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HSMV vs. SMMV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HSMV vs. SMMV

Last updated Aug 2, 2026
Documentation

HSMV (First Trust Horizon Managed Volatility Small/Mid ETF) and SMMV (iShares MSCI USA Small-Cap Min Vol Factor ETF) are both Small Cap Blend Equities funds. HSMV is actively managed, while SMMV is passively managed. Over the past 5 years, HSMV returned 4.96%/yr vs 6.29%/yr for SMMV. Their correlation of 0.93 means they have usually moved in the same direction. HSMV charges 0.80%/yr vs 0.20%/yr for SMMV.

Performance

HSMV vs. SMMV - 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 iShares MSCI USA Small-Cap Min Vol Factor ETF (SMMV). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, HSMV achieves a 10.55% return, which is significantly higher than SMMV's 9.33% 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%

SMMV

1D
-0.06%
1M
0.56%
6M
7.36%
YTD
9.33%
1Y
16.10%
3Y*
12.24%
5Y*
6.29%
10Y*
—
ALL TIME*
8.71%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

HSMV

First Trust Horizon Managed Volatility Small/Mid ETF
$628.29K$333.01K$191.20K

SMMV

iShares MSCI USA Small-Cap Min Vol Factor ETF
$337.38K$347.17K$431.55K

HSMV vs. SMMV - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
HSMV
First Trust Horizon Managed Volatility Small/Mid ETF		10.55%1.57%13.17%5.01%-9.44%23.72%34.70%
SMMV
iShares MSCI USA Small-Cap Min Vol Factor ETF		9.33%6.42%18.29%5.63%-10.00%16.64%34.07%

Correlation

The correlation between HSMV and SMMV is 0.88, meaning they have usually moved in the same direction, including during past declines.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.88

Correlation (3Y)
Balances recent behavior with more history.

0.93

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.94

Correlation (All Time)
Calculated using the full available price history since Apr 7, 2020

0.93

The correlation between HSMV and SMMV has been stable across timeframes, ranging from 0.88 to 0.94 - a consistent structural relationship.

HSMV vs. SMMV - Sectors Allocation Comparison

Sectors
HSMV
SMMV

Real Estate

23.7%
12.5%

Financial Services

17.5%
9.2%

Industrials

14.9%
13.6%

Utilities

11.5%
7.5%

Consumer Cyclical

8.3%
5.3%

Consumer Defensive

6.7%
7.6%

Basic Materials

5.8%
1.6%

Healthcare

4.7%
18.7%

Energy

2.8%
5.2%

Communication Services

2.2%
5.1%

Technology

1.9%
13.7%

Real Estate

HSMV
23.7%
SMMV
12.5%

Financial Services

HSMV
17.5%
SMMV
9.2%

Industrials

HSMV
14.9%
SMMV
13.6%

Utilities

HSMV
11.5%
SMMV
7.5%

Consumer Cyclical

HSMV
8.3%
SMMV
5.3%

Consumer Defensive

HSMV
6.7%
SMMV
7.6%

Basic Materials

HSMV
5.8%
SMMV
1.6%

Healthcare

HSMV
4.7%
SMMV
18.7%

Energy

HSMV
2.8%
SMMV
5.2%

Communication Services

HSMV
2.2%
SMMV
5.1%

Technology

HSMV
1.9%
SMMV
13.7%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

First Trust Horizon Managed Volatility Small/Mid ETF

iShares MSCI USA Small-Cap Min Vol Factor ETF

Often compared with HSMV:
HSMV vs. VOOHSMV vs. SPYHSMV vs. SELVHSMV vs. BBSCHSMV vs. VIOOHSMV vs. SFLOHSMV vs. VTWO
Often compared with SMMV:
SMMV vs. SMLFSMMV vs. SMLVSMMV vs. USMVSMMV vs. XMU.TOSMMV vs. VBSMMV vs. IWMSMMV vs. IVV

Return for Risk

HSMV vs. SMMV — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
HSMV
HSMV Risk / Return Rank: 4848
Overall Rank
HSMV Sharpe Ratio Rank: 4949
Sharpe Ratio Rank
HSMV Sortino Ratio Rank: 5555
Sortino Ratio Rank
HSMV Omega Ratio Rank: 4545
Omega Ratio Rank
HSMV Calmar Ratio Rank: 4646
Calmar Ratio Rank
HSMV Martin Ratio Rank: 4444
Martin Ratio Rank
SMMV
SMMV Risk / Return Rank: 6666
Overall Rank
SMMV Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
SMMV Sortino Ratio Rank: 7575
Sortino Ratio Rank
SMMV Omega Ratio Rank: 6868
Omega Ratio Rank
SMMV Calmar Ratio Rank: 6363
Calmar Ratio Rank
SMMV Martin Ratio Rank: 5656
Martin Ratio Rank
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. SMMV - 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 iShares MSCI USA Small-Cap Min Vol Factor ETF (SMMV). 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.

