CFO vs. DMAY

Last updated Jun 4, 2026

CFO (VictoryShares US 500 Enhanced Volatility Weighted ETF) and DMAY (FT Cboe Vest U.S. Equity Deep Buffer ETF - May) are both Large Cap Blend Equities funds - CFO tracks the Nasdaq Victory U.S. Large Cap 500 Long/Cash Volatility Weighted Index while DMAY tracks the Cboe S&P 500 30% (-5% to -35%) Buffer Protect May Series Index. Both are passively managed. Over the past 5 years, CFO returned 3.88%/yr vs 7.16%/yr for DMAY. A 0.76 correlation means they provide meaningful diversification when combined. CFO charges 0.35%/yr vs 0.85%/yr for DMAY.

Performance

CFO vs. DMAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VictoryShares US 500 Enhanced Volatility Weighted ETF (CFO) and FT Cboe Vest U.S. Equity Deep Buffer ETF - May (DMAY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CFO achieves a 6.66% return, which is significantly higher than DMAY's 4.42% return.

CFO

• 1D: -0.30%
• 1M: 1.87%
• YTD: 6.66%
• 6M: 6.96%
• 1Y: 13.59%
• 3Y*: 10.44%
• 5Y*: 3.88%
• 10Y*: 9.36%

DMAY

• 1D: -0.30%
• 1M: 1.30%
• YTD: 4.42%
• 6M: 5.19%
• 1Y: 12.37%
• 3Y*: 11.96%
• 5Y*: 7.16%
• 10Y*: —

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

CFO vs. DMAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
CFO VictoryShares US 500 Enhanced Volatility Weighted ETF	6.66%	8.60%	15.37%	-3.56%	-14.46%	26.02%	24.40%
DMAY FT Cboe Vest U.S. Equity Deep Buffer ETF - May	4.42%	11.05%	12.82%	15.40%	-9.98%	6.14%	6.40%

Correlation

The correlation between CFO and DMAY is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (All Time) Calculated using the full available price history since May 19, 2020	0.76

The correlation between CFO and DMAY has been stable across timeframes, ranging from 0.72 to 0.79 - a consistent structural relationship.

CFO vs. DMAY - Sectors Allocation Comparison

Sectors	CFO	DMAY
Industrials	18.4%	8.1%
Financial Services	18.3%	11.9%
Technology	14.9%	36.2%
Consumer Cyclical	9.8%	10.1%
Healthcare	9.5%	8.4%
Utilities	9.0%	2.3%
Consumer Defensive	6.8%	4.9%
Energy	5.5%	3.5%
Basic Materials	3.6%	1.8%
Communication Services	3.6%	10.9%
Real Estate	0.5%	1.9%

Return for Risk

CFO vs. DMAY — Risk / Return Rank

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

CFO

CFO Risk / Return Rank: 38
CFO Sharpe Ratio Rank: 36
CFO Sortino Ratio Rank: 36
CFO Omega Ratio Rank: 34
CFO Calmar Ratio Rank: 39
CFO Martin Ratio Rank: 44

DMAY

DMAY Risk / Return Rank: 85
DMAY Sharpe Ratio Rank: 82
DMAY Sortino Ratio Rank: 88
DMAY Omega Ratio Rank: 91
DMAY Calmar Ratio Rank: 75
DMAY Martin Ratio Rank: 92

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.

CFO vs. DMAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VictoryShares US 500 Enhanced Volatility Weighted ETF (CFO) and FT Cboe Vest U.S. Equity Deep Buffer ETF - May (DMAY). 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.

