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HSMV vs. DES
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HSMV vs. DES

Last updated Aug 2, 2026
Documentation

HSMV (First Trust Horizon Managed Volatility Small/Mid ETF) and DES (WisdomTree U.S. SmallCap Dividend Fund) are both Small Cap Blend Equities funds. HSMV is actively managed, while DES is passively managed. Over the past 5 years, HSMV returned 4.96%/yr vs 8.30%/yr for DES. Their correlation of 0.91 means they have usually moved in the same direction. HSMV charges 0.80%/yr vs 0.38%/yr for DES.

Performance

HSMV vs. DES - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Horizon Managed Volatility Small/Mid ETF (HSMV) and WisdomTree U.S. SmallCap Dividend Fund (DES). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, HSMV achieves a 10.55% return, which is significantly lower than DES's 22.71% return.

HSMV

1D
0.11%
1M
1.43%
6M
7.25%
YTD
10.55%
1Y
13.34%
3Y*
9.06%
5Y*
4.96%
10Y*
—
ALL TIME*
11.73%

DES

1D
-0.25%
1M
0.86%
6M
14.79%
YTD
22.71%
1Y
33.11%
3Y*
13.09%
5Y*
8.30%
10Y*
8.19%
ALL TIME*
7.88%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

DES

WisdomTree U.S. SmallCap Dividend Fund
$3.72M$4.61M$5.63M

HSMV

First Trust Horizon Managed Volatility Small/Mid ETF
$628.29K$333.01K$191.20K

HSMV vs. DES - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
HSMV
First Trust Horizon Managed Volatility Small/Mid ETF		10.55%1.57%13.17%5.01%-9.44%23.72%34.70%
DES
WisdomTree U.S. SmallCap Dividend Fund		22.71%0.25%9.93%16.50%-10.96%26.51%54.65%

Correlation

The correlation between HSMV and DES is 0.79, 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.

0.79

Correlation (3Y)
Balances recent behavior with more history.

0.87

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.90

Correlation (All Time)
Calculated using the full available price history since Apr 7, 2020

0.91

The correlation between HSMV and DES shifts across timeframes, from 0.79 (1 year) to 0.91 (all time), reflecting how their relationship changes across market environments.

HSMV vs. DES - Sectors Allocation Comparison

Sectors
HSMV
DES

Real Estate

23.7%
9.9%

Financial Services

17.5%
25.2%

Industrials

14.9%
13.6%

Utilities

11.5%
4.1%

Consumer Cyclical

8.3%
16.3%

Consumer Defensive

6.7%
4.1%

Basic Materials

5.8%
6.1%

Healthcare

4.7%
2.1%

Energy

2.8%
9.5%

Communication Services

2.2%
2.9%

Technology

1.9%
6.2%

Real Estate

HSMV
23.7%
DES
9.9%

Financial Services

HSMV
17.5%
DES
25.2%

Industrials

HSMV
14.9%
DES
13.6%

Utilities

HSMV
11.5%
DES
4.1%

Consumer Cyclical

HSMV
8.3%
DES
16.3%

Consumer Defensive

HSMV
6.7%
DES
4.1%

Basic Materials

HSMV
5.8%
DES
6.1%

Healthcare

HSMV
4.7%
DES
2.1%

Energy

HSMV
2.8%
DES
9.5%

Communication Services

HSMV
2.2%
DES
2.9%

Technology

HSMV
1.9%
DES
6.2%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

First Trust Horizon Managed Volatility Small/Mid ETF

WisdomTree U.S. SmallCap Dividend Fund

Often compared with HSMV:
HSMV vs. VOOHSMV vs. SPYHSMV vs. SELVHSMV vs. BBSCHSMV vs. VIOOHSMV vs. SFLOHSMV vs. VTWO
Often compared with DES:
DES vs. FDVVDES vs. AVUVDES vs. EESDES vs. IWNDES vs. SCHDDES vs. VBRDES vs. VXUS

Return for Risk

HSMV vs. DES — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
HSMV
HSMV Risk / Return Rank: 4848
Overall Rank
HSMV Sharpe Ratio Rank: 4949
Sharpe Ratio Rank
HSMV Sortino Ratio Rank: 5555
Sortino Ratio Rank
HSMV Omega Ratio Rank: 4545
Omega Ratio Rank
HSMV Calmar Ratio Rank: 4646
Calmar Ratio Rank
HSMV Martin Ratio Rank: 4444
Martin Ratio Rank
DES
DES Risk / Return Rank: 8686
Overall Rank
DES Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
DES Sortino Ratio Rank: 8787
Sortino Ratio Rank
DES Omega Ratio Rank: 8383
Omega Ratio Rank
DES Calmar Ratio Rank: 9191
Calmar Ratio Rank
DES Martin Ratio Rank: 8686
Martin Ratio Rank
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.

