First Trust Short Duration Managed Municipal ETF

10-Year Study

FSMB.US · · US · ETF

Executive Summary: First Trust Short Duration Managed Municipal ETF has compounded at 2.2% annually over the last 10 years, with a maximum drawdown of 5.8% and an annualized volatility of 3.8%.

1Y CAGR
+3.8%
3Y CAGR
+3.4%
5Y CAGR
+1.4%
10Y CAGR
+2.2%

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 →
5.8%
Sharpe RatioSharpe RatioRisk-adjusted return: how much excess return you earn per unit of total risk (volatility).Click for full definition →
-0.87
Sortino RatioSortino RatioLike Sharpe, but only penalizes downside volatility — a more accurate risk measure for asymmetric return distributions.Click for full definition →
-1.07
Ann. VolatilityAnnualized VolatilityThe annualized standard deviation of an asset's returns — a measure of how much prices fluctuate.Click for full definition →
2.6%
Best YearBest & Worst YearThe single calendar year with the highest and lowest return in the measured period.Click for full definition →
2025 · +4.2%
Worst YearBest & Worst YearThe single calendar year with the highest and lowest return in the measured period.Click for full definition →
2022 · -3.7%
% Positive Years% Positive YearsThe percentage of calendar years in the measurement period where the asset delivered a positive return.Click for full definition →
88%

Annual Returns

Rolling 12-Month Returns

Rolling 12-Month Annualised Volatility

Historical Drawdowns

Monthly Returns

Monthly Returns Heatmap

YearJanFebMarAprMayJunJulAugSepOctNovDecAnn.
20260.60.8-1.30.3————————0.4%
20250.60.5-0.2-0.30.50.70.40.70.60.10.20.34.2%
20240.10.1-0.1-0.2-0.00.70.90.70.4-0.40.7-0.42.4%
20231.3-1.31.2-0.1-0.50.50.2-0.3-1.0-0.02.21.33.5%
2022-1.5-0.3-1.4-1.10.7-0.41.2-1.1-1.6-0.22.00.0-3.7%
20210.5-0.50.40.40.20.20.3-0.0-0.2-0.10.1-0.11.2%
20200.90.5-2.7-0.41.51.40.9-0.10.4-0.10.70.53.5%
20190.30.30.60.30.60.50.60.5-0.00.20.10.24.2%
2018———————————0.50.5%

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 3.8%. The dominant macroeconomic risk driver is SHV.US, accounting for 64.2% of variance. Idiosyncratic stock-specific factors contribute 9.0%.

