PMM vs AFOS

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

PMM vs AFOS - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

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

Net Assets

PMM

$289M

Winner

AFOS

$289M

Expense Ratio

PMM

N/A

AFOS

0.45%

Max Drawdown

PMM

55.45%

Winner

AFOS

11.52%

Sharpe Ratio

PMM

0.83

Winner

AFOS

2.72

5Y Beta

Winner

PMM

0.24

AFOS

1.44

P/E Ratio

PMM

N/A

AFOS

33.49

Forward P/E

PMM

N/A

AFOS

18.61

PEG Ratio

PMM

N/A

AFOS

0.21

5Y Dividends CAGR

PMM

-5.23%

AFOS

N/A

5Y EPS CAGR

PMM

N/A

AFOS

35.32%

Debt to Equity

PMM

N/A

AFOS

76.17%

P/S Ratio

PMM

N/A

AFOS

4.08

P/B Ratio

PMM

N/A

AFOS

6.90

PMM vs AFOS - Historical Returns

Returns include dividend reinvestment.

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

PMM

+0.75%

Winner

AFOS

+1.25%

PMM

+1.63%

Winner

AFOS

+20.58%

PMM

+4.86%

Winner

AFOS

+31.20%

PMM

+11.96%

Winner

AFOS

+75.73%

5Y(CAGR)

PMM

-0.79%

AFOS

N/A

10Y(CAGR)

PMM

+2.74%

AFOS

N/A

Max(CAGR)

PMM

+4.14%

Winner

AFOS

+79.80%

PMM vs AFOS - Annual Returns (1999 - 2026)

Returns include dividend reinvestment.

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

PMM vs AFOS Drawdown Comparison

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

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

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

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

Correlation

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

0.91

-101

Dividend Comparison (2000 - 2026)

PMM vs AFOS dividend yield comparison.

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