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ISZE vs. HDMV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ISZE vs. HDMV

Last updated Aug 2, 2026
Documentation

ISZE (iShares Edge MSCI Intl Size Factor ETF) and HDMV (First Trust Horizon Managed Volatility Developed Intl ETF) are both Foreign Large Cap Equities funds. ISZE is passively managed, while HDMV is actively managed. Their 0.65 correlation means they have sometimes moved together and sometimes differently. ISZE charges 0.30%/yr vs 0.80%/yr for HDMV.

Performance

ISZE vs. HDMV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Edge MSCI Intl Size Factor ETF (ISZE) and First Trust Horizon Managed Volatility Developed Intl ETF (HDMV). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

ISZE

1D
—
1M
—
6M
—
YTD
—
1Y
—
3Y*
—
5Y*
—
10Y*
—
ALL TIME*
—

HDMV

1D
-0.84%
1M
4.22%
6M
7.64%
YTD
12.25%
1Y
17.95%
3Y*
15.03%
5Y*
7.68%
10Y*
—
ALL TIME*
6.03%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

HDMV

First Trust Horizon Managed Volatility Developed Intl ETF
$25.47K$20.31K$24.94K

ISZE vs. HDMV - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ISZE
iShares Edge MSCI Intl Size Factor ETF		0.00%0.00%-0.11%15.54%-15.70%8.17%6.07%21.17%-13.91%25.13%
HDMV
First Trust Horizon Managed Volatility Developed Intl ETF		12.25%29.31%2.99%9.62%-11.47%7.39%-9.42%15.00%-7.60%27.49%

Correlation

The correlation between ISZE and HDMV is 0.65, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

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

0.46

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

0.68

Correlation (All Time)
Calculated using the full available price history since Aug 26, 2016

0.65

The correlation between ISZE and HDMV shifts across timeframes, from 0.46 (3 years) to 0.68 (5 years), reflecting how their relationship changes across market environments.

ISZE vs. HDMV - Sectors Allocation Comparison

Sectors
ISZE
HDMV

Industrials

20.0%
15.6%

Financial Services

17.3%
25.1%

Consumer Cyclical

10.7%
2.8%

Basic Materials

8.2%
1.1%

Technology

8.1%
0.9%

Consumer Defensive

7.9%
13.6%

Healthcare

7.8%
3.2%

Real Estate

6.0%
13.5%

Communication Services

5.6%
8.7%

Utilities

4.8%
14.1%

Energy

3.8%
1.6%

Industrials

ISZE
20.0%
HDMV
15.6%

Financial Services

ISZE
17.3%
HDMV
25.1%

Consumer Cyclical

ISZE
10.7%
HDMV
2.8%

Basic Materials

ISZE
8.2%
HDMV
1.1%

Technology

ISZE
8.1%
HDMV
0.9%

Consumer Defensive

ISZE
7.9%
HDMV
13.6%

Healthcare

ISZE
7.8%
HDMV
3.2%

Real Estate

ISZE
6.0%
HDMV
13.5%

Communication Services

ISZE
5.6%
HDMV
8.7%

Utilities

ISZE
4.8%
HDMV
14.1%

Energy

ISZE
3.8%
HDMV
1.6%

Compare stocks, funds, or ETFs

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

iShares Edge MSCI Intl Size Factor ETF

First Trust Horizon Managed Volatility Developed Intl ETF

Often compared with ISZE:
ISZE vs. ICOWISZE vs. SPHDISZE vs. ACWIISZE vs. EISISZE vs. FIDISZE vs. DWMFISZE vs. SLV
Often compared with HDMV:
HDMV vs. BKGIHDMV vs. FSKLXHDMV vs. FOCTHDMV vs. IYZHDMV vs. EFAVHDMV vs. SCHYHDMV vs. DYNF

Return for Risk

ISZE vs. HDMV — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
ISZE

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

HDMV
HDMV Risk / Return Rank: 6565
Overall Rank
HDMV Sharpe Ratio Rank: 7272
Sharpe Ratio Rank
HDMV Sortino Ratio Rank: 6969
Sortino Ratio Rank
HDMV Omega Ratio Rank: 7171
Omega Ratio Rank
HDMV Calmar Ratio Rank: 6161
Calmar Ratio Rank
HDMV Martin Ratio Rank: 5353
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.

ISZE vs. HDMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Edge MSCI Intl Size Factor ETF (ISZE) and First Trust Horizon Managed Volatility Developed Intl ETF (HDMV). 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.

ISZEHDMVDifference
Sharpe ratioReturn per unit of total volatility

—

1.64

—

Sortino ratioReturn per unit of downside risk

—

2.26

—

Omega ratioGain probability vs. loss probability

—

1.30

—

Calmar ratioReturn relative to maximum drawdown

—

2.16

—

Martin ratioReturn relative to average drawdown

—

6.07

—

ISZE vs. HDMV - Sharpe Ratio Comparison

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Drawdowns

ISZE vs. HDMV - Drawdown Comparison

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Drawdown Indicators

ISZEHDMVDifference

Max Drawdown

Largest peak-to-trough decline

—

-32.01%

—

Max Drawdown (1Y)

Largest decline over 1 year

—

-8.73%

—

Max Drawdown (3Y)

Largest decline over 3 years

—

-10.33%

—

Max Drawdown (5Y)

Largest decline over 5 years

—

-24.11%

—

Current Drawdown

Current decline from peak

—

-0.84%

—

Average Drawdown

Average peak-to-trough decline

—

-6.71%

—

Ulcer Index

Depth and duration of drawdowns from previous peaks

—

3.10%

—

Volatility

ISZE vs. HDMV - Volatility Comparison

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Volatility by Period

ISZEHDMVDifference

Volatility (1M)

Calculated over the trailing 1-month period

—

3.09%

—

Volatility (6M)

Calculated over the trailing 6-month period

—

9.95%

—

Volatility (1Y)

Calculated over the trailing 1-year period

—

11.56%

—

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

—

12.10%

—

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

—

13.21%

—

ISZE vs. HDMV - Expense Ratio Comparison

ISZE has a 0.30% expense ratio, which is lower than HDMV's 0.80% expense ratio.

Dividends

ISZE vs. HDMV - Dividend Comparison

ISZE has not paid dividends to shareholders, while HDMV's dividend yield for the trailing twelve months is around 3.97%.

PositionTTM20252024202320222021202020192018201720162015
HDMV
First Trust Horizon Managed Volatility Developed Intl ETF		3.97%5.09%3.24%3.14%3.53%3.11%1.45%3.63%2.88%3.23%0.18%0.00%
ISZE
iShares Edge MSCI Intl Size Factor ETF		0.00%0.00%1.89%6.63%2.72%8.47%1.39%2.24%3.04%3.33%3.18%1.09%

Frequently Asked Questions

ISZE and HDMV have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ISZE is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ISZE is cheaper with a 0.30% expense ratio, compared with 0.80% for HDMV.

HDMV has the higher dividend yield at 3.97%, compared with 0.00% for ISZE.

They also come from different issuers: iShares and First Trust. Their fees differ too: 0.30% for ISZE and 0.80% for HDMV.

Portfolio Optimizer

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