First Trust Managed Municipal ETF

10-Year Study

FMB.US · · US · ETF

Executive Summary: First Trust Managed Municipal ETF has compounded at 2.3% annually over the last 10 years, with a maximum drawdown of 13.9% and an annualized volatility of 5.7%.

1Y CAGR
+6.7%
3Y CAGR
+3.8%
5Y CAGR
+0.6%
10Y CAGR
+2.3%

History & Riski10-year historical performance analysis including CAGR, Max Drawdown, Sharpe & Sortino ratios, annual returns, and rolling volatility — all computed from daily market data.

10-Year Growth of $10,000

Max DrawdownMax DrawdownThe largest peak-to-trough decline in the asset's value over the measurement period.Click for full definition →
13.9%
Sharpe RatioSharpe RatioRisk-adjusted return: how much excess return you earn per unit of total risk (volatility).Click for full definition →
-0.38
Sortino RatioSortino RatioLike Sharpe, but only penalizes downside volatility — a more accurate risk measure for asymmetric return distributions.Click for full definition →
-0.47
Ann. VolatilityAnnualized VolatilityThe annualized standard deviation of an asset's returns — a measure of how much prices fluctuate.Click for full definition →
5.2%
Best YearBest & Worst YearThe single calendar year with the highest and lowest return in the measured period.Click for full definition →
2019 · +8.3%
Worst YearBest & Worst YearThe single calendar year with the highest and lowest return in the measured period.Click for full definition →
2022 · -9.9%
% Positive Years% Positive YearsThe percentage of calendar years in the measurement period where the asset delivered a positive return.Click for full definition →
90%

Annual Returns

Rolling 12-Month Returns

Rolling 12-Month Annualised Volatility

Historical Drawdowns

Monthly Returns

Monthly Returns Heatmap

YearJanFebMarAprMayJunJulAugSepOctNovDecAnn.
20260.91.4-2.61.0————————0.7%
20250.31.1-1.8-0.8-0.20.7-0.40.92.21.40.60.14.0%
2024-0.00.20.0-0.9-0.11.21.00.41.1-1.31.6-1.31.9%
20232.8-1.71.40.0-0.71.00.3-1.1-2.0-1.45.22.66.3%
2022-2.7-0.8-3.1-3.10.7-1.72.6-2.0-3.6-0.64.6-0.3-9.9%
20210.8-1.50.71.00.70.30.8-0.4-0.8-0.20.80.32.4%
20201.91.4-5.2-2.53.11.82.0-0.3-0.1-0.21.81.04.4%
20190.60.71.70.51.60.30.91.9-0.7-0.10.20.48.3%
2018-1.1-0.40.4-0.31.00.10.40.1-0.7-0.60.71.20.9%
20170.70.60.50.81.40.30.50.90.00.3-0.11.17.2%
2016———0.70.81.20.50.4-0.3-1.1-4.21.2-1.1%

Risk X-RayiA 19-factor macroeconomic risk decomposition showing exactly which market forces (equity beta, rates, inflation, credit, commodity, crypto) drive this asset's volatility. Powered by multivariate regression against daily factor returns.

Risk Profile Insight: This asset has an estimated annualized volatility of 5.7%. The dominant macroeconomic risk driver is LQD.US, accounting for 28.7% of variance. Idiosyncratic stock-specific factors contribute 15.4%.

