FAUG vs. DMAY

Last updated Apr 1, 2026

Compare and contrast key facts about FT Cboe Vest U.S. Equity Buffer ETF - August (FAUG) and FT Cboe Vest U.S. Equity Deep Buffer ETF - May (DMAY).

FAUG and DMAY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FAUG is a passively managed fund by First Trust that tracks the performance of the Cboe S&P 500 Buffer Protect Index August. It was launched on Nov 6, 2019. 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. Both FAUG and DMAY 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

FAUG vs. DMAY - Performance Comparison

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

FAUG vs. DMAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FAUG FT Cboe Vest U.S. Equity Buffer ETF - August	-2.20%	13.77%	14.55%	17.24%	-10.52%	11.54%	16.64%
DMAY FT Cboe Vest U.S. Equity Deep Buffer ETF - May	-0.69%	11.05%	12.82%	15.40%	-9.98%	6.14%	6.40%

Returns By Period

In the year-to-date period, FAUG achieves a -2.20% return, which is significantly lower than DMAY's -0.69% return.

FAUG

• 1D: 1.87%
• 1M: -2.96%
• YTD: -2.20%
• 6M: -0.24%
• 1Y: 13.84%
• 3Y*: 12.39%
• 5Y*: 7.51%
• 10Y*: —

DMAY

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

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

FAUG vs. DMAY - Expense Ratio Comparison

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

FAUG

FT Cboe Vest U.S. Equity Buffer ETF - August

DMAY

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

Return for Risk

FAUG vs. DMAY — Risk / Return Rank

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

FAUG

FAUG Risk / Return Rank: 69
FAUG Sharpe Ratio Rank: 64
FAUG Sortino Ratio Rank: 66
FAUG Omega Ratio Rank: 73
FAUG Calmar Ratio Rank: 62
FAUG Martin Ratio Rank: 79

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

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.

FAUG vs. DMAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Cboe Vest U.S. Equity Buffer ETF - August (FAUG) 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.

	FAUG	DMAY	Difference
Sharpe ratio Return per unit of total volatility	1.14	1.26	-0.12
Sortino ratio Return per unit of downside risk	1.69	1.86	-0.17
Omega ratio Gain probability vs. loss probability	1.28	1.37	-0.09
Calmar ratio Return relative to maximum drawdown	1.61	1.39	+0.22
Martin ratio Return relative to average drawdown	8.80	7.42	+1.38
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FAUG vs. DMAY - Sharpe Ratio Comparison

The current FAUG Sharpe Ratio is 1.14, which is comparable to the DMAY Sharpe Ratio of 1.26. The chart below compares the historical Sharpe Ratios of FAUG and DMAY, 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

	FAUG	DMAY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.14	1.26	-0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.70	0.70	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.69	0.78	-0.10

Correlation

The correlation between FAUG and DMAY is 0.90, 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

FAUG vs. DMAY - Dividend Comparison

Neither FAUG nor DMAY has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

FAUG vs. DMAY - Drawdown Comparison

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

Drawdown Indicators

	FAUG	DMAY	Difference
Max Drawdown Largest peak-to-trough decline	-22.33%	-13.90%	-8.43%
Max Drawdown (1Y) Largest decline over 1 year	-8.88%	-8.16%	-0.72%
Max Drawdown (5Y) Largest decline over 5 years	-15.91%	-13.90%	-2.01%
Current Drawdown Current decline from peak	-3.48%	-1.69%	-1.79%
Average Drawdown Average peak-to-trough decline	-2.90%	-2.30%	-0.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.62%	1.58%	+0.04%

Volatility

FAUG vs. DMAY - Volatility Comparison

FT Cboe Vest U.S. Equity Buffer ETF - August (FAUG) has a higher volatility of 3.66% compared to FT Cboe Vest U.S. Equity Deep Buffer ETF - May (DMAY) at 2.88%. This indicates that FAUG'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

	FAUG	DMAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.66%	2.88%	+0.78%
Volatility (6M) Calculated over the trailing 6-month period	5.82%	3.91%	+1.91%
Volatility (1Y) Calculated over the trailing 1-year period	12.24%	10.87%	+1.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.74%	9.00%	+1.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.88%	8.53%	+4.35%