RWK vs. HSMV

Last updated Jun 3, 2026

RWK (Invesco S&P MidCap 400 Revenue ETF) and HSMV (First Trust Horizon Managed Volatility Small/Mid ETF) are both Small Cap Blend Equities funds. RWK is passively managed, while HSMV is actively managed. Over the past 5 years, RWK returned 10.78%/yr vs 3.86%/yr for HSMV. Their correlation of 0.88 suggests significant overlap in exposure. RWK charges 0.39%/yr vs 0.80%/yr for HSMV.

Performance

RWK vs. HSMV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P MidCap 400 Revenue ETF (RWK) 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, RWK achieves a 13.73% return, which is significantly higher than HSMV's 3.62% return.

RWK

• 1D: 1.10%
• 1M: 3.22%
• YTD: 13.73%
• 6M: 14.17%
• 1Y: 30.18%
• 3Y*: 18.14%
• 5Y*: 10.78%
• 10Y*: 12.83%

HSMV

• 1D: 0.68%
• 1M: -2.40%
• YTD: 3.62%
• 6M: 3.66%
• 1Y: 5.31%
• 3Y*: 8.54%
• 5Y*: 3.86%
• 10Y*: —

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

RWK vs. HSMV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
RWK Invesco S&P MidCap 400 Revenue ETF	13.73%	10.27%	11.94%	23.76%	-8.19%	34.31%	70.82%
HSMV First Trust Horizon Managed Volatility Small/Mid ETF	3.62%	1.57%	13.17%	5.01%	-9.44%	23.72%	34.70%

Correlation

The correlation between RWK and HSMV is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (All Time) Calculated using the full available price history since Apr 8, 2020	0.88

The correlation between RWK and HSMV shifts across timeframes, from 0.72 (1 year) to 0.88 (all time), reflecting how their relationship changes across market environments.

RWK vs. HSMV - Sectors Allocation Comparison

Sectors	RWK	HSMV
Industrials	21.8%	15.0%
Consumer Cyclical	20.7%	7.8%
Technology	14.0%	1.7%
Financial Services	13.1%	16.6%
Consumer Defensive	11.3%	7.9%
Energy	5.3%	2.8%
Basic Materials	4.7%	5.4%
Healthcare	4.0%	4.9%
Real Estate	2.8%	23.8%
Utilities	1.6%	11.9%
Communication Services	0.7%	2.3%

Return for Risk

RWK vs. HSMV — Risk / Return Rank

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

RWK

RWK Risk / Return Rank: 52
RWK Sharpe Ratio Rank: 52
RWK Sortino Ratio Rank: 56
RWK Omega Ratio Rank: 50
RWK Calmar Ratio Rank: 52
RWK Martin Ratio Rank: 49

HSMV

HSMV Risk / Return Rank: 17
HSMV Sharpe Ratio Rank: 17
HSMV Sortino Ratio Rank: 17
HSMV Omega Ratio Rank: 16
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.

RWK vs. HSMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P MidCap 400 Revenue ETF (RWK) 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.

	RWK	HSMV	Difference
Sharpe ratio Return per unit of total volatility	1.82	0.51	+1.30
Sortino ratio Return per unit of downside risk	2.70	0.83	+1.87
Omega ratio Gain probability vs. loss probability	1.31	1.09	+0.22
Calmar ratio Return relative to maximum drawdown	2.62	0.60	+2.02
Martin ratio Return relative to average drawdown	8.44	1.84	+6.60
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RWK vs. HSMV - Sharpe Ratio Comparison

The current RWK Sharpe Ratio is 1.82, which is higher than the HSMV Sharpe Ratio of 0.51. The chart below compares the historical Sharpe Ratios of RWK 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

	RWK	HSMV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.82	0.51	+1.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.51	0.26	+0.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.68	-0.20

Drawdowns

RWK vs. HSMV - Drawdown Comparison

The maximum RWK drawdown since its inception was -56.49%, which is greater than HSMV's maximum drawdown of -19.16%. Use the drawdown chart below to compare losses from any high point for RWK and HSMV.

Drawdown Indicators

	RWK	HSMV	Difference
Max Drawdown Largest peak-to-trough decline	-56.49%	-19.16%	-37.33%
Max Drawdown (1Y) Largest decline over 1 year	-11.14%	-7.83%	-3.31%
Max Drawdown (3Y) Largest decline over 3 years	-24.58%	-15.45%	-9.13%
Max Drawdown (5Y) Largest decline over 5 years	-24.58%	-19.16%	-5.42%
Max Drawdown (10Y) Largest decline over 10 years	-46.20%	—	—
Current Drawdown Current decline from peak	0.00%	-3.89%	+3.89%
Average Drawdown Average peak-to-trough decline	-7.56%	-5.62%	-1.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.46%	2.57%	+0.89%

Volatility

RWK vs. HSMV - Volatility Comparison

Invesco S&P MidCap 400 Revenue ETF (RWK) has a higher volatility of 4.93% compared to First Trust Horizon Managed Volatility Small/Mid ETF (HSMV) at 2.91%. This indicates that RWK'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

	RWK	HSMV	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.93%	2.91%	+2.02%
Volatility (6M) Calculated over the trailing 6-month period	11.87%	7.28%	+4.59%
Volatility (1Y) Calculated over the trailing 1-year period	16.72%	10.37%	+6.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.13%	15.00%	+6.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.96%	16.06%	+6.90%

RWK vs. HSMV - Expense Ratio Comparison

RWK has a 0.39% expense ratio, which is lower than HSMV's 0.80% expense ratio.

Dividends

RWK vs. HSMV - Dividend Comparison

RWK's dividend yield for the trailing twelve months is around 1.12%, less than HSMV's 1.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HSMV First Trust Horizon Managed Volatility Small/Mid ETF	1.99%	2.01%	1.43%	1.43%	1.26%	0.76%	0.80%	0.00%	0.00%	0.00%	0.00%	0.00%
RWK Invesco S&P MidCap 400 Revenue ETF	1.12%	1.25%	1.11%	1.05%	1.18%	0.85%	0.96%	1.09%	1.22%	0.99%	1.30%	0.92%

Frequently Asked Questions

Can I hold both RWK and HSMV in my portfolio?

RWK and HSMV have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RWK or HSMV?

RWK has higher volatility (4.93%) compared to HSMV (2.91%). In terms of maximum drawdown, RWK dropped -56.49% vs HSMV's -19.16%.

Which ETF is better, RWK or HSMV?

On 5-year performance, RWK leads with 10.78% vs 3.86% for HSMV. On fees, RWK is cheaper at 0.39% per year. On volatility, HSMV has been the lower-risk option at 2.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RWK or HSMV?

Over the 5-year period, RWK has performed better with a 10.78% return vs 3.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RWK or HSMV?

RWK is cheaper with a 0.39% expense ratio, compared with 0.80% for HSMV.

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

HSMV has the higher dividend yield at 1.99%, compared with 1.12% for RWK.

What is the main difference between RWK and HSMV?

They also come from different issuers: Invesco and First Trust. Their fees differ too: 0.39% for RWK and 0.80% for HSMV.

Which has better risk-adjusted returns?

RWK currently has the higher Sharpe Ratio (1.82 vs 0.51), 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.