC?
Over the past 3 years MMSC had an annualized volatility of 20.0% and a Sharpe ratio of 0.82 (excess return over 1–3 month T-bills per unit of risk).