SFLO vs. HSMV

Last updated Jun 24, 2026

SFLO (Victoryshares Small Cap Free Cash Flow ETF) and HSMV (First Trust Horizon Managed Volatility Small/Mid ETF) are both Small Cap Blend Equities funds. SFLO is passively managed, while HSMV is actively managed. Over the past year, SFLO returned 28.87% vs 6.78% for HSMV. A 0.66 correlation means they provide meaningful diversification when combined. SFLO charges 0.49%/yr vs 0.80%/yr for HSMV.

Performance

SFLO vs. HSMV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Victoryshares Small Cap Free Cash Flow ETF (SFLO) 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, SFLO achieves a 12.77% return, which is significantly higher than HSMV's 6.36% return.

SFLO

• 1D: 0.86%
• 1M: 0.50%
• YTD: 12.77%
• 6M: 11.84%
• 1Y: 28.87%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HSMV

• 1D: 0.95%
• 1M: 1.13%
• YTD: 6.36%
• 6M: 5.52%
• 1Y: 6.78%
• 3Y*: 9.91%
• 5Y*: 4.65%
• 10Y*: —

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

SFLO vs. HSMV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SFLO Victoryshares Small Cap Free Cash Flow ETF	12.77%	11.88%	6.54%	0.27%
HSMV First Trust Horizon Managed Volatility Small/Mid ETF	6.36%	1.57%	13.17%	1.27%

Correlation

The correlation between SFLO and HSMV is 0.52, 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	0.52
Correlation (All Time) Calculated using the full available price history since Dec 21, 2023	0.66

The correlation between SFLO and HSMV shifts across timeframes, from 0.52 (1 year) to 0.66 (all time), reflecting how their relationship changes across market environments.

SFLO vs. HSMV - Sectors Allocation Comparison

Sectors	SFLO	HSMV
Technology	28.1%	1.9%
Healthcare	18.9%	4.7%
Consumer Cyclical	17.2%	7.9%
Energy	13.4%	2.8%
Industrials	9.1%	14.6%
Communication Services	7.0%	2.4%
Consumer Defensive	4.4%	7.2%
Basic Materials	1.7%	5.8%
Financial Services	0.2%	16.7%
Utilities	0.1%	11.7%
Real Estate	0.1%	24.3%

Return for Risk

SFLO vs. HSMV — Risk / Return Rank

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

SFLO

SFLO Risk / Return Rank: 60
SFLO Sharpe Ratio Rank: 52
SFLO Sortino Ratio Rank: 54
SFLO Omega Ratio Rank: 48
SFLO Calmar Ratio Rank: 77
SFLO Martin Ratio Rank: 69

HSMV

HSMV Risk / Return Rank: 20
HSMV Sharpe Ratio Rank: 20
HSMV Sortino Ratio Rank: 19
HSMV Omega Ratio Rank: 18
HSMV Calmar Ratio Rank: 20
HSMV Martin Ratio Rank: 22

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.

SFLO vs. HSMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Victoryshares Small Cap Free Cash Flow ETF (SFLO) 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.

	SFLO	HSMV	Difference
Sharpe ratio: Return per unit of total volatility	1.67	0.65	+1.02
Sortino ratio: Return per unit of downside risk	2.43	1.03	+1.41
Omega ratio: Gain probability vs. loss probability	1.29	1.11	+0.17
Calmar ratio: Return relative to maximum drawdown	3.72	0.87	+2.85
Martin ratio: Return relative to average drawdown	11.95	2.58	+9.37

SFLO vs. HSMV - Sharpe Ratio Comparison

The current SFLO Sharpe Ratio is 1.67, which is higher than the HSMV Sharpe Ratio of 0.65. The chart below compares the historical Sharpe Ratios of SFLO 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

SFLO vs. HSMV - Drawdown Comparison

The maximum SFLO drawdown since its inception was -26.63%, which is greater than HSMV's maximum drawdown of -19.16%. Use the drawdown chart below to compare losses from any high point for SFLO and HSMV.

Drawdown Indicators

	SFLO	HSMV	Difference
Max Drawdown Largest peak-to-trough decline	-26.63%	-19.16%	-7.47%
Max Drawdown (1Y) Largest decline over 1 year	-7.80%	-7.83%	+0.03%
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	-3.39%	-1.35%	-2.04%
Average Drawdown Average peak-to-trough decline	-4.29%	-5.58%	+1.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.42%	2.63%	-0.21%

Volatility

SFLO vs. HSMV - Volatility Comparison

Victoryshares Small Cap Free Cash Flow ETF (SFLO) has a higher volatility of 5.20% compared to First Trust Horizon Managed Volatility Small/Mid ETF (HSMV) at 3.58%. This indicates that SFLO'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

	SFLO	HSMV	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.20%	3.58%	+1.62%
Volatility (6M) Calculated over the trailing 6-month period	11.67%	7.63%	+4.04%
Volatility (1Y) Calculated over the trailing 1-year period	17.37%	10.62%	+6.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.45%	15.00%	+5.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.45%	16.03%	+4.42%

SFLO vs. HSMV - Expense Ratio Comparison

SFLO has a 0.49% expense ratio, which is lower than HSMV's 0.80% expense ratio.

Dividends

SFLO vs. HSMV - Dividend Comparison

SFLO's dividend yield for the trailing twelve months is around 0.82%, less than HSMV's 1.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
HSMV First Trust Horizon Managed Volatility Small/Mid ETF	1.94%	2.01%	1.43%	1.43%	1.26%	0.76%	0.80%
SFLO Victoryshares Small Cap Free Cash Flow ETF	0.82%	1.04%	1.28%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SFLO and HSMV in my portfolio?

SFLO and HSMV have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SFLO or HSMV?

SFLO has higher volatility (5.20%) compared to HSMV (3.58%). In terms of maximum drawdown, SFLO dropped -26.63% vs HSMV's -19.16%.

Which ETF is better, SFLO or HSMV?

On 1-year performance, SFLO leads with 28.87% vs 6.78% for HSMV. On fees, SFLO is cheaper at 0.49% per year. On volatility, HSMV has been the lower-risk option at 3.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SFLO or HSMV?

Over the 1-year period, SFLO has performed better with a 28.87% return vs 6.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SFLO or HSMV?

SFLO is cheaper with a 0.49% expense ratio, compared with 0.80% for HSMV.

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

HSMV has the higher dividend yield at 1.94%, compared with 0.82% for SFLO.

What is the main difference between SFLO and HSMV?

They also come from different issuers: Victory and First Trust. Their fees differ too: 0.49% for SFLO and 0.80% for HSMV.

Which has better risk-adjusted returns?

SFLO currently has the higher Sharpe Ratio (1.67 vs 0.65), 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.