DAK vs. FMAY

Last updated Aug 1, 2026

DAK (Dakota Active Equity ETF) and FMAY (FT Cboe Vest U.S. Equity Buffer ETF - May) are both exchange-traded funds - DAK is a Large Cap Blend Equities fund actively managed by Dakota Wealth, while FMAY is a Defined Outcome fund tracking the Cboe S&P 500 Buffer Protect Index May Series. DAK is actively managed, while FMAY is passively managed. Over the past year, DAK returned 20.52% vs 12.00% for FMAY. Their correlation of 0.90 means they have usually moved in the same direction. DAK charges 0.43%/yr vs 0.85%/yr for FMAY.

Performance

DAK vs. FMAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dakota Active Equity ETF (DAK) 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, DAK achieves a 10.36% return, which is significantly higher than FMAY's 5.43% return.

DAK

• 1D: 0.74%
• 1M: 0.91%
• 6M: 9.09%
• YTD: 10.36%
• 1Y: 20.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 17.77%

FMAY

• 1D: 0.48%
• 1M: 0.39%
• 6M: 4.78%
• YTD: 5.43%
• 1Y: 12.00%
• 3Y*: 12.48%
• 5Y*: 9.00%
• 10Y*: —
• ALL TIME*: 10.05%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DAK Dakota Active Equity ETF	$1.23K	$2.63K	$4.01K
FMAY FT Cboe Vest U.S. Equity Buffer ETF - May	$1.41M	$1.35M	$5.09M

DAK vs. FMAY - Yearly Performance Comparison

	2026 (YTD)	2025
DAK Dakota Active Equity ETF	10.36%	6.75%
FMAY FT Cboe Vest U.S. Equity Buffer ETF - May	5.43%	5.18%

Correlation

The correlation between DAK and FMAY is 0.90, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.90
Correlation (All Time) Calculated using the full available price history since Jul 30, 2025	0.90

The correlation between DAK and FMAY has been stable across timeframes, ranging from 0.90 to 0.90 - a consistent structural relationship.

Return for Risk

DAK vs. FMAY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DAK

DAK Risk / Return Rank: 72
DAK Sharpe Ratio Rank: 73
DAK Sortino Ratio Rank: 72
DAK Omega Ratio Rank: 70
DAK Calmar Ratio Rank: 68
DAK Martin Ratio Rank: 78

FMAY

FMAY Risk / Return Rank: 77
FMAY Sharpe Ratio Rank: 71
FMAY Sortino Ratio Rank: 72
FMAY Omega Ratio Rank: 79
FMAY Calmar Ratio Rank: 75
FMAY Martin Ratio Rank: 88

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

DAK vs. FMAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dakota Active Equity ETF (DAK) 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.

	DAK	FMAY	Difference
Sharpe ratio: Return per unit of total volatility	1.68	1.63	+0.05
Sortino ratio: Return per unit of downside risk	2.37	2.33	+0.04
Omega ratio: Gain probability vs. loss probability	1.30	1.33	-0.03
Calmar ratio: Return relative to maximum drawdown	2.42	2.65	-0.22
Martin ratio: Return relative to average drawdown	10.16	13.18	-3.02

DAK vs. FMAY - Sharpe Ratio Comparison

The current DAK Sharpe Ratio is 1.68, which is comparable to the FMAY Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of DAK 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

DAK vs. FMAY - Drawdown Comparison

The maximum DAK drawdown since its inception was -7.87%, smaller than the maximum FMAY drawdown of -13.60%. Use the drawdown chart below to compare losses from any high point for DAK and FMAY.

Drawdown Indicators

	DAK	FMAY	Difference
Max Drawdown Largest peak-to-trough decline	-7.87%	-13.60%	+5.73%
Max Drawdown (1Y) Largest decline over 1 year	-7.87%	-4.22%	-3.65%
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	-0.55%	-0.48%	-0.07%
Average Drawdown Average peak-to-trough decline	-1.18%	-1.98%	+0.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.87%	0.85%	+1.02%

Volatility

DAK vs. FMAY - Volatility Comparison

Dakota Active Equity ETF (DAK) has a higher volatility of 2.91% compared to FT Cboe Vest U.S. Equity Buffer ETF - May (FMAY) at 2.40%. This indicates that DAK'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

	DAK	FMAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.91%	2.40%	+0.51%
Volatility (6M) Calculated over the trailing 6-month period	9.11%	5.85%	+3.26%
Volatility (1Y) Calculated over the trailing 1-year period	11.39%	6.86%	+4.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.39%	10.68%	+0.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.39%	10.14%	+1.25%

DAK vs. FMAY - Expense Ratio Comparison

DAK has a 0.43% expense ratio, which is lower than FMAY's 0.85% expense ratio.

Dividends

DAK vs. FMAY - Dividend Comparison

DAK's dividend yield for the trailing twelve months is around 0.75%, while FMAY has not paid dividends to shareholders.

Position	TTM	2025
DAK Dakota Active Equity ETF	0.75%	0.42%
FMAY FT Cboe Vest U.S. Equity Buffer ETF - May	0.00%	0.00%

Frequently Asked Questions

Can I hold both DAK and FMAY in my portfolio?

DAK and FMAY have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DAK or FMAY?

DAK has higher volatility (2.91%) compared to FMAY (2.40%). In terms of maximum drawdown, DAK dropped -7.87% vs FMAY's -13.60%.

Which ETF is better, DAK or FMAY?

On 1-year performance, DAK leads with 20.52% vs 12.00% for FMAY. On fees, DAK is cheaper at 0.43% per year. On volatility, FMAY has been the lower-risk option at 2.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DAK or FMAY?

Over the 1-year period, DAK has performed better with a 20.52% return vs 12.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DAK or FMAY?

DAK is cheaper with a 0.43% expense ratio, compared with 0.85% for FMAY.

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

DAK has the higher dividend yield at 0.75%, compared with 0.00% for FMAY.

What is the main difference between DAK and FMAY?

DAK is categorized as Large Cap Blend Equities, while FMAY is Defined Outcome. They also come from different issuers: Dakota Wealth and First Trust. Their fees differ too: 0.43% for DAK and 0.85% for FMAY.

Which has better risk-adjusted returns?

DAK currently has the higher Sharpe Ratio (1.68 vs 1.63), 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.