FEUS vs. FMAY

Last updated Jun 24, 2026

FEUS (FlexShares ESG & Climate US Large Cap Core Index Fund) and FMAY (FT Cboe Vest U.S. Equity Buffer ETF - May) are both Large Cap Blend Equities funds - FEUS tracks the Northern Trust ESG & Climate US Large Cap Core Index - Benchmark TR Gross while FMAY tracks the Cboe S&P 500 Buffer Protect Index May Series. Both are passively managed. Over the past 3 years, FEUS returned 18.61%/yr vs 13.13%/yr for FMAY. With a 0.95 correlation, they move nearly in lockstep. FEUS charges 0.09%/yr vs 0.85%/yr for FMAY.

Performance

FEUS vs. FMAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FlexShares ESG & Climate US Large Cap Core Index Fund (FEUS) and FT Cboe Vest U.S. Equity Buffer ETF - May (FMAY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FEUS achieves a 7.39% return, which is significantly higher than FMAY's 3.95% return.

FEUS

• 1D: -1.00%
• 1M: -1.59%
• YTD: 7.39%
• 6M: 6.58%
• 1Y: 22.36%
• 3Y*: 18.61%
• 5Y*: —
• 10Y*: —

FMAY

• 1D: -0.84%
• 1M: -0.64%
• YTD: 3.95%
• 6M: 3.89%
• 1Y: 13.09%
• 3Y*: 13.13%
• 5Y*: 9.01%
• 10Y*: —

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

FEUS vs. FMAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FEUS FlexShares ESG & Climate US Large Cap Core Index Fund	7.39%	14.67%	23.10%	25.54%	-19.10%	9.37%
FMAY FT Cboe Vest U.S. Equity Buffer ETF - May	3.95%	12.69%	14.45%	17.83%	-8.08%	4.94%

Correlation

The correlation between FEUS and FMAY 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	0.93
Correlation (All Time) Calculated using the full available price history since Sep 21, 2021	0.95

The correlation between FEUS and FMAY has been stable across timeframes, ranging from 0.91 to 0.95 - a consistent structural relationship.

FEUS vs. FMAY - Sectors Allocation Comparison

Sectors	FEUS	FMAY
Technology	39.0%	39.0%
Financial Services	11.2%	11.1%
Communication Services	10.4%	10.6%
Consumer Cyclical	10.4%	9.9%
Healthcare	8.2%	8.3%
Industrials	8.0%	7.8%
Consumer Defensive	4.2%	4.5%
Energy	3.4%	3.1%
Real Estate	2.0%	1.8%
Utilities	1.7%	2.1%
Basic Materials	1.5%	1.7%

Return for Risk

FEUS vs. FMAY — Risk / Return Rank

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

FEUS

FEUS Risk / Return Rank: 56
FEUS Sharpe Ratio Rank: 58
FEUS Sortino Ratio Rank: 56
FEUS Omega Ratio Rank: 56
FEUS Calmar Ratio Rank: 52
FEUS Martin Ratio Rank: 59

FMAY

FMAY Risk / Return Rank: 74
FMAY Sharpe Ratio Rank: 68
FMAY Sortino Ratio Rank: 70
FMAY Omega Ratio Rank: 77
FMAY Calmar Ratio Rank: 68
FMAY Martin Ratio Rank: 86

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.

FEUS vs. FMAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FlexShares ESG & Climate US Large Cap Core Index Fund (FEUS) and FT Cboe Vest U.S. Equity Buffer ETF - May (FMAY). 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.

