FLAG vs. DMAY

Last updated Jun 4, 2026

FLAG (Global X S&P 500 U.S. Market Leaders TOP 50 ETF) and DMAY (FT Cboe Vest U.S. Equity Deep Buffer ETF - May) are both Large Cap Blend Equities funds - FLAG tracks the S&P 500 U.S. Revenue Market Leaders 50 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, FLAG returned 7.89% vs 12.37% for DMAY. A 0.68 correlation means they provide meaningful diversification when combined. FLAG charges 0.29%/yr vs 0.85%/yr for DMAY.

Performance

FLAG vs. DMAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X S&P 500 U.S. Market Leaders TOP 50 ETF (FLAG) 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, FLAG achieves a -0.18% return, which is significantly lower than DMAY's 4.42% return.

FLAG

• 1D: -0.68%
• 1M: 0.74%
• YTD: -0.18%
• 6M: 0.08%
• 1Y: 7.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DMAY

• 1D: -0.30%
• 1M: 1.30%
• YTD: 4.42%
• 6M: 5.19%
• 1Y: 12.37%
• 3Y*: 11.96%
• 5Y*: 7.16%
• 10Y*: —

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

FLAG vs. DMAY - Yearly Performance Comparison

	2026 (YTD)	2025
FLAG Global X S&P 500 U.S. Market Leaders TOP 50 ETF	-0.18%	13.67%
DMAY FT Cboe Vest U.S. Equity Deep Buffer ETF - May	4.42%	20.12%

Correlation

The correlation between FLAG and DMAY is 0.68, 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	0.68
Correlation (All Time) Calculated using the full available price history since Apr 17, 2025	0.68

The correlation between FLAG and DMAY has been stable across timeframes, ranging from 0.68 to 0.68 - a consistent structural relationship.

Return for Risk

FLAG vs. DMAY — Risk / Return Rank

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

FLAG

FLAG Risk / Return Rank: 22
FLAG Sharpe Ratio Rank: 23
FLAG Sortino Ratio Rank: 22
FLAG Omega Ratio Rank: 21
FLAG Calmar Ratio Rank: 21
FLAG Martin Ratio Rank: 24

DMAY

DMAY Risk / Return Rank: 85
DMAY Sharpe Ratio Rank: 82
DMAY Sortino Ratio Rank: 88
DMAY Omega Ratio Rank: 91
DMAY Calmar Ratio Rank: 75
DMAY Martin Ratio Rank: 92

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.

FLAG vs. DMAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X S&P 500 U.S. Market Leaders TOP 50 ETF (FLAG) 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.

	FLAG	DMAY	Difference
Sharpe ratio: Return per unit of total volatility	0.75	2.65	-1.91
Sortino ratio: Return per unit of downside risk	1.14	4.00	-2.86
Omega ratio: Gain probability vs. loss probability	1.13	1.60	-0.47
Calmar ratio: Return relative to maximum drawdown	0.85	3.73	-2.87
Martin ratio: Return relative to average drawdown	2.92	22.76	-19.84
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FLAG vs. DMAY - Sharpe Ratio Comparison

The current FLAG Sharpe Ratio is 0.75, which is lower than the DMAY Sharpe Ratio of 2.65. The chart below compares the historical Sharpe Ratios of FLAG 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

	FLAG	DMAY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.75	2.65	-1.91
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.80	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.05	0.88	+0.18

Drawdowns

FLAG vs. DMAY - Drawdown Comparison

The maximum FLAG drawdown since its inception was -9.29%, smaller than the maximum DMAY drawdown of -13.90%. Use the drawdown chart below to compare losses from any high point for FLAG and DMAY.

Drawdown Indicators

	FLAG	DMAY	Difference
Max Drawdown Largest peak-to-trough decline	-9.29%	-13.90%	+4.61%
Max Drawdown (1Y) Largest decline over 1 year	-9.29%	-3.36%	-5.93%
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	-2.00%	-0.30%	-1.70%
Average Drawdown Average peak-to-trough decline	-1.85%	-2.24%	+0.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.71%	0.55%	+2.16%

Volatility

FLAG vs. DMAY - Volatility Comparison

Global X S&P 500 U.S. Market Leaders TOP 50 ETF (FLAG) has a higher volatility of 2.70% compared to FT Cboe Vest U.S. Equity Deep Buffer ETF - May (DMAY) at 0.84%. This indicates that FLAG'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

	FLAG	DMAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.70%	0.84%	+1.86%
Volatility (6M) Calculated over the trailing 6-month period	7.87%	3.74%	+4.13%
Volatility (1Y) Calculated over the trailing 1-year period	10.63%	4.73%	+5.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.32%	9.02%	+2.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.32%	8.43%	+2.89%

FLAG vs. DMAY - Expense Ratio Comparison

FLAG has a 0.29% expense ratio, which is lower than DMAY's 0.85% expense ratio.

Dividends

FLAG vs. DMAY - Dividend Comparison

FLAG's dividend yield for the trailing twelve months is around 1.35%, while DMAY has not paid dividends to shareholders.

Position	TTM	2025
DMAY FT Cboe Vest U.S. Equity Deep Buffer ETF - May	0.00%	0.00%
FLAG Global X S&P 500 U.S. Market Leaders TOP 50 ETF	1.35%	1.35%

Frequently Asked Questions

Can I hold both FLAG and DMAY in my portfolio?

FLAG and DMAY have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLAG or DMAY?

FLAG has higher volatility (2.70%) compared to DMAY (0.84%). In terms of maximum drawdown, FLAG dropped -9.29% vs DMAY's -13.90%.

Which ETF is better, FLAG or DMAY?

On 1-year performance, DMAY leads with 12.37% vs 7.89% for FLAG. On fees, FLAG is cheaper at 0.29% per year. On volatility, DMAY has been the lower-risk option at 0.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLAG or DMAY?

Over the 1-year period, DMAY has performed better with a 12.37% return vs 7.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLAG or DMAY?

FLAG is cheaper with a 0.29% expense ratio, compared with 0.85% for DMAY.

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

FLAG has the higher dividend yield at 1.35%, compared with 0.00% for DMAY.

What is the main difference between FLAG and DMAY?

FLAG tracks S&P 500 U.S. Revenue Market Leaders 50 Index, while DMAY tracks Cboe S&P 500 30% (-5% to -35%) Buffer Protect May Series Index. They also come from different issuers: Global X and First Trust. Their fees differ too: 0.29% for FLAG and 0.85% for DMAY.

Which has better risk-adjusted returns?

DMAY currently has the higher Sharpe Ratio (2.65 vs 0.75), 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.