FMAY vs. CVSE

Last updated Jun 4, 2026

FMAY (FT Cboe Vest U.S. Equity Buffer ETF - May) and CVSE (Calvert US Select Equity ETF) are both Large Cap Blend Equities funds. FMAY is passively managed, while CVSE is actively managed. Over the past 3 years, FMAY returned 14.13%/yr vs 13.34%/yr for CVSE. Their correlation of 0.83 suggests significant overlap in exposure. FMAY charges 0.85%/yr vs 0.29%/yr for CVSE.

Performance

FMAY vs. CVSE - Performance Comparison

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

Returns By Period

FMAY

• 1D: -0.38%
• 1M: 1.63%
• YTD: 5.39%
• 6M: 6.32%
• 1Y: 15.38%
• 3Y*: 14.13%
• 5Y*: 9.48%
• 10Y*: —

CVSE

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: 0.00%
• 1Y: 8.06%
• 3Y*: 13.34%
• 5Y*: —
• 10Y*: —

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

FMAY vs. CVSE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FMAY FT Cboe Vest U.S. Equity Buffer ETF - May	5.39%	12.69%	14.45%	12.15%
CVSE Calvert US Select Equity ETF	0.00%	10.14%	19.11%	13.35%

Correlation

The correlation between FMAY and CVSE is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (All Time) Calculated using the full available price history since Feb 2, 2023	0.83

Over the past year, the correlation between FMAY and CVSE has dropped to 0.47 - well below their long-term average of 0.83, suggesting their price drivers have been diverging.

FMAY vs. CVSE - Sectors Allocation Comparison

Sectors	FMAY	CVSE
Technology	36.2%	39.5%
Financial Services	11.9%	16.3%
Communication Services	10.9%	5.1%
Consumer Cyclical	10.1%	7.0%
Healthcare	8.4%	10.3%
Industrials	8.1%	11.3%
Consumer Defensive	4.9%	1.7%
Energy	3.5%	-
Utilities	2.3%	2.5%
Real Estate	1.9%	3.5%
Basic Materials	1.8%	2.7%

Return for Risk

FMAY vs. CVSE — Risk / Return Rank

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

FMAY

FMAY Risk / Return Rank: 83
FMAY Sharpe Ratio Rank: 79
FMAY Sortino Ratio Rank: 85
FMAY Omega Ratio Rank: 87
FMAY Calmar Ratio Rank: 74
FMAY Martin Ratio Rank: 91

CVSE

CVSE Risk / Return Rank: 46
CVSE Sharpe Ratio Rank: 36
CVSE Sortino Ratio Rank: 37
CVSE Omega Ratio Rank: 67
CVSE Calmar Ratio Rank: 54
CVSE Martin Ratio Rank: 37

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.

FMAY vs. CVSE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Cboe Vest U.S. Equity Buffer ETF - May (FMAY) and Calvert US Select Equity ETF (CVSE). 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.

	FMAY	CVSE	Difference
Sharpe ratio: Return per unit of total volatility	2.56	1.28	+1.28
Sortino ratio: Return per unit of downside risk	3.80	1.90	+1.90
Omega ratio: Gain probability vs. loss probability	1.54	1.40	+0.14
Calmar ratio: Return relative to maximum drawdown	3.66	2.66	+1.01
Martin ratio: Return relative to average drawdown	21.48	5.71	+15.77
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FMAY vs. CVSE - Sharpe Ratio Comparison

The current FMAY Sharpe Ratio is 2.56, which is higher than the CVSE Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of FMAY and CVSE, 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

	FMAY	CVSE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.56	1.28	+1.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.90	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.02	0.92	+0.10

Drawdowns

FMAY vs. CVSE - Drawdown Comparison

The maximum FMAY drawdown since its inception was -13.60%, smaller than the maximum CVSE drawdown of -20.29%. Use the drawdown chart below to compare losses from any high point for FMAY and CVSE.

Drawdown Indicators

	FMAY	CVSE	Difference
Max Drawdown Largest peak-to-trough decline	-13.60%	-20.29%	+6.69%
Max Drawdown (1Y) Largest decline over 1 year	-4.22%	-3.08%	-1.14%
Max Drawdown (3Y) Largest decline over 3 years	-13.12%	-20.29%	+7.17%
Max Drawdown (5Y) Largest decline over 5 years	-13.60%	—	—
Current Drawdown Current decline from peak	-0.38%	-1.68%	+1.30%
Average Drawdown Average peak-to-trough decline	-2.01%	-2.69%	+0.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.72%	1.42%	-0.70%

Volatility

FMAY vs. CVSE - Volatility Comparison

FT Cboe Vest U.S. Equity Buffer ETF - May (FMAY) has a higher volatility of 1.02% compared to Calvert US Select Equity ETF (CVSE) at 0.00%. This indicates that FMAY's price experiences larger fluctuations and is considered to be riskier than CVSE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMAY	CVSE	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.02%	0.00%	+1.02%
Volatility (6M) Calculated over the trailing 6-month period	4.59%	0.00%	+4.59%
Volatility (1Y) Calculated over the trailing 1-year period	6.04%	6.49%	-0.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.59%	13.87%	-3.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.15%	13.87%	-3.72%

FMAY vs. CVSE - Expense Ratio Comparison

FMAY has a 0.85% expense ratio, which is higher than CVSE's 0.29% expense ratio.

Dividends

FMAY vs. CVSE - Dividend Comparison

FMAY has not paid dividends to shareholders, while CVSE's dividend yield for the trailing twelve months is around 0.59%.

Position	TTM	2025	2024	2023
CVSE Calvert US Select Equity ETF	0.59%	0.81%	1.05%	1.22%
FMAY FT Cboe Vest U.S. Equity Buffer ETF - May	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FMAY and CVSE in my portfolio?

FMAY and CVSE have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FMAY or CVSE?

FMAY has higher volatility (1.02%) compared to CVSE (0.00%). In terms of maximum drawdown, FMAY dropped -13.60% vs CVSE's -20.29%.

Which ETF is better, FMAY or CVSE?

On 3-year performance, FMAY leads with 14.13% vs 13.34% for CVSE. On fees, CVSE is cheaper at 0.29% per year. On volatility, CVSE has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FMAY or CVSE?

Over the 3-year period, FMAY has performed better with a 14.13% return vs 13.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FMAY or CVSE?

CVSE is cheaper with a 0.29% expense ratio, compared with 0.85% for FMAY.

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

CVSE has the higher dividend yield at 0.59%, compared with 0.00% for FMAY.

What is the main difference between FMAY and CVSE?

They also come from different issuers: First Trust and Calvert. Their fees differ too: 0.85% for FMAY and 0.29% for CVSE.

Which has better risk-adjusted returns?

FMAY currently has the higher Sharpe Ratio (2.56 vs 1.28), 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.