10-Year Historical Price Series (Growth of $10,000)
DateSimulated Value
2016-03-0110000
2016-04-0110067.123233403652
2016-05-0110142.763763852989
2016-06-0110262.030682077033
2016-07-0110318.358736666964
2016-08-0110358.048350516485
2016-09-0110325.019064880014
2016-10-0110212.486753622328
2016-11-019778.773113072071
2016-12-019891.330183914195
2017-01-019962.835863762863
2017-02-0110024.957661110617
2017-03-0110071.629477770846
2017-04-0110157.149082409802
2017-05-0110295.604678571075
2017-06-0110328.683483376415
2017-07-0110385.432450901744
2017-08-0110481.549157678937
2017-09-0110481.994830198772
2017-10-0110509.973160610472
2017-11-0110495.53832288479
2017-12-0110605.941309881056
2018-01-0110487.491457943372
2018-02-0110448.173237860376
2018-03-0110488.580879658515
2018-04-0110457.854235374516
2018-05-0110557.660120232544
2018-06-0110572.218755880403
2018-07-0110618.865812956197
2018-08-0110627.383110001882
2018-09-0110551.197868694973
2018-10-0110492.12150023274
2018-11-0110570.683661645424
2018-12-0110700.201047825614
2019-01-0110760.762991353953
2019-02-0110840.414574481783
2019-03-0111023.264105535252
2019-04-0111074.070772796149
2019-05-0111246.001327113727
2019-06-0111284.626278832537
2019-07-0111389.260282655418
2019-08-0111602.489823810798
2019-09-0111518.133919640295
2019-10-0111510.928880569669
2019-11-0111539.006249319113
2019-12-0111583.400184211308
2020-01-0111803.95856235949
2020-02-0111965.787206227531
2020-03-0111339.741113785147
2020-04-0111054.065028572562
2020-05-0111400.971566093236
2020-06-0111604.322033058997
2020-07-0111836.93832882709
2020-08-0111805.716492854383
2020-09-0111794.574679858573
2020-10-0111774.989848570383
2020-11-0111981.658099850454
2020-12-0112098.250982955504
2021-01-0112191.668895029266
2021-02-0112011.518158679226
2021-03-0112096.59209079835
2021-04-0112220.117657545237
2021-05-0112300.462509037248
2021-06-0112339.755969535809
2021-07-0112438.843826445218
2021-08-0112389.200859652772
2021-09-0112289.642570639095
2021-10-0112259.33683929049
2021-11-0112359.117964564084
2021-12-0112391.676818096286
2022-01-0112062.993334719871
2022-02-0111971.556189400919
2022-03-0111596.225648948708
2022-04-0111239.811431004942
2022-05-0111314.189222648089
2022-06-0111123.441384159809
2022-07-0111408.547998930388
2022-08-0111181.10645630924
2022-09-0110776.881480821225
2022-10-0110709.33733448218
2022-11-0111197.150667023207
2022-12-0111163.824266373515
2023-01-0111471.38782422676
2023-02-0111271.503699081915
2023-03-0111434.17416882075
2023-04-0111436.229214328869
2023-05-0111353.779798159869
2023-06-0111463.786631805173
2023-07-0111494.835150686833
2023-08-0111374.132176565548
2023-09-0111141.29304453754
2023-10-0110987.882659377447
2023-11-0111563.617276247638
2023-12-0111867.739251864397
2024-01-0111865.733725525151
2024-02-0111889.998118271584
2024-03-0111891.1370591556
2024-04-0111781.080706341425
2024-05-0111770.409325449882
2024-06-0111916.367075695003
2024-07-0112039.446969922059
2024-08-0112092.779114795338
2024-09-0112224.004912301554
2024-10-0112063.612324330748
2024-11-0112252.379396064216
2024-12-0112098.102425448891
2025-01-0112138.534826831466
2025-02-0112274.341147458183
2025-03-0112057.91761991067
2025-04-0111967.27278129364
2025-05-0111938.898297530975
2025-06-0112016.915748086085
2025-07-0111968.362203008784
2025-08-0112073.243802676017
2025-09-0112336.289627714888
2025-10-0112507.774509512632
2025-11-0112577.10134593101
2025-12-0112585.09869170356
2026-01-0112693.347594853967
2026-02-0112872.507947826605
2026-03-0112543.20547483931
2026-04-0112669.42983628963
Annual Return Matrix
YearAnnual Return
20170.07224621084118699
20180.008887446685825084
20190.08254042446848864
20200.044447294452103936
20210.024253574798057453
2022-0.09908687659846549
20230.06305321265322505
20240.01941087250870499
20250.040253938107702725
20260.006700872726700391
Total Factor Risk
0.05707613956879561
VTI.US Exposure
0.2074618756387657
VEA.US Exposure
0.008705608721238668
VWO.US Exposure
0.014809140320374939
QQQ.US Exposure
-0.12533284637017744
VTV.US Exposure
-0.06035737665820956
IJR.US Exposure
0.020625340607209608
QUAL.US Exposure
0.06360281951203128
SHV.US Exposure
0.27854414669362126
TLT.US Exposure
0.13095015911840668
LQD.US Exposure
0.28673641152221435
HYG.US Exposure
0.038600118895546986
GLD.US Exposure
0.025566493263295582
USO.US Exposure
-0.0010910246345821467
VNQ.US Exposure
0.013257069812449106
BTC-USD.CC Exposure
-0.0037563219244701124
CPER.US Exposure
0.007855892501054253
VIX.INDX Exposure
-0.01744246156141858
UUP.US Exposure
-0.01665861964832694
TIP.US Exposure
-0.025924246085500865
Idiosyncratic Exposure
0.15384782027647717
Value Score
50
Growth Score
50
Profit Score
37.5
Health Score
23.6
Yield Score
40.4
Moat Score
40

