DHEAX vs. FTSM

Last updated Jun 6, 2026

DHEAX (Diamond Hill Short Duration Securitized Bond Fund) and FTSM (First Trust Enhanced Short Maturity ETF) are both funds - DHEAX is a Short-Term Bond fund managed by Diamond Hill, while FTSM is a Ultrashort Bond fund actively managed by First Trust. Over the past 5 years, DHEAX returned 4.22%/yr vs 3.46%/yr for FTSM. At a 0.34 correlation, their price movements are largely independent. DHEAX charges 0.83%/yr vs 0.44%/yr for FTSM.

Performance

DHEAX vs. FTSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Diamond Hill Short Duration Securitized Bond Fund (DHEAX) and First Trust Enhanced Short Maturity ETF (FTSM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DHEAX achieves a 1.65% return, which is significantly higher than FTSM's 1.46% return.

DHEAX

• 1D: 0.00%
• 1M: 0.33%
• YTD: 1.65%
• 6M: 1.93%
• 1Y: 4.90%
• 3Y*: 7.42%
• 5Y*: 4.22%
• 10Y*: —

FTSM

• 1D: -0.02%
• 1M: 0.26%
• YTD: 1.46%
• 6M: 1.79%
• 1Y: 4.15%
• 3Y*: 4.85%
• 5Y*: 3.46%
• 10Y*: 2.55%

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

DHEAX vs. FTSM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DHEAX Diamond Hill Short Duration Securitized Bond Fund	1.65%	5.70%	9.15%	8.38%	-3.57%	2.42%	2.87%	4.44%	2.88%	3.97%
FTSM First Trust Enhanced Short Maturity ETF	1.46%	4.66%	5.22%	5.12%	1.02%	-0.01%	1.12%	2.82%	1.94%	1.62%

Correlation

The correlation between DHEAX and FTSM is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (5Y) Calculated over the trailing 5-year period	0.49
Correlation (All Time) Calculated using the full available price history since Jan 4, 2017	0.34

The correlation between DHEAX and FTSM shifts across timeframes, from 0.34 (all time) to 0.57 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

DHEAX vs. FTSM — Risk / Return Rank

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

DHEAX

DHEAX Risk / Return Rank: 99
DHEAX Sharpe Ratio Rank: 99
DHEAX Sortino Ratio Rank: 98
DHEAX Omega Ratio Rank: 98
DHEAX Calmar Ratio Rank: 99
DHEAX Martin Ratio Rank: 99

FTSM

FTSM Risk / Return Rank: 99
FTSM Sharpe Ratio Rank: 99
FTSM Sortino Ratio Rank: 99
FTSM Omega Ratio Rank: 99
FTSM Calmar Ratio Rank: 99
FTSM Martin Ratio Rank: 99

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.

DHEAX vs. FTSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Diamond Hill Short Duration Securitized Bond Fund (DHEAX) and First Trust Enhanced Short Maturity ETF (FTSM). 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.

	DHEAX	FTSM	Difference
Sharpe ratio: Return per unit of total volatility	4.43	8.75	-4.32
Sortino ratio: Return per unit of downside risk	7.47	20.57	-13.10
Omega ratio: Gain probability vs. loss probability	2.44	4.35	-1.91
Calmar ratio: Return relative to maximum drawdown	9.84	35.65	-25.82
Martin ratio: Return relative to average drawdown	43.07	177.88	-134.81
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DHEAX vs. FTSM - Sharpe Ratio Comparison

The current DHEAX Sharpe Ratio is 4.43, which is lower than the FTSM Sharpe Ratio of 8.75. The chart below compares the historical Sharpe Ratios of DHEAX and FTSM, 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

	DHEAX	FTSM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.43	8.75	-4.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.79	7.02	-4.23
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	2.90	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.76	1.96	-0.20

Drawdowns

DHEAX vs. FTSM - Drawdown Comparison

The maximum DHEAX drawdown since its inception was -12.34%, which is greater than FTSM's maximum drawdown of -4.12%. Use the drawdown chart below to compare losses from any high point for DHEAX and FTSM.

Drawdown Indicators

	DHEAX	FTSM	Difference
Max Drawdown Largest peak-to-trough decline	-12.34%	-4.12%	-8.22%
Max Drawdown (1Y) Largest decline over 1 year	-0.50%	-0.12%	-0.38%
Max Drawdown (3Y) Largest decline over 3 years	-0.50%	-0.15%	-0.35%
Max Drawdown (5Y) Largest decline over 5 years	-5.06%	-0.65%	-4.41%
Max Drawdown (10Y) Largest decline over 10 years	—	-4.12%	—
Current Drawdown Current decline from peak	0.00%	-0.02%	+0.02%
Average Drawdown Average peak-to-trough decline	-0.80%	-0.22%	-0.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.11%	0.02%	+0.09%

Volatility

DHEAX vs. FTSM - Volatility Comparison

Diamond Hill Short Duration Securitized Bond Fund (DHEAX) has a higher volatility of 0.22% compared to First Trust Enhanced Short Maturity ETF (FTSM) at 0.15%. This indicates that DHEAX's price experiences larger fluctuations and is considered to be riskier than FTSM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DHEAX	FTSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.22%	0.15%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	0.74%	0.36%	+0.38%
Volatility (1Y) Calculated over the trailing 1-year period	1.11%	0.48%	+0.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.52%	0.49%	+1.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.27%	0.88%	+1.39%

DHEAX vs. FTSM - Expense Ratio Comparison

DHEAX has a 0.83% expense ratio, which is higher than FTSM's 0.44% expense ratio.

Dividends

DHEAX vs. FTSM - Dividend Comparison

DHEAX's dividend yield for the trailing twelve months is around 5.64%, more than FTSM's 4.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DHEAX Diamond Hill Short Duration Securitized Bond Fund	5.64%	5.27%	5.94%	5.25%	3.41%	2.31%	2.92%	3.76%	3.45%	3.20%	0.00%	0.00%
FTSM First Trust Enhanced Short Maturity ETF	4.16%	4.28%	4.91%	4.62%	1.62%	0.39%	1.20%	2.38%	2.14%	1.49%	1.03%	0.48%

Frequently Asked Questions

Can I hold both DHEAX and FTSM in my portfolio?

DHEAX and FTSM have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DHEAX or FTSM?

DHEAX has higher volatility (0.22%) compared to FTSM (0.15%). In terms of maximum drawdown, DHEAX dropped -12.34% vs FTSM's -4.12%.

Which has better risk-adjusted returns?

FTSM currently has the higher Sharpe Ratio (8.75 vs 4.43), 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.