10-Year Historical Price Series (Growth of $10,000)
DateSimulated Value
2018-11-0110000
2018-12-0110045.792419395399
2019-01-0110080.180596412636
2019-02-0110109.539210124627
2019-03-0110165.449239424757
2019-04-0110197.37634025834
2019-05-0110254.814652547891
2019-06-0110309.869183408042
2019-07-0110368.54344788467
2019-08-0110417.659161557107
2019-09-0110414.63397894759
2019-10-0110434.469449877692
2019-11-0110444.151818996648
2019-12-0110465.60250542033
2020-01-0110561.270559005372
2020-02-0110610.48555042569
2020-03-0110328.45531638731
2020-04-0110288.769873283034
2020-05-0110445.265068349265
2020-06-0110594.798550780542
2020-07-0110687.778296810668
2020-08-0110672.237425086554
2020-09-0110713.681980644817
2020-10-0110705.401770279608
2020-11-0110776.550451099238
2020-12-0110835.305030158417
2021-01-0110885.338784128657
2021-02-0110836.312308881277
2021-03-0110877.034033196558
2021-04-0110919.349778879461
2021-05-0110936.100946743443
2021-06-0110958.102680441865
2021-07-0110991.119782233569
2021-08-0110990.592160045404
2021-09-0110969.048888755728
2021-10-0110958.525447480584
2021-11-0110973.264288859476
2021-12-0110967.458213829043
2022-01-0110803.43129568779
2022-02-0110765.971235808434
2022-03-0110614.943009757411
2022-04-0110495.495146854637
2022-05-0110571.26972453329
2022-06-0110525.203734037259
2022-07-0110654.108639035716
2022-08-0110542.075373775073
2022-09-0110374.581542820257
2022-10-0110350.034283047014
2022-11-0110555.351820463298
2022-12-0110558.024511293834
2023-01-0110697.129368276592
2023-02-0110561.01846045458
2023-03-0110691.518502300974
2023-04-0110679.70779674435
2023-05-0110625.308052828073
2023-06-0110679.848347263818
2023-07-0110696.562704277463
2023-08-0110665.168626341529
2023-09-0110554.748345613836
2023-10-0110553.119744356498
2023-11-0110788.433662876225
2023-12-0110932.273733788705
2024-01-0110939.505392659465
2024-02-0110950.00206240709
2024-03-0110942.243896828479
2024-04-0110915.776895436142
2024-05-0110912.94915284207
2024-06-0110985.032606164197
2024-07-0111081.238321260225
2024-08-0111155.92307467284
2024-09-0111200.576867092304
2024-10-0111155.69886312988
2024-11-0111234.346918095449
2024-12-0111189.214584621603
2025-01-0111257.542215729041
2025-02-0111317.618638959415
2025-03-0111292.728926730004
2025-04-0111259.397259489964
2025-05-0111319.850715066215
2025-06-0111401.028679382222
2025-07-0111449.771822630037
2025-08-0111526.79462277921
2025-09-0111591.267153924078
2025-10-0111603.971359211611
2025-11-0111631.228120665724
2025-12-0111661.471022918393
2026-01-0111733.094898351466
2026-02-0111825.322096743064
2026-03-0111673.265531700868
2026-04-0111711.279672961417
Annual Return Matrix
YearAnnual Return
20190.041789643713362246
20200.03532548886188014
20210.01219653561231504
2022-0.03733168566067102
20230.03544689843204485
20240.02350296535648977
20250.04220639748440047
20260.004271215007535245
Total Factor Risk
0.037743946479716926
VTI.US Exposure
0.15532492936424092
VEA.US Exposure
-0.010141013669571698
VWO.US Exposure
0.0171075287585794
QQQ.US Exposure
-0.05882227361995608
VTV.US Exposure
-0.010972617829213065
IJR.US Exposure
-0.004848580431131064
QUAL.US Exposure
-0.002192230035560874
SHV.US Exposure
0.6418879974888798
TLT.US Exposure
0.014252760618548237
LQD.US Exposure
0.15743964462841123
HYG.US Exposure
-0.004529522029093231
GLD.US Exposure
0.0031264909657268075
USO.US Exposure
0.0032859556970050497
VNQ.US Exposure
-0.002079400531629733
BTC-USD.CC Exposure
0.0006565857158224155
CPER.US Exposure
-0.006936904886274429
VIX.INDX Exposure
-0.004707300429363742
UUP.US Exposure
0.0007769172416204823
TIP.US Exposure
0.021760976602057565
Idiosyncratic Exposure
0.08961005638090208
Value Score
50
Growth Score
50
Profit Score
37.5
Health Score
23.6
Yield Score
37
Moat Score
40

Factor Risk Decomposition

Share of annualised volatility attributable to each macro factor.

Total Est. Vol
3.8%

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 →3.08%
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
$62
Avg Yield on Cost
0.62%
Annual Income Simulation Table
Historical Realised Yields
YearAnnual PayoutYield on CostQuality
2026$61.990.62%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 →
+0.8%
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 →
1.0% 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 →
0.36
Market sensitivity coefficient

Frequently Asked Questions & Methodology

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

First Trust Short Duration Managed Municipal ETF (FSMB.US) has an annualized volatility of 3.8% and experienced a maximum drawdown of 5.8% over the last 10 years. Its primary macro risk driver is SHV.US.

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

Over the past 10 years, FSMB.US has generated a Compound Annual Growth Rate (CAGR) of 2.2%. It has had a positive return in 88% 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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