	CFO	DMAY	Difference
Sharpe ratio: Return per unit of total volatility	1.27	2.65	-1.38
Sortino ratio: Return per unit of downside risk	1.88	4.00	-2.12
Omega ratio: Gain probability vs. loss probability	1.22	1.60	-0.37
Calmar ratio: Return relative to maximum drawdown	1.92	3.73	-1.81
Martin ratio: Return relative to average drawdown	7.10	22.76	-15.66
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CFO vs. DMAY - Sharpe Ratio Comparison

The current CFO Sharpe Ratio is 1.27, which is lower than the DMAY Sharpe Ratio of 2.65. The chart below compares the historical Sharpe Ratios of CFO and DMAY, 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

	CFO	DMAY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.27	2.65	-1.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.29	0.80	-0.51
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.71	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	0.88	-0.23

Drawdowns

CFO vs. DMAY - Drawdown Comparison

The maximum CFO drawdown since its inception was -24.35%, which is greater than DMAY's maximum drawdown of -13.90%. Use the drawdown chart below to compare losses from any high point for CFO and DMAY.

Drawdown Indicators

	CFO	DMAY	Difference
Max Drawdown Largest peak-to-trough decline	-24.35%	-13.90%	-10.45%
Max Drawdown (1Y) Largest decline over 1 year	-7.10%	-3.36%	-3.74%
Max Drawdown (3Y) Largest decline over 3 years	-17.25%	-12.38%	-4.87%
Max Drawdown (5Y) Largest decline over 5 years	-24.35%	-13.90%	-10.45%
Max Drawdown (10Y) Largest decline over 10 years	-24.35%	—	—
Current Drawdown Current decline from peak	-0.30%	-0.30%	0.00%
Average Drawdown Average peak-to-trough decline	-5.62%	-2.24%	-3.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.92%	0.55%	+1.37%

Volatility

CFO vs. DMAY - Volatility Comparison

VictoryShares US 500 Enhanced Volatility Weighted ETF (CFO) has a higher volatility of 2.42% compared to FT Cboe Vest U.S. Equity Deep Buffer ETF - May (DMAY) at 0.84%. This indicates that CFO's price experiences larger fluctuations and is considered to be riskier than DMAY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CFO	DMAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.42%	0.84%	+1.58%
Volatility (6M) Calculated over the trailing 6-month period	7.79%	3.74%	+4.05%
Volatility (1Y) Calculated over the trailing 1-year period	10.75%	4.73%	+6.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.32%	9.02%	+4.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.27%	8.43%	+4.84%

CFO vs. DMAY - Expense Ratio Comparison

CFO has a 0.35% expense ratio, which is lower than DMAY's 0.85% expense ratio.

Dividends

CFO vs. DMAY - Dividend Comparison

CFO's dividend yield for the trailing twelve months is around 1.24%, while DMAY has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CFO VictoryShares US 500 Enhanced Volatility Weighted ETF	1.24%	1.32%	1.44%	1.72%	3.95%	1.06%	0.90%	1.44%	1.49%	1.18%	1.35%	1.31%
DMAY FT Cboe Vest U.S. Equity Deep Buffer ETF - May	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CFO and DMAY in my portfolio?

CFO and DMAY have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CFO or DMAY?

CFO has higher volatility (2.42%) compared to DMAY (0.84%). In terms of maximum drawdown, CFO dropped -24.35% vs DMAY's -13.90%.

Which ETF is better, CFO or DMAY?

On 5-year performance, DMAY leads with 7.16% vs 3.88% for CFO. On fees, CFO is cheaper at 0.35% per year. On volatility, DMAY has been the lower-risk option at 0.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CFO or DMAY?

Over the 5-year period, DMAY has performed better with a 7.16% return vs 3.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CFO or DMAY?

CFO is cheaper with a 0.35% expense ratio, compared with 0.85% for DMAY.

Which ETF pays a higher dividend yield, CFO or DMAY?

CFO has the higher dividend yield at 1.24%, compared with 0.00% for DMAY.

What is the main difference between CFO and DMAY?

CFO tracks Nasdaq Victory U.S. Large Cap 500 Long/Cash Volatility Weighted Index, while DMAY tracks Cboe S&P 500 30% (-5% to -35%) Buffer Protect May Series Index. They also come from different issuers: VictoryShares and First Trust. Their fees differ too: 0.35% for CFO and 0.85% for DMAY.

Which has better risk-adjusted returns?

DMAY currently has the higher Sharpe Ratio (2.65 vs 1.27), 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.