First Trust Horizon Managed Volatility… (HSMV) Valuation
HSMV valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 17.4 trailing earnings
- Forward P/E
- 15.4 analyst estimates
- Price / sales
- 1.97
- Price / book
- 1.82
- EV / EBITDA
- 11.5
- Earnings yield
- 5.76% inverse of P/E
- Dividend yield
- 3.13% of the holdings
- Return on equity
- 10.5% combined
- Net margin
- 11.3% combined
- Beta
- 0.71 weighted, vs S&P 500
HSMV valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| HSMV | 17.4 | 15.4 | 1.97 | 1.82 | 3.13% | 10.5% | 11.3% | 0.6% |
| SPY | 25.9 | 19.9 | 3.67 | 5.47 | 1.08% | 21.1% | 14.2% | 1.9% |
| QQQ | 34.2 | 23.4 | 5.93 | 9.27 | 0.58% | 27.1% | 17.4% | 6.9% |
| DIA | 20.9 | 18.4 | 3.16 | 5.52 | 1.55% | 26.4% | 15.1% | 0.0% |
| VTI | 28.2 | 19.4 | 3.31 | 5.00 | 1.07% | 17.7% | 11.8% | 4.6% |
| IWM | n/m | 13.9 | 1.25 | 2.03 | 1.38% | −1.7% | −1.0% | 28.1% |
Same method for every fund. n/m = not meaningful (combined trailing earnings below zero or close to it). Loss-makers = weight of holdings with negative trailing earnings.
HSMV valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Real Estate | 20.1% | 20.9 | 21.4 | 6.32 | 1.50 | 6.58% | 7.2% |
| Financial Services | 18.4% | 12.1 | 11.1 | 2.28 | 1.32 | 2.50% | 10.9% |
| Industrials | 15.8% | 23.2 | 17.7 | 1.71 | 3.13 | 1.49% | 13.5% |
| Utilities | 11.7% | 18.5 | 15.7 | 2.34 | 1.56 | 3.55% | 8.4% |
| Consumer Defensive | 8.3% | 17.0 | 13.2 | 0.65 | 1.51 | 2.67% | 8.9% |
| Consumer Cyclical | 7.3% | 15.1 | 12.9 | 1.06 | 2.93 | 2.27% | 19.3% |
| Healthcare | 6.1% | 13.0 | 14.3 | 2.26 | 2.32 | 0.50% | 17.9% |
| Basic Materials | 5.6% | 23.4 | 22.1 | 2.32 | 3.33 | 1.48% | 14.2% |
| Energy | 3.8% | 20.6 | 14.3 | 6.23 | 3.09 | 3.49% | 15.0% |
| Communication Services | 1.0% | 1,237.8 | 72.5 | 8.27 | 1.57 | 0.00% | 0.1% |
HSMV earnings yield vs bond yields
Earnings yield = earnings ÷ price (1 ÷ P/E). The gap to bond yields is a rough gauge of the extra return stocks are priced to deliver.
