SMLV vs. HUSV

Last updated Jul 15, 2026

SMLV (SPDR SSGA US Small Cap Low Volatility Index ETF) and HUSV (First Trust Horizon Managed Volatility Domestic ETF) are both Volatility Hedged Equity funds. SMLV is passively managed, while HUSV is actively managed. Over the past 5 years, SMLV returned 10.04%/yr vs 5.70%/yr for HUSV. A 0.61 correlation means they provide meaningful diversification when combined. SMLV charges 0.12%/yr vs 0.70%/yr for HUSV.

Performance

SMLV vs. HUSV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR SSGA US Small Cap Low Volatility Index ETF (SMLV) and First Trust Horizon Managed Volatility Domestic ETF (HUSV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMLV achieves a 21.16% return, which is significantly higher than HUSV's 3.79% return.

SMLV

• 1D: -0.25%
• 1M: 2.40%
• 6M: 17.14%
• YTD: 21.16%
• 1Y: 25.77%
• 3Y*: 17.71%
• 5Y*: 10.04%
• 10Y*: 10.47%

HUSV

• 1D: -0.90%
• 1M: 1.63%
• 6M: 2.86%
• YTD: 3.79%
• 1Y: 1.83%
• 3Y*: 8.34%
• 5Y*: 5.70%
• 10Y*: —

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

SMLV vs. HUSV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMLV SPDR SSGA US Small Cap Low Volatility Index ETF	21.16%	5.66%	16.77%	7.52%	-7.69%	27.67%	-1.55%	24.10%	-6.62%	5.68%
HUSV First Trust Horizon Managed Volatility Domestic ETF	3.79%	4.96%	12.64%	3.51%	-6.31%	26.04%	5.39%	26.98%	-1.92%	16.07%

Correlation

The correlation between SMLV and HUSV is 0.57, 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	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (All Time) Calculated using the full available price history since Aug 25, 2016	0.61

The correlation between SMLV and HUSV has been stable across timeframes, ranging from 0.57 to 0.64 - a consistent structural relationship.

SMLV vs. HUSV - Sectors Allocation Comparison

Sectors	SMLV	HUSV
Financial Services	30.4%	14.9%
Industrials	14.2%	10.8%
Real Estate	12.3%	9.8%
Technology	11.7%	25.2%
Consumer Cyclical	8.9%	7.5%
Healthcare	8.7%	7.2%
Consumer Defensive	4.0%	6.2%
Basic Materials	3.4%	3.0%
Utilities	2.8%	11.8%
Communication Services	2.2%	1.4%
Energy	1.6%	2.3%

Return for Risk

SMLV vs. HUSV — Risk / Return Rank

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

SMLV

SMLV Risk / Return Rank: 69
SMLV Sharpe Ratio Rank: 64
SMLV Sortino Ratio Rank: 65
SMLV Omega Ratio Rank: 65
SMLV Calmar Ratio Rank: 83
SMLV Martin Ratio Rank: 69

HUSV

HUSV Risk / Return Rank: 12
HUSV Sharpe Ratio Rank: 12
HUSV Sortino Ratio Rank: 11
HUSV Omega Ratio Rank: 11
HUSV Calmar Ratio Rank: 13
HUSV Martin Ratio Rank: 13

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.

SMLV vs. HUSV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR SSGA US Small Cap Low Volatility Index ETF (SMLV) and First Trust Horizon Managed Volatility Domestic ETF (HUSV). 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.

	SMLV	HUSV	Difference
Sharpe ratio: Return per unit of total volatility	1.67	0.19	+1.48
Sortino ratio: Return per unit of downside risk	2.41	0.34	+2.07
Omega ratio: Gain probability vs. loss probability	1.31	1.04	+0.27
Calmar ratio: Return relative to maximum drawdown	3.53	0.27	+3.25
Martin ratio: Return relative to average drawdown	9.95	0.63	+9.32

SMLV vs. HUSV - Sharpe Ratio Comparison

The current SMLV Sharpe Ratio is 1.67, which is higher than the HUSV Sharpe Ratio of 0.19. The chart below compares the historical Sharpe Ratios of SMLV and HUSV, 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

SMLV vs. HUSV - Drawdown Comparison

The maximum SMLV drawdown since its inception was -42.45%, which is greater than HUSV's maximum drawdown of -35.72%. Use the drawdown chart below to compare losses from any high point for SMLV and HUSV.

