HSMV vs SPY
First Trust Horizon Managed Volatility Small/Mid ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, HSMV or SPY?
Small Cap Blend against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. HSMV is less concentrated, with 16.5% of the fund in its ten largest positions against 38.0%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | HSMV | SPY |
|---|---|---|
| Expense Ratio | 0.80% | 0.09%Best |
| AUM | $10M | $804.7B |
| Dividend Yield | 1.90% | 0.98% |
| Holdings | 302 | 505 |
| YTD Return | +6.72% | +12.47%Best |
| 1Y Return | +4.59% | +17.51%Best |
| 3Y Return (annualized) | +9.45% | +21.18%Best |
| 5Y Return (annualized) | +4.51% | +12.88%Best |
| Volatility (annualized) | 14.6%Best | 15.3% |
| Max Drawdown | -19.2%Best | -24.5% |
| $10,000 over 5 years | $12,468 | $18,327Best |
| Top 10 Weight | 16.5%Best | 38.0% |
| Fund Family | First Trust Portfolios (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Small Cap Blend | Large Cap Blend |
| Inception | Apr 6, 2020 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Apr 7, 2020 to Sep 11, 2026 (6.4 years).
HSMV vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 6.4 years both funds cover.
HSMV vs SPY Performance
First Trust Horizon Managed Volatility Small/Mid ETF (HSMV) is an ETF from First Trust Portfolios (US) and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year HSMV returned +4.59% while SPY returned +17.51%. Year to date, HSMV is up 6.72% versus a gain of 12.47% for SPY.
Over three years, HSMV compounded at +9.45% per year against +21.18% for SPY; over five years the annualized figures are +4.51% and +12.88% respectively. Across the full 6-year window we track, SPY has the edge at +19.27% annualized vs +10.79%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 14.6% for HSMV. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -19.2% for HSMV and -24.5% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.78. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
HSMV charges 0.80% per year while SPY charges 0.09%. On a $10,000 position that is $80 vs $9 annually, a gap of $71 per year that compounds over a long holding period. On income, HSMV currently yields 1.90% against 0.98% for SPY.
Holdings Overlap
We hold position weights for 150 holdings in HSMV and 504 in SPY, totalling 99.5% and 100.0% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 150 positions we hold weights for in HSMV and 504 in SPY, against full books of 302 and 505.
What only one of them owns
Our book lists 494 positions for SPY that do not appear in our book for HSMV (99.5% of the fund), and 148 for HSMV that do not appear in SPY (99.0%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
You are not choosing between two funds in isolation.
Whichever of HSMV and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, HSMV or SPY?
HSMV has an expense ratio of 0.80% while SPY charges 0.09%. SPY is the cheaper option, by $71 a year on a $10,000 investment.
Which performed better, HSMV or SPY?
Over the past year HSMV returned +4.59% vs +17.51% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (6 years), HSMV annualized +10.79% vs +19.27% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, HSMV or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 14.6% for HSMV. Worst drawdown: HSMV -19.2% vs SPY -24.5%.
Should I hold both HSMV and SPY?
HSMV and SPY have a monthly-return correlation of 0.78, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, HSMV or SPY?
HSMV yields 1.90% while SPY yields 0.98%, so HSMV currently pays the higher dividend yield.
Is SPY better than HSMV?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. HSMV is less concentrated, with 16.5% of the fund in its ten largest positions against 38.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.