- Issuer
- ActivePassive
- Inception Date
- May 2, 2023
- Category
- Municipal Bonds
- Leveraged
- 1x (No leverage)
- Index Tracked
- No Index (Active)
- Distribution Policy
- Distributing
- Asset Class
- Bond
- Assets Under Management
- $198M
Share Price Chart
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Performance
APMU Performance Chart
ActivePassive Intermediate Municipal Bond ETF (APMU) is up 0.5% since the beginning of the year. APMU is currently trading at $25 per share.
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Returns By Period
ActivePassive Intermediate Municipal Bond ETF (APMU) has returned 0.48% so far this year and 3.98% over the past 12 months.
ActivePassive Intermediate Municipal Bond ETF
- 1D
- -0.08%
- 1M
- 0.86%
- YTD
- 0.48%
- 6M
- 0.78%
- 1Y
- 3.98%
- 3Y*
- 2.98%
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- 0.50%
- 1M
- 0.31%
- YTD
- 8.56%
- 6M
- 8.85%
- 1Y
- 24.33%
- 3Y*
- 19.37%
- 5Y*
- 11.84%
- 10Y*
- 13.61%
APMU Monthly Returns History
Based on dividend-adjusted daily data since May 3, 2023, APMU's average daily return is +0.01%, while the average monthly return is +0.19%. At this rate, an investment would double in approximately 30.4 years.
Historically, 63% of months were positive and 37% were negative. The best month was Nov 2023 with a return of +3.6%, while the worst month was May 2023 at -2.1%. The longest winning streak lasted 10 consecutive months, and the longest losing streak was 5 months.
On a daily basis, APMU closed higher 51% of trading days. The best single day was Nov 11, 2025 with a return of +0.8%, while the worst single day was Apr 7, 2025 at -1.3%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.88% | 0.75% | -2.04% | 0.63% | 0.15% | 0.15% | 0.48% | ||||||
| 2025 | 0.55% | 0.74% | -0.71% | -0.42% | 0.48% | 0.99% | 0.40% | 0.62% | 1.05% | 0.39% | 0.14% | 0.20% | 4.50% |
| 2024 | -0.13% | -0.02% | -0.32% | -0.83% | -0.40% | 0.88% | 1.09% | 0.82% | 0.77% | -1.03% | 0.74% | -0.67% | 0.86% |
| 2023 | -2.06% | 0.60% | 0.03% | -0.77% | -1.88% | -0.08% | 3.63% | 1.89% | 1.24% |
Benchmark Metrics
ActivePassive Intermediate Municipal Bond ETF has an annualized alpha of 1.98%, beta of 0.02, and R2 of 0.01 versus S&P 500 Index. Calculated based on daily prices since May 03, 2023.
- This ETF participated in 22.69% of S&P 500 Index downside but only 12.18% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.02 may look defensive, but with R2 of 0.01 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.01 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 1.98%
- Beta
- 0.02
- R²
- 0.01
- Upside Capture
- 12.18%
- Downside Capture
- 22.69%
Expense Ratio
APMU has an expense ratio of 0.36%, placing it in the medium range.
Return for Risk
Risk / Return Rank
APMU ranks 48 for risk / return — on par with similar ETFs. You're getting a typical balance of risk and reward. Not a standout, but not a red flag either — a reasonable choice if other factors align with your goals.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for ActivePassive Intermediate Municipal Bond ETF (APMU) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| APMU | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.22 | ||
| Sortino ratioReturn per unit of downside risk | -0.16 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.34 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.64 | 2.53 | -0.89 |
| Martin ratioReturn relative to average drawdown | 4.73 | 11.37 | -6.64 |
Dividends
Dividend History
ActivePassive Intermediate Municipal Bond ETF provided a 2.66% dividend yield over the last twelve months, with an annual payout of $0.66 per share. The fund has been increasing its distributions for 2 consecutive years.
| Period | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Dividend | $0.66 | $0.66 | $0.60 | $0.33 |
Dividend yield | 2.66% | 2.63% | 2.42% | 1.31% |
Monthly Dividends
The table displays the monthly dividend distributions for ActivePassive Intermediate Municipal Bond ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.04 | $0.05 | $0.07 | $0.05 | $0.06 | $0.27 | ||||||
| 2025 | $0.00 | $0.05 | $0.05 | $0.06 | $0.05 | $0.05 | $0.05 | $0.06 | $0.05 | $0.06 | $0.11 | $0.07 | $0.66 |
| 2024 | $0.00 | $0.04 | $0.04 | $0.05 | $0.03 | $0.05 | $0.05 | $0.06 | $0.06 | $0.05 | $0.05 | $0.11 | $0.60 |
| 2023 | $0.08 | $0.05 | $0.04 | $0.04 | $0.05 | $0.07 | $0.33 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the ActivePassive Intermediate Municipal Bond ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the ActivePassive Intermediate Municipal Bond ETF was 4.39%, occurring on Oct 6, 2023. Recovery took 42 trading sessions.
The current ActivePassive Intermediate Municipal Bond ETF drawdown is 1.13%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2023 pullback2023 | -4.39%Oct 2023 | 5mo 5d | 2mo 1d | 7mo 6dMay 2023 - Dec 2023 |
2025 selloff2025 | -2.46%Apr 2025 | 1mo 9d | 2mo 13d | 3mo 22dMar 2025 - Jun 2025 |
2026 pullback2026 | -2.40%Mar 2026 | 25d | — | 3mo 18dFeb 2026 - now |
2024 pullback2024 | -1.99%May 2024 | 3mo 28d | 2mo 2d | 6moFeb 2024 - Jul 2024 |
2024 pullback2024 | -1.68%Nov 2024 | 1mo 4d | 3mo 21d | 4mo 25dOct 2024 - Feb 2025 |
Drawdown Indicators
| APMU | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.39% | -56.78% | +52.39% |
Max Drawdown (1Y)Largest decline over 1 year | -2.40% | -9.10% | +6.70% |
Max Drawdown (3Y)Largest decline over 3 years | -3.41% | -18.90% | +15.49% |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -1.13% | -2.34% | +1.21% |
Average DrawdownAverage peak-to-trough decline | -0.93% | -10.72% | +9.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.83% | 2.02% | -1.19% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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