AFOS vs PMM

Comparison between ARS FOCUSED OPPORTUNITIES STRATEGY ETF (AFOS, ETF) and Putnam Managed Municipal Income Trust. (PMM, ETF).

AFOS vs PMM - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	AFOS(ETF)	PMM(ETF)
Net Assets	$289M	$289M
Expense Ratio	0.45%	N/A
Max Drawdown	11.52%	55.45%
Sharpe Ratio	2.72	0.83
5Y Beta	1.44	0.24
P/E Ratio	33.49	N/A
Forward P/E	18.61	N/A
PEG Ratio	0.21	N/A
5Y Dividends CAGR	N/A	-5.23%
5Y EPS CAGR	35.32%	N/A
Debt to Equity	76.17%	N/A
P/S Ratio	4.08	N/A
P/B Ratio	6.90	N/A

Net Assets

Winner

AFOS

$289M

PMM

$289M

Expense Ratio

AFOS

0.45%

PMM

N/A

Max Drawdown

Winner

AFOS

11.52%

PMM

55.45%

Sharpe Ratio

Winner

AFOS

2.72

PMM

0.83

5Y Beta

AFOS

1.44

Winner

PMM

0.24

P/E Ratio

AFOS

33.49

PMM

N/A

Forward P/E

AFOS

18.61

PMM

N/A

PEG Ratio

AFOS

0.21

PMM

N/A

5Y Dividends CAGR

AFOS

N/A

PMM

-5.23%

5Y EPS CAGR

AFOS

35.32%

PMM

N/A

Debt to Equity

AFOS

76.17%

PMM

N/A

P/S Ratio

AFOS

4.08

PMM

N/A

P/B Ratio

AFOS

6.90

PMM

N/A

AFOS vs PMM - Historical Returns

Returns include dividend reinvestment.

Period	AFOS	PMM
1 month	+1.25%	+0.75%
3 months	+20.58%	+1.63%
6 months	+31.20%	+4.86%
1 year	+75.73%	+11.96%
5 years(CAGR)	N/A	-0.79%
10 years(CAGR)	N/A	+2.74%
Max(CAGR)	+79.80%	+4.14%

Winner

AFOS

+1.25%

PMM

+0.75%

Winner

AFOS

+20.58%

PMM

+1.63%

Winner

AFOS

+31.20%

PMM

+4.86%

Winner

AFOS

+75.73%

PMM

+11.96%

5Y(CAGR)

AFOS

N/A

PMM

-0.79%

10Y(CAGR)

AFOS

N/A

PMM

+2.74%

Max(CAGR)

Winner

AFOS

+79.80%

PMM

+4.14%

AFOS vs PMM - Annual Returns (1999 - 2026)

Returns include dividend reinvestment.

Year	AFOS	PMM
2026	+25.84%	+3.48%
2025	+36.15%	+9.59%
2024	N/A	+3.02%
2023	N/A	+2.56%
2022	N/A	-24.71%
2021	N/A	+14.43%
2020	N/A	+5.39%
2019	N/A	+20.89%
2018	N/A	-4.36%
2017	N/A	+8.41%
2016	N/A	+1.50%
2015	N/A	+8.42%
2014	N/A	+16.71%
2013	N/A	-14.18%
2012	N/A	+13.90%
2011	N/A	+16.72%
2010	N/A	+11.36%
2009	N/A	+39.05%
2008	N/A	-23.78%
2007	N/A	-4.68%
2006	N/A	+13.52%
2005	N/A	+5.00%
2004	N/A	+4.05%
2003	N/A	+7.27%
2002	N/A	-1.93%
2001	N/A	+2.95%
2000	N/A	-2.73%
1999	N/A	-18.75%

AFOS vs PMM Drawdown Comparison

The maximum drawdown for AFOS was -11.52%, occurring on Mar 30, 2026. Recovery took 32 trading sessions.

The maximum drawdown for PMM was -38.66%, occurring on Dec 12, 2008. Recovery took 604 trading sessions.

The current AFOS drawdown is -2.53%. The current PMM drawdown is -11.28%.

Rank	AFOS	PMM
#1	-11.52% Feb 25, 2026 - Apr 13, 2026	-38.66% May 15, 2007 - Oct 6, 2009
#2	-6.99% Jun 2, 2026 - Jun 10, 2026	-37.70% Dec 23, 2021 - Oct 25, 2023
#3	-6.05% Nov 10, 2025 - Nov 28, 2025	-29.07% Feb 25, 2020 - Dec 31, 2020
#4	-5.74% Jan 28, 2026 - Feb 25, 2026	-23.55% Aug 23, 2000 - May 23, 2005
#5	-5.32% May 11, 2026 - May 26, 2026	-22.09% Jan 25, 2013 - Oct 22, 2015
#6	-4.71% Dec 11, 2025 - Dec 22, 2025	-19.37% Nov 1, 1999 - Aug 17, 2000
#7	-3.60% Oct 8, 2025 - Oct 23, 2025	-15.50% Oct 19, 2010 - Jul 22, 2011
#8	-2.77% Sep 22, 2025 - Sep 30, 2025	-12.72% Sep 28, 2016 - Sep 13, 2017
#9	-2.31% Nov 3, 2025 - Nov 10, 2025	-10.42% Aug 25, 2005 - Aug 15, 2006
#10	-2.23% Apr 24, 2026 - Apr 30, 2026	-9.63% Sep 15, 2017 - Feb 8, 2019
#11	-2.23% Jan 6, 2026 - Jan 12, 2026	-8.11% Mar 8, 2012 - May 9, 2012
#12	-1.95% Aug 12, 2025 - Aug 26, 2025	-8.09% Jul 22, 2011 - Aug 22, 2011
#13	-1.78% May 6, 2026 - May 11, 2026	-7.15% Oct 3, 2012 - Jan 8, 2013
#14	-1.61% Dec 26, 2025 - Jan 2, 2026	-6.40% Jun 25, 2021 - Nov 18, 2021
#15	-1.58% Jul 25, 2025 - Aug 8, 2025	-6.36% Oct 6, 2009 - Jan 15, 2010

Correlation

Correlation between AFOS and PMM is 0.91 which considered as a very strong positive correlation - the stocks move almost identically together.

0.91

-101

Dividend Comparison (2000 - 2026)

AFOS vs PMM dividend yield comparison.

Year	AFOS	PMM
2026	0.00%	2.11%
2025	0.30%	4.90%
2024	0.00%	4.78%
2023	0.00%	5.10%
2022	0.00%	6.11%
2021	0.00%	4.38%
2020	0.00%	4.76%
2019	0.00%	4.81%
2018	0.00%	5.42%
2017	0.00%	5.38%
2016	0.00%	6.09%
2015	0.00%	5.92%
2014	0.00%	6.22%
2013	0.00%	7.03%
2012	0.00%	5.79%
2011	0.00%	7.00%
2010	0.00%	7.59%
2009	0.00%	7.05%
2008	0.00%	8.29%
2007	0.00%	5.86%
2006	0.00%	5.33%
2005	0.00%	6.04%
2004	0.00%	7.08%
2003	0.00%	7.60%
2002	0.00%	7.71%
2001	0.00%	7.17%
2000	0.00%	2.97%