RB vs. HSMV

Last updated Jun 27, 2026

RB (ProShares Russell 2000 Dynamic Daily Buffer ETF) and HSMV (First Trust Horizon Managed Volatility Small/Mid ETF) are both exchange-traded funds - RB is a Defined Outcome fund tracking the Russell 2000, while HSMV is a Small Cap Blend Equities fund actively managed by First Trust. RB is passively managed, while HSMV is actively managed. Over the past year, RB returned 19.41% vs 9.88% for HSMV. At a 0.43 correlation, their price movements are largely independent. RB charges 0.58%/yr vs 0.80%/yr for HSMV.

Performance

RB vs. HSMV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Russell 2000 Dynamic Daily Buffer ETF (RB) 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, RB achieves a 7.87% return, which is significantly lower than HSMV's 8.93% return.

RB

• 1D: -0.19%
• 1M: 0.80%
• YTD: 7.87%
• 6M: 7.69%
• 1Y: 19.41%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HSMV

• 1D: 1.08%
• 1M: 4.70%
• YTD: 8.93%
• 6M: 7.84%
• 1Y: 9.88%
• 3Y*: 10.04%
• 5Y*: 4.95%
• 10Y*: —

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

RB vs. HSMV - Yearly Performance Comparison

	2026 (YTD)	2025
RB ProShares Russell 2000 Dynamic Daily Buffer ETF	7.87%	10.85%
HSMV First Trust Horizon Managed Volatility Small/Mid ETF	8.93%	1.57%

Correlation

The correlation between RB and HSMV is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025	0.43

Return for Risk

RB vs. HSMV — Risk / Return Rank

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

RB

RB Risk / Return Rank: 96
RB Sharpe Ratio Rank: 94
RB Sortino Ratio Rank: 96
RB Omega Ratio Rank: 95
RB Calmar Ratio Rank: 97
RB Martin Ratio Rank: 96

HSMV

HSMV Risk / Return Rank: 27
HSMV Sharpe Ratio Rank: 27
HSMV Sortino Ratio Rank: 27
HSMV Omega Ratio Rank: 24
HSMV Calmar Ratio Rank: 27
HSMV Martin Ratio Rank: 28

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.

RB vs. HSMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Russell 2000 Dynamic Daily Buffer ETF (RB) 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.

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.

	RB	HSMV	Difference
Sharpe ratio: Return per unit of total volatility	2.97	0.92	+2.05
Sortino ratio: Return per unit of downside risk	5.08	1.43	+3.65
Omega ratio: Gain probability vs. loss probability	1.65	1.16	+0.49
Calmar ratio: Return relative to maximum drawdown	9.27	1.24	+8.03
Martin ratio: Return relative to average drawdown	30.83	3.68	+27.16

RB vs. HSMV - Sharpe Ratio Comparison

The current RB Sharpe Ratio is 2.97, which is higher than the HSMV Sharpe Ratio of 0.92. The chart below compares the historical Sharpe Ratios of RB 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.

Drawdowns

RB vs. HSMV - Drawdown Comparison

The maximum RB drawdown since its inception was -2.09%, smaller than the maximum HSMV drawdown of -19.16%. Use the drawdown chart below to compare losses from any high point for RB and HSMV.

Drawdown Indicators

	RB	HSMV	Difference
Max Drawdown Largest peak-to-trough decline	-2.09%	-19.16%	+17.07%
Max Drawdown (1Y) Largest decline over 1 year	-2.09%	-7.83%	+5.74%
Max Drawdown (3Y) Largest decline over 3 years	—	-15.45%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-19.16%	—
Current Drawdown Current decline from peak	-0.56%	0.00%	-0.56%
Average Drawdown Average peak-to-trough decline	-0.43%	-5.57%	+5.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.63%	2.63%	-2.00%

Volatility

RB vs. HSMV - Volatility Comparison

The current volatility for ProShares Russell 2000 Dynamic Daily Buffer ETF (RB) is 2.66%, while First Trust Horizon Managed Volatility Small/Mid ETF (HSMV) has a volatility of 3.76%. This indicates that RB experiences smaller price fluctuations and is considered to be less risky than HSMV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RB	HSMV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.66%	3.76%	-1.10%
Volatility (6M) Calculated over the trailing 6-month period	4.75%	7.74%	-2.99%
Volatility (1Y) Calculated over the trailing 1-year period	6.52%	10.55%	-4.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.52%	15.00%	-8.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.52%	16.02%	-9.50%

RB vs. HSMV - Expense Ratio Comparison

RB has a 0.58% expense ratio, which is lower than HSMV's 0.80% expense ratio.

Dividends

RB vs. HSMV - Dividend Comparison

RB's dividend yield for the trailing twelve months is around 2.27%, more than HSMV's 1.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
HSMV First Trust Horizon Managed Volatility Small/Mid ETF	1.89%	2.01%	1.43%	1.43%	1.26%	0.76%	0.80%
RB ProShares Russell 2000 Dynamic Daily Buffer ETF	2.27%	1.78%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both RB and HSMV in my portfolio?

RB and HSMV have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RB or HSMV?

HSMV has higher volatility (3.76%) compared to RB (2.66%). In terms of maximum drawdown, RB dropped -2.09% vs HSMV's -19.16%.

Which ETF is better, RB or HSMV?

On 1-year performance, RB leads with 19.41% vs 9.88% for HSMV. On fees, RB is cheaper at 0.58% per year. On volatility, RB has been the lower-risk option at 2.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RB or HSMV?

Over the 1-year period, RB has performed better with a 19.41% return vs 9.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RB or HSMV?

RB is cheaper with a 0.58% expense ratio, compared with 0.80% for HSMV.

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

RB has the higher dividend yield at 2.27%, compared with 1.89% for HSMV.

What is the main difference between RB and HSMV?

RB is categorized as Defined Outcome, while HSMV is Small Cap Blend Equities. They also come from different issuers: ProShares and First Trust. Their fees differ too: 0.58% for RB and 0.80% for HSMV.

Which has better risk-adjusted returns?

RB currently has the higher Sharpe Ratio (2.97 vs 0.92), 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.