HSMVSMMVDifference
Sharpe ratioReturn per unit of total volatility
1.21
1.58

-0.37

Sortino ratioReturn per unit of downside risk
1.91
2.42

-0.51

Omega ratioGain probability vs. loss probability

1.21

1.28

-0.07

Calmar ratioReturn relative to maximum drawdown

1.66

2.19

-0.53

Martin ratioReturn relative to average drawdown

5.02

6.75

-1.73

HSMV vs. SMMV - Sharpe Ratio Comparison

The current HSMV Sharpe Ratio is 1.21, which is comparable to the SMMV Sharpe Ratio of 1.58. The chart below compares the historical Sharpe Ratios of HSMV and SMMV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

HSMV vs. SMMV - Drawdown Comparison

The maximum HSMV drawdown since its inception was -19.16%, smaller than the maximum SMMV drawdown of -38.77%. Use the drawdown chart below to compare losses from any high point for HSMV and SMMV.

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Drawdown Indicators

HSMVSMMVDifference

Max Drawdown

Largest peak-to-trough decline

-19.16%

-38.77%

+19.61%

Max Drawdown (1Y)

Largest decline over 1 year

-7.83%

-7.02%

-0.81%

Max Drawdown (3Y)

Largest decline over 3 years

-15.45%

-13.68%

-1.77%

Max Drawdown (5Y)

Largest decline over 5 years

-19.16%

-18.00%

-1.16%

Current Drawdown

Current decline from peak

-1.74%

-1.07%

-0.67%

Average Drawdown

Average peak-to-trough decline

-5.50%

-5.04%

-0.46%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.59%

2.28%

+0.31%

Volatility

HSMV vs. SMMV - Volatility Comparison

First Trust Horizon Managed Volatility Small/Mid ETF (HSMV) has a higher volatility of 3.77% compared to iShares MSCI USA Small-Cap Min Vol Factor ETF (SMMV) at 2.85%. This indicates that HSMV's price experiences larger fluctuations and is considered to be riskier than SMMV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HSMVSMMVDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.77%

2.85%

+0.92%

Volatility (6M)

Calculated over the trailing 6-month period

8.07%

6.98%

+1.09%

Volatility (1Y)

Calculated over the trailing 1-year period

10.73%

9.75%

+0.98%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.97%

13.44%

+1.53%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.97%

15.62%

+0.35%

HSMV vs. SMMV - Expense Ratio Comparison

HSMV has a 0.80% expense ratio, which is higher than SMMV's 0.20% expense ratio.

Dividends

HSMV vs. SMMV - Dividend Comparison

HSMV's dividend yield for the trailing twelve months is around 1.86%, more than SMMV's 1.66% yield.

PositionTTM2025202420232022202120202019201820172016
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%
SMMV
iShares MSCI USA Small-Cap Min Vol Factor ETF		1.66%1.77%1.76%2.30%1.67%1.08%1.39%1.64%1.72%1.63%0.79%

Frequently Asked Questions

HSMV and SMMV have a correlation of 0.88, 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 SMMV (2.85%). In terms of maximum drawdown, HSMV dropped -19.16% vs SMMV's -38.77%.

On 5-year performance, SMMV leads with 6.29% vs 4.96% for HSMV. On fees, SMMV is cheaper at 0.20% per year. On volatility, SMMV has been the lower-risk option at 2.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, SMMV has performed better with a 6.29% return vs 4.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SMMV is cheaper with a 0.20% expense ratio, compared with 0.80% for HSMV.

HSMV has the higher dividend yield at 1.86%, compared with 1.66% for SMMV.

They also come from different issuers: First Trust and iShares. Their fees differ too: 0.80% for HSMV and 0.20% for SMMV.

SMMV currently has the higher Sharpe Ratio (1.58 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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