Factor Risk Decomposition

Share of annualised volatility attributable to each macro factor.

Total Est. Vol
5.7%

FundamentalsiCompany financial health metrics: P/E valuation, dividend yield, Piotroski F-Score (9-point profitability signal), Altman Z-Score (bankruptcy risk proxy), and a radar chart across 6 fundamental dimensions. Note: ETFs may show N/A for some metrics.

Fundamental Dimensions

Core Valuation

P/E Ratio (TTM)P/E RatioPrice-to-Earnings ratio — the market price of a stock divided by its earnings per share, a key valuation measure.Click for full definition →N/A
Dividend YieldDividend YieldAnnual dividend paid per share divided by the current share price — expressed as a percentage income return.Click for full definition →3.37%
Market Cap$0
Piotroski F-ScorePiotroski F-ScoreA 9-point scoring system evaluating a company's financial strength across profitability, leverage, and operating efficiency.Click for full definition →
9-point profitability signal
0.0/ 9
Weak
Altman Z-ScoreAltman Z-ScoreA bankruptcy prediction model that combines 5 financial ratios into a single score indicating financial distress risk.Click for full definition →
Bankruptcy risk proxy
1.18
Distress Zone
Income Simulation

Based on $10,000 initial investment.

Total Income Generated
$77
Avg Yield on Cost
0.77%
Annual Income Simulation Table
Historical Realised Yields
YearAnnual PayoutYield on CostQuality
2026$76.750.77%Solid

Momentum & MacroiPrice momentum indicators relative to key technical levels: distance from 50-Day SMA (intermediate trend), 200-Day SMA (long-term trend), 52-Week High (bullish proximity), and Beta (market sensitivity coefficient).

vs 50-Day SMAMoving Averages (SMA)A rolling average of an asset's price over a defined window — used to identify trends and momentum signals.Click for full definition →
-0.3%
Above/below 50-day moving average
vs 200-Day SMAMoving Averages (SMA)A rolling average of an asset's price over a defined window — used to identify trends and momentum signals.Click for full definition →
+1.8%
Above/below 200-day moving average
vs 52-Week High52-Week HighThe highest price an asset reached in the past 52 weeks — a key reference for momentum and valuation context.Click for full definition →
1.6% from high
Distance from 52-week high
BetaBetaA measure of an asset's sensitivity to broad market movements relative to a benchmark (e.g. S&P 500).Click for full definition →
0.83
Market sensitivity coefficient

Frequently Asked Questions & Methodology

Is First Trust Managed Municipal ETF a high-risk investment?

First Trust Managed Municipal ETF (FMB.US) has an annualized volatility of 5.7% and experienced a maximum drawdown of 13.9% over the last 10 years. Its primary macro risk driver is LQD.US.

What is the 10-year return of FMB.US?

Over the past 10 years, FMB.US has generated a Compound Annual Growth Rate (CAGR) of 2.3%. It has had a positive return in 90% of the years measured.

Data Methodology & Trust

The risk and return information on this page is pre-calculated mathematically using daily market data spanning a 10-year period. Fundamentals (such as P/E Ratio, Market Cap, and Dividend Yield) represent trailing averages and may not immediately reflect real-time live market fluctuations. Advanced scoring models like the Piotroski F-Score and Altman Z-Score are proxies applied to publicly available trailing-twelve-month financial statements and may not account for recent off-balance-sheet events, qualitative company shifts, or sector-specific capital structures. Macroeconomic factor exposures are estimated via multivariate regression against standard market indices. This data is provided for quantitative insight and backtesting research, and should not be misconstrued as tailored financial advice.

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