HSMV vs. SFLO

Last updated Apr 2, 2026

Compare and contrast key facts about First Trust Horizon Managed Volatility Small/Mid ETF (HSMV) and Victoryshares Small Cap Free Cash Flow ETF (SFLO).

HSMV and SFLO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. HSMV is an actively managed fund by First Trust. It was launched on Apr 6, 2020. SFLO is a passively managed fund by Victory that tracks the performance of the Victory US Small Cap Free Cash Flow Index. It was launched on Dec 20, 2023.

Performance

HSMV vs. SFLO - 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 Victoryshares Small Cap Free Cash Flow ETF (SFLO). The values are adjusted to include any dividend payments, if applicable.

HSMV vs. SFLO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
HSMV First Trust Horizon Managed Volatility Small/Mid ETF	2.29%	1.57%	13.17%	0.39%
SFLO Victoryshares Small Cap Free Cash Flow ETF	2.39%	11.88%	6.54%	-0.16%

Returns By Period

The year-to-date returns for both investments are quite close, with HSMV having a 2.29% return and SFLO slightly higher at 2.39%.

HSMV

• 1D: 0.49%
• 1M: -5.13%
• YTD: 2.29%
• 6M: 1.33%
• 1Y: 2.59%
• 3Y*: 7.38%
• 5Y*: 4.29%
• 10Y*: —

SFLO

• 1D: 0.40%
• 1M: -1.10%
• YTD: 2.39%
• 6M: 3.25%
• 1Y: 23.45%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HSMV vs. SFLO - Expense Ratio Comparison

HSMV has a 0.80% expense ratio, which is higher than SFLO's 0.49% expense ratio.

HSMV

First Trust Horizon Managed Volatility Small/Mid ETF

SFLO

Victoryshares Small Cap Free Cash Flow ETF

Return for Risk

HSMV vs. SFLO — Risk / Return Rank

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

HSMV

HSMV Risk / Return Rank: 16
HSMV Sharpe Ratio Rank: 16
HSMV Sortino Ratio Rank: 15
HSMV Omega Ratio Rank: 15
HSMV Calmar Ratio Rank: 17
HSMV Martin Ratio Rank: 18

SFLO

SFLO Risk / Return Rank: 54
SFLO Sharpe Ratio Rank: 52
SFLO Sortino Ratio Rank: 55
SFLO Omega Ratio Rank: 53
SFLO Calmar Ratio Rank: 52
SFLO Martin Ratio Rank: 58

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. SFLO - 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 Victoryshares Small Cap Free Cash Flow ETF (SFLO). 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	SFLO	Difference
Sharpe ratio Return per unit of total volatility	0.19	0.98	-0.79
Sortino ratio Return per unit of downside risk	0.37	1.50	-1.12
Omega ratio Gain probability vs. loss probability	1.05	1.21	-0.16
Calmar ratio Return relative to maximum drawdown	0.28	1.44	-1.15
Martin ratio Return relative to average drawdown	1.03	6.20	-5.17
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HSMV vs. SFLO - Sharpe Ratio Comparison

The current HSMV Sharpe Ratio is 0.19, which is lower than the SFLO Sharpe Ratio of 0.98. The chart below compares the historical Sharpe Ratios of HSMV and SFLO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	HSMV	SFLO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.19	0.98	-0.79
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.29	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	0.44	+0.24

Correlation

The correlation between HSMV and SFLO is 0.71, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

HSMV vs. SFLO - Dividend Comparison

HSMV's dividend yield for the trailing twelve months is around 2.02%, more than SFLO's 0.95% yield.

	TTM	2025	2024	2023	2022	2021	2020
HSMV First Trust Horizon Managed Volatility Small/Mid ETF	2.02%	2.01%	1.43%	1.43%	1.26%	0.76%	0.80%
SFLO Victoryshares Small Cap Free Cash Flow ETF	0.95%	1.04%	1.28%	0.00%	0.00%	0.00%	0.00%

Drawdowns

HSMV vs. SFLO - Drawdown Comparison

The maximum HSMV drawdown since its inception was -19.16%, smaller than the maximum SFLO drawdown of -26.63%. Use the drawdown chart below to compare losses from any high point for HSMV and SFLO.

Drawdown Indicators

	HSMV	SFLO	Difference
Max Drawdown Largest peak-to-trough decline	-19.16%	-26.63%	+7.47%
Max Drawdown (1Y) Largest decline over 1 year	-10.57%	-16.83%	+6.26%
Max Drawdown (5Y) Largest decline over 5 years	-19.16%	—	—
Current Drawdown Current decline from peak	-5.13%	-1.50%	-3.63%
Average Drawdown Average peak-to-trough decline	-5.71%	-4.58%	-1.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.91%	3.90%	-0.99%

Volatility

HSMV vs. SFLO - Volatility Comparison

The current volatility for First Trust Horizon Managed Volatility Small/Mid ETF (HSMV) is 3.58%, while Victoryshares Small Cap Free Cash Flow ETF (SFLO) has a volatility of 4.75%. This indicates that HSMV experiences smaller price fluctuations and is considered to be less risky than SFLO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HSMV	SFLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.58%	4.75%	-1.17%
Volatility (6M) Calculated over the trailing 6-month period	7.14%	11.99%	-4.85%
Volatility (1Y) Calculated over the trailing 1-year period	13.62%	23.97%	-10.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.01%	20.79%	-5.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.18%	20.79%	-4.61%