Drawdown Indicators

	SMLV	HUSV	Difference
Max Drawdown Largest peak-to-trough decline	-42.45%	-35.72%	-6.73%
Max Drawdown (1Y) Largest decline over 1 year	-7.34%	-6.78%	-0.56%
Max Drawdown (3Y) Largest decline over 3 years	-20.40%	-9.35%	-11.05%
Max Drawdown (5Y) Largest decline over 5 years	-20.40%	-17.00%	-3.40%
Max Drawdown (10Y) Largest decline over 10 years	-42.45%	—	—
Current Drawdown Current decline from peak	-0.97%	-1.38%	+0.41%
Average Drawdown Average peak-to-trough decline	-5.42%	-3.60%	-1.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.60%	2.92%	-0.32%

Volatility

SMLV vs. HUSV - Volatility Comparison

The current volatility for SPDR SSGA US Small Cap Low Volatility Index ETF (SMLV) is 3.45%, while First Trust Horizon Managed Volatility Domestic ETF (HUSV) has a volatility of 3.91%. This indicates that SMLV experiences smaller price fluctuations and is considered to be less risky than HUSV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMLV	HUSV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.45%	3.91%	-0.46%
Volatility (6M) Calculated over the trailing 6-month period	9.92%	7.15%	+2.77%
Volatility (1Y) Calculated over the trailing 1-year period	15.47%	9.59%	+5.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.24%	12.09%	+6.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.89%	14.47%	+6.42%

SMLV vs. HUSV - Expense Ratio Comparison

SMLV has a 0.12% expense ratio, which is lower than HUSV's 0.70% expense ratio.

Dividends

SMLV vs. HUSV - Dividend Comparison

SMLV's dividend yield for the trailing twelve months is around 2.25%, more than HUSV's 1.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HUSV First Trust Horizon Managed Volatility Domestic ETF	1.31%	1.38%	1.14%	1.80%	1.68%	1.35%	1.29%	1.36%	1.48%	1.31%	0.35%	0.00%
SMLV SPDR SSGA US Small Cap Low Volatility Index ETF	2.25%	2.74%	2.68%	2.68%	2.40%	2.12%	2.47%	2.62%	3.15%	7.92%	3.04%	2.63%

Frequently Asked Questions

Can I hold both SMLV and HUSV in my portfolio?

SMLV and HUSV have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMLV or HUSV?

HUSV has higher volatility (3.91%) compared to SMLV (3.45%). In terms of maximum drawdown, SMLV dropped -42.45% vs HUSV's -35.72%.

Which ETF is better, SMLV or HUSV?

On 5-year performance, SMLV leads with 10.04% vs 5.70% for HUSV. On fees, SMLV is cheaper at 0.12% per year. On volatility, SMLV has been the lower-risk option at 3.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMLV or HUSV?

Over the 5-year period, SMLV has performed better with a 10.04% return vs 5.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMLV or HUSV?

SMLV is cheaper with a 0.12% expense ratio, compared with 0.70% for HUSV.

Which ETF pays a higher dividend yield, SMLV or HUSV?

SMLV has the higher dividend yield at 2.25%, compared with 1.31% for HUSV.

What is the main difference between SMLV and HUSV?

They also come from different issuers: State Street and First Trust. Their fees differ too: 0.12% for SMLV and 0.70% for HUSV.

Which has better risk-adjusted returns?

SMLV currently has the higher Sharpe Ratio (1.67 vs 0.19), 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.