DMAY vs. QB

Last updated Aug 2, 2026

DMAY (FT Cboe Vest U.S. Equity Deep Buffer ETF - May) and QB (ProShares Nasdaq-100 Dynamic Daily Buffer ETF) are both Defined Outcome funds - DMAY tracks the Cboe S&P 500 30% (-5% to -35%) Buffer Protect May Series Index while QB tracks the Nasdaq-100. Both are passively managed. Over the past year, DMAY returned 9.72% vs 21.06% for QB. Their 0.70 correlation means they have sometimes moved together and sometimes differently. DMAY charges 0.85%/yr vs 0.58%/yr for QB.

Performance

DMAY vs. QB - 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 ProShares Nasdaq-100 Dynamic Daily Buffer ETF (QB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DMAY achieves a 4.47% return, which is significantly lower than QB's 13.84% return.

DMAY

• 1D: 0.40%
• 1M: 0.41%
• 6M: 3.91%
• YTD: 4.47%
• 1Y: 9.72%
• 3Y*: 10.82%
• 5Y*: 6.88%
• 10Y*: —
• ALL TIME*: 7.16%

QB

• 1D: 0.29%
• 1M: 2.50%
• 6M: 12.93%
• YTD: 13.84%
• 1Y: 21.06%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 18.82%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DMAY FT Cboe Vest U.S. Equity Deep Buffer ETF - May	$400.10K	$440.69K	$1.81M
QB ProShares Nasdaq-100 Dynamic Daily Buffer ETF	$58.82K	$37.73K	$149.66K

DMAY vs. QB - Yearly Performance Comparison

	2026 (YTD)	2025
DMAY FT Cboe Vest U.S. Equity Deep Buffer ETF - May	4.47%	6.43%
QB ProShares Nasdaq-100 Dynamic Daily Buffer ETF	13.84%	6.10%

Correlation

The correlation between DMAY and QB is 0.71, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.71
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025	0.70

The correlation between DMAY and QB has been stable across timeframes, ranging from 0.70 to 0.71 - a consistent structural relationship.

DMAY vs. QB - Sectors Allocation Comparison

Sectors	DMAY	QB
Technology	37.9%	49.9%
Financial Services	11.7%	0.2%
Communication Services	10.0%	16.4%
Consumer Cyclical	9.6%	12.5%
Healthcare	9.1%	5.3%
Industrials	8.4%	3.7%
Consumer Defensive	4.6%	8.6%
Energy	3.0%	0.6%
Utilities	2.3%	1.6%
Real Estate	1.9%	0.1%
Basic Materials	1.7%	1.3%

Return for Risk

DMAY vs. QB — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DMAY

DMAY Risk / Return Rank: 81
DMAY Sharpe Ratio Rank: 75
DMAY Sortino Ratio Rank: 78
DMAY Omega Ratio Rank: 83
DMAY Calmar Ratio Rank: 78
DMAY Martin Ratio Rank: 89

QB

QB Risk / Return Rank: 96
QB Sharpe Ratio Rank: 95
QB Sortino Ratio Rank: 95
QB Omega Ratio Rank: 96
QB Calmar Ratio Rank: 95
QB Martin Ratio Rank: 97

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

DMAY vs. QB - 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 ProShares Nasdaq-100 Dynamic Daily Buffer ETF (QB). 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	QB	Difference
Sharpe ratio: Return per unit of total volatility	1.70	2.79	-1.09
Sortino ratio: Return per unit of downside risk	2.52	4.14	-1.62
Omega ratio: Gain probability vs. loss probability	1.35	1.66	-0.30
Calmar ratio: Return relative to maximum drawdown	2.78	5.83	-3.05
Martin ratio: Return relative to average drawdown	14.06	27.99	-13.94

DMAY vs. QB - Sharpe Ratio Comparison

The current DMAY Sharpe Ratio is 1.70, which is lower than the QB Sharpe Ratio of 2.79. The chart below compares the historical Sharpe Ratios of DMAY and QB, 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. QB - Drawdown Comparison

The maximum DMAY drawdown since its inception was -13.90%, which is greater than QB's maximum drawdown of -3.47%. Use the drawdown chart below to compare losses from any high point for DMAY and QB.

Drawdown Indicators

	DMAY	QB	Difference
Max Drawdown Largest peak-to-trough decline	-13.90%	-3.47%	-10.43%
Max Drawdown (1Y) Largest decline over 1 year	-3.36%	-3.47%	+0.11%
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	-0.35%	0.00%	-0.35%
Average Drawdown Average peak-to-trough decline	-2.20%	-0.42%	-1.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.66%	0.72%	-0.06%

Volatility

DMAY vs. QB - Volatility Comparison

The current volatility for FT Cboe Vest U.S. Equity Deep Buffer ETF - May (DMAY) is 1.88%, while ProShares Nasdaq-100 Dynamic Daily Buffer ETF (QB) has a volatility of 2.32%. This indicates that DMAY experiences smaller price fluctuations and is considered to be less risky than QB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DMAY	QB	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.88%	2.32%	-0.44%
Volatility (6M) Calculated over the trailing 6-month period	4.75%	6.04%	-1.29%
Volatility (1Y) Calculated over the trailing 1-year period	5.49%	7.27%	-1.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.10%	7.01%	+2.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.41%	7.01%	+1.40%

DMAY vs. QB - Expense Ratio Comparison

DMAY has a 0.85% expense ratio, which is higher than QB's 0.58% expense ratio.

Dividends

DMAY vs. QB - Dividend Comparison

DMAY has not paid dividends to shareholders, while QB's dividend yield for the trailing twelve months is around 0.77%.

Position	TTM	2025
DMAY FT Cboe Vest U.S. Equity Deep Buffer ETF - May	0.00%	0.00%
QB ProShares Nasdaq-100 Dynamic Daily Buffer ETF	0.77%	0.48%

Frequently Asked Questions

Can I hold both DMAY and QB in my portfolio?

DMAY and QB have a correlation of 0.71, 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 QB?

QB has higher volatility (2.32%) compared to DMAY (1.88%). In terms of maximum drawdown, DMAY dropped -13.90% vs QB's -3.47%.

Which ETF is better, DMAY or QB?

On 1-year performance, QB leads with 21.06% vs 9.72% for DMAY. On fees, QB is cheaper at 0.58% per year. On volatility, DMAY has been the lower-risk option at 1.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DMAY or QB?

Over the 1-year period, QB has performed better with a 21.06% return vs 9.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DMAY or QB?

QB is cheaper with a 0.58% expense ratio, compared with 0.85% for DMAY.

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

QB has the higher dividend yield at 0.77%, compared with 0.00% for DMAY.

What is the main difference between DMAY and QB?

DMAY tracks Cboe S&P 500 30% (-5% to -35%) Buffer Protect May Series Index, while QB tracks Nasdaq-100. They also come from different issuers: First Trust and ProShares. Their fees differ too: 0.85% for DMAY and 0.58% for QB.

Which has better risk-adjusted returns?

QB currently has the higher Sharpe Ratio (2.79 vs 1.70), 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.