DMAY vs. ITOT

Last updated Jun 4, 2026

DMAY (FT Cboe Vest U.S. Equity Deep Buffer ETF - May) and ITOT (iShares Core S&P Total U.S. Stock Market ETF) are both Large Cap Blend Equities funds - DMAY tracks the Cboe S&P 500 30% (-5% to -35%) Buffer Protect May Series Index while ITOT tracks the S&P Total Market Index. Both are passively managed. Over the past 5 years, DMAY returned 7.16%/yr vs 12.69%/yr for ITOT. Their correlation of 0.90 suggests significant overlap in exposure. DMAY charges 0.85%/yr vs 0.03%/yr for ITOT.

Performance

DMAY vs. ITOT - 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 iShares Core S&P Total U.S. Stock Market ETF (ITOT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DMAY achieves a 4.42% return, which is significantly lower than ITOT's 11.25% return.

DMAY

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

ITOT

• 1D: -0.73%
• 1M: 5.01%
• YTD: 11.25%
• 6M: 11.12%
• 1Y: 28.12%
• 3Y*: 22.09%
• 5Y*: 12.69%
• 10Y*: 15.01%

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

DMAY vs. ITOT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
DMAY FT Cboe Vest U.S. Equity Deep Buffer ETF - May	4.42%	11.05%	12.82%	15.40%	-9.98%	6.14%	6.40%
ITOT iShares Core S&P Total U.S. Stock Market ETF	11.25%	17.00%	23.80%	26.12%	-19.47%	25.68%	32.45%

Correlation

The correlation between DMAY and ITOT 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	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (All Time) Calculated using the full available price history since May 19, 2020	0.90

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

DMAY vs. ITOT - Sectors Allocation Comparison

Sectors	DMAY	ITOT
Technology	36.2%	33.8%
Financial Services	11.9%	12.1%
Communication Services	10.9%	10.3%
Consumer Cyclical	10.1%	10.1%
Healthcare	8.4%	9.0%
Industrials	8.1%	9.5%
Consumer Defensive	4.9%	4.7%
Energy	3.5%	3.7%
Utilities	2.3%	2.3%
Real Estate	1.9%	2.4%
Basic Materials	1.8%	2.1%

Return for Risk

DMAY vs. ITOT — 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

ITOT

ITOT Risk / Return Rank: 68
ITOT Sharpe Ratio Rank: 69
ITOT Sortino Ratio Rank: 68
ITOT Omega Ratio Rank: 67
ITOT Calmar Ratio Rank: 63
ITOT Martin Ratio Rank: 75

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. ITOT - 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 iShares Core S&P Total U.S. Stock Market ETF (ITOT). 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	ITOT	Difference
Sharpe ratio: Return per unit of total volatility	2.65	2.32	+0.34
Sortino ratio: Return per unit of downside risk	4.00	3.17	+0.83
Omega ratio: Gain probability vs. loss probability	1.60	1.42	+0.18
Calmar ratio: Return relative to maximum drawdown	3.73	3.17	+0.55
Martin ratio: Return relative to average drawdown	22.76	14.57	+8.19
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. ITOT - Sharpe Ratio Comparison

The current DMAY Sharpe Ratio is 2.65, which is comparable to the ITOT Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of DMAY and ITOT, 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	ITOT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.65	2.32	+0.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.80	0.74	+0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.82	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.88	0.57	+0.30

Drawdowns

DMAY vs. ITOT - Drawdown Comparison

The maximum DMAY drawdown since its inception was -13.90%, smaller than the maximum ITOT drawdown of -55.20%. Use the drawdown chart below to compare losses from any high point for DMAY and ITOT.

Drawdown Indicators

	DMAY	ITOT	Difference
Max Drawdown Largest peak-to-trough decline	-13.90%	-55.20%	+41.30%
Max Drawdown (1Y) Largest decline over 1 year	-3.36%	-8.90%	+5.54%
Max Drawdown (3Y) Largest decline over 3 years	-12.38%	-19.44%	+7.06%
Max Drawdown (5Y) Largest decline over 5 years	-13.90%	-25.36%	+11.46%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.00%	—
Current Drawdown Current decline from peak	-0.30%	-0.73%	+0.43%
Average Drawdown Average peak-to-trough decline	-2.24%	-6.97%	+4.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.55%	1.94%	-1.39%

Volatility

DMAY vs. ITOT - Volatility Comparison

The current volatility for FT Cboe Vest U.S. Equity Deep Buffer ETF - May (DMAY) is 0.84%, while iShares Core S&P Total U.S. Stock Market ETF (ITOT) has a volatility of 2.99%. This indicates that DMAY experiences smaller price fluctuations and is considered to be less risky than ITOT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DMAY	ITOT	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.84%	2.99%	-2.15%
Volatility (6M) Calculated over the trailing 6-month period	3.74%	9.13%	-5.39%
Volatility (1Y) Calculated over the trailing 1-year period	4.73%	12.20%	-7.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.02%	17.36%	-8.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.43%	18.26%	-9.83%

DMAY vs. ITOT - Expense Ratio Comparison

DMAY has a 0.85% expense ratio, which is higher than ITOT's 0.03% expense ratio.

Dividends

DMAY vs. ITOT - Dividend Comparison

DMAY has not paid dividends to shareholders, while ITOT's dividend yield for the trailing twelve months is around 0.98%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DMAY FT Cboe Vest U.S. Equity Deep Buffer ETF - May	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ITOT iShares Core S&P Total U.S. Stock Market ETF	0.98%	1.11%	1.23%	1.47%	1.66%	1.18%	1.41%	1.88%	2.14%	1.69%	1.83%	2.01%

Frequently Asked Questions

Can I hold both DMAY and ITOT in my portfolio?

With a correlation of 0.91, DMAY and ITOT 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 ITOT?

ITOT has higher volatility (2.99%) compared to DMAY (0.84%). In terms of maximum drawdown, DMAY dropped -13.90% vs ITOT's -55.20%.

Which ETF is better, DMAY or ITOT?

On 5-year performance, ITOT leads with 12.69% vs 7.16% for DMAY. On fees, ITOT is cheaper at 0.03% per year. On volatility, DMAY has been the lower-risk option at 0.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DMAY or ITOT?

Over the 5-year period, ITOT has performed better with a 12.69% return vs 7.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DMAY or ITOT?

ITOT is cheaper with a 0.03% expense ratio, compared with 0.85% for DMAY.

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

ITOT has the higher dividend yield at 0.98%, compared with 0.00% for DMAY.

What is the main difference between DMAY and ITOT?

DMAY tracks Cboe S&P 500 30% (-5% to -35%) Buffer Protect May Series Index, while ITOT tracks S&P Total Market Index. They also come from different issuers: First Trust and iShares. Their fees differ too: 0.85% for DMAY and 0.03% for ITOT.

Which has better risk-adjusted returns?

DMAY currently has the higher Sharpe Ratio (2.65 vs 2.32), 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.