FMAY vs. DFAU

Last updated Aug 2, 2026

FMAY (FT Cboe Vest U.S. Equity Buffer ETF - May) and DFAU (Dimensional US Core Equity Market ETF) are both exchange-traded funds - FMAY is a Defined Outcome fund tracking the Cboe S&P 500 Buffer Protect Index May Series, while DFAU is a Large Cap Blend Equities fund actively managed by Dimensional. FMAY is passively managed, while DFAU is actively managed. Over the past 5 years, FMAY returned 9.00%/yr vs 12.36%/yr for DFAU. Their correlation of 0.93 means they have usually moved in the same direction. FMAY charges 0.85%/yr vs 0.12%/yr for DFAU.

Performance

FMAY vs. DFAU - 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 Dimensional US Core Equity Market ETF (DFAU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FMAY achieves a 5.43% return, which is significantly lower than DFAU's 11.17% return.

FMAY

• 1D: 0.48%
• 1M: 0.39%
• 6M: 4.78%
• YTD: 5.43%
• 1Y: 12.00%
• 3Y*: 12.48%
• 5Y*: 9.00%
• 10Y*: —
• ALL TIME*: 10.05%

DFAU

• 1D: 0.54%
• 1M: 0.47%
• 6M: 9.09%
• YTD: 11.17%
• 1Y: 22.71%
• 3Y*: 18.70%
• 5Y*: 12.36%
• 10Y*: —
• ALL TIME*: 14.88%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DFAU Dimensional US Core Equity Market ETF	$27.31M	$29.07M	$31.61M
FMAY FT Cboe Vest U.S. Equity Buffer ETF - May	$1.41M	$1.35M	$5.09M

FMAY vs. DFAU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FMAY FT Cboe Vest U.S. Equity Buffer ETF - May	5.43%	12.69%	14.45%	17.83%	-8.08%	11.00%	0.95%
DFAU Dimensional US Core Equity Market ETF	11.17%	16.78%	23.17%	24.79%	-16.99%	26.89%	4.87%

Correlation

The correlation between FMAY and DFAU is 0.93, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.93
Correlation (3Y) Balances recent behavior with more history.	0.93
Correlation (5Y) Shows whether the relationship held over a longer period.	0.95
Correlation (All Time) Calculated using the full available price history since Nov 18, 2020	0.93

The correlation between FMAY and DFAU has been stable across timeframes, ranging from 0.93 to 0.95 - a consistent structural relationship.

FMAY vs. DFAU - Sectors Allocation Comparison

Sectors	FMAY	DFAU
Technology	37.9%	39.8%
Financial Services	11.7%	14.2%
Communication Services	10.0%	7.4%
Consumer Cyclical	9.6%	10.4%
Healthcare	9.1%	7.4%
Industrials	8.4%	9.0%
Consumer Defensive	4.6%	3.9%
Energy	3.0%	3.2%
Utilities	2.3%	2.4%
Real Estate	1.9%	0.2%
Basic Materials	1.7%	2.2%

Return for Risk

FMAY vs. DFAU — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FMAY

FMAY Risk / Return Rank: 77
FMAY Sharpe Ratio Rank: 71
FMAY Sortino Ratio Rank: 72
FMAY Omega Ratio Rank: 79
FMAY Calmar Ratio Rank: 75
FMAY Martin Ratio Rank: 88

DFAU

DFAU Risk / Return Rank: 72
DFAU Sharpe Ratio Rank: 71
DFAU Sortino Ratio Rank: 69
DFAU Omega Ratio Rank: 69
DFAU Calmar Ratio Rank: 70
DFAU Martin Ratio Rank: 80

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FMAY vs. DFAU - 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 Dimensional US Core Equity Market ETF (DFAU). 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.

