HSMV vs. RUSC

Last updated Jun 25, 2026

HSMV (First Trust Horizon Managed Volatility Small/Mid ETF) and RUSC (U.S. Small Cap Equity Active ETF) are both Small Cap Blend Equities funds. Both are actively managed. Over the past year, HSMV returned 7.76% vs 39.65% for RUSC. A 0.63 correlation means they provide meaningful diversification when combined. HSMV charges 0.80%/yr vs 0.64%/yr for RUSC.

Performance

HSMV vs. RUSC - 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 U.S. Small Cap Equity Active ETF (RUSC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HSMV achieves a 7.42% return, which is significantly lower than RUSC's 22.58% return.

HSMV

• 1D: 1.00%
• 1M: 2.14%
• YTD: 7.42%
• 6M: 6.25%
• 1Y: 7.76%
• 3Y*: 10.28%
• 5Y*: 4.65%
• 10Y*: —

RUSC

• 1D: 0.51%
• 1M: 5.00%
• YTD: 22.58%
• 6M: 19.89%
• 1Y: 39.65%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HSMV vs. RUSC - Yearly Performance Comparison

	2026 (YTD)	2025
HSMV First Trust Horizon Managed Volatility Small/Mid ETF	7.42%	1.47%
RUSC U.S. Small Cap Equity Active ETF	22.58%	16.87%

Correlation

The correlation between HSMV and RUSC is 0.61, 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	0.61
Correlation (All Time) Calculated using the full available price history since May 14, 2025	0.63

The correlation between HSMV and RUSC has been stable across timeframes, ranging from 0.61 to 0.63 - a consistent structural relationship.

Return for Risk

HSMV vs. RUSC — Risk / Return Rank

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

HSMV

HSMV Risk / Return Rank: 22
HSMV Sharpe Ratio Rank: 22
HSMV Sortino Ratio Rank: 22
HSMV Omega Ratio Rank: 20
HSMV Calmar Ratio Rank: 23
HSMV Martin Ratio Rank: 25

RUSC

RUSC Risk / Return Rank: 80
RUSC Sharpe Ratio Rank: 77
RUSC Sortino Ratio Rank: 78
RUSC Omega Ratio Rank: 72
RUSC Calmar Ratio Rank: 87
RUSC Martin Ratio Rank: 85

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. RUSC - 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 U.S. Small Cap Equity Active ETF (RUSC). 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	RUSC	Difference
Sharpe ratio: Return per unit of total volatility	0.74	2.15	-1.41
Sortino ratio: Return per unit of downside risk	1.16	3.02	-1.86
Omega ratio: Gain probability vs. loss probability	1.13	1.37	-0.24
Calmar ratio: Return relative to maximum drawdown	1.00	4.34	-3.34
Martin ratio: Return relative to average drawdown	2.95	15.47	-12.51

HSMV vs. RUSC - Sharpe Ratio Comparison

The current HSMV Sharpe Ratio is 0.74, which is lower than the RUSC Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of HSMV and RUSC, 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. RUSC - Drawdown Comparison

The maximum HSMV drawdown since its inception was -19.16%, which is greater than RUSC's maximum drawdown of -9.18%. Use the drawdown chart below to compare losses from any high point for HSMV and RUSC.

Drawdown Indicators

	HSMV	RUSC	Difference
Max Drawdown Largest peak-to-trough decline	-19.16%	-9.18%	-9.98%
Max Drawdown (1Y) Largest decline over 1 year	-7.83%	-9.18%	+1.35%
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	-0.37%	-0.39%	+0.02%
Average Drawdown Average peak-to-trough decline	-5.58%	-1.70%	-3.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.63%	2.57%	+0.06%

Volatility

HSMV vs. RUSC - Volatility Comparison

The current volatility for First Trust Horizon Managed Volatility Small/Mid ETF (HSMV) is 3.69%, while U.S. Small Cap Equity Active ETF (RUSC) has a volatility of 5.93%. This indicates that HSMV experiences smaller price fluctuations and is considered to be less risky than RUSC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HSMV	RUSC	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.69%	5.93%	-2.24%
Volatility (6M) Calculated over the trailing 6-month period	7.67%	13.67%	-6.00%
Volatility (1Y) Calculated over the trailing 1-year period	10.58%	18.55%	-7.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.00%	18.30%	-3.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.03%	18.30%	-2.27%

HSMV vs. RUSC - Expense Ratio Comparison

HSMV has a 0.80% expense ratio, which is higher than RUSC's 0.64% expense ratio.

Dividends

HSMV vs. RUSC - Dividend Comparison

HSMV's dividend yield for the trailing twelve months is around 1.92%, more than RUSC's 0.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
HSMV First Trust Horizon Managed Volatility Small/Mid ETF	1.92%	2.01%	1.43%	1.43%	1.26%	0.76%	0.80%
RUSC U.S. Small Cap Equity Active ETF	0.31%	0.38%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HSMV and RUSC in my portfolio?

HSMV and RUSC have a correlation of 0.61, 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 RUSC?

RUSC has higher volatility (5.93%) compared to HSMV (3.69%). In terms of maximum drawdown, HSMV dropped -19.16% vs RUSC's -9.18%.

Which ETF is better, HSMV or RUSC?

On 1-year performance, RUSC leads with 39.65% vs 7.76% for HSMV. On fees, RUSC is cheaper at 0.64% per year. On volatility, HSMV has been the lower-risk option at 3.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HSMV or RUSC?

Over the 1-year period, RUSC has performed better with a 39.65% return vs 7.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HSMV or RUSC?

RUSC is cheaper with a 0.64% expense ratio, compared with 0.80% for HSMV.

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

HSMV has the higher dividend yield at 1.92%, compared with 0.31% for RUSC.

What is the main difference between HSMV and RUSC?

They also come from different issuers: First Trust and Russell. Their fees differ too: 0.80% for HSMV and 0.64% for RUSC.

Which has better risk-adjusted returns?

RUSC currently has the higher Sharpe Ratio (2.15 vs 0.74), 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.