AFMC vs. QRSVX

Last updated Aug 2, 2026

AFMC (First Trust Active Factor Mid Cap ETF) and QRSVX (FPA Queens Road Small Cap Value Fund Investor Class) are both funds - AFMC is a Mid Cap Blend Equities fund actively managed by First Trust, while QRSVX is a Small Cap Value Equities fund tracking the Russell 2000 Value. AFMC is actively managed, while QRSVX is passively managed. Over the past 5 years, AFMC returned 10.83%/yr vs 12.25%/yr for QRSVX. Their correlation of 0.93 means they have usually moved in the same direction. AFMC charges 0.65%/yr vs 0.94%/yr for QRSVX.

Performance

AFMC vs. QRSVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Active Factor Mid Cap ETF (AFMC) and FPA Queens Road Small Cap Value Fund Investor Class (QRSVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AFMC achieves a 18.05% return, which is significantly lower than QRSVX's 26.22% return.

AFMC

• 1D: -0.05%
• 1M: 0.74%
• 6M: 13.07%
• YTD: 18.05%
• 1Y: 28.37%
• 3Y*: 17.45%
• 5Y*: 10.83%
• 10Y*: —
• ALL TIME*: 12.25%

QRSVX

• 1D: 0.00%
• 1M: 0.58%
• 6M: 19.51%
• YTD: 26.22%
• 1Y: 33.54%
• 3Y*: 19.14%
• 5Y*: 12.25%
• 10Y*: —
• ALL TIME*: 14.19%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
AFMC First Trust Active Factor Mid Cap ETF	$1.44M	$1.57M	$1.21M
QRSVX FPA Queens Road Small Cap Value Fund Investor Class	$0.00	$0.00	$0.00

AFMC vs. QRSVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
AFMC First Trust Active Factor Mid Cap ETF	18.05%	10.23%	19.06%	21.46%	-15.55%	25.75%	3.10%
QRSVX FPA Queens Road Small Cap Value Fund Investor Class	26.22%	13.37%	10.72%	16.04%	-9.14%	23.16%	2.50%

Correlation

The correlation between AFMC and QRSVX is 0.90, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.90
Correlation (3Y) Balances recent behavior with more history.	0.92
Correlation (5Y) Shows whether the relationship held over a longer period.	0.93
Correlation (All Time) Calculated using the full available price history since Dec 14, 2020	0.93

The correlation between AFMC and QRSVX has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.

Return for Risk

AFMC vs. QRSVX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

AFMC

AFMC Risk / Return Rank: 82
AFMC Sharpe Ratio Rank: 80
AFMC Sortino Ratio Rank: 82
AFMC Omega Ratio Rank: 78
AFMC Calmar Ratio Rank: 86
AFMC Martin Ratio Rank: 86

QRSVX

QRSVX Risk / Return Rank: 87
QRSVX Sharpe Ratio Rank: 85
QRSVX Sortino Ratio Rank: 86
QRSVX Omega Ratio Rank: 80
QRSVX Calmar Ratio Rank: 94
QRSVX Martin Ratio Rank: 93

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

AFMC vs. QRSVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Active Factor Mid Cap ETF (AFMC) and FPA Queens Road Small Cap Value Fund Investor Class (QRSVX). 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.

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.

	AFMC	QRSVX	Difference
Sharpe ratio: Return per unit of total volatility	1.84	2.04	-0.21
Sortino ratio: Return per unit of downside risk	2.68	3.13	-0.46
Omega ratio: Gain probability vs. loss probability	1.32	1.37	-0.04
Calmar ratio: Return relative to maximum drawdown	3.35	3.89	-0.54
Martin ratio: Return relative to average drawdown	12.18	13.78	-1.61

AFMC vs. QRSVX - Sharpe Ratio Comparison

The current AFMC Sharpe Ratio is 1.84, which is comparable to the QRSVX Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of AFMC and QRSVX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AFMC vs. QRSVX - Drawdown Comparison

The maximum AFMC drawdown since its inception was -42.14%, which is greater than QRSVX's maximum drawdown of -20.59%. Use the drawdown chart below to compare losses from any high point for AFMC and QRSVX.

Drawdown Indicators

	AFMC	QRSVX	Difference
Max Drawdown Largest peak-to-trough decline	-42.14%	-20.59%	-21.55%
Max Drawdown (1Y) Largest decline over 1 year	-8.20%	-7.93%	-0.27%
Max Drawdown (3Y) Largest decline over 3 years	-21.99%	-18.91%	-3.08%
Max Drawdown (5Y) Largest decline over 5 years	-25.40%	-20.59%	-4.81%
Current Drawdown Current decline from peak	-0.98%	-1.15%	+0.17%
Average Drawdown Average peak-to-trough decline	-7.45%	-4.78%	-2.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.25%	2.24%	+0.01%

Volatility

AFMC vs. QRSVX - Volatility Comparison

First Trust Active Factor Mid Cap ETF (AFMC) and FPA Queens Road Small Cap Value Fund Investor Class (QRSVX) have volatilities of 2.96% and 3.09%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AFMC	QRSVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.96%	3.09%	-0.13%
Volatility (6M) Calculated over the trailing 6-month period	11.01%	10.24%	+0.77%
Volatility (1Y) Calculated over the trailing 1-year period	15.00%	15.10%	-0.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.84%	17.41%	+1.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.74%	17.35%	+5.39%

AFMC vs. QRSVX - Expense Ratio Comparison

AFMC has a 0.65% expense ratio, which is lower than QRSVX's 0.94% expense ratio.

Dividends

AFMC vs. QRSVX - Dividend Comparison

AFMC's dividend yield for the trailing twelve months is around 0.69%, less than QRSVX's 3.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
AFMC First Trust Active Factor Mid Cap ETF	0.69%	0.96%	0.64%	0.87%	1.42%	0.84%	1.05%	0.29%
QRSVX FPA Queens Road Small Cap Value Fund Investor Class	3.52%	4.45%	4.86%	2.56%	2.07%	1.66%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AFMC and QRSVX in my portfolio?

With a correlation of 0.90, AFMC and QRSVX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, AFMC or QRSVX?

QRSVX has higher volatility (3.09%) compared to AFMC (2.96%). In terms of maximum drawdown, AFMC dropped -42.14% vs QRSVX's -20.59%.

Which has better risk-adjusted returns?

QRSVX currently has the higher Sharpe Ratio (2.04 vs 1.84), 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.