AFSM vs. RUSC

Last updated Jun 4, 2026

AFSM (First Trust Active Factor Small Cap ETF) and RUSC (U.S. Small Cap Equity Active ETF) are both Small Cap Blend Equities funds. Both are actively managed. Over the past year, AFSM returned 30.17% vs 38.22% for RUSC. With a 0.96 correlation, they move nearly in lockstep. AFSM charges 0.77%/yr vs 0.64%/yr for RUSC.

Performance

AFSM vs. RUSC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Active Factor Small Cap ETF (AFSM) and U.S. Small Cap Equity Active ETF (RUSC). 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 RUSC's 18.04% return.

AFSM

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

RUSC

• 1D: -0.75%
• 1M: 2.94%
• YTD: 18.04%
• 6M: 17.30%
• 1Y: 38.22%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AFSM vs. RUSC - Yearly Performance Comparison

	2026 (YTD)	2025
AFSM First Trust Active Factor Small Cap ETF	15.65%	13.29%
RUSC U.S. Small Cap Equity Active ETF	18.04%	17.50%

Correlation

The correlation between AFSM and RUSC is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (All Time) Calculated using the full available price history since May 15, 2025	0.96

The correlation between AFSM and RUSC has been stable across timeframes, ranging from 0.96 to 0.96 - a consistent structural relationship.

Return for Risk

AFSM vs. RUSC — 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

RUSC

RUSC Risk / Return Rank: 70
RUSC Sharpe Ratio Rank: 65
RUSC Sortino Ratio Rank: 66
RUSC Omega Ratio Rank: 61
RUSC Calmar Ratio Rank: 81
RUSC Martin Ratio Rank: 78

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. RUSC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Active Factor Small Cap ETF (AFSM) and U.S. Small Cap Equity Active ETF (RUSC). 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	RUSC	Difference
Sharpe ratio: Return per unit of total volatility	1.70	2.12	-0.43
Sortino ratio: Return per unit of downside risk	2.46	3.01	-0.55
Omega ratio: Gain probability vs. loss probability	1.29	1.37	-0.07
Calmar ratio: Return relative to maximum drawdown	3.17	4.18	-1.01
Martin ratio: Return relative to average drawdown	10.41	14.94	-4.52
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. RUSC - Sharpe Ratio Comparison

The current AFSM Sharpe Ratio is 1.70, which is comparable to the RUSC Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of AFSM and RUSC, 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	RUSC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.70	2.12	-0.43
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	2.03	-1.59

Drawdowns

AFSM vs. RUSC - Drawdown Comparison

The maximum AFSM drawdown since its inception was -43.54%, which is greater than RUSC's maximum drawdown of -9.18%. Use the drawdown chart below to compare losses from any high point for AFSM and RUSC.

Drawdown Indicators

	AFSM	RUSC	Difference
Max Drawdown Largest peak-to-trough decline	-43.54%	-9.18%	-34.36%
Max Drawdown (1Y) Largest decline over 1 year	-9.56%	-9.18%	-0.38%
Max Drawdown (3Y) Largest decline over 3 years	-25.07%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-28.27%	—	—
Current Drawdown Current decline from peak	-1.47%	-1.27%	-0.20%
Average Drawdown Average peak-to-trough decline	-9.48%	-1.75%	-7.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.90%	2.57%	+0.33%

Volatility

AFSM vs. RUSC - Volatility Comparison

First Trust Active Factor Small Cap ETF (AFSM) and U.S. Small Cap Equity Active ETF (RUSC) have volatilities of 5.57% and 5.36%, 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

	AFSM	RUSC	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.57%	5.36%	+0.21%
Volatility (6M) Calculated over the trailing 6-month period	13.14%	12.99%	+0.15%
Volatility (1Y) Calculated over the trailing 1-year period	17.89%	18.14%	-0.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.82%	18.09%	+2.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.40%	18.09%	+7.31%

AFSM vs. RUSC - Expense Ratio Comparison

AFSM has a 0.77% expense ratio, which is higher than RUSC's 0.64% expense ratio.

Dividends

AFSM vs. RUSC - Dividend Comparison

AFSM's dividend yield for the trailing twelve months is around 0.47%, more than RUSC's 0.32% 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%
RUSC U.S. Small Cap Equity Active ETF	0.32%	0.38%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AFSM and RUSC in my portfolio?

With a correlation of 0.96, AFSM and RUSC 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, AFSM or RUSC?

AFSM has higher volatility (5.57%) compared to RUSC (5.36%). In terms of maximum drawdown, AFSM dropped -43.54% vs RUSC's -9.18%.

Which ETF is better, AFSM or RUSC?

On 1-year performance, RUSC leads with 38.22% vs 30.17% for AFSM. On fees, RUSC is cheaper at 0.64% per year. On volatility, RUSC has been the lower-risk option at 5.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AFSM or RUSC?

Over the 1-year period, RUSC has performed better with a 38.22% return vs 30.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AFSM or RUSC?

RUSC is cheaper with a 0.64% expense ratio, compared with 0.77% for AFSM.

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

AFSM has the higher dividend yield at 0.47%, compared with 0.32% for RUSC.

What is the main difference between AFSM and RUSC?

They also come from different issuers: First Trust and Russell. Their fees differ too: 0.77% for AFSM and 0.64% for RUSC.

Which has better risk-adjusted returns?

RUSC currently has the higher Sharpe Ratio (2.12 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.