DMAY vs. VOTE

Last updated Apr 1, 2026

Compare and contrast key facts about FT Cboe Vest U.S. Equity Deep Buffer ETF - May (DMAY) and Engine No. 1 Transform 500 ETF (VOTE).

DMAY and VOTE are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. DMAY is a passively managed fund by First Trust that tracks the performance of the Cboe S&P 500 30% (-5% to -35%) Buffer Protect May Series Index. It was launched on May 15, 2020. VOTE is a passively managed fund by Engine No. 1 LLC that tracks the performance of the Morningstar US Large Cap Index. It was launched on Jun 22, 2021. Both DMAY and VOTE are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

DMAY vs. VOTE - 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 Engine No. 1 Transform 500 ETF (VOTE). The values are adjusted to include any dividend payments, if applicable.

DMAY vs. VOTE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
DMAY FT Cboe Vest U.S. Equity Deep Buffer ETF - May	-0.69%	11.05%	12.82%	15.40%	-9.98%	3.58%
VOTE Engine No. 1 Transform 500 ETF	-4.68%	17.95%	25.23%	27.60%	-19.74%	12.08%

Returns By Period

In the year-to-date period, DMAY achieves a -0.69% return, which is significantly higher than VOTE's -4.68% return.

DMAY

• 1D: 1.73%
• 1M: -1.45%
• YTD: -0.69%
• 6M: 1.37%
• 1Y: 13.46%
• 3Y*: 11.21%
• 5Y*: 6.28%
• 10Y*: —

VOTE

• 1D: 2.86%
• 1M: -4.95%
• YTD: -4.68%
• 6M: -2.30%
• 1Y: 17.91%
• 3Y*: 18.54%
• 5Y*: —
• 10Y*: —

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

DMAY vs. VOTE - Expense Ratio Comparison

DMAY has a 0.85% expense ratio, which is higher than VOTE's 0.05% expense ratio.

DMAY

FT Cboe Vest U.S. Equity Deep Buffer ETF - May

VOTE

Engine No. 1 Transform 500 ETF

Return for Risk

DMAY vs. VOTE — Risk / Return Rank

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

DMAY

DMAY Risk / Return Rank: 71
DMAY Sharpe Ratio Rank: 70
DMAY Sortino Ratio Rank: 73
DMAY Omega Ratio Rank: 88
DMAY Calmar Ratio Rank: 53
DMAY Martin Ratio Rank: 71

VOTE

VOTE Risk / Return Rank: 63
VOTE Sharpe Ratio Rank: 57
VOTE Sortino Ratio Rank: 60
VOTE Omega Ratio Rank: 64
VOTE Calmar Ratio Rank: 62
VOTE Martin Ratio Rank: 72

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. VOTE - 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 Engine No. 1 Transform 500 ETF (VOTE). 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	VOTE	Difference
Sharpe ratio Return per unit of total volatility	1.26	0.97	+0.28
Sortino ratio Return per unit of downside risk	1.86	1.49	+0.38
Omega ratio Gain probability vs. loss probability	1.37	1.23	+0.14
Calmar ratio Return relative to maximum drawdown	1.39	1.52	-0.13
Martin ratio Return relative to average drawdown	7.42	7.13	+0.29
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. VOTE - Sharpe Ratio Comparison

The current DMAY Sharpe Ratio is 1.26, which is comparable to the VOTE Sharpe Ratio of 0.97. The chart below compares the historical Sharpe Ratios of DMAY and VOTE, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	DMAY	VOTE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.26	0.97	+0.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.70	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.78	0.61	+0.17

Correlation

The correlation between DMAY and VOTE is 0.94, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

DMAY vs. VOTE - Dividend Comparison

DMAY has not paid dividends to shareholders, while VOTE's dividend yield for the trailing twelve months is around 1.04%.

	TTM	2025	2024	2023	2022	2021
DMAY FT Cboe Vest U.S. Equity Deep Buffer ETF - May	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VOTE Engine No. 1 Transform 500 ETF	1.04%	1.03%	1.18%	1.33%	1.54%	0.54%

Drawdowns

DMAY vs. VOTE - Drawdown Comparison

The maximum DMAY drawdown since its inception was -13.90%, smaller than the maximum VOTE drawdown of -25.71%. Use the drawdown chart below to compare losses from any high point for DMAY and VOTE.

Drawdown Indicators

	DMAY	VOTE	Difference
Max Drawdown Largest peak-to-trough decline	-13.90%	-25.71%	+11.81%
Max Drawdown (1Y) Largest decline over 1 year	-8.16%	-12.07%	+3.91%
Max Drawdown (5Y) Largest decline over 5 years	-13.90%	—	—
Current Drawdown Current decline from peak	-1.69%	-6.51%	+4.82%
Average Drawdown Average peak-to-trough decline	-2.30%	-6.34%	+4.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.58%	2.57%	-0.99%

Volatility

DMAY vs. VOTE - Volatility Comparison

The current volatility for FT Cboe Vest U.S. Equity Deep Buffer ETF - May (DMAY) is 2.88%, while Engine No. 1 Transform 500 ETF (VOTE) has a volatility of 5.35%. This indicates that DMAY experiences smaller price fluctuations and is considered to be less risky than VOTE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DMAY	VOTE	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.88%	5.35%	-2.47%
Volatility (6M) Calculated over the trailing 6-month period	3.91%	9.71%	-5.80%
Volatility (1Y) Calculated over the trailing 1-year period	10.87%	18.49%	-7.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.00%	17.31%	-8.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.53%	17.31%	-8.78%