DMAY vs. CVSE

Last updated Jun 4, 2026

DMAY (FT Cboe Vest U.S. Equity Deep Buffer ETF - May) and CVSE (Calvert US Select Equity ETF) are both Large Cap Blend Equities funds. DMAY is passively managed, while CVSE is actively managed. Over the past 3 years, DMAY returned 11.96%/yr vs 13.34%/yr for CVSE. Their correlation of 0.83 suggests significant overlap in exposure. DMAY charges 0.85%/yr vs 0.29%/yr for CVSE.

Performance

DMAY vs. CVSE - Performance Comparison

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

Returns By Period

DMAY

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

CVSE

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: 0.00%
• 1Y: 8.06%
• 3Y*: 13.34%
• 5Y*: —
• 10Y*: —

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

DMAY vs. CVSE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
DMAY FT Cboe Vest U.S. Equity Deep Buffer ETF - May	4.42%	11.05%	12.82%	10.60%
CVSE Calvert US Select Equity ETF	0.00%	10.14%	19.11%	13.35%

Correlation

The correlation between DMAY and CVSE is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (All Time) Calculated using the full available price history since Feb 2, 2023	0.83

Over the past year, the correlation between DMAY and CVSE has dropped to 0.46 - well below their long-term average of 0.83, suggesting their price drivers have been diverging.

DMAY vs. CVSE - Sectors Allocation Comparison

Sectors	DMAY	CVSE
Technology	36.2%	39.5%
Financial Services	11.9%	16.3%
Communication Services	10.9%	5.1%
Consumer Cyclical	10.1%	7.0%
Healthcare	8.4%	10.3%
Industrials	8.1%	11.3%
Consumer Defensive	4.9%	1.7%
Energy	3.5%	-
Utilities	2.3%	2.5%
Real Estate	1.9%	3.5%
Basic Materials	1.8%	2.7%

Return for Risk

DMAY vs. CVSE — Risk / Return Rank

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

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

CVSE

CVSE Risk / Return Rank: 46
CVSE Sharpe Ratio Rank: 36
CVSE Sortino Ratio Rank: 37
CVSE Omega Ratio Rank: 67
CVSE Calmar Ratio Rank: 54
CVSE Martin Ratio Rank: 37

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.

DMAY vs. CVSE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Cboe Vest U.S. Equity Deep Buffer ETF - May (DMAY) and Calvert US Select Equity ETF (CVSE). 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.

	DMAY	CVSE	Difference
Sharpe ratio Return per unit of total volatility	2.65	1.28	+1.38
Sortino ratio Return per unit of downside risk	4.00	1.90	+2.10
Omega ratio Gain probability vs. loss probability	1.60	1.40	+0.20
Calmar ratio Return relative to maximum drawdown	3.73	2.66	+1.07
Martin ratio Return relative to average drawdown	22.76	5.71	+17.05
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DMAY vs. CVSE - Sharpe Ratio Comparison

The current DMAY Sharpe Ratio is 2.65, which is higher than the CVSE Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of DMAY and CVSE, 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

	DMAY	CVSE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.65	1.28	+1.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.80	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.88	0.92	-0.04

Drawdowns

DMAY vs. CVSE - Drawdown Comparison

The maximum DMAY drawdown since its inception was -13.90%, smaller than the maximum CVSE drawdown of -20.29%. Use the drawdown chart below to compare losses from any high point for DMAY and CVSE.

Drawdown Indicators

	DMAY	CVSE	Difference
Max Drawdown Largest peak-to-trough decline	-13.90%	-20.29%	+6.39%
Max Drawdown (1Y) Largest decline over 1 year	-3.36%	-3.08%	-0.28%
Max Drawdown (3Y) Largest decline over 3 years	-12.38%	-20.29%	+7.91%
Max Drawdown (5Y) Largest decline over 5 years	-13.90%	—	—
Current Drawdown Current decline from peak	-0.30%	-1.68%	+1.38%
Average Drawdown Average peak-to-trough decline	-2.24%	-2.69%	+0.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.55%	1.42%	-0.87%

Volatility

DMAY vs. CVSE - Volatility Comparison

FT Cboe Vest U.S. Equity Deep Buffer ETF - May (DMAY) has a higher volatility of 0.84% compared to Calvert US Select Equity ETF (CVSE) at 0.00%. This indicates that DMAY's price experiences larger fluctuations and is considered to be riskier than CVSE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DMAY	CVSE	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.84%	0.00%	+0.84%
Volatility (6M) Calculated over the trailing 6-month period	3.74%	0.00%	+3.74%
Volatility (1Y) Calculated over the trailing 1-year period	4.73%	6.49%	-1.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.02%	13.87%	-4.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.43%	13.87%	-5.44%

DMAY vs. CVSE - Expense Ratio Comparison

DMAY has a 0.85% expense ratio, which is higher than CVSE's 0.29% expense ratio.

Dividends

DMAY vs. CVSE - Dividend Comparison

DMAY has not paid dividends to shareholders, while CVSE's dividend yield for the trailing twelve months is around 0.59%.

Position	TTM	2025	2024	2023
CVSE Calvert US Select Equity ETF	0.59%	0.81%	1.05%	1.22%
DMAY FT Cboe Vest U.S. Equity Deep Buffer ETF - May	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DMAY and CVSE in my portfolio?

DMAY and CVSE have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DMAY or CVSE?

DMAY has higher volatility (0.84%) compared to CVSE (0.00%). In terms of maximum drawdown, DMAY dropped -13.90% vs CVSE's -20.29%.

Which ETF is better, DMAY or CVSE?

On 3-year performance, CVSE leads with 13.34% vs 11.96% for DMAY. On fees, CVSE is cheaper at 0.29% per year. On volatility, CVSE has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DMAY or CVSE?

Over the 3-year period, CVSE has performed better with a 13.34% return vs 11.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DMAY or CVSE?

CVSE is cheaper with a 0.29% expense ratio, compared with 0.85% for DMAY.

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

CVSE has the higher dividend yield at 0.59%, compared with 0.00% for DMAY.

What is the main difference between DMAY and CVSE?

They also come from different issuers: First Trust and Calvert. Their fees differ too: 0.85% for DMAY and 0.29% for CVSE.

Which has better risk-adjusted returns?

DMAY currently has the higher Sharpe Ratio (2.65 vs 1.28), 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.