DJUN vs. DMAY

Last updated Jun 4, 2026

DJUN (FT Cboe Vest U.S. Equity Deep Buffer ETF - June) and DMAY (FT Cboe Vest U.S. Equity Deep Buffer ETF - May) are both Large Cap Blend Equities funds from First Trust - DJUN tracks the Cboe S&P 500 30% (-5% to -35%) Buffer Protect June Series 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, DJUN returned 8.19%/yr vs 7.16%/yr for DMAY. Their correlation of 0.91 suggests significant overlap in exposure. Both charge a 0.85% expense ratio.

Performance

DJUN vs. DMAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Cboe Vest U.S. Equity Deep Buffer ETF - June (DJUN) 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, DJUN achieves a 3.78% return, which is significantly lower than DMAY's 4.42% return.

DJUN

• 1D: 0.01%
• 1M: 0.88%
• YTD: 3.78%
• 6M: 4.53%
• 1Y: 10.92%
• 3Y*: 11.40%
• 5Y*: 8.19%
• 10Y*: —

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)

DJUN vs. DMAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
DJUN FT Cboe Vest U.S. Equity Deep Buffer ETF - June	3.78%	9.38%	13.92%	17.58%	-6.30%	6.27%	6.48%
DMAY FT Cboe Vest U.S. Equity Deep Buffer ETF - May	4.42%	11.05%	12.82%	15.40%	-9.98%	6.14%	5.51%

Correlation

The correlation between DJUN and DMAY is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (All Time) Calculated using the full available price history since Jun 23, 2020	0.91

The correlation between DJUN and DMAY has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.

Return for Risk

DJUN vs. DMAY — Risk / Return Rank

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

DJUN

DJUN Risk / Return Rank: 77
DJUN Sharpe Ratio Rank: 67
DJUN Sortino Ratio Rank: 74
DJUN Omega Ratio Rank: 83
DJUN Calmar Ratio Rank: 71
DJUN Martin Ratio Rank: 90

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.

DJUN vs. DMAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Cboe Vest U.S. Equity Deep Buffer ETF - June (DJUN) 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.

	DJUN	DMAY	Difference
Sharpe ratio: Return per unit of total volatility	2.22	2.65	-0.44
Sortino ratio: Return per unit of downside risk	3.35	4.00	-0.66
Omega ratio: Gain probability vs. loss probability	1.50	1.60	-0.09
Calmar ratio: Return relative to maximum drawdown	3.51	3.73	-0.22
Martin ratio: Return relative to average drawdown	20.66	22.76	-2.10
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DJUN vs. DMAY - Sharpe Ratio Comparison

The current DJUN Sharpe Ratio is 2.22, which is comparable to the DMAY Sharpe Ratio of 2.65. The chart below compares the historical Sharpe Ratios of DJUN 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

	DJUN	DMAY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.22	2.65	-0.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.97	0.80	+0.17
Sharpe Ratio (All Time) Calculated using the full available price history	1.04	0.88	+0.17

Drawdowns

DJUN vs. DMAY - Drawdown Comparison

The maximum DJUN drawdown since its inception was -11.96%, smaller than the maximum DMAY drawdown of -13.90%. Use the drawdown chart below to compare losses from any high point for DJUN and DMAY.

Drawdown Indicators

	DJUN	DMAY	Difference
Max Drawdown Largest peak-to-trough decline	-11.96%	-13.90%	+1.94%
Max Drawdown (1Y) Largest decline over 1 year	-3.15%	-3.36%	+0.21%
Max Drawdown (3Y) Largest decline over 3 years	-11.96%	-12.38%	+0.42%
Max Drawdown (5Y) Largest decline over 5 years	-11.96%	-13.90%	+1.94%
Current Drawdown Current decline from peak	0.00%	-0.30%	+0.30%
Average Drawdown Average peak-to-trough decline	-1.59%	-2.24%	+0.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.53%	0.55%	-0.02%

Volatility

DJUN vs. DMAY - Volatility Comparison

The current volatility for FT Cboe Vest U.S. Equity Deep Buffer ETF - June (DJUN) is 0.25%, while FT Cboe Vest U.S. Equity Deep Buffer ETF - May (DMAY) has a volatility of 0.84%. This indicates that DJUN experiences smaller price fluctuations and is considered to be less risky than DMAY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DJUN	DMAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.25%	0.84%	-0.59%
Volatility (6M) Calculated over the trailing 6-month period	3.55%	3.74%	-0.19%
Volatility (1Y) Calculated over the trailing 1-year period	5.04%	4.73%	+0.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.52%	9.02%	-0.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.06%	8.43%	-0.37%

DJUN vs. DMAY - Expense Ratio Comparison

Both DJUN and DMAY have an expense ratio of 0.85%.

Dividends

DJUN vs. DMAY - Dividend Comparison

Neither DJUN nor DMAY has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both DJUN and DMAY in my portfolio?

With a correlation of 0.90, DJUN and DMAY 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, DJUN or DMAY?

DMAY has higher volatility (0.84%) compared to DJUN (0.25%). In terms of maximum drawdown, DJUN dropped -11.96% vs DMAY's -13.90%.

Which ETF is better, DJUN or DMAY?

On 5-year performance, DJUN leads with 8.19% vs 7.16% for DMAY. Both ETFs have the same 0.85% expense ratio. On volatility, DJUN has been the lower-risk option at 0.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DJUN or DMAY?

Over the 5-year period, DJUN has performed better with a 8.19% return vs 7.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DJUN or DMAY?

DJUN and DMAY have the same expense ratio: 0.85% per year.

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

DJUN and DMAY have nearly identical dividend yields, around 0.00%.

What is the main difference between DJUN and DMAY?

DJUN tracks Cboe S&P 500 30% (-5% to -35%) Buffer Protect June Series Index, while DMAY tracks Cboe S&P 500 30% (-5% to -35%) Buffer Protect May Series Index.

Which has better risk-adjusted returns?

DMAY currently has the higher Sharpe Ratio (2.65 vs 2.22), 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.