	FEUS	FMAY	Difference
Sharpe ratio: Return per unit of total volatility	1.79	2.01	-0.22
Sortino ratio: Return per unit of downside risk	2.46	2.88	-0.43
Omega ratio: Gain probability vs. loss probability	1.32	1.42	-0.10
Calmar ratio: Return relative to maximum drawdown	2.35	3.12	-0.76
Martin ratio: Return relative to average drawdown	9.70	16.70	-7.00

FEUS vs. FMAY - Sharpe Ratio Comparison

The current FEUS Sharpe Ratio is 1.79, which is comparable to the FMAY Sharpe Ratio of 2.01. The chart below compares the historical Sharpe Ratios of FEUS and FMAY, 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

FEUS vs. FMAY - Drawdown Comparison

The maximum FEUS drawdown since its inception was -25.31%, which is greater than FMAY's maximum drawdown of -13.60%. Use the drawdown chart below to compare losses from any high point for FEUS and FMAY.

Drawdown Indicators

	FEUS	FMAY	Difference
Max Drawdown Largest peak-to-trough decline	-25.31%	-13.60%	-11.71%
Max Drawdown (1Y) Largest decline over 1 year	-9.55%	-4.22%	-5.33%
Max Drawdown (3Y) Largest decline over 3 years	-19.47%	-13.12%	-6.35%
Max Drawdown (5Y) Largest decline over 5 years	—	-13.60%	—
Current Drawdown Current decline from peak	-3.37%	-1.74%	-1.63%
Average Drawdown Average peak-to-trough decline	-6.31%	-2.00%	-4.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.31%	0.79%	+1.52%

Volatility

FEUS vs. FMAY - Volatility Comparison

FlexShares ESG & Climate US Large Cap Core Index Fund (FEUS) has a higher volatility of 4.55% compared to FT Cboe Vest U.S. Equity Buffer ETF - May (FMAY) at 3.12%. This indicates that FEUS's price experiences larger fluctuations and is considered to be riskier than FMAY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEUS	FMAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.55%	3.12%	+1.43%
Volatility (6M) Calculated over the trailing 6-month period	9.97%	5.43%	+4.54%
Volatility (1Y) Calculated over the trailing 1-year period	12.54%	6.55%	+5.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.03%	10.66%	+6.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.03%	10.17%	+6.86%

FEUS vs. FMAY - Expense Ratio Comparison

FEUS has a 0.09% expense ratio, which is lower than FMAY's 0.85% expense ratio.

Dividends

FEUS vs. FMAY - Dividend Comparison

FEUS's dividend yield for the trailing twelve months is around 1.01%, while FMAY has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
FEUS FlexShares ESG & Climate US Large Cap Core Index Fund	1.01%	1.06%	1.15%	1.41%	1.48%	0.36%
FMAY FT Cboe Vest U.S. Equity Buffer ETF - May	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FEUS and FMAY in my portfolio?

With a correlation of 0.91, FEUS and FMAY 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, FEUS or FMAY?

FEUS has higher volatility (4.55%) compared to FMAY (3.12%). In terms of maximum drawdown, FEUS dropped -25.31% vs FMAY's -13.60%.

Which ETF is better, FEUS or FMAY?

On 3-year performance, FEUS leads with 18.61% vs 13.13% for FMAY. On fees, FEUS is cheaper at 0.09% per year. On volatility, FMAY has been the lower-risk option at 3.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FEUS or FMAY?

Over the 3-year period, FEUS has performed better with a 18.61% return vs 13.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FEUS or FMAY?

FEUS is cheaper with a 0.09% expense ratio, compared with 0.85% for FMAY.

Which ETF pays a higher dividend yield, FEUS or FMAY?

FEUS has the higher dividend yield at 1.01%, compared with 0.00% for FMAY.

What is the main difference between FEUS and FMAY?

FEUS tracks Northern Trust ESG & Climate US Large Cap Core Index - Benchmark TR Gross, while FMAY tracks Cboe S&P 500 Buffer Protect Index May Series. They also come from different issuers: FlexShares and First Trust. Their fees differ too: 0.09% for FEUS and 0.85% for FMAY.

Which has better risk-adjusted returns?

FMAY currently has the higher Sharpe Ratio (2.01 vs 1.79), 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.