QQQS vs. HSMV

Last updated Jun 4, 2026

QQQS (Invesco NASDAQ Future Gen 200 ETF) and HSMV (First Trust Horizon Managed Volatility Small/Mid ETF) are both Small Cap Blend Equities funds. QQQS is passively managed, while HSMV is actively managed. Over the past 3 years, QQQS returned 15.89%/yr vs 8.36%/yr for HSMV. A 0.64 correlation means they provide meaningful diversification when combined. QQQS charges 0.20%/yr vs 0.80%/yr for HSMV.

Performance

QQQS vs. HSMV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco NASDAQ Future Gen 200 ETF (QQQS) and First Trust Horizon Managed Volatility Small/Mid ETF (HSMV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QQQS achieves a 27.27% return, which is significantly higher than HSMV's 3.11% return.

QQQS

• 1D: -1.70%
• 1M: 5.91%
• YTD: 27.27%
• 6M: 27.40%
• 1Y: 79.99%
• 3Y*: 15.89%
• 5Y*: —
• 10Y*: —

HSMV

• 1D: -0.50%
• 1M: -2.09%
• YTD: 3.11%
• 6M: 3.06%
• 1Y: 4.19%
• 3Y*: 8.36%
• 5Y*: 3.69%
• 10Y*: —

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

QQQS vs. HSMV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
QQQS Invesco NASDAQ Future Gen 200 ETF	27.27%	23.03%	10.20%	-1.94%	6.56%
HSMV First Trust Horizon Managed Volatility Small/Mid ETF	3.11%	1.57%	13.17%	5.01%	7.37%

Correlation

The correlation between QQQS and HSMV is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (All Time) Calculated using the full available price history since Oct 14, 2022	0.64

The correlation between QQQS and HSMV shifts across timeframes, from 0.45 (1 year) to 0.64 (all time), reflecting how their relationship changes across market environments.

QQQS vs. HSMV - Sectors Allocation Comparison

Sectors	QQQS	HSMV
Technology	42.1%	1.7%
Healthcare	41.0%	4.9%
Consumer Cyclical	5.2%	7.8%
Industrials	4.8%	15.0%
Communication Services	2.4%	2.3%
Energy	2.2%	2.8%
Consumer Defensive	1.4%	7.9%
Basic Materials	1.0%	5.4%
Financial Services	0.0%	16.6%
Real Estate	-	23.8%
Utilities	-	11.9%

Return for Risk

QQQS vs. HSMV — Risk / Return Rank

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

QQQS

QQQS Risk / Return Rank: 85
QQQS Sharpe Ratio Rank: 88
QQQS Sortino Ratio Rank: 83
QQQS Omega Ratio Rank: 73
QQQS Calmar Ratio Rank: 91
QQQS Martin Ratio Rank: 88

HSMV

HSMV Risk / Return Rank: 15
HSMV Sharpe Ratio Rank: 15
HSMV Sortino Ratio Rank: 15
HSMV Omega Ratio Rank: 14
HSMV Calmar Ratio Rank: 16
HSMV Martin Ratio Rank: 17

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.

QQQS vs. HSMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco NASDAQ Future Gen 200 ETF (QQQS) and First Trust Horizon Managed Volatility Small/Mid ETF (HSMV). 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.

	QQQS	HSMV	Difference
Sharpe ratio: Return per unit of total volatility	3.00	0.41	+2.60
Sortino ratio: Return per unit of downside risk	3.78	0.68	+3.11
Omega ratio: Gain probability vs. loss probability	1.44	1.07	+0.36
Calmar ratio: Return relative to maximum drawdown	5.90	0.54	+5.36
Martin ratio: Return relative to average drawdown	19.70	1.62	+18.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QQQS vs. HSMV - Sharpe Ratio Comparison

The current QQQS Sharpe Ratio is 3.00, which is higher than the HSMV Sharpe Ratio of 0.41. The chart below compares the historical Sharpe Ratios of QQQS and HSMV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	QQQS	HSMV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.00	0.41	+2.60
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.25	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	0.67	-0.05

Drawdowns

QQQS vs. HSMV - Drawdown Comparison

The maximum QQQS drawdown since its inception was -38.06%, which is greater than HSMV's maximum drawdown of -19.16%. Use the drawdown chart below to compare losses from any high point for QQQS and HSMV.

Drawdown Indicators

	QQQS	HSMV	Difference
Max Drawdown Largest peak-to-trough decline	-38.06%	-19.16%	-18.90%
Max Drawdown (1Y) Largest decline over 1 year	-13.63%	-7.83%	-5.80%
Max Drawdown (3Y) Largest decline over 3 years	-34.32%	-15.45%	-18.87%
Max Drawdown (5Y) Largest decline over 5 years	—	-19.16%	—
Current Drawdown Current decline from peak	-2.55%	-4.36%	+1.81%
Average Drawdown Average peak-to-trough decline	-13.26%	-5.62%	-7.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.07%	2.59%	+1.48%

Volatility

QQQS vs. HSMV - Volatility Comparison

Invesco NASDAQ Future Gen 200 ETF (QQQS) has a higher volatility of 7.39% compared to First Trust Horizon Managed Volatility Small/Mid ETF (HSMV) at 2.85%. This indicates that QQQS's price experiences larger fluctuations and is considered to be riskier than HSMV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QQQS	HSMV	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.39%	2.85%	+4.54%
Volatility (6M) Calculated over the trailing 6-month period	18.49%	7.28%	+11.21%
Volatility (1Y) Calculated over the trailing 1-year period	26.90%	10.37%	+16.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.34%	15.00%	+13.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.34%	16.06%	+12.28%

QQQS vs. HSMV - Expense Ratio Comparison

QQQS has a 0.20% expense ratio, which is lower than HSMV's 0.80% expense ratio.

Dividends

QQQS vs. HSMV - Dividend Comparison

QQQS's dividend yield for the trailing twelve months is around 2.73%, more than HSMV's 2.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
HSMV First Trust Horizon Managed Volatility Small/Mid ETF	2.00%	2.01%	1.43%	1.43%	1.26%	0.76%	0.80%
QQQS Invesco NASDAQ Future Gen 200 ETF	2.73%	3.48%	0.80%	0.68%	0.04%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QQQS and HSMV in my portfolio?

QQQS and HSMV have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QQQS or HSMV?

QQQS has higher volatility (7.39%) compared to HSMV (2.85%). In terms of maximum drawdown, QQQS dropped -38.06% vs HSMV's -19.16%.

Which ETF is better, QQQS or HSMV?

On 3-year performance, QQQS leads with 15.89% vs 8.36% for HSMV. On fees, QQQS is cheaper at 0.20% per year. On volatility, HSMV has been the lower-risk option at 2.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QQQS or HSMV?

Over the 3-year period, QQQS has performed better with a 15.89% return vs 8.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QQQS or HSMV?

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

Which ETF pays a higher dividend yield, QQQS or HSMV?

QQQS has the higher dividend yield at 2.73%, compared with 2.00% for HSMV.

What is the main difference between QQQS and HSMV?

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

Which has better risk-adjusted returns?

QQQS currently has the higher Sharpe Ratio (3.00 vs 0.41), 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.