AFSM vs. QQQS

Last updated Jun 4, 2026

AFSM (First Trust Active Factor Small Cap ETF) and QQQS (Invesco NASDAQ Future Gen 200 ETF) are both Small Cap Blend Equities funds. AFSM is actively managed, while QQQS is passively managed. Over the past 3 years, AFSM returned 17.93%/yr vs 15.89%/yr for QQQS. Their correlation of 0.83 suggests significant overlap in exposure. AFSM charges 0.77%/yr vs 0.20%/yr for QQQS.

Performance

AFSM vs. QQQS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Active Factor Small Cap ETF (AFSM) and Invesco NASDAQ Future Gen 200 ETF (QQQS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AFSM achieves a 15.65% return, which is significantly lower than QQQS's 27.27% return.

AFSM

• 1D: -0.99%
• 1M: 3.29%
• YTD: 15.65%
• 6M: 15.19%
• 1Y: 30.17%
• 3Y*: 17.93%
• 5Y*: 8.53%
• 10Y*: —

QQQS

• 1D: -1.70%
• 1M: 5.91%
• YTD: 27.27%
• 6M: 27.40%
• 1Y: 79.99%
• 3Y*: 15.89%
• 5Y*: —
• 10Y*: —

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

AFSM vs. QQQS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
AFSM First Trust Active Factor Small Cap ETF	15.65%	9.99%	10.55%	22.23%	4.21%
QQQS Invesco NASDAQ Future Gen 200 ETF	27.27%	23.03%	10.20%	-1.94%	6.56%

Correlation

The correlation between AFSM and QQQS is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (All Time) Calculated using the full available price history since Oct 14, 2022	0.83

The correlation between AFSM and QQQS has been stable across timeframes, ranging from 0.83 to 0.85 - a consistent structural relationship.

AFSM vs. QQQS - Sectors Allocation Comparison

Sectors	AFSM	QQQS
Technology	20.3%	42.1%
Healthcare	17.8%	41.0%
Industrials	16.9%	4.8%
Financial Services	14.9%	0.0%
Consumer Cyclical	8.6%	5.2%
Energy	5.3%	2.2%
Basic Materials	4.9%	1.0%
Consumer Defensive	4.7%	1.4%
Real Estate	3.8%	-
Communication Services	2.3%	2.4%
Utilities	0.3%	-

Return for Risk

AFSM vs. QQQS — Risk / Return Rank

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

AFSM

AFSM Risk / Return Rank: 54
AFSM Sharpe Ratio Rank: 49
AFSM Sortino Ratio Rank: 50
AFSM Omega Ratio Rank: 46
AFSM Calmar Ratio Rank: 64
AFSM Martin Ratio Rank: 59

QQQS

QQQS Risk / Return Rank: 85
QQQS Sharpe Ratio Rank: 88
QQQS Sortino Ratio Rank: 83
QQQS Omega Ratio Rank: 73
QQQS Calmar Ratio Rank: 91
QQQS Martin Ratio Rank: 88

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.

AFSM vs. QQQS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Active Factor Small Cap ETF (AFSM) and Invesco NASDAQ Future Gen 200 ETF (QQQS). 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.

	AFSM	QQQS	Difference
Sharpe ratio: Return per unit of total volatility	1.70	3.00	-1.31
Sortino ratio: Return per unit of downside risk	2.46	3.78	-1.33
Omega ratio: Gain probability vs. loss probability	1.29	1.44	-0.15
Calmar ratio: Return relative to maximum drawdown	3.17	5.90	-2.73
Martin ratio: Return relative to average drawdown	10.41	19.70	-9.28
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AFSM vs. QQQS - Sharpe Ratio Comparison

The current AFSM Sharpe Ratio is 1.70, which is lower than the QQQS Sharpe Ratio of 3.00. The chart below compares the historical Sharpe Ratios of AFSM and QQQS, 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

	AFSM	QQQS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.70	3.00	-1.31
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.41	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.63	-0.18

Drawdowns

AFSM vs. QQQS - Drawdown Comparison

The maximum AFSM drawdown since its inception was -43.54%, which is greater than QQQS's maximum drawdown of -38.06%. Use the drawdown chart below to compare losses from any high point for AFSM and QQQS.

Drawdown Indicators

	AFSM	QQQS	Difference
Max Drawdown Largest peak-to-trough decline	-43.54%	-38.06%	-5.48%
Max Drawdown (1Y) Largest decline over 1 year	-9.56%	-13.63%	+4.07%
Max Drawdown (3Y) Largest decline over 3 years	-25.07%	-34.32%	+9.25%
Max Drawdown (5Y) Largest decline over 5 years	-28.27%	—	—
Current Drawdown Current decline from peak	-1.47%	-2.55%	+1.08%
Average Drawdown Average peak-to-trough decline	-9.48%	-13.26%	+3.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.90%	4.07%	-1.17%

Volatility

AFSM vs. QQQS - Volatility Comparison

The current volatility for First Trust Active Factor Small Cap ETF (AFSM) is 5.57%, while Invesco NASDAQ Future Gen 200 ETF (QQQS) has a volatility of 7.39%. This indicates that AFSM experiences smaller price fluctuations and is considered to be less risky than QQQS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AFSM	QQQS	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.57%	7.39%	-1.82%
Volatility (6M) Calculated over the trailing 6-month period	13.14%	18.49%	-5.35%
Volatility (1Y) Calculated over the trailing 1-year period	17.89%	26.90%	-9.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.82%	28.34%	-7.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.40%	28.34%	-2.94%

AFSM vs. QQQS - Expense Ratio Comparison

AFSM has a 0.77% expense ratio, which is higher than QQQS's 0.20% expense ratio.

Dividends

AFSM vs. QQQS - Dividend Comparison

AFSM's dividend yield for the trailing twelve months is around 0.47%, less than QQQS's 2.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
AFSM First Trust Active Factor Small Cap ETF	0.47%	0.58%	0.58%	0.92%	1.28%	0.35%	0.53%	0.32%
QQQS Invesco NASDAQ Future Gen 200 ETF	2.73%	3.48%	0.80%	0.68%	0.04%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AFSM and QQQS in my portfolio?

AFSM and QQQS have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AFSM or QQQS?

QQQS has higher volatility (7.39%) compared to AFSM (5.57%). In terms of maximum drawdown, AFSM dropped -43.54% vs QQQS's -38.06%.

Which ETF is better, AFSM or QQQS?

On 3-year performance, AFSM leads with 17.93% vs 15.89% for QQQS. On fees, QQQS is cheaper at 0.20% per year. On volatility, AFSM has been the lower-risk option at 5.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AFSM or QQQS?

Over the 3-year period, AFSM has performed better with a 17.93% return vs 15.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AFSM or QQQS?

QQQS is cheaper with a 0.20% expense ratio, compared with 0.77% for AFSM.

Which ETF pays a higher dividend yield, AFSM or QQQS?

QQQS has the higher dividend yield at 2.73%, compared with 0.47% for AFSM.

What is the main difference between AFSM and QQQS?

They also come from different issuers: First Trust and Invesco. Their fees differ too: 0.77% for AFSM and 0.20% for QQQS.

Which has better risk-adjusted returns?

QQQS currently has the higher Sharpe Ratio (3.00 vs 1.70), 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.