- Issuer
- First Trust
- Inception Date
- May 15, 2020
- Category
- Large Cap Blend Equities
- Leveraged
- 1x (No leverage)
- Index Tracked
- Cboe S&P 500 Buffer Protect Index May Series
- Distribution Policy
- Accumulating
- Asset Class
- Equity
- Asset Class Size
- Large-Cap
- Asset Class Style
- Blend
- Assets Under Management
- $1B
Share Price Chart
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Performance
FMAY Performance Chart
FT Cboe Vest U.S. Equity Buffer ETF - May (FMAY) is up 4.8% since the beginning of the year. FMAY is currently trading at $56 per share. Investors who bought $1,000 worth of FMAY shares 5 years ago would now be looking at an investment worth $1,558.
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Returns By Period
FT Cboe Vest U.S. Equity Buffer ETF - May (FMAY) has returned 4.83% so far this year and 14.67% over the past 12 months.
FT Cboe Vest U.S. Equity Buffer ETF - May
- 1D
- -0.26%
- 1M
- 0.20%
- YTD
- 4.83%
- 6M
- 4.96%
- 1Y
- 14.67%
- 3Y*
- 13.45%
- 5Y*
- 9.27%
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
FMAY Monthly Returns History
Based on dividend-adjusted daily data since May 18, 2020, FMAY's average daily return is +0.04%, while the average monthly return is +0.83%. At this rate, an investment would double in approximately 7.0 years.
Historically, 69% of months were positive and 31% were negative. The best month was Nov 2023 with a return of +6.5%, while the worst month was Sep 2022 at -6.8%. The longest winning streak lasted 11 consecutive months, and the longest losing streak was 3 months.
On a daily basis, FMAY closed higher 56% of trading days. The best single day was Apr 9, 2025 with a return of +6.3%, while the worst single day was Apr 4, 2025 at -3.9%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.62% | 0.26% | -2.08% | 4.83% | 2.04% | -0.80% | 4.83% | ||||||
| 2025 | 1.90% | -0.47% | -4.00% | -1.04% | 6.13% | 3.15% | 1.37% | 1.41% | 1.59% | 0.62% | 0.63% | 1.04% | 12.69% |
| 2024 | 1.10% | 2.14% | 1.00% | 0.19% | 0.79% | 2.31% | 0.74% | 2.02% | 1.35% | -0.39% | 3.35% | -0.94% | 14.45% |
| 2023 | 4.21% | -1.88% | 2.42% | 0.84% | 0.38% | 4.52% | 1.83% | -0.55% | -2.94% | -1.44% | 6.48% | 3.09% | 17.83% |
| 2022 | -1.81% | -1.30% | 2.63% | -6.22% | 1.88% | -5.47% | 6.26% | -2.41% | -6.76% | 5.96% | 4.00% | -3.96% | -8.08% |
| 2021 | -0.47% | 1.42% | 1.22% | 0.20% | 1.20% | 1.28% | 1.26% | 1.60% | -2.33% | 3.58% | -0.66% | 2.31% | 11.00% |
Benchmark Metrics
FT Cboe Vest U.S. Equity Buffer ETF - May has an annualized alpha of 0.52%, beta of 0.56, and R2 of 0.88 versus S&P 500 Index. Calculated based on daily prices since May 18, 2020.
- This ETF participated in 56.97% of S&P 500 Index downside but only 50.51% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.56 indicates this ETF moves significantly less than S&P 500 Index - a genuinely defensive profile with reduced participation in both market rallies and downturns.
- Alpha
- 0.52%
- Beta
- 0.56
- R²
- 0.88
- Upside Capture
- 50.51%
- Downside Capture
- 56.97%
Expense Ratio
FMAY has an expense ratio of 0.85%, placing it in the medium range.
Return for Risk
Risk / Return Rank
FMAY ranks 79 for risk / return — better than 79% of ETFs on our site. You're getting solid returns for the risk taken. A good sign, especially for investors who want growth without excessive volatility.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for FT Cboe Vest U.S. Equity Buffer ETF - May (FMAY) and compare them to S&P 500 Index.
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.
| FMAY | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.24 | ||
| Sortino ratioReturn per unit of downside risk | +0.51 | ||
| Omega ratioGain probability vs. loss probability | 1.48 | 1.37 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 3.49 | 2.78 | +0.71 |
| Martin ratioReturn relative to average drawdown | 18.92 | 12.44 | +6.48 |
Dividends
Dividend History
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the FT Cboe Vest U.S. Equity Buffer ETF - May. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the FT Cboe Vest U.S. Equity Buffer ETF - May was 13.60%, occurring on Oct 12, 2022. Recovery took 167 trading sessions.
The current FT Cboe Vest U.S. Equity Buffer ETF - May drawdown is 0.91%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Bear market2022 | -13.60%Oct 2022 | 6mo 16d | 8mo 4d | 1y 2moMar 2022 - Jun 2023 |
2025 selloff2025 | -13.12%Apr 2025 | 1mo 17d | 1mo 27d | 3mo 14dFeb 2025 - Jun 2025 |
Bear market2022 | -6.13%Mar 2022 | 2mo 3d | 21d | 2mo 24dJan 2022 - Mar 2022 |
2023 pullback2023 | -6.12%Oct 2023 | 2mo 27d | 18d | 3mo 15dAug 2023 - Nov 2023 |
2024 pullback2024 | -5.18%Aug 2024 | 19d | 16d | 1mo 5dJul 2024 - Aug 2024 |
Drawdown Indicators
| FMAY | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.60% | -56.78% | +43.18% |
Max Drawdown (1Y)Largest decline over 1 year | -4.22% | -9.10% | +4.88% |
Max Drawdown (3Y)Largest decline over 3 years | -13.12% | -18.90% | +5.78% |
Max Drawdown (5Y)Largest decline over 5 years | -13.60% | -25.43% | +11.83% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -0.91% | -1.80% | +0.89% |
Average DrawdownAverage peak-to-trough decline | -2.00% | -10.71% | +8.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.78% | 2.03% | -1.25% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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