FMAY vs. DMAY

Last updated Jun 4, 2026

FMAY (FT Cboe Vest U.S. Equity Buffer ETF - May) and DMAY (FT Cboe Vest U.S. Equity Deep Buffer ETF - May) are both Large Cap Blend Equities funds from First Trust - FMAY tracks the Cboe S&P 500 Buffer Protect Index May Series while DMAY tracks the Cboe S&P 500 30% (-5% to -35%) Buffer Protect May Series Index. Both are passively managed. Over the past 5 years, FMAY returned 9.48%/yr vs 7.16%/yr for DMAY. Their correlation of 0.93 suggests significant overlap in exposure. Both charge a 0.85% expense ratio.

Performance

FMAY 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 - May (FMAY) 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, FMAY achieves a 5.39% return, which is significantly higher than DMAY's 4.42% return.

FMAY

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

FMAY vs. DMAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FMAY FT Cboe Vest U.S. Equity Buffer ETF - May	5.39%	12.69%	14.45%	17.83%	-8.08%	11.00%	10.91%
DMAY FT Cboe Vest U.S. Equity Deep Buffer ETF - May	4.42%	11.05%	12.82%	15.40%	-9.98%	6.14%	6.40%

Correlation

The correlation between FMAY and DMAY is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (All Time) Calculated using the full available price history since May 19, 2020	0.93

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

FMAY vs. DMAY - Sectors Allocation Comparison

Sectors	FMAY	DMAY
Technology	36.2%	36.2%
Financial Services	11.9%	11.9%
Communication Services	10.9%	10.9%
Consumer Cyclical	10.1%	10.1%
Healthcare	8.4%	8.4%
Industrials	8.1%	8.1%
Consumer Defensive	4.9%	4.9%
Energy	3.5%	3.5%
Utilities	2.3%	2.3%
Real Estate	1.9%	1.9%
Basic Materials	1.8%	1.8%

Return for Risk

FMAY vs. DMAY — 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

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.

FMAY 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 - May (FMAY) 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.

	FMAY	DMAY	Difference
Sharpe ratio: Return per unit of total volatility	2.56	2.65	-0.09
Sortino ratio: Return per unit of downside risk	3.80	4.00	-0.20
Omega ratio: Gain probability vs. loss probability	1.54	1.60	-0.06
Calmar ratio: Return relative to maximum drawdown	3.66	3.73	-0.06
Martin ratio: Return relative to average drawdown	21.48	22.76	-1.27
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. DMAY - Sharpe Ratio Comparison

The current FMAY Sharpe Ratio is 2.56, which is comparable to the DMAY Sharpe Ratio of 2.65. The chart below compares the historical Sharpe Ratios of FMAY 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

	FMAY	DMAY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.56	2.65	-0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.90	0.80	+0.10
Sharpe Ratio (All Time) Calculated using the full available price history	1.02	0.88	+0.15

Drawdowns

FMAY vs. DMAY - Drawdown Comparison

The maximum FMAY drawdown since its inception was -13.60%, roughly equal to the maximum DMAY drawdown of -13.90%. Use the drawdown chart below to compare losses from any high point for FMAY and DMAY.

Drawdown Indicators

	FMAY	DMAY	Difference
Max Drawdown Largest peak-to-trough decline	-13.60%	-13.90%	+0.30%
Max Drawdown (1Y) Largest decline over 1 year	-4.22%	-3.36%	-0.86%
Max Drawdown (3Y) Largest decline over 3 years	-13.12%	-12.38%	-0.74%
Max Drawdown (5Y) Largest decline over 5 years	-13.60%	-13.90%	+0.30%
Current Drawdown Current decline from peak	-0.38%	-0.30%	-0.08%
Average Drawdown Average peak-to-trough decline	-2.01%	-2.24%	+0.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.72%	0.55%	+0.17%

Volatility

FMAY vs. DMAY - Volatility Comparison

FT Cboe Vest U.S. Equity Buffer ETF - May (FMAY) has a higher volatility of 1.02% compared to FT Cboe Vest U.S. Equity Deep Buffer ETF - May (DMAY) at 0.84%. This indicates that FMAY'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

	FMAY	DMAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.02%	0.84%	+0.18%
Volatility (6M) Calculated over the trailing 6-month period	4.59%	3.74%	+0.85%
Volatility (1Y) Calculated over the trailing 1-year period	6.04%	4.73%	+1.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.59%	9.02%	+1.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.15%	8.43%	+1.72%

FMAY vs. DMAY - Expense Ratio Comparison

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

Dividends

FMAY vs. DMAY - Dividend Comparison

Neither FMAY nor DMAY has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both FMAY and DMAY in my portfolio?

With a correlation of 0.94, FMAY and DMAY 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 DMAY?

FMAY has higher volatility (1.02%) compared to DMAY (0.84%). In terms of maximum drawdown, FMAY dropped -13.60% vs DMAY's -13.90%.

Which ETF is better, FMAY or DMAY?

On 5-year performance, FMAY leads with 9.48% vs 7.16% for DMAY. Both ETFs have the same 0.85% expense ratio. 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, FMAY or DMAY?

Over the 5-year period, FMAY has performed better with a 9.48% return vs 7.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FMAY or DMAY?

FMAY and DMAY have the same expense ratio: 0.85% per year.

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

FMAY and DMAY have nearly identical dividend yields, around 0.00%.

What is the main difference between FMAY and DMAY?

FMAY tracks Cboe S&P 500 Buffer Protect Index May Series, while DMAY tracks Cboe S&P 500 30% (-5% to -35%) Buffer Protect May Series Index.

Which has better risk-adjusted returns?

DMAY currently has the higher Sharpe Ratio (2.65 vs 2.56), 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.