BAFE vs. FMAY

Last updated Jun 4, 2026

BAFE (Brown Advisory Flexible Equity ETF) and FMAY (FT Cboe Vest U.S. Equity Buffer ETF - May) are both Large Cap Blend Equities funds. BAFE is actively managed, while FMAY is passively managed. Over the past year, BAFE returned 13.86% vs 15.38% for FMAY. Their correlation of 0.88 suggests significant overlap in exposure. BAFE charges 0.54%/yr vs 0.85%/yr for FMAY.

Performance

BAFE vs. FMAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Brown Advisory Flexible Equity ETF (BAFE) 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

The year-to-date returns for both investments are quite close, with BAFE having a 5.14% return and FMAY slightly higher at 5.39%.

BAFE

• 1D: -0.35%
• 1M: 1.97%
• YTD: 5.14%
• 6M: 6.05%
• 1Y: 13.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FMAY

• 1D: -0.38%
• 1M: 1.63%
• YTD: 5.39%
• 6M: 6.32%
• 1Y: 15.38%
• 3Y*: 14.13%
• 5Y*: 9.48%
• 10Y*: —

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

BAFE vs. FMAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BAFE Brown Advisory Flexible Equity ETF	5.14%	9.80%	-0.51%
FMAY FT Cboe Vest U.S. Equity Buffer ETF - May	5.39%	12.69%	0.39%

Correlation

The correlation between BAFE and FMAY is 0.86, 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	0.86
Correlation (All Time) Calculated using the full available price history since Nov 19, 2024	0.88

The correlation between BAFE and FMAY has been stable across timeframes, ranging from 0.86 to 0.88 - a consistent structural relationship.

Return for Risk

BAFE vs. FMAY — Risk / Return Rank

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

BAFE

BAFE Risk / Return Rank: 28
BAFE Sharpe Ratio Rank: 30
BAFE Sortino Ratio Rank: 29
BAFE Omega Ratio Rank: 30
BAFE Calmar Ratio Rank: 24
BAFE Martin Ratio Rank: 29

FMAY

FMAY Risk / Return Rank: 83
FMAY Sharpe Ratio Rank: 79
FMAY Sortino Ratio Rank: 85
FMAY Omega Ratio Rank: 87
FMAY Calmar Ratio Rank: 74
FMAY Martin Ratio Rank: 91

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.

BAFE vs. FMAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Brown Advisory Flexible Equity ETF (BAFE) 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.

	BAFE	FMAY	Difference
Sharpe ratio: Return per unit of total volatility	1.08	2.56	-1.48
Sortino ratio: Return per unit of downside risk	1.56	3.80	-2.24
Omega ratio: Gain probability vs. loss probability	1.20	1.54	-0.34
Calmar ratio: Return relative to maximum drawdown	1.09	3.66	-2.57
Martin ratio: Return relative to average drawdown	3.91	21.48	-17.58
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BAFE vs. FMAY - Sharpe Ratio Comparison

The current BAFE Sharpe Ratio is 1.08, which is lower than the FMAY Sharpe Ratio of 2.56. The chart below compares the historical Sharpe Ratios of BAFE 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.

Sharpe Ratios by Period

	BAFE	FMAY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.08	2.56	-1.48
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.90	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	1.02	-0.48

Drawdowns

BAFE vs. FMAY - Drawdown Comparison

The maximum BAFE drawdown since its inception was -18.37%, which is greater than FMAY's maximum drawdown of -13.60%. Use the drawdown chart below to compare losses from any high point for BAFE and FMAY.

Drawdown Indicators

	BAFE	FMAY	Difference
Max Drawdown Largest peak-to-trough decline	-18.37%	-13.60%	-4.77%
Max Drawdown (1Y) Largest decline over 1 year	-12.73%	-4.22%	-8.51%
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	-0.45%	-0.38%	-0.07%
Average Drawdown Average peak-to-trough decline	-3.40%	-2.01%	-1.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.55%	0.72%	+2.83%

Volatility

BAFE vs. FMAY - Volatility Comparison

Brown Advisory Flexible Equity ETF (BAFE) has a higher volatility of 2.62% compared to FT Cboe Vest U.S. Equity Buffer ETF - May (FMAY) at 1.02%. This indicates that BAFE'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

	BAFE	FMAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.62%	1.02%	+1.60%
Volatility (6M) Calculated over the trailing 6-month period	9.80%	4.59%	+5.21%
Volatility (1Y) Calculated over the trailing 1-year period	12.94%	6.04%	+6.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.45%	10.59%	+6.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.45%	10.15%	+7.30%

BAFE vs. FMAY - Expense Ratio Comparison

BAFE has a 0.54% expense ratio, which is lower than FMAY's 0.85% expense ratio.

Dividends

BAFE vs. FMAY - Dividend Comparison

BAFE's dividend yield for the trailing twelve months is around 0.28%, while FMAY has not paid dividends to shareholders.

Position	TTM	2025	2024
BAFE Brown Advisory Flexible Equity ETF	0.28%	0.30%	0.06%
FMAY FT Cboe Vest U.S. Equity Buffer ETF - May	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BAFE and FMAY in my portfolio?

BAFE and FMAY have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BAFE or FMAY?

BAFE has higher volatility (2.62%) compared to FMAY (1.02%). In terms of maximum drawdown, BAFE dropped -18.37% vs FMAY's -13.60%.

Which ETF is better, BAFE or FMAY?

On 1-year performance, FMAY leads with 15.38% vs 13.86% for BAFE. On fees, BAFE is cheaper at 0.54% per year. On volatility, FMAY has been the lower-risk option at 1.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BAFE or FMAY?

Over the 1-year period, FMAY has performed better with a 15.38% return vs 13.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BAFE or FMAY?

BAFE is cheaper with a 0.54% expense ratio, compared with 0.85% for FMAY.

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

BAFE has the higher dividend yield at 0.28%, compared with 0.00% for FMAY.

What is the main difference between BAFE and FMAY?

They also come from different issuers: Brown Advisory and First Trust. Their fees differ too: 0.54% for BAFE and 0.85% for FMAY.

Which has better risk-adjusted returns?

FMAY currently has the higher Sharpe Ratio (2.56 vs 1.08), 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.