AFMC vs. CSD

Last updated Jun 5, 2026

AFMC (First Trust Active Factor Mid Cap ETF) and CSD (Invesco S&P Spin-Off ETF) are both Mid Cap Blend Equities funds. AFMC is actively managed, while CSD is passively managed. Over the past 5 years, AFMC returned 10.55%/yr vs 16.53%/yr for CSD. Their correlation of 0.87 suggests significant overlap in exposure. Both charge a 0.65% expense ratio.

Performance

AFMC vs. CSD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Active Factor Mid Cap ETF (AFMC) and Invesco S&P Spin-Off ETF (CSD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AFMC achieves a 16.86% return, which is significantly lower than CSD's 40.17% return.

AFMC

• 1D: 0.27%
• 1M: 3.45%
• YTD: 16.86%
• 6M: 16.84%
• 1Y: 29.05%
• 3Y*: 21.29%
• 5Y*: 10.55%
• 10Y*: —

CSD

• 1D: 0.36%
• 1M: 5.52%
• YTD: 40.17%
• 6M: 38.88%
• 1Y: 73.14%
• 3Y*: 37.02%
• 5Y*: 16.53%
• 10Y*: 14.06%

*Multi-year figures are annualized to reflect compound growth (CAGR)

AFMC vs. CSD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
AFMC First Trust Active Factor Mid Cap ETF	16.86%	10.23%	19.06%	21.46%	-15.55%	25.75%	5.87%	2.56%
CSD Invesco S&P Spin-Off ETF	40.17%	21.58%	27.61%	23.77%	-15.04%	13.01%	10.79%	5.34%

Correlation

The correlation between AFMC and CSD is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (All Time) Calculated using the full available price history since Dec 5, 2019	0.87

The correlation between AFMC and CSD has been stable across timeframes, ranging from 0.84 to 0.89 - a consistent structural relationship.

AFMC vs. CSD - Sectors Allocation Comparison

Sectors	AFMC	CSD
Technology	20.8%	18.6%
Industrials	17.5%	31.1%
Consumer Cyclical	13.8%	2.9%
Healthcare	12.3%	13.1%
Financial Services	11.2%	0.1%
Real Estate	5.9%	5.1%
Basic Materials	5.6%	11.1%
Consumer Defensive	5.2%	-
Energy	3.7%	-
Communication Services	1.9%	9.0%
Utilities	1.5%	7.0%

Return for Risk

AFMC vs. CSD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AFMC

AFMC Risk / Return Rank: 64
AFMC Sharpe Ratio Rank: 59
AFMC Sortino Ratio Rank: 61
AFMC Omega Ratio Rank: 57
AFMC Calmar Ratio Rank: 72
AFMC Martin Ratio Rank: 70

CSD

CSD Risk / Return Rank: 89
CSD Sharpe Ratio Rank: 90
CSD Sortino Ratio Rank: 86
CSD Omega Ratio Rank: 84
CSD Calmar Ratio Rank: 93
CSD Martin Ratio Rank: 93

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AFMC vs. CSD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Active Factor Mid Cap ETF (AFMC) and Invesco S&P Spin-Off ETF (CSD). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	AFMC	CSD	Difference
Sharpe ratio: Return per unit of total volatility	1.96	3.09	-1.13
Sortino ratio: Return per unit of downside risk	2.83	3.85	-1.02
Omega ratio: Gain probability vs. loss probability	1.34	1.50	-0.16
Calmar ratio: Return relative to maximum drawdown	3.56	6.48	-2.93
Martin ratio: Return relative to average drawdown	12.85	25.42	-12.57
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AFMC vs. CSD - Sharpe Ratio Comparison

The current AFMC Sharpe Ratio is 1.96, which is lower than the CSD Sharpe Ratio of 3.09. The chart below compares the historical Sharpe Ratios of AFMC and CSD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AFMC	CSD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.96	3.09	-1.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.56	0.71	-0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.57	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	0.43	+0.11

Drawdowns

AFMC vs. CSD - Drawdown Comparison

The maximum AFMC drawdown since its inception was -42.14%, smaller than the maximum CSD drawdown of -70.47%. Use the drawdown chart below to compare losses from any high point for AFMC and CSD.

Drawdown Indicators

	AFMC	CSD	Difference
Max Drawdown Largest peak-to-trough decline	-42.14%	-70.47%	+28.33%
Max Drawdown (1Y) Largest decline over 1 year	-8.20%	-11.34%	+3.14%
Max Drawdown (3Y) Largest decline over 3 years	-21.99%	-30.15%	+8.16%
Max Drawdown (5Y) Largest decline over 5 years	-25.40%	-30.15%	+4.75%
Max Drawdown (10Y) Largest decline over 10 years	—	-57.55%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-7.61%	-14.23%	+6.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.27%	2.89%	-0.62%

Volatility

AFMC vs. CSD - Volatility Comparison

The current volatility for First Trust Active Factor Mid Cap ETF (AFMC) is 4.61%, while Invesco S&P Spin-Off ETF (CSD) has a volatility of 5.60%. This indicates that AFMC experiences smaller price fluctuations and is considered to be less risky than CSD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AFMC	CSD	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.61%	5.60%	-0.99%
Volatility (6M) Calculated over the trailing 6-month period	10.99%	18.29%	-7.30%
Volatility (1Y) Calculated over the trailing 1-year period	14.90%	23.82%	-8.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.95%	23.26%	-4.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.93%	24.83%	-1.90%

AFMC vs. CSD - Expense Ratio Comparison

Both AFMC and CSD have an expense ratio of 0.65%.

Dividends

AFMC vs. CSD - Dividend Comparison

AFMC's dividend yield for the trailing twelve months is around 0.77%, more than CSD's 0.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AFMC First Trust Active Factor Mid Cap ETF	0.77%	0.96%	0.64%	0.87%	1.42%	0.84%	1.05%	0.29%	0.00%	0.00%	0.00%	0.00%
CSD Invesco S&P Spin-Off ETF	0.11%	0.16%	0.17%	0.51%	0.86%	0.73%	0.99%	1.08%	0.99%	0.60%	1.62%	2.61%

Frequently Asked Questions

Can I hold both AFMC and CSD in my portfolio?

AFMC and CSD have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AFMC or CSD?

CSD has higher volatility (5.60%) compared to AFMC (4.61%). In terms of maximum drawdown, AFMC dropped -42.14% vs CSD's -70.47%.

Which ETF is better, AFMC or CSD?

On 5-year performance, CSD leads with 16.53% vs 10.55% for AFMC. Both ETFs have the same 0.65% expense ratio. On volatility, AFMC has been the lower-risk option at 4.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AFMC or CSD?

Over the 5-year period, CSD has performed better with a 16.53% return vs 10.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AFMC or CSD?

AFMC and CSD have the same expense ratio: 0.65% per year.

Which ETF pays a higher dividend yield, AFMC or CSD?

AFMC has the higher dividend yield at 0.77%, compared with 0.11% for CSD.

What is the main difference between AFMC and CSD?

They also come from different issuers: First Trust and Invesco.

Which has better risk-adjusted returns?

CSD currently has the higher Sharpe Ratio (3.09 vs 1.96), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.