HSMV vs. DES - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Horizon Managed Volatility Small/Mid ETF (HSMV) and WisdomTree U.S. SmallCap Dividend Fund (DES). 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.

HSMVDESDifference
Sharpe ratioReturn per unit of total volatility
1.21
1.95

-0.74

Sortino ratioReturn per unit of downside risk
1.91
2.93

-1.03

Omega ratioGain probability vs. loss probability

1.21

1.35

-0.14

Calmar ratioReturn relative to maximum drawdown

1.66

4.03

-2.37

Martin ratioReturn relative to average drawdown

5.02

12.16

-7.14

HSMV vs. DES - Sharpe Ratio Comparison

The current HSMV Sharpe Ratio is 1.21, which is lower than the DES Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of HSMV and DES, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

HSMV vs. DES - Drawdown Comparison

The maximum HSMV drawdown since its inception was -19.16%, smaller than the maximum DES drawdown of -65.48%. Use the drawdown chart below to compare losses from any high point for HSMV and DES.

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Drawdown Indicators

HSMVDESDifference

Max Drawdown

Largest peak-to-trough decline

-19.16%

-65.48%

+46.32%

Max Drawdown (1Y)

Largest decline over 1 year

-7.83%

-7.64%

-0.19%

Max Drawdown (3Y)

Largest decline over 3 years

-15.45%

-25.16%

+9.71%

Max Drawdown (5Y)

Largest decline over 5 years

-19.16%

-25.16%

+6.00%

Max Drawdown (10Y)

Largest decline over 10 years

—

-45.65%

—

Current Drawdown

Current decline from peak

-1.74%

-1.54%

-0.20%

Average Drawdown

Average peak-to-trough decline

-5.50%

-9.61%

+4.11%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.59%

2.53%

+0.06%

Volatility

HSMV vs. DES - Volatility Comparison

First Trust Horizon Managed Volatility Small/Mid ETF (HSMV) has a higher volatility of 3.77% compared to WisdomTree U.S. SmallCap Dividend Fund (DES) at 3.40%. This indicates that HSMV's price experiences larger fluctuations and is considered to be riskier than DES based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HSMVDESDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.77%

3.40%

+0.37%

Volatility (6M)

Calculated over the trailing 6-month period

8.07%

10.18%

-2.11%

Volatility (1Y)

Calculated over the trailing 1-year period

10.73%

15.82%

-5.09%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.97%

19.38%

-4.41%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.97%

21.92%

-5.95%

HSMV vs. DES - Expense Ratio Comparison

HSMV has a 0.80% expense ratio, which is higher than DES's 0.38% expense ratio.

Dividends

HSMV vs. DES - Dividend Comparison

HSMV's dividend yield for the trailing twelve months is around 1.86%, less than DES's 2.26% yield.

PositionTTM20252024202320222021202020192018201720162015
DES
WisdomTree U.S. SmallCap Dividend Fund		2.26%2.85%2.81%2.65%2.89%2.31%2.75%2.68%3.65%2.89%2.70%3.09%
HSMV
First Trust Horizon Managed Volatility Small/Mid ETF		1.86%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

HSMV and DES have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

HSMV has higher volatility (3.77%) compared to DES (3.40%). In terms of maximum drawdown, HSMV dropped -19.16% vs DES's -65.48%.

On 5-year performance, DES leads with 8.30% vs 4.96% for HSMV. On fees, DES is cheaper at 0.38% per year. On volatility, DES has been the lower-risk option at 3.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, DES has performed better with a 8.30% return vs 4.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

DES is cheaper with a 0.38% expense ratio, compared with 0.80% for HSMV.

DES has the higher dividend yield at 2.26%, compared with 1.86% for HSMV.

They also come from different issuers: First Trust and WisdomTree. Their fees differ too: 0.80% for HSMV and 0.38% for DES.

DES currently has the higher Sharpe Ratio (1.95 vs 1.21), 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.

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