MMSC vs. FTXL

Last updated Aug 2, 2026

MMSC (First Trust Multi-Manager Small Cap Opportunities ETF) and FTXL (First Trust Nasdaq Semiconductor ETF) are both exchange-traded funds - MMSC is a Small Cap Growth Equities fund actively managed by First Trust, while FTXL is a Semiconductors fund tracking the Nasdaq U.S. Smart Semiconductor Index. MMSC is actively managed, while FTXL is passively managed. Over the past 3 years, MMSC returned 18.15%/yr vs 42.82%/yr for FTXL. Their 0.76 correlation means they have sometimes moved together and sometimes differently. MMSC charges 0.95%/yr vs 0.60%/yr for FTXL.

Performance

MMSC vs. FTXL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Multi-Manager Small Cap Opportunities ETF (MMSC) and First Trust Nasdaq Semiconductor ETF (FTXL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MMSC achieves a 13.92% return, which is significantly lower than FTXL's 67.20% return.

MMSC

• 1D: -0.15%
• 1M: -4.59%
• 6M: 8.24%
• YTD: 13.92%
• 1Y: 31.80%
• 3Y*: 18.15%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.19%

FTXL

• 1D: -0.59%
• 1M: -13.49%
• 6M: 42.44%
• YTD: 67.20%
• 1Y: 127.03%
• 3Y*: 42.82%
• 5Y*: 26.87%
• 10Y*: —
• ALL TIME*: 27.99%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FTXL First Trust Nasdaq Semiconductor ETF	$143.42M	$100.61M	$86.48M
MMSC First Trust Multi-Manager Small Cap Opportunities ETF	$114.94K	$131.01K	$135.54K

MMSC vs. FTXL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
MMSC First Trust Multi-Manager Small Cap Opportunities ETF	13.92%	15.45%	22.19%	18.76%	-30.98%	1.25%
FTXL First Trust Nasdaq Semiconductor ETF	67.20%	48.94%	7.59%	54.41%	-33.88%	25.34%

Correlation

The correlation between MMSC and FTXL is 0.76, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.76
Correlation (3Y) Balances recent behavior with more history.	0.72
Correlation (All Time) Calculated using the full available price history since Oct 14, 2021	0.76

The correlation between MMSC and FTXL has been stable across timeframes, ranging from 0.72 to 0.76 - a consistent structural relationship.

MMSC vs. FTXL - Sectors Allocation Comparison

Sectors	MMSC	FTXL
Industrials	24.2%	0.4%
Technology	22.2%	99.6%
Healthcare	20.8%	-
Consumer Cyclical	10.6%	-
Financial Services	8.2%	-
Energy	6.3%	-
Basic Materials	3.4%	-
Consumer Defensive	1.9%	-
Communication Services	1.0%	-
Real Estate	0.5%	-
Utilities	0.5%	-

Return for Risk

MMSC vs. FTXL — Risk / Return Rank

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

MMSC

MMSC Risk / Return Rank: 53
MMSC Sharpe Ratio Rank: 50
MMSC Sortino Ratio Rank: 49
MMSC Omega Ratio Rank: 46
MMSC Calmar Ratio Rank: 60
MMSC Martin Ratio Rank: 61

FTXL

FTXL Risk / Return Rank: 91
FTXL Sharpe Ratio Rank: 95
FTXL Sortino Ratio Rank: 87
FTXL Omega Ratio Rank: 87
FTXL Calmar Ratio Rank: 90
FTXL Martin Ratio Rank: 93

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.

MMSC vs. FTXL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Multi-Manager Small Cap Opportunities ETF (MMSC) and First Trust Nasdaq Semiconductor ETF (FTXL). 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.

