HSMV vs. FYX
HSMV (First Trust Horizon Managed Volatility Small/Mid ETF) and FYX (First Trust Small Cap Core AlphaDEX Fund) are both Small Cap Blend Equities funds from First Trust. HSMV is actively managed, while FYX is passively managed. Over the past 5 years, HSMV returned 4.96%/yr vs 10.51%/yr for FYX. Their correlation of 0.86 means they have usually moved in the same direction. HSMV charges 0.80%/yr vs 0.63%/yr for FYX.
Performance
HSMV vs. FYX - Performance Comparison
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Returns By Period
In the year-to-date period, HSMV achieves a 10.55% return, which is significantly lower than FYX's 25.97% 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%
FYX
- 1D
- -0.58%
- 1M
- -0.35%
- 6M
- 18.67%
- YTD
- 25.97%
- 1Y
- 48.76%
- 3Y*
- 18.62%
- 5Y*
- 10.51%
- 10Y*
- 12.59%
- ALL TIME*
- 9.33%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $4.00M | $3.55M | $3.84M | |
| $628.29K | $333.01K | $191.20K |
HSMV vs. FYX - 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% |
FYX First Trust Small Cap Core AlphaDEX Fund | 25.97% | 12.68% | 12.22% | 18.30% | -18.41% | 27.43% | 91.08% |
Correlation
The correlation between HSMV and FYX 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 (3Y) Balances recent behavior with more history. | 0.79 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.85 |
Correlation (All Time) Calculated using the full available price history since Apr 7, 2020 | 0.86 |
Over the past year, the correlation between HSMV and FYX has dropped to 0.62 - well below their long-term average of 0.86, suggesting their price drivers have been diverging.
HSMV vs. FYX - Sectors Allocation Comparison
Sectors
HSMV
FYX
Real Estate
Financial Services
Industrials
Utilities
Consumer Cyclical
Consumer Defensive
Basic Materials
Healthcare
Energy
Communication Services
Technology
Real Estate
HSMV
FYX
Financial Services
HSMV
FYX
Industrials
HSMV
FYX
Utilities
HSMV
FYX
Consumer Cyclical
HSMV
FYX
Consumer Defensive
HSMV
FYX
Basic Materials
HSMV
FYX
Healthcare
HSMV
FYX
Energy
HSMV
FYX
Communication Services
HSMV
FYX
Technology
HSMV
FYX
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Return for Risk
HSMV vs. FYX — Risk / Return Rank
HSMV
FYX
HSMV vs. FYX - 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 Small Cap Core AlphaDEX Fund (FYX). 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 | FYX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.36 | ||
| Sortino ratioReturn per unit of downside risk | -1.79 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.43 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | 1.66 | 6.10 | -4.44 |
| Martin ratioReturn relative to average drawdown | 5.02 | 20.46 | -15.44 |
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Drawdowns
HSMV vs. FYX - Drawdown Comparison
The maximum HSMV drawdown since its inception was -19.16%, smaller than the maximum FYX drawdown of -61.80%. Use the drawdown chart below to compare losses from any high point for HSMV and FYX.
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Drawdown Indicators
| HSMV | FYX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.16% | -61.80% | +42.64% |
Max Drawdown (1Y)Largest decline over 1 year | -7.83% | -7.56% | -0.27% |
Max Drawdown (3Y)Largest decline over 3 years | -15.45% | -27.91% | +12.46% |
Max Drawdown (5Y)Largest decline over 5 years | -19.16% | -27.91% | +8.75% |
Max Drawdown (10Y)Largest decline over 10 years | — | -48.82% | — |
Current DrawdownCurrent decline from peak | -1.74% | -1.70% | -0.04% |
Average DrawdownAverage peak-to-trough decline | -5.50% | -10.80% | +5.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.59% | 2.25% | +0.34% |
Volatility
HSMV vs. FYX - Volatility Comparison
First Trust Horizon Managed Volatility Small/Mid ETF (HSMV) and First Trust Small Cap Core AlphaDEX Fund (FYX) have volatilities of 3.77% and 3.67%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HSMV | FYX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.77% | 3.67% | +0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 8.07% | 11.97% | -3.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.73% | 17.93% | -7.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.97% | 21.81% | -6.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.97% | 24.15% | -8.18% |
HSMV vs. FYX - Expense Ratio Comparison
HSMV has a 0.80% expense ratio, which is higher than FYX's 0.63% expense ratio.
Dividends
HSMV vs. FYX - Dividend Comparison
HSMV's dividend yield for the trailing twelve months is around 1.86%, more than FYX's 0.90% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FYX First Trust Small Cap Core AlphaDEX Fund | 0.90% | 0.64% | 1.62% | 1.22% | 0.95% | 0.99% | 0.65% | 1.12% | 1.08% | 0.60% | 0.94% | 0.88% |
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 FYX 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.
HSMV has higher volatility (3.77%) compared to FYX (3.67%). In terms of maximum drawdown, HSMV dropped -19.16% vs FYX's -61.80%.
On 5-year performance, FYX leads with 10.51% vs 4.96% for HSMV. On fees, FYX is cheaper at 0.63% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FYX has performed better with a 10.51% return vs 4.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FYX is cheaper with a 0.63% expense ratio, compared with 0.80% for HSMV.
HSMV has the higher dividend yield at 1.86%, compared with 0.90% for FYX.
Their fees differ too: 0.80% for HSMV and 0.63% for FYX.
FYX currently has the higher Sharpe Ratio (2.57 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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