MMSC vs. VOO

Last updated Jun 24, 2026

MMSC (First Trust Multi-Manager Small Cap Opportunities ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - MMSC is a Small Cap Growth Equities fund actively managed by First Trust, while VOO is a S&P 500 fund tracking the S&P 500 Index. MMSC is actively managed, while VOO is passively managed. Over the past 3 years, MMSC returned 22.45%/yr vs 20.78%/yr for VOO. Their correlation of 0.84 suggests significant overlap in exposure. MMSC charges 0.95%/yr vs 0.03%/yr for VOO.

Performance

MMSC vs. VOO - 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 Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MMSC achieves a 18.96% return, which is significantly higher than VOO's 8.19% return.

MMSC

• 1D: -2.02%
• 1M: 2.63%
• YTD: 18.96%
• 6M: 15.83%
• 1Y: 42.61%
• 3Y*: 22.45%
• 5Y*: —
• 10Y*: —

VOO

• 1D: -1.42%
• 1M: -1.34%
• YTD: 8.19%
• 6M: 7.24%
• 1Y: 23.69%
• 3Y*: 20.78%
• 5Y*: 13.13%
• 10Y*: 15.61%

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

MMSC vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
MMSC First Trust Multi-Manager Small Cap Opportunities ETF	18.96%	15.45%	22.19%	18.76%	-30.98%	1.25%
VOO Vanguard S&P 500 ETF	8.19%	17.82%	24.98%	26.32%	-18.17%	9.53%

Correlation

The correlation between MMSC and VOO is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (All Time) Calculated using the full available price history since Oct 14, 2021	0.84

The correlation between MMSC and VOO has been stable across timeframes, ranging from 0.80 to 0.84 - a consistent structural relationship.

MMSC vs. VOO - Sectors Allocation Comparison

Sectors	MMSC	VOO
Industrials	27.2%	7.6%
Technology	26.5%	39.1%
Healthcare	21.3%	8.3%
Financial Services	7.7%	10.9%
Energy	6.3%	3.2%
Consumer Cyclical	5.8%	9.8%
Basic Materials	2.4%	1.7%
Consumer Defensive	1.5%	4.5%
Communication Services	0.7%	10.5%
Utilities	0.6%	2.5%
Real Estate	0.2%	1.8%

Return for Risk

MMSC vs. VOO — Risk / Return Rank

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

MMSC

MMSC Risk / Return Rank: 60
MMSC Sharpe Ratio Rank: 59
MMSC Sortino Ratio Rank: 55
MMSC Omega Ratio Rank: 53
MMSC Calmar Ratio Rank: 66
MMSC Martin Ratio Rank: 68

VOO

VOO Risk / Return Rank: 59
VOO Sharpe Ratio Rank: 59
VOO Sortino Ratio Rank: 56
VOO Omega Ratio Rank: 58
VOO Calmar Ratio Rank: 56
VOO Martin Ratio Rank: 67

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.

MMSC vs. VOO - 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 Vanguard S&P 500 ETF (VOO). 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	VOO	Difference
Sharpe ratio: Return per unit of total volatility	1.82	1.91	-0.09
Sortino ratio: Return per unit of downside risk	2.44	2.60	-0.16
Omega ratio: Gain probability vs. loss probability	1.31	1.35	-0.04
Calmar ratio: Return relative to maximum drawdown	3.04	2.67	+0.36
Martin ratio: Return relative to average drawdown	11.43	11.96	-0.53

MMSC vs. VOO - Sharpe Ratio Comparison

The current MMSC Sharpe Ratio is 1.82, which is comparable to the VOO Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of MMSC and VOO, 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. VOO - Drawdown Comparison

The maximum MMSC drawdown since its inception was -40.82%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for MMSC and VOO.

Drawdown Indicators

	MMSC	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-40.82%	-33.99%	-6.83%
Max Drawdown (1Y) Largest decline over 1 year	-14.10%	-8.90%	-5.20%
Max Drawdown (3Y) Largest decline over 3 years	-29.76%	-18.69%	-11.07%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.52%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.99%	—
Current Drawdown Current decline from peak	-2.02%	-3.14%	+1.12%
Average Drawdown Average peak-to-trough decline	-18.58%	-3.68%	-14.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.74%	1.99%	+1.75%

Volatility

MMSC vs. VOO - Volatility Comparison

First Trust Multi-Manager Small Cap Opportunities ETF (MMSC) has a higher volatility of 8.68% compared to Vanguard S&P 500 ETF (VOO) at 4.83%. This indicates that MMSC's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MMSC	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.68%	4.83%	+3.85%
Volatility (6M) Calculated over the trailing 6-month period	18.32%	9.82%	+8.50%
Volatility (1Y) Calculated over the trailing 1-year period	23.54%	12.46%	+11.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.59%	16.91%	+7.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.59%	18.02%	+6.57%

MMSC vs. VOO - Expense Ratio Comparison

MMSC has a 0.95% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

MMSC vs. VOO - Dividend Comparison

MMSC has not paid dividends to shareholders, while VOO's dividend yield for the trailing twelve months is around 1.05%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%
VOO Vanguard S&P 500 ETF	1.05%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both MMSC and VOO in my portfolio?

MMSC and VOO have a correlation of 0.80, 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 VOO?

MMSC has higher volatility (8.68%) compared to VOO (4.83%). In terms of maximum drawdown, MMSC dropped -40.82% vs VOO's -33.99%.

Which ETF is better, MMSC or VOO?

On 3-year performance, MMSC leads with 22.45% vs 20.78% for VOO. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 4.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MMSC or VOO?

Over the 3-year period, MMSC has performed better with a 22.45% return vs 20.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MMSC or VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 0.95% for MMSC.

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

VOO has the higher dividend yield at 1.05%, compared with 0.00% for MMSC.

What is the main difference between MMSC and VOO?

MMSC is categorized as Small Cap Growth Equities, while VOO is S&P 500. They also come from different issuers: First Trust and Vanguard. Their fees differ too: 0.95% for MMSC and 0.03% for VOO.

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (1.91 vs 1.82), 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.