ALRG vs. FMAY

Last updated Jul 15, 2026

ALRG (Allspring LT Large Core ETF) and FMAY (FT Cboe Vest U.S. Equity Buffer ETF - May) are both exchange-traded funds - ALRG is a Large Cap Blend Equities fund actively managed by Allspring, while FMAY is a Defined Outcome fund tracking the Cboe S&P 500 Buffer Protect Index May Series. ALRG is actively managed, while FMAY is passively managed. Over the past year, ALRG returned 21.50% vs 12.27% for FMAY. Their correlation of 0.91 suggests significant overlap in exposure. ALRG charges 0.28%/yr vs 0.85%/yr for FMAY.

Performance

ALRG vs. FMAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Allspring LT Large Core ETF (ALRG) and FT Cboe Vest U.S. Equity Buffer ETF - May (FMAY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ALRG achieves a 9.57% return, which is significantly higher than FMAY's 5.69% return.

ALRG

• 1D: 0.12%
• 1M: 2.22%
• 6M: 7.88%
• YTD: 9.57%
• 1Y: 21.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FMAY

• 1D: 0.30%
• 1M: 1.25%
• 6M: 5.14%
• YTD: 5.69%
• 1Y: 12.27%
• 3Y*: 12.86%
• 5Y*: 9.15%
• 10Y*: —

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

ALRG vs. FMAY - Yearly Performance Comparison

	2026 (YTD)	2025
ALRG Allspring LT Large Core ETF	9.57%	11.78%
FMAY FT Cboe Vest U.S. Equity Buffer ETF - May	5.69%	6.78%

Correlation

The correlation between ALRG and FMAY is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (All Time) Calculated using the full available price history since Jul 8, 2025	0.91

The correlation between ALRG and FMAY has been stable across timeframes, ranging from 0.91 to 0.91 - a consistent structural relationship.

ALRG vs. FMAY - Sectors Allocation Comparison

Sectors	ALRG	FMAY
Technology	33.6%	39.0%
Financial Services	13.1%	11.1%
Industrials	11.3%	7.8%
Communication Services	10.1%	10.6%
Consumer Cyclical	9.4%	9.9%
Healthcare	6.7%	8.3%
Energy	2.3%	3.1%
Consumer Defensive	2.2%	4.5%
Basic Materials	0.8%	1.7%
Real Estate	-	1.8%
Utilities	-	2.1%

Return for Risk

ALRG vs. FMAY — Risk / Return Rank

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

ALRG

ALRG Risk / Return Rank: 63
ALRG Sharpe Ratio Rank: 65
ALRG Sortino Ratio Rank: 64
ALRG Omega Ratio Rank: 61
ALRG Calmar Ratio Rank: 58
ALRG Martin Ratio Rank: 67

FMAY

FMAY Risk / Return Rank: 79
FMAY Sharpe Ratio Rank: 74
FMAY Sortino Ratio Rank: 76
FMAY Omega Ratio Rank: 83
FMAY Calmar Ratio Rank: 72
FMAY Martin Ratio Rank: 88

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.

ALRG vs. FMAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Allspring LT Large Core ETF (ALRG) and FT Cboe Vest U.S. Equity Buffer ETF - May (FMAY). 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.

	ALRG	FMAY	Difference
Sharpe ratio: Return per unit of total volatility	1.70	1.88	-0.18
Sortino ratio: Return per unit of downside risk	2.39	2.71	-0.33
Omega ratio: Gain probability vs. loss probability	1.30	1.39	-0.09
Calmar ratio: Return relative to maximum drawdown	2.33	2.92	-0.59
Martin ratio: Return relative to average drawdown	9.59	15.05	-5.46

ALRG vs. FMAY - Sharpe Ratio Comparison

The current ALRG Sharpe Ratio is 1.70, which is comparable to the FMAY Sharpe Ratio of 1.88. The chart below compares the historical Sharpe Ratios of ALRG and FMAY, 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

ALRG vs. FMAY - Drawdown Comparison

The maximum ALRG drawdown since its inception was -9.27%, smaller than the maximum FMAY drawdown of -13.60%. Use the drawdown chart below to compare losses from any high point for ALRG and FMAY.

Drawdown Indicators

	ALRG	FMAY	Difference
Max Drawdown Largest peak-to-trough decline	-9.27%	-13.60%	+4.33%
Max Drawdown (1Y) Largest decline over 1 year	-9.27%	-4.22%	-5.05%
Max Drawdown (3Y) Largest decline over 3 years	—	-13.12%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-13.60%	—
Current Drawdown Current decline from peak	-0.50%	-0.18%	-0.32%
Average Drawdown Average peak-to-trough decline	-1.40%	-1.99%	+0.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.25%	0.82%	+1.43%

Volatility

ALRG vs. FMAY - Volatility Comparison

Allspring LT Large Core ETF (ALRG) has a higher volatility of 3.36% compared to FT Cboe Vest U.S. Equity Buffer ETF - May (FMAY) at 2.33%. This indicates that ALRG's price experiences larger fluctuations and is considered to be riskier than FMAY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ALRG	FMAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.36%	2.33%	+1.03%
Volatility (6M) Calculated over the trailing 6-month period	10.01%	5.55%	+4.46%
Volatility (1Y) Calculated over the trailing 1-year period	12.73%	6.55%	+6.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.65%	10.66%	+1.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.65%	10.14%	+2.51%

ALRG vs. FMAY - Expense Ratio Comparison

ALRG has a 0.28% expense ratio, which is lower than FMAY's 0.85% expense ratio.

Dividends

ALRG vs. FMAY - Dividend Comparison

ALRG's dividend yield for the trailing twelve months is around 0.43%, while FMAY has not paid dividends to shareholders.

Position	TTM	2025
ALRG Allspring LT Large Core ETF	0.43%	0.47%
FMAY FT Cboe Vest U.S. Equity Buffer ETF - May	0.00%	0.00%

Frequently Asked Questions

Can I hold both ALRG and FMAY in my portfolio?

With a correlation of 0.91, ALRG and FMAY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, ALRG or FMAY?

ALRG has higher volatility (3.36%) compared to FMAY (2.33%). In terms of maximum drawdown, ALRG dropped -9.27% vs FMAY's -13.60%.

Which ETF is better, ALRG or FMAY?

On 1-year performance, ALRG leads with 21.50% vs 12.27% for FMAY. On fees, ALRG is cheaper at 0.28% per year. On volatility, FMAY has been the lower-risk option at 2.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ALRG or FMAY?

Over the 1-year period, ALRG has performed better with a 21.50% return vs 12.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ALRG or FMAY?

ALRG is cheaper with a 0.28% expense ratio, compared with 0.85% for FMAY.

Which ETF pays a higher dividend yield, ALRG or FMAY?

ALRG has the higher dividend yield at 0.43%, compared with 0.00% for FMAY.

What is the main difference between ALRG and FMAY?

ALRG is categorized as Large Cap Blend Equities, while FMAY is Defined Outcome. They also come from different issuers: Allspring and First Trust. Their fees differ too: 0.28% for ALRG and 0.85% for FMAY.

Which has better risk-adjusted returns?

FMAY currently has the higher Sharpe Ratio (1.88 vs 1.70), 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.