CSB vs. HSMV

Last updated Jun 4, 2026

CSB (VictoryShares US Small Cap High Dividend Volatility Wtd ETF) and HSMV (First Trust Horizon Managed Volatility Small/Mid ETF) are both Small Cap Blend Equities funds. CSB is passively managed, while HSMV is actively managed. Over the past 5 years, CSB returned 3.65%/yr vs 3.69%/yr for HSMV. Their correlation of 0.90 suggests significant overlap in exposure. CSB charges 0.35%/yr vs 0.80%/yr for HSMV.

Performance

CSB vs. HSMV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VictoryShares US Small Cap High Dividend Volatility Wtd ETF (CSB) and First Trust Horizon Managed Volatility Small/Mid ETF (HSMV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CSB achieves a 8.30% return, which is significantly higher than HSMV's 3.11% return.

CSB

• 1D: -1.09%
• 1M: -1.58%
• YTD: 8.30%
• 6M: 7.74%
• 1Y: 17.95%
• 3Y*: 11.48%
• 5Y*: 3.65%
• 10Y*: 9.58%

HSMV

• 1D: -0.50%
• 1M: -2.09%
• YTD: 3.11%
• 6M: 3.06%
• 1Y: 4.19%
• 3Y*: 8.36%
• 5Y*: 3.69%
• 10Y*: —

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

CSB vs. HSMV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
CSB VictoryShares US Small Cap High Dividend Volatility Wtd ETF	8.30%	2.26%	9.64%	12.60%	-13.11%	27.04%	67.57%
HSMV First Trust Horizon Managed Volatility Small/Mid ETF	3.11%	1.57%	13.17%	5.01%	-9.44%	23.72%	34.70%

Correlation

The correlation between CSB and HSMV is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (All Time) Calculated using the full available price history since Apr 8, 2020	0.90

The correlation between CSB and HSMV has been stable across timeframes, ranging from 0.87 to 0.90 - a consistent structural relationship.

CSB vs. HSMV - Sectors Allocation Comparison

Sectors	CSB	HSMV
Financial Services	26.5%	16.6%
Utilities	22.0%	11.9%
Consumer Cyclical	19.0%	7.8%
Energy	11.5%	2.8%
Industrials	8.5%	15.0%
Consumer Defensive	4.4%	7.9%
Communication Services	3.6%	2.3%
Basic Materials	3.4%	5.4%
Technology	1.2%	1.7%
Healthcare	0.4%	4.9%
Real Estate	-	23.8%

Return for Risk

CSB vs. HSMV — Risk / Return Rank

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

CSB

CSB Risk / Return Rank: 40
CSB Sharpe Ratio Rank: 35
CSB Sortino Ratio Rank: 36
CSB Omega Ratio Rank: 33
CSB Calmar Ratio Rank: 51
CSB Martin Ratio Rank: 44

HSMV

HSMV Risk / Return Rank: 15
HSMV Sharpe Ratio Rank: 15
HSMV Sortino Ratio Rank: 15
HSMV Omega Ratio Rank: 14
HSMV Calmar Ratio Rank: 16
HSMV Martin Ratio Rank: 17

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.

CSB vs. HSMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VictoryShares US Small Cap High Dividend Volatility Wtd ETF (CSB) and First Trust Horizon Managed Volatility Small/Mid ETF (HSMV). 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.

	CSB	HSMV	Difference
Sharpe ratio Return per unit of total volatility	1.25	0.41	+0.84
Sortino ratio Return per unit of downside risk	1.92	0.68	+1.24
Omega ratio Gain probability vs. loss probability	1.22	1.07	+0.15
Calmar ratio Return relative to maximum drawdown	2.51	0.54	+1.97
Martin ratio Return relative to average drawdown	7.26	1.62	+5.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CSB vs. HSMV - Sharpe Ratio Comparison

The current CSB Sharpe Ratio is 1.25, which is higher than the HSMV Sharpe Ratio of 0.41. The chart below compares the historical Sharpe Ratios of CSB and HSMV, 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

	CSB	HSMV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.25	0.41	+0.84
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.20	0.25	-0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.67	-0.23

Drawdowns

CSB vs. HSMV - Drawdown Comparison

The maximum CSB drawdown since its inception was -42.07%, which is greater than HSMV's maximum drawdown of -19.16%. Use the drawdown chart below to compare losses from any high point for CSB and HSMV.

Drawdown Indicators

	CSB	HSMV	Difference
Max Drawdown Largest peak-to-trough decline	-42.07%	-19.16%	-22.91%
Max Drawdown (1Y) Largest decline over 1 year	-7.18%	-7.83%	+0.65%
Max Drawdown (3Y) Largest decline over 3 years	-21.82%	-15.45%	-6.37%
Max Drawdown (5Y) Largest decline over 5 years	-24.49%	-19.16%	-5.33%
Max Drawdown (10Y) Largest decline over 10 years	-42.07%	—	—
Current Drawdown Current decline from peak	-3.12%	-4.36%	+1.24%
Average Drawdown Average peak-to-trough decline	-7.14%	-5.62%	-1.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.48%	2.59%	-0.11%

Volatility

CSB vs. HSMV - Volatility Comparison

VictoryShares US Small Cap High Dividend Volatility Wtd ETF (CSB) has a higher volatility of 3.59% compared to First Trust Horizon Managed Volatility Small/Mid ETF (HSMV) at 2.85%. This indicates that CSB's price experiences larger fluctuations and is considered to be riskier than HSMV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CSB	HSMV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.59%	2.85%	+0.74%
Volatility (6M) Calculated over the trailing 6-month period	9.19%	7.28%	+1.91%
Volatility (1Y) Calculated over the trailing 1-year period	14.54%	10.37%	+4.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.78%	15.00%	+3.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.31%	16.06%	+5.25%

CSB vs. HSMV - Expense Ratio Comparison

CSB has a 0.35% expense ratio, which is lower than HSMV's 0.80% expense ratio.

Dividends

CSB vs. HSMV - Dividend Comparison

CSB's dividend yield for the trailing twelve months is around 3.26%, more than HSMV's 2.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CSB VictoryShares US Small Cap High Dividend Volatility Wtd ETF	3.26%	3.54%	3.12%	3.45%	3.60%	3.11%	3.70%	3.19%	3.45%	3.19%	2.85%	1.57%
HSMV First Trust Horizon Managed Volatility Small/Mid ETF	2.00%	2.01%	1.43%	1.43%	1.26%	0.76%	0.80%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CSB and HSMV in my portfolio?

CSB and HSMV have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CSB or HSMV?

CSB has higher volatility (3.59%) compared to HSMV (2.85%). In terms of maximum drawdown, CSB dropped -42.07% vs HSMV's -19.16%.

Which ETF is better, CSB or HSMV?

On 5-year performance, HSMV leads with 3.69% vs 3.65% for CSB. On fees, CSB is cheaper at 0.35% per year. On volatility, HSMV has been the lower-risk option at 2.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CSB or HSMV?

Over the 5-year period, HSMV has performed better with a 3.69% return vs 3.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CSB or HSMV?

CSB is cheaper with a 0.35% expense ratio, compared with 0.80% for HSMV.

Which ETF pays a higher dividend yield, CSB or HSMV?

CSB has the higher dividend yield at 3.26%, compared with 2.00% for HSMV.

What is the main difference between CSB and HSMV?

They also come from different issuers: Crestview and First Trust. Their fees differ too: 0.35% for CSB and 0.80% for HSMV.

Which has better risk-adjusted returns?

CSB currently has the higher Sharpe Ratio (1.25 vs 0.41), 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.