DMAY vs. DDTL

Last updated Jun 24, 2026

DMAY (FT Cboe Vest U.S. Equity Deep Buffer ETF - May) and DDTL (Innovator Equity Dual Directional 10 Buffer ETF - July) are both exchange-traded funds - DMAY is a Large Cap Blend Equities fund tracking the Cboe S&P 500 30% (-5% to -35%) Buffer Protect May Series Index, while DDTL is a Defined Outcome fund managed by Innovator. A 0.78 correlation means they provide meaningful diversification when combined. DMAY charges 0.85%/yr vs 0.79%/yr for DDTL.

Performance

DMAY vs. DDTL - 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 Innovator Equity Dual Directional 10 Buffer ETF - July (DDTL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DMAY achieves a 3.36% return, which is significantly lower than DDTL's 4.69% return.

DMAY

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

DDTL

• 1D: 0.00%
• 1M: 0.60%
• YTD: 4.69%
• 6M: 4.73%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DMAY vs. DDTL - Yearly Performance Comparison

	2026 (YTD)	2025
DMAY FT Cboe Vest U.S. Equity Deep Buffer ETF - May	3.36%	5.67%
DDTL Innovator Equity Dual Directional 10 Buffer ETF - July	4.69%	4.70%

Correlation

The correlation between DMAY and DDTL is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 1, 2025	0.78

Return for Risk

DMAY vs. DDTL — Risk / Return Rank

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

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

DDTL

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. DDTL - 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 Innovator Equity Dual Directional 10 Buffer ETF - July (DDTL). 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.

	DMAY	DDTL	Difference
Sharpe ratio: Return per unit of total volatility	2.14	—	—
Sortino ratio: Return per unit of downside risk	3.13	—	—
Omega ratio: Gain probability vs. loss probability	1.47	—	—
Calmar ratio: Return relative to maximum drawdown	3.23	—	—
Martin ratio: Return relative to average drawdown	18.05	—	—

Drawdowns

DMAY vs. DDTL - Drawdown Comparison

The maximum DMAY drawdown since its inception was -13.90%, which is greater than DDTL's maximum drawdown of -3.78%. Use the drawdown chart below to compare losses from any high point for DMAY and DDTL.

Drawdown Indicators

	DMAY	DDTL	Difference
Max Drawdown Largest peak-to-trough decline	-13.90%	-3.78%	-10.12%
Max Drawdown (1Y) Largest decline over 1 year	-3.36%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-12.38%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-13.90%	—	—
Current Drawdown Current decline from peak	-1.31%	-0.02%	-1.29%
Average Drawdown Average peak-to-trough decline	-2.23%	-0.45%	-1.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.60%	—	—

Volatility

Volatility by Period

	DMAY	DDTL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.26%	—	—
Volatility (6M) Calculated over the trailing 6-month period	4.30%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	5.09%	5.63%	-0.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.07%	5.63%	+3.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.43%	5.63%	+2.80%

DMAY vs. DDTL - Expense Ratio Comparison

DMAY has a 0.85% expense ratio, which is higher than DDTL's 0.79% expense ratio.

Dividends

DMAY vs. DDTL - Dividend Comparison

Neither DMAY nor DDTL has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both DMAY and DDTL in my portfolio?

DMAY and DDTL have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DMAY or DDTL?

On fees, DDTL is cheaper at 0.79% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DMAY or DDTL?

DDTL is cheaper with a 0.79% expense ratio, compared with 0.85% for DMAY.

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

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

What is the main difference between DMAY and DDTL?

DMAY is categorized as Large Cap Blend Equities, while DDTL is Defined Outcome. They also come from different issuers: First Trust and Innovator. Their fees differ too: 0.85% for DMAY and 0.79% for DDTL.