ESN vs. DMAY

Last updated Jun 6, 2026

ESN (Essential 40 Stock ETF) and DMAY (FT Cboe Vest U.S. Equity Deep Buffer ETF - May) are both Large Cap Blend Equities funds - ESN tracks the Essential 40 Stock Index while DMAY tracks the Cboe S&P 500 30% (-5% to -35%) Buffer Protect May Series Index. Both are passively managed. Over the past year, ESN returned 26.33% vs 11.53% for DMAY. A 0.73 correlation means they provide meaningful diversification when combined. ESN charges 0.70%/yr vs 0.85%/yr for DMAY.

Performance

ESN vs. DMAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Essential 40 Stock ETF (ESN) and FT Cboe Vest U.S. Equity Deep Buffer ETF - May (DMAY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ESN achieves a 13.17% return, which is significantly higher than DMAY's 3.39% return.

ESN

• 1D: -1.55%
• 1M: 2.19%
• YTD: 13.17%
• 6M: 13.13%
• 1Y: 26.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DMAY

• 1D: -1.19%
• 1M: 0.18%
• YTD: 3.39%
• 6M: 4.18%
• 1Y: 11.53%
• 3Y*: 11.58%
• 5Y*: 6.95%
• 10Y*: —

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

ESN vs. DMAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ESN Essential 40 Stock ETF	13.17%	16.52%	-2.98%
DMAY FT Cboe Vest U.S. Equity Deep Buffer ETF - May	3.39%	11.05%	1.04%

Correlation

The correlation between ESN and DMAY is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.71
Correlation (All Time) Calculated using the full available price history since Oct 22, 2024	0.73

The correlation between ESN and DMAY has been stable across timeframes, ranging from 0.71 to 0.73 - a consistent structural relationship.

Return for Risk

ESN vs. DMAY — Risk / Return Rank

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

ESN

ESN Risk / Return Rank: 84
ESN Sharpe Ratio Rank: 86
ESN Sortino Ratio Rank: 87
ESN Omega Ratio Rank: 81
ESN Calmar Ratio Rank: 82
ESN Martin Ratio Rank: 84

DMAY

DMAY Risk / Return Rank: 83
DMAY Sharpe Ratio Rank: 79
DMAY Sortino Ratio Rank: 82
DMAY Omega Ratio Rank: 89
DMAY Calmar Ratio Rank: 73
DMAY Martin Ratio Rank: 91

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.

ESN vs. DMAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Essential 40 Stock ETF (ESN) and FT Cboe Vest U.S. Equity Deep Buffer ETF - May (DMAY). 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.

	ESN	DMAY	Difference
Sharpe ratio: Return per unit of total volatility	2.67	2.39	+0.28
Sortino ratio: Return per unit of downside risk	3.71	3.49	+0.22
Omega ratio: Gain probability vs. loss probability	1.46	1.53	-0.08
Calmar ratio: Return relative to maximum drawdown	4.12	3.47	+0.65
Martin ratio: Return relative to average drawdown	16.39	20.98	-4.59
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ESN vs. DMAY - Sharpe Ratio Comparison

The current ESN Sharpe Ratio is 2.67, which is comparable to the DMAY Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of ESN and DMAY, 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

	ESN	DMAY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.67	2.39	+0.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.77	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.24	0.85	+0.39

Drawdowns

ESN vs. DMAY - Drawdown Comparison

The maximum ESN drawdown since its inception was -13.60%, roughly equal to the maximum DMAY drawdown of -13.90%. Use the drawdown chart below to compare losses from any high point for ESN and DMAY.

Drawdown Indicators

	ESN	DMAY	Difference
Max Drawdown Largest peak-to-trough decline	-13.60%	-13.90%	+0.30%
Max Drawdown (1Y) Largest decline over 1 year	-6.42%	-3.36%	-3.06%
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	-1.84%	-1.28%	-0.56%
Average Drawdown Average peak-to-trough decline	-1.87%	-2.24%	+0.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.61%	0.55%	+1.06%

Volatility

ESN vs. DMAY - Volatility Comparison

Essential 40 Stock ETF (ESN) has a higher volatility of 2.97% compared to FT Cboe Vest U.S. Equity Deep Buffer ETF - May (DMAY) at 1.53%. This indicates that ESN's price experiences larger fluctuations and is considered to be riskier than DMAY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ESN	DMAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.97%	1.53%	+1.44%
Volatility (6M) Calculated over the trailing 6-month period	7.24%	3.94%	+3.30%
Volatility (1Y) Calculated over the trailing 1-year period	9.90%	4.89%	+5.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.33%	9.03%	+4.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.33%	8.44%	+4.89%

ESN vs. DMAY - Expense Ratio Comparison

ESN has a 0.70% expense ratio, which is lower than DMAY's 0.85% expense ratio.

Dividends

ESN vs. DMAY - Dividend Comparison

ESN's dividend yield for the trailing twelve months is around 0.80%, while DMAY has not paid dividends to shareholders.

Position	TTM	2025	2024
DMAY FT Cboe Vest U.S. Equity Deep Buffer ETF - May	0.00%	0.00%	0.00%
ESN Essential 40 Stock ETF	0.80%	0.91%	0.76%

Frequently Asked Questions

Can I hold both ESN and DMAY in my portfolio?

ESN and DMAY 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, ESN or DMAY?

ESN has higher volatility (2.97%) compared to DMAY (1.53%). In terms of maximum drawdown, ESN dropped -13.60% vs DMAY's -13.90%.

Which ETF is better, ESN or DMAY?

On 1-year performance, ESN leads with 26.33% vs 11.53% for DMAY. On fees, ESN is cheaper at 0.70% per year. On volatility, DMAY has been the lower-risk option at 1.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ESN or DMAY?

Over the 1-year period, ESN has performed better with a 26.33% return vs 11.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ESN or DMAY?

ESN is cheaper with a 0.70% expense ratio, compared with 0.85% for DMAY.

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

ESN has the higher dividend yield at 0.80%, compared with 0.00% for DMAY.

What is the main difference between ESN and DMAY?

ESN tracks Essential 40 Stock Index, while DMAY tracks Cboe S&P 500 30% (-5% to -35%) Buffer Protect May Series Index. They also come from different issuers: KKM Financial and First Trust. Their fees differ too: 0.70% for ESN and 0.85% for DMAY.

Which has better risk-adjusted returns?

ESN currently has the higher Sharpe Ratio (2.67 vs 2.39), 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.