DFAC vs. DMAY

Last updated Jun 24, 2026

DFAC (Dimensional U.S. Core Equity 2 ETF) and DMAY (FT Cboe Vest U.S. Equity Deep Buffer ETF - May) are both Large Cap Blend Equities funds. DFAC is actively managed, while DMAY is passively managed. Over the past 5 years, DFAC returned 11.69%/yr vs 6.78%/yr for DMAY. Their correlation of 0.90 suggests significant overlap in exposure. DFAC charges 0.17%/yr vs 0.85%/yr for DMAY.

Performance

DFAC vs. DMAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional U.S. Core Equity 2 ETF (DFAC) 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, DFAC achieves a 10.46% return, which is significantly higher than DMAY's 3.36% return.

DFAC

• 1D: -1.29%
• 1M: 0.07%
• YTD: 10.46%
• 6M: 9.33%
• 1Y: 25.95%
• 3Y*: 19.52%
• 5Y*: 11.69%
• 10Y*: —

DMAY

• 1D: -0.56%
• 1M: -0.40%
• YTD: 3.36%
• 6M: 3.37%
• 1Y: 10.73%
• 3Y*: 11.27%
• 5Y*: 6.78%
• 10Y*: —

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

DFAC vs. DMAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
DFAC Dimensional U.S. Core Equity 2 ETF	10.46%	15.66%	19.61%	21.96%	-14.93%	9.55%
DMAY FT Cboe Vest U.S. Equity Deep Buffer ETF - May	3.36%	11.05%	12.82%	15.40%	-9.98%	3.59%

Correlation

The correlation between DFAC and DMAY is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (All Time) Calculated using the full available price history since Jun 14, 2021	0.90

The correlation between DFAC and DMAY has been stable across timeframes, ranging from 0.87 to 0.90 - a consistent structural relationship.

DFAC vs. DMAY - Sectors Allocation Comparison

Sectors	DFAC	DMAY
Technology	31.2%	39.0%
Financial Services	13.8%	11.1%
Industrials	12.4%	7.8%
Consumer Cyclical	10.6%	9.9%
Healthcare	9.1%	8.3%
Communication Services	7.8%	10.6%
Energy	5.3%	3.1%
Consumer Defensive	4.7%	4.5%
Basic Materials	3.2%	1.7%
Utilities	1.8%	2.1%
Real Estate	0.2%	1.8%

Return for Risk

DFAC vs. DMAY — Risk / Return Rank

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

DFAC

DFAC Risk / Return Rank: 66
DFAC Sharpe Ratio Rank: 66
DFAC Sortino Ratio Rank: 64
DFAC Omega Ratio Rank: 63
DFAC Calmar Ratio Rank: 64
DFAC Martin Ratio Rank: 74

DMAY

DMAY Risk / Return Rank: 78
DMAY Sharpe Ratio Rank: 73
DMAY Sortino Ratio Rank: 77
DMAY Omega Ratio Rank: 85
DMAY Calmar Ratio Rank: 69
DMAY 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.

DFAC vs. DMAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional U.S. Core Equity 2 ETF (DFAC) 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.

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.

	DFAC	DMAY	Difference
Sharpe ratio: Return per unit of total volatility	2.07	2.14	-0.08
Sortino ratio: Return per unit of downside risk	2.84	3.13	-0.29
Omega ratio: Gain probability vs. loss probability	1.37	1.47	-0.10
Calmar ratio: Return relative to maximum drawdown	3.07	3.23	-0.16
Martin ratio: Return relative to average drawdown	13.40	18.05	-4.65

DFAC vs. DMAY - Sharpe Ratio Comparison

The current DFAC Sharpe Ratio is 2.07, which is comparable to the DMAY Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of DFAC 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.

Drawdowns

DFAC vs. DMAY - Drawdown Comparison

The maximum DFAC drawdown since its inception was -23.12%, which is greater than DMAY's maximum drawdown of -13.90%. Use the drawdown chart below to compare losses from any high point for DFAC and DMAY.

Drawdown Indicators

	DFAC	DMAY	Difference
Max Drawdown Largest peak-to-trough decline	-23.12%	-13.90%	-9.22%
Max Drawdown (1Y) Largest decline over 1 year	-8.49%	-3.36%	-5.13%
Max Drawdown (3Y) Largest decline over 3 years	-20.02%	-12.38%	-7.64%
Max Drawdown (5Y) Largest decline over 5 years	-23.12%	-13.90%	-9.22%
Current Drawdown Current decline from peak	-2.07%	-1.31%	-0.76%
Average Drawdown Average peak-to-trough decline	-5.40%	-2.23%	-3.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.94%	0.60%	+1.34%

Volatility

DFAC vs. DMAY - Volatility Comparison

Dimensional U.S. Core Equity 2 ETF (DFAC) has a higher volatility of 4.56% compared to FT Cboe Vest U.S. Equity Deep Buffer ETF - May (DMAY) at 2.26%. This indicates that DFAC'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

	DFAC	DMAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.56%	2.26%	+2.30%
Volatility (6M) Calculated over the trailing 6-month period	9.73%	4.30%	+5.43%
Volatility (1Y) Calculated over the trailing 1-year period	12.64%	5.09%	+7.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.15%	9.07%	+8.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.14%	8.43%	+8.71%

DFAC vs. DMAY - Expense Ratio Comparison

DFAC has a 0.17% expense ratio, which is lower than DMAY's 0.85% expense ratio.

Dividends

DFAC vs. DMAY - Dividend Comparison

DFAC's dividend yield for the trailing twelve months is around 0.92%, while DMAY has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
DFAC Dimensional U.S. Core Equity 2 ETF	0.92%	0.97%	1.03%	1.20%	1.50%	0.88%
DMAY FT Cboe Vest U.S. Equity Deep Buffer ETF - May	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DFAC and DMAY in my portfolio?

DFAC and DMAY have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFAC or DMAY?

DFAC has higher volatility (4.56%) compared to DMAY (2.26%). In terms of maximum drawdown, DFAC dropped -23.12% vs DMAY's -13.90%.

Which ETF is better, DFAC or DMAY?

On 5-year performance, DFAC leads with 11.69% vs 6.78% for DMAY. On fees, DFAC is cheaper at 0.17% per year. On volatility, DMAY has been the lower-risk option at 2.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFAC or DMAY?

Over the 5-year period, DFAC has performed better with a 11.69% return vs 6.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFAC or DMAY?

DFAC is cheaper with a 0.17% expense ratio, compared with 0.85% for DMAY.

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

DFAC has the higher dividend yield at 0.92%, compared with 0.00% for DMAY.

What is the main difference between DFAC and DMAY?

They also come from different issuers: Dimensional and First Trust. Their fees differ too: 0.17% for DFAC and 0.85% for DMAY.

Which has better risk-adjusted returns?

DMAY currently has the higher Sharpe Ratio (2.14 vs 2.07), 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.