HSMV vs. FTXL

Last updated Aug 2, 2026

HSMV (First Trust Horizon Managed Volatility Small/Mid ETF) and FTXL (First Trust Nasdaq Semiconductor ETF) are both exchange-traded funds - HSMV is a Small Cap Blend Equities fund actively managed by First Trust, while FTXL is a Semiconductors fund tracking the Nasdaq U.S. Smart Semiconductor Index. HSMV is actively managed, while FTXL is passively managed. Over the past 5 years, HSMV returned 4.96%/yr vs 26.87%/yr for FTXL. Their 0.46 correlation means their historical movements had little consistent relationship. HSMV charges 0.80%/yr vs 0.60%/yr for FTXL.

Performance

HSMV vs. FTXL - 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 First Trust Nasdaq Semiconductor ETF (FTXL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HSMV achieves a 10.55% return, which is significantly lower than FTXL's 67.20% 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%

FTXL

• 1D: -0.59%
• 1M: -13.49%
• 6M: 42.44%
• YTD: 67.20%
• 1Y: 127.03%
• 3Y*: 42.82%
• 5Y*: 26.87%
• 10Y*: —
• ALL TIME*: 27.99%

*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)
FTXL First Trust Nasdaq Semiconductor ETF	$143.42M	$100.61M	$86.48M
HSMV First Trust Horizon Managed Volatility Small/Mid ETF	$628.29K	$333.01K	$191.20K

HSMV vs. FTXL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
HSMV First Trust Horizon Managed Volatility Small/Mid ETF	10.55%	1.57%	13.17%	5.01%	-9.44%	23.72%	34.70%
FTXL First Trust Nasdaq Semiconductor ETF	67.20%	48.94%	7.59%	54.41%	-33.88%	36.04%	72.77%

Correlation

The correlation between HSMV and FTXL is 0.05, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.05
Correlation (3Y) Balances recent behavior with more history.	0.31
Correlation (5Y) Shows whether the relationship held over a longer period.	0.46
Correlation (All Time) Calculated using the full available price history since Apr 7, 2020	0.46

Over the past year, the correlation between HSMV and FTXL has dropped to 0.05 - well below their long-term average of 0.46, suggesting their price drivers have been diverging.

HSMV vs. FTXL - Sectors Allocation Comparison

Sectors	HSMV	FTXL
Real Estate	23.7%	-
Financial Services	17.5%	-
Industrials	14.9%	0.4%
Utilities	11.5%	-
Consumer Cyclical	8.3%	-
Consumer Defensive	6.7%	-
Basic Materials	5.8%	-
Healthcare	4.7%	-
Energy	2.8%	-
Communication Services	2.2%	-
Technology	1.9%	99.6%

Return for Risk

HSMV vs. FTXL — Risk / Return Rank

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

HSMV

HSMV Risk / Return Rank: 48
HSMV Sharpe Ratio Rank: 49
HSMV Sortino Ratio Rank: 55
HSMV Omega Ratio Rank: 45
HSMV Calmar Ratio Rank: 46
HSMV Martin Ratio Rank: 44

FTXL

FTXL Risk / Return Rank: 91
FTXL Sharpe Ratio Rank: 95
FTXL Sortino Ratio Rank: 87
FTXL Omega Ratio Rank: 87
FTXL Calmar Ratio Rank: 90
FTXL Martin Ratio Rank: 93

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. FTXL - 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 First Trust Nasdaq Semiconductor ETF (FTXL). 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.

	HSMV	FTXL	Difference
Sharpe ratio: Return per unit of total volatility	1.21	2.71	-1.50
Sortino ratio: Return per unit of downside risk	1.91	2.95	-1.05
Omega ratio: Gain probability vs. loss probability	1.21	1.39	-0.18
Calmar ratio: Return relative to maximum drawdown	1.66	3.83	-2.17
Martin ratio: Return relative to average drawdown	5.02	16.62	-11.60

HSMV vs. FTXL - Sharpe Ratio Comparison

The current HSMV Sharpe Ratio is 1.21, which is lower than the FTXL Sharpe Ratio of 2.71. The chart below compares the historical Sharpe Ratios of HSMV and FTXL, 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

HSMV vs. FTXL - Drawdown Comparison

The maximum HSMV drawdown since its inception was -19.16%, smaller than the maximum FTXL drawdown of -43.87%. Use the drawdown chart below to compare losses from any high point for HSMV and FTXL.

Drawdown Indicators

	HSMV	FTXL	Difference
Max Drawdown Largest peak-to-trough decline	-19.16%	-43.87%	+24.71%
Max Drawdown (1Y) Largest decline over 1 year	-7.83%	-32.64%	+24.81%
Max Drawdown (3Y) Largest decline over 3 years	-15.45%	-41.57%	+26.12%
Max Drawdown (5Y) Largest decline over 5 years	-19.16%	-43.87%	+24.71%
Current Drawdown Current decline from peak	-1.74%	-27.09%	+25.35%
Average Drawdown Average peak-to-trough decline	-5.50%	-10.61%	+5.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.59%	7.51%	-4.92%

Volatility

HSMV vs. FTXL - Volatility Comparison

The current volatility for First Trust Horizon Managed Volatility Small/Mid ETF (HSMV) is 3.77%, while First Trust Nasdaq Semiconductor ETF (FTXL) has a volatility of 18.94%. This indicates that HSMV experiences smaller price fluctuations and is considered to be less risky than FTXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HSMV	FTXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.77%	18.94%	-15.17%
Volatility (6M) Calculated over the trailing 6-month period	8.07%	39.98%	-31.91%
Volatility (1Y) Calculated over the trailing 1-year period	10.73%	46.28%	-35.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.97%	38.23%	-23.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.97%	35.28%	-19.31%

HSMV vs. FTXL - Expense Ratio Comparison

HSMV has a 0.80% expense ratio, which is higher than FTXL's 0.60% expense ratio.

Dividends

HSMV vs. FTXL - Dividend Comparison

HSMV's dividend yield for the trailing twelve months is around 1.86%, more than FTXL's 0.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
FTXL First Trust Nasdaq Semiconductor ETF	0.11%	0.28%	0.54%	0.60%	0.89%	0.25%	0.48%	0.92%	0.71%	0.47%	0.12%
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%

Frequently Asked Questions

Can I hold both HSMV and FTXL in my portfolio?

HSMV and FTXL have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HSMV or FTXL?

FTXL has higher volatility (18.94%) compared to HSMV (3.77%). In terms of maximum drawdown, HSMV dropped -19.16% vs FTXL's -43.87%.

Which ETF is better, HSMV or FTXL?

On 5-year performance, FTXL leads with 26.87% vs 4.96% for HSMV. On fees, FTXL is cheaper at 0.60% per year. On volatility, HSMV has been the lower-risk option at 3.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HSMV or FTXL?

Over the 5-year period, FTXL has performed better with a 26.87% return vs 4.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HSMV or FTXL?

FTXL is cheaper with a 0.60% expense ratio, compared with 0.80% for HSMV.

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

HSMV has the higher dividend yield at 1.86%, compared with 0.11% for FTXL.

What is the main difference between HSMV and FTXL?

HSMV is categorized as Small Cap Blend Equities, while FTXL is Semiconductors. Their fees differ too: 0.80% for HSMV and 0.60% for FTXL.

Which has better risk-adjusted returns?

FTXL currently has the higher Sharpe Ratio (2.71 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.