HSMV vs. RB

Last updated Jun 4, 2026

HSMV (First Trust Horizon Managed Volatility Small/Mid ETF) and RB (ProShares Russell 2000 Dynamic Daily Buffer ETF) are both exchange-traded funds - HSMV is a Small Cap Blend Equities fund actively managed by First Trust, while RB is a Defined Outcome fund tracking the Russell 2000. HSMV is actively managed, while RB is passively managed. At a 0.49 correlation, their price movements are largely independent. HSMV charges 0.80%/yr vs 0.58%/yr for RB.

Performance

HSMV vs. RB - 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 ProShares Russell 2000 Dynamic Daily Buffer ETF (RB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HSMV achieves a 3.11% return, which is significantly lower than RB's 6.76% return.

HSMV

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

RB

• 1D: -0.17%
• 1M: 1.63%
• YTD: 6.76%
• 6M: 8.48%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HSMV vs. RB - Yearly Performance Comparison

	2026 (YTD)	2025
HSMV First Trust Horizon Managed Volatility Small/Mid ETF	3.11%	0.67%
RB ProShares Russell 2000 Dynamic Daily Buffer ETF	6.76%	10.58%

Correlation

The correlation between HSMV and RB is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 27, 2025	0.49

Return for Risk

HSMV vs. RB — Risk / Return Rank

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

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.

HSMV vs. RB - 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 ProShares Russell 2000 Dynamic Daily Buffer ETF (RB). 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.

	HSMV	RB	Difference
Sharpe ratio: Return per unit of total volatility	0.41	—	—
Sortino ratio: Return per unit of downside risk	0.68	—	—
Omega ratio: Gain probability vs. loss probability	1.07	—	—
Calmar ratio: Return relative to maximum drawdown	0.54	—	—
Martin ratio: Return relative to average drawdown	1.62	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	HSMV	RB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.41	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.25	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.67	3.15	-2.47

Drawdowns

HSMV vs. RB - Drawdown Comparison

The maximum HSMV drawdown since its inception was -19.16%, which is greater than RB's maximum drawdown of -1.70%. Use the drawdown chart below to compare losses from any high point for HSMV and RB.

Drawdown Indicators

	HSMV	RB	Difference
Max Drawdown Largest peak-to-trough decline	-19.16%	-1.70%	-17.46%
Max Drawdown (1Y) Largest decline over 1 year	-7.83%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-15.45%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-19.16%	—	—
Current Drawdown Current decline from peak	-4.36%	-0.47%	-3.89%
Average Drawdown Average peak-to-trough decline	-5.62%	-0.41%	-5.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.59%	—	—

Volatility

Volatility by Period

	HSMV	RB	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.85%	—	—
Volatility (6M) Calculated over the trailing 6-month period	7.28%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	10.37%	6.21%	+4.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.00%	6.21%	+8.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.06%	6.21%	+9.85%

HSMV vs. RB - Expense Ratio Comparison

HSMV has a 0.80% expense ratio, which is higher than RB's 0.58% expense ratio.

Dividends

HSMV vs. RB - Dividend Comparison

HSMV's dividend yield for the trailing twelve months is around 2.00%, which matches RB's 2.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
HSMV First Trust Horizon Managed Volatility Small/Mid ETF	2.00%	2.01%	1.43%	1.43%	1.26%	0.76%	0.80%
RB ProShares Russell 2000 Dynamic Daily Buffer ETF	2.00%	1.78%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HSMV and RB in my portfolio?

HSMV and RB have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HSMV or RB?

On fees, RB is cheaper at 0.58% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HSMV or RB?

RB is cheaper with a 0.58% expense ratio, compared with 0.80% for HSMV.

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

HSMV and RB have nearly identical dividend yields, around 2.00%.

What is the main difference between HSMV and RB?

HSMV is categorized as Small Cap Blend Equities, while RB is Defined Outcome. They also come from different issuers: First Trust and ProShares. Their fees differ too: 0.80% for HSMV and 0.58% for RB.