DMAY vs. FAUG

Last updated Jun 23, 2026

DMAY (FT Cboe Vest U.S. Equity Deep Buffer ETF - May) and FAUG (FT Cboe Vest U.S. Equity Buffer ETF - August) are both Large Cap Blend Equities funds from First Trust - DMAY tracks the Cboe S&P 500 30% (-5% to -35%) Buffer Protect May Series Index while FAUG tracks the Cboe S&P 500 Buffer Protect Index August. Both are passively managed. Over the past 5 years, DMAY returned 6.98%/yr vs 8.87%/yr for FAUG. Their correlation of 0.89 suggests significant overlap in exposure. Both charge a 0.85% expense ratio.

Performance

DMAY vs. FAUG - 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 FT Cboe Vest U.S. Equity Buffer ETF - August (FAUG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DMAY achieves a 3.95% return, which is significantly lower than FAUG's 6.33% return.

DMAY

• 1D: -0.19%
• 1M: 0.16%
• YTD: 3.95%
• 6M: 4.08%
• 1Y: 11.84%
• 3Y*: 11.48%
• 5Y*: 6.98%
• 10Y*: —

FAUG

• 1D: 0.01%
• 1M: 0.63%
• YTD: 6.33%
• 6M: 6.20%
• 1Y: 18.25%
• 3Y*: 14.11%
• 5Y*: 8.87%
• 10Y*: —

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

DMAY vs. FAUG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
DMAY FT Cboe Vest U.S. Equity Deep Buffer ETF - May	3.95%	11.05%	12.82%	15.40%	-9.98%	6.14%	6.40%
FAUG FT Cboe Vest U.S. Equity Buffer ETF - August	6.33%	13.77%	14.55%	17.24%	-10.52%	11.54%	19.27%

Correlation

The correlation between DMAY and FAUG is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (All Time) Calculated using the full available price history since May 18, 2020	0.89

The correlation between DMAY and FAUG has been stable across timeframes, ranging from 0.89 to 0.92 - a consistent structural relationship.

DMAY vs. FAUG - Sectors Allocation Comparison

Sectors	DMAY	FAUG
Technology	39.0%	39.0%
Financial Services	11.1%	11.1%
Communication Services	10.6%	10.6%
Consumer Cyclical	9.9%	9.9%
Healthcare	8.3%	8.3%
Industrials	7.8%	7.8%
Consumer Defensive	4.5%	4.5%
Energy	3.1%	3.1%
Utilities	2.1%	2.1%
Real Estate	1.8%	1.8%
Basic Materials	1.7%	1.7%

Return for Risk

DMAY vs. FAUG — Risk / Return Rank

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

DMAY

DMAY Risk / Return Rank: 82
DMAY Sharpe Ratio Rank: 77
DMAY Sortino Ratio Rank: 82
DMAY Omega Ratio Rank: 88
DMAY Calmar Ratio Rank: 73
DMAY Martin Ratio Rank: 90

FAUG

FAUG Risk / Return Rank: 83
FAUG Sharpe Ratio Rank: 83
FAUG Sortino Ratio Rank: 85
FAUG Omega Ratio Rank: 87
FAUG Calmar Ratio Rank: 71
FAUG Martin Ratio Rank: 86

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. FAUG - 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 FT Cboe Vest U.S. Equity Buffer ETF - August (FAUG). 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	FAUG	Difference
Sharpe ratio: Return per unit of total volatility	2.37	2.56	-0.19
Sortino ratio: Return per unit of downside risk	3.49	3.65	-0.17
Omega ratio: Gain probability vs. loss probability	1.53	1.51	+0.02
Calmar ratio: Return relative to maximum drawdown	3.57	3.49	+0.08
Martin ratio: Return relative to average drawdown	20.12	17.57	+2.55

DMAY vs. FAUG - Sharpe Ratio Comparison

The current DMAY Sharpe Ratio is 2.37, which is comparable to the FAUG Sharpe Ratio of 2.56. The chart below compares the historical Sharpe Ratios of DMAY and FAUG, 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

DMAY vs. FAUG - Drawdown Comparison

The maximum DMAY drawdown since its inception was -13.90%, smaller than the maximum FAUG drawdown of -22.33%. Use the drawdown chart below to compare losses from any high point for DMAY and FAUG.

Drawdown Indicators

	DMAY	FAUG	Difference
Max Drawdown Largest peak-to-trough decline	-13.90%	-22.33%	+8.43%
Max Drawdown (1Y) Largest decline over 1 year	-3.36%	-5.26%	+1.90%
Max Drawdown (3Y) Largest decline over 3 years	-12.38%	-12.81%	+0.43%
Max Drawdown (5Y) Largest decline over 5 years	-13.90%	-15.91%	+2.01%
Current Drawdown Current decline from peak	-0.75%	-0.09%	-0.66%
Average Drawdown Average peak-to-trough decline	-2.23%	-2.82%	+0.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.59%	1.04%	-0.45%

Volatility

DMAY vs. FAUG - Volatility Comparison

FT Cboe Vest U.S. Equity Deep Buffer ETF - May (DMAY) has a higher volatility of 2.19% compared to FT Cboe Vest U.S. Equity Buffer ETF - August (FAUG) at 1.70%. This indicates that DMAY's price experiences larger fluctuations and is considered to be riskier than FAUG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DMAY	FAUG	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.19%	1.70%	+0.49%
Volatility (6M) Calculated over the trailing 6-month period	4.26%	5.59%	-1.33%
Volatility (1Y) Calculated over the trailing 1-year period	5.06%	7.17%	-2.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.06%	10.79%	-1.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.43%	12.72%	-4.29%

DMAY vs. FAUG - Expense Ratio Comparison

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

Dividends

DMAY vs. FAUG - Dividend Comparison

Neither DMAY nor FAUG has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both DMAY and FAUG in my portfolio?

With a correlation of 0.91, DMAY and FAUG 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, DMAY or FAUG?

DMAY has higher volatility (2.19%) compared to FAUG (1.70%). In terms of maximum drawdown, DMAY dropped -13.90% vs FAUG's -22.33%.

Which ETF is better, DMAY or FAUG?

On 5-year performance, FAUG leads with 8.87% vs 6.98% for DMAY. Both ETFs have the same 0.85% expense ratio. On volatility, FAUG has been the lower-risk option at 1.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DMAY or FAUG?

Over the 5-year period, FAUG has performed better with a 8.87% return vs 6.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DMAY or FAUG?

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

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

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

What is the main difference between DMAY and FAUG?

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

Which has better risk-adjusted returns?

FAUG currently has the higher Sharpe Ratio (2.56 vs 2.37), 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.