	FMAY	DFAU	Difference
Sharpe ratio: Return per unit of total volatility	1.63	1.61	+0.02
Sortino ratio: Return per unit of downside risk	2.33	2.22	+0.11
Omega ratio: Gain probability vs. loss probability	1.33	1.29	+0.04
Calmar ratio: Return relative to maximum drawdown	2.65	2.39	+0.25
Martin ratio: Return relative to average drawdown	13.18	10.37	+2.82

FMAY vs. DFAU - Sharpe Ratio Comparison

The current FMAY Sharpe Ratio is 1.63, which is comparable to the DFAU Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of FMAY and DFAU, 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

FMAY vs. DFAU - Drawdown Comparison

The maximum FMAY drawdown since its inception was -13.60%, smaller than the maximum DFAU drawdown of -23.61%. Use the drawdown chart below to compare losses from any high point for FMAY and DFAU.

Drawdown Indicators

	FMAY	DFAU	Difference
Max Drawdown Largest peak-to-trough decline	-13.60%	-23.61%	+10.01%
Max Drawdown (1Y) Largest decline over 1 year	-4.22%	-8.67%	+4.45%
Max Drawdown (3Y) Largest decline over 3 years	-13.12%	-19.36%	+6.24%
Max Drawdown (5Y) Largest decline over 5 years	-13.60%	-23.61%	+10.01%
Current Drawdown Current decline from peak	-0.48%	-0.80%	+0.32%
Average Drawdown Average peak-to-trough decline	-1.98%	-4.89%	+2.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.85%	2.00%	-1.15%

Volatility

FMAY vs. DFAU - Volatility Comparison

The current volatility for FT Cboe Vest U.S. Equity Buffer ETF - May (FMAY) is 2.40%, while Dimensional US Core Equity Market ETF (DFAU) has a volatility of 3.40%. This indicates that FMAY experiences smaller price fluctuations and is considered to be less risky than DFAU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMAY	DFAU	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.40%	3.40%	-1.00%
Volatility (6M) Calculated over the trailing 6-month period	5.85%	10.06%	-4.21%
Volatility (1Y) Calculated over the trailing 1-year period	6.86%	12.94%	-6.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.68%	17.11%	-6.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.14%	16.68%	-6.54%

FMAY vs. DFAU - Expense Ratio Comparison

FMAY has a 0.85% expense ratio, which is higher than DFAU's 0.12% expense ratio.

Dividends

FMAY vs. DFAU - Dividend Comparison

FMAY has not paid dividends to shareholders, while DFAU's dividend yield for the trailing twelve months is around 0.91%.

Position	TTM	2025	2024	2023	2022	2021	2020
DFAU Dimensional US Core Equity Market ETF	0.91%	0.95%	1.10%	1.29%	1.40%	1.00%	0.13%
FMAY FT Cboe Vest U.S. Equity Buffer ETF - May	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FMAY and DFAU in my portfolio?

With a correlation of 0.93, FMAY and DFAU 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, FMAY or DFAU?

DFAU has higher volatility (3.40%) compared to FMAY (2.40%). In terms of maximum drawdown, FMAY dropped -13.60% vs DFAU's -23.61%.

Which ETF is better, FMAY or DFAU?

On 5-year performance, DFAU leads with 12.36% vs 9.00% for FMAY. On fees, DFAU is cheaper at 0.12% per year. On volatility, FMAY has been the lower-risk option at 2.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FMAY or DFAU?

Over the 5-year period, DFAU has performed better with a 12.36% return vs 9.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FMAY or DFAU?

DFAU is cheaper with a 0.12% expense ratio, compared with 0.85% for FMAY.

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

DFAU has the higher dividend yield at 0.91%, compared with 0.00% for FMAY.

What is the main difference between FMAY and DFAU?

FMAY is categorized as Defined Outcome, while DFAU is Large Cap Blend Equities. They also come from different issuers: First Trust and Dimensional. Their fees differ too: 0.85% for FMAY and 0.12% for DFAU.

Which has better risk-adjusted returns?

FMAY currently has the higher Sharpe Ratio (1.63 vs 1.61), 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.