AFSM vs. SFLO

Last updated Aug 5, 2026

AFSM (First Trust Active Factor Small Cap ETF) and SFLO (Victoryshares Small Cap Free Cash Flow ETF) are both Small Cap Blend Equities funds. AFSM is actively managed, while SFLO is passively managed. Over the past year, AFSM returned 37.92% vs 46.58% for SFLO. Their 0.78 correlation means they have sometimes moved together and sometimes differently. AFSM charges 0.77%/yr vs 0.49%/yr for SFLO.

Performance

AFSM vs. SFLO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Active Factor Small Cap ETF (AFSM) and Victoryshares Small Cap Free Cash Flow ETF (SFLO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AFSM achieves a 26.32% return, which is significantly lower than SFLO's 32.52% return.

AFSM

• 1D: 1.87%
• 1M: 3.01%
• 6M: 19.77%
• YTD: 26.32%
• 1Y: 37.92%
• 3Y*: 18.04%
• 5Y*: 10.56%
• 10Y*: —
• ALL TIME*: 12.30%

SFLO

• 1D: 1.74%
• 1M: 10.34%
• 6M: 31.50%
• YTD: 32.52%
• 1Y: 46.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 19.19%

*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)
AFSM First Trust Active Factor Small Cap ETF	$794.37K	$778.51K	$678.40K
SFLO Victoryshares Small Cap Free Cash Flow ETF	$6.12M	$4.36M	$2.77M

AFSM vs. SFLO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
AFSM First Trust Active Factor Small Cap ETF	26.32%	9.99%	10.55%	1.65%
SFLO Victoryshares Small Cap Free Cash Flow ETF	32.52%	11.88%	6.54%	0.27%

Correlation

The correlation between AFSM and SFLO is 0.62, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.62
Correlation (All Time) Calculated using the full available price history since Dec 21, 2023	0.78

The correlation between AFSM and SFLO shifts across timeframes, from 0.62 (1 year) to 0.78 (all time), reflecting how their relationship changes across market environments.

AFSM vs. SFLO - Sectors Allocation Comparison

Sectors	AFSM	SFLO
Technology	21.9%	32.1%
Healthcare	18.2%	16.3%
Industrials	15.2%	8.3%
Financial Services	14.2%	0.2%
Consumer Cyclical	8.6%	12.6%
Energy	5.4%	15.4%
Consumer Defensive	4.4%	6.1%
Communication Services	4.2%	8.2%
Real Estate	3.9%	0.1%
Basic Materials	3.7%	0.8%
Utilities	0.5%	0.1%

Return for Risk

AFSM vs. SFLO — Risk / Return Rank

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

AFSM

AFSM Risk / Return Rank: 82
AFSM Sharpe Ratio Rank: 82
AFSM Sortino Ratio Rank: 82
AFSM Omega Ratio Rank: 76
AFSM Calmar Ratio Rank: 89
AFSM Martin Ratio Rank: 83

SFLO

SFLO Risk / Return Rank: 93
SFLO Sharpe Ratio Rank: 93
SFLO Sortino Ratio Rank: 93
SFLO Omega Ratio Rank: 90
SFLO Calmar Ratio Rank: 95
SFLO Martin Ratio Rank: 94

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.

AFSM vs. SFLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Active Factor Small Cap ETF (AFSM) and Victoryshares Small Cap Free Cash Flow ETF (SFLO). 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.

	AFSM	SFLO	Difference
Sharpe ratio: Return per unit of total volatility	2.09	2.67	-0.58
Sortino ratio: Return per unit of downside risk	2.98	3.76	-0.77
Omega ratio: Gain probability vs. loss probability	1.36	1.45	-0.10
Calmar ratio: Return relative to maximum drawdown	3.98	6.00	-2.01
Martin ratio: Return relative to average drawdown	12.86	20.11	-7.25

AFSM vs. SFLO - Sharpe Ratio Comparison

The current AFSM Sharpe Ratio is 2.09, which is comparable to the SFLO Sharpe Ratio of 2.67. The chart below compares the historical Sharpe Ratios of AFSM and SFLO, 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

AFSM vs. SFLO - Drawdown Comparison

The maximum AFSM drawdown since its inception was -43.54%, which is greater than SFLO's maximum drawdown of -26.63%. Use the drawdown chart below to compare losses from any high point for AFSM and SFLO.

Drawdown Indicators

	AFSM	SFLO	Difference
Max Drawdown Largest peak-to-trough decline	-43.54%	-26.63%	-16.91%
Max Drawdown (1Y) Largest decline over 1 year	-9.56%	-7.80%	-1.76%
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	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-9.28%	-4.14%	-5.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.96%	2.32%	+0.64%

Volatility

AFSM vs. SFLO - Volatility Comparison

The current volatility for First Trust Active Factor Small Cap ETF (AFSM) is 4.47%, while Victoryshares Small Cap Free Cash Flow ETF (SFLO) has a volatility of 5.87%. This indicates that AFSM experiences smaller price fluctuations and is considered to be less risky than SFLO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AFSM	SFLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.47%	5.87%	-1.40%
Volatility (6M) Calculated over the trailing 6-month period	14.06%	13.21%	+0.85%
Volatility (1Y) Calculated over the trailing 1-year period	18.32%	17.62%	+0.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.82%	20.52%	+0.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.22%	20.52%	+4.70%

AFSM vs. SFLO - Expense Ratio Comparison

AFSM has a 0.77% expense ratio, which is higher than SFLO's 0.49% expense ratio.

Dividends

AFSM vs. SFLO - Dividend Comparison

AFSM's dividend yield for the trailing twelve months is around 0.49%, less than SFLO's 0.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
AFSM First Trust Active Factor Small Cap ETF	0.49%	0.58%	0.58%	0.92%	1.28%	0.35%	0.53%	0.32%
SFLO Victoryshares Small Cap Free Cash Flow ETF	0.70%	1.04%	1.28%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AFSM and SFLO in my portfolio?

AFSM and SFLO have a correlation of 0.62, 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 SFLO?

SFLO has higher volatility (5.87%) compared to AFSM (4.47%). In terms of maximum drawdown, AFSM dropped -43.54% vs SFLO's -26.63%.

Which ETF is better, AFSM or SFLO?

On 1-year performance, SFLO leads with 46.58% vs 37.92% for AFSM. On fees, SFLO is cheaper at 0.49% per year. On volatility, AFSM has been the lower-risk option at 4.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AFSM or SFLO?

Over the 1-year period, SFLO has performed better with a 46.58% return vs 37.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AFSM or SFLO?

SFLO is cheaper with a 0.49% expense ratio, compared with 0.77% for AFSM.

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

SFLO has the higher dividend yield at 0.70%, compared with 0.49% for AFSM.

What is the main difference between AFSM and SFLO?

They also come from different issuers: First Trust and Victory. Their fees differ too: 0.77% for AFSM and 0.49% for SFLO.

Which has better risk-adjusted returns?

SFLO currently has the higher Sharpe Ratio (2.67 vs 2.09), 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.