	MMSC	FTXL	Difference
Sharpe ratio: Return per unit of total volatility	1.24	2.71	-1.47
Sortino ratio: Return per unit of downside risk	1.78	2.95	-1.18
Omega ratio: Gain probability vs. loss probability	1.21	1.39	-0.18
Calmar ratio: Return relative to maximum drawdown	2.11	3.83	-1.72
Martin ratio: Return relative to average drawdown	7.33	16.62	-9.28

MMSC vs. FTXL - Sharpe Ratio Comparison

The current MMSC Sharpe Ratio is 1.24, which is lower than the FTXL Sharpe Ratio of 2.71. The chart below compares the historical Sharpe Ratios of MMSC and FTXL, 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

MMSC vs. FTXL - Drawdown Comparison

The maximum MMSC drawdown since its inception was -40.82%, smaller than the maximum FTXL drawdown of -43.87%. Use the drawdown chart below to compare losses from any high point for MMSC and FTXL.

Drawdown Indicators

	MMSC	FTXL	Difference
Max Drawdown Largest peak-to-trough decline	-40.82%	-43.87%	+3.05%
Max Drawdown (1Y) Largest decline over 1 year	-14.10%	-32.64%	+18.54%
Max Drawdown (3Y) Largest decline over 3 years	-29.76%	-41.57%	+11.81%
Max Drawdown (5Y) Largest decline over 5 years	—	-43.87%	—
Current Drawdown Current decline from peak	-7.71%	-27.09%	+19.38%
Average Drawdown Average peak-to-trough decline	-18.26%	-10.61%	-7.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.06%	7.51%	-3.45%

Volatility

MMSC vs. FTXL - Volatility Comparison

The current volatility for First Trust Multi-Manager Small Cap Opportunities ETF (MMSC) is 6.38%, while First Trust Nasdaq Semiconductor ETF (FTXL) has a volatility of 18.94%. This indicates that MMSC experiences smaller price fluctuations and is considered to be less risky than FTXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MMSC	FTXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.38%	18.94%	-12.56%
Volatility (6M) Calculated over the trailing 6-month period	18.89%	39.98%	-21.09%
Volatility (1Y) Calculated over the trailing 1-year period	24.13%	46.28%	-22.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.52%	38.23%	-13.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.52%	35.28%	-10.76%

MMSC vs. FTXL - Expense Ratio Comparison

MMSC has a 0.95% expense ratio, which is higher than FTXL's 0.60% expense ratio.

Dividends

MMSC vs. FTXL - Dividend Comparison

MMSC has not paid dividends to shareholders, while FTXL's dividend yield for the trailing twelve months is around 0.11%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
FTXL First Trust Nasdaq Semiconductor ETF	0.11%	0.28%	0.54%	0.60%	0.89%	0.25%	0.48%	0.92%	0.71%	0.47%	0.12%
MMSC First Trust Multi-Manager Small Cap Opportunities ETF	0.00%	0.00%	0.41%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MMSC and FTXL in my portfolio?

MMSC and FTXL have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MMSC or FTXL?

FTXL has higher volatility (18.94%) compared to MMSC (6.38%). In terms of maximum drawdown, MMSC dropped -40.82% vs FTXL's -43.87%.

Which ETF is better, MMSC or FTXL?

On 3-year performance, FTXL leads with 42.82% vs 18.15% for MMSC. On fees, FTXL is cheaper at 0.60% per year. On volatility, MMSC has been the lower-risk option at 6.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MMSC or FTXL?

Over the 3-year period, FTXL has performed better with a 42.82% return vs 18.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MMSC or FTXL?

FTXL is cheaper with a 0.60% expense ratio, compared with 0.95% for MMSC.

Which ETF pays a higher dividend yield, MMSC or FTXL?

FTXL has the higher dividend yield at 0.11%, compared with 0.00% for MMSC.

What is the main difference between MMSC and FTXL?

MMSC is categorized as Small Cap Growth Equities, while FTXL is Semiconductors. Their fees differ too: 0.95% for MMSC and 0.60% for FTXL.

Which has better risk-adjusted returns?

FTXL currently has the higher Sharpe Ratio (2.71 vs 1.24), 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.