How HSMV weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
HSMV largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| INGR | Ingredion Incorporated | 2.14% | 10.7 | 8.4 | 0.9 | 3.39% | 3.61% |
| DLB | Dolby Laboratories, Inc. | 2.06% | 25.5 | 12.6 | 4.1 | 2.40% | 1.45% |
| PECO | Phillips Edison & Company, Inc. | 1.65% | 33.5 | 65.8 | 7.2 | 3.61% | 0.89% |
| AM | Antero Midstream Corporation | 1.65% | 24.9 | 12.9 | 7.5 | 4.36% | 1.19% |
| BCPC | Balchem Corporation | 1.63% | 33.6 | 29.3 | 5.0 | 0.56% | 0.87% |
| DTM | DT Midstream, Inc. | 1.43% | 27.1 | 22.1 | 9.6 | 2.85% | 0.95% |
| EFC | Ellington Financial Inc. | 1.40% | 7.2 | 9.1 | 3.5 | 13.39% | 3.48% |
| IOSP | Innospec Inc. | 1.35% | 19.8 | 15.0 | 1.3 | 1.85% | 1.23% |
| OGE | OGE Energy Corp. | 1.32% | 20.9 | 17.2 | 3.0 | 3.61% | 1.13% |
| STWD | Starwood Property Trust, Inc. | 1.31% | 20.8 | 10.0 | 7.9 | 15.41% | 1.13% |
| GGG | Graco Inc. | 1.28% | 25.8 | 22.1 | 5.9 | 1.44% | 0.89% |
| IVT | InvenTrust Properties Corp. | 1.21% | 158.3 | 250.0 | 7.4 | 3.33% | 0.14% |
| ABM | ABM Industries Incorporated | 1.20% | 18.5 | 11.1 | 0.3 | 2.27% | 1.17% |
| SWX | Southwest Gas Holdings, Inc. | 1.20% | 21.9 | 17.4 | 3.6 | 2.95% | 0.98% |
| NJR | New Jersey Resources Corporation | 1.18% | 14.5 | 14.9 | 2.4 | 3.83% | 1.46% |
| NNN | NNN REIT Inc | 1.17% | 20.6 | 20.4 | 8.4 | 5.97% | 1.02% |
| INVA | Innoviva, Inc. | 1.17% | 4.9 | 8.5 | 3.4 | — | 4.32% |
| GATX | GATX Corporation | 1.16% | 16.4 | 19.1 | 2.8 | 1.60% | 1.27% |
| CHCO | City Holding Company | 1.16% | 15.5 | 16.4 | 6.2 | 2.82% | 1.34% |
| WABC | Westamerica Bancorporation | 1.13% | 13.6 | 21.1 | 5.6 | 3.13% | 1.50% |
| CCK | Crown Holdings, Inc. | 1.12% | 16.4 | 12.1 | 0.9 | 1.15% | 1.22% |
| SCI | Service Corporation International | 1.11% | 21.3 | 16.9 | 2.5 | 1.77% | 0.94% |
| ADC | Agree Realty Corporation | 1.11% | 36.0 | 35.1 | 10.7 | 4.85% | 0.55% |
| IDA | IDACORP, Inc. | 1.09% | 22.9 | 18.7 | 4.4 | 2.60% | 0.86% |
| MSA | MSA Safety Incorporated | 1.09% | 22.3 | 19.6 | 3.5 | 1.21% | 0.88% |
Share of earnings = the holding's part of the fund's combined trailing profit. Green: earns more than its weight; orange: less. Symbol links go to each company's key metrics.
About HSMV valuation
Adding up its 145 holdings with company data, HSMV trades at 17.4 times trailing earnings and 15.4 times analysts' forward estimates, with a price-to-book ratio of 1.82 and a dividend yield of 3.13%. Its earnings yield of 5.76% is 0.43 points above the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 15.9% of the fund and earn 15.9% of its combined profit. By sector, Communication Services is the most expensive at 1,237.8 times earnings and Financial Services the cheapest at 12.1. Companies that lost money over the past year are 0.6% of the covered weight.
How these figures are calculated. Each ratio treats the fund as one company: the earnings, sales and book value of every holding are added up in proportion to its weight and divided into the fund's price. In practice that is a weighted harmonic mean, so a single stock with a very high P/E cannot distort the result, and loss-making companies reduce the fund's earnings instead of being dropped. Covers 96.9% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: HSMV chart, HSMV performance, HSMV holdings, HSMV dividends.
HSMV valuation FAQ
What is the P/E ratio of HSMV?
Based on its holdings, HSMV has a trailing P/E of 17.4 and a forward P/E of 15.4 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of HSMV?
The trailing earnings yield is 5.76% (1 ÷ P/E) and the forward earnings yield 6.51%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is HSMV more expensive than the S&P 500?
HSMV trades at 17.4 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 15.4 and 19.9.
What is the price-to-book ratio of HSMV?
The holdings of HSMV trade at 1.82 times book value, with a combined return on equity of 10.5%.
Which sector in HSMV has the highest P/E?
Communication Services has the highest P/E at 1,237.8 and Financial Services the lowest at 12.1.