FMAY vs. ESN

Last updated Jun 21, 2026

FMAY (FT Cboe Vest U.S. Equity Buffer ETF - May) and ESN (Essential 40 Stock ETF) are both Large Cap Blend Equities funds - FMAY tracks the Cboe S&P 500 Buffer Protect Index May Series while ESN tracks the Essential 40 Stock Index. Both are passively managed. Over the past year, FMAY returned 14.97% vs 26.44% for ESN. A 0.76 correlation means they provide meaningful diversification when combined. FMAY charges 0.85%/yr vs 0.70%/yr for ESN.

Performance

FMAY vs. ESN - 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 Essential 40 Stock ETF (ESN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FMAY achieves a 5.10% return, which is significantly lower than ESN's 14.09% return.

FMAY

• 1D: 0.77%
• 1M: 0.46%
• YTD: 5.10%
• 6M: 5.51%
• 1Y: 14.97%
• 3Y*: 13.27%
• 5Y*: 9.58%
• 10Y*: —

ESN

• 1D: 0.35%
• 1M: -0.32%
• YTD: 14.09%
• 6M: 14.56%
• 1Y: 26.44%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FMAY vs. ESN - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FMAY FT Cboe Vest U.S. Equity Buffer ETF - May	5.10%	12.69%	1.02%
ESN Essential 40 Stock ETF	14.09%	16.52%	-3.53%

Correlation

The correlation between FMAY and ESN is 0.73, 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	0.73
Correlation (All Time) Calculated using the full available price history since Oct 21, 2024	0.76

The correlation between FMAY and ESN has been stable across timeframes, ranging from 0.73 to 0.76 - a consistent structural relationship.

Return for Risk

FMAY vs. ESN — Risk / Return Rank

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

FMAY

FMAY Risk / Return Rank: 80
FMAY Sharpe Ratio Rank: 75
FMAY Sortino Ratio Rank: 78
FMAY Omega Ratio Rank: 84
FMAY Calmar Ratio Rank: 73
FMAY Martin Ratio Rank: 89

ESN

ESN Risk / Return Rank: 83
ESN Sharpe Ratio Rank: 85
ESN Sortino Ratio Rank: 85
ESN Omega Ratio Rank: 79
ESN Calmar Ratio Rank: 81
ESN Martin Ratio Rank: 83

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. ESN - 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 Essential 40 Stock ETF (ESN). 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	ESN	Difference
Sharpe ratio: Return per unit of total volatility	2.30	2.62	-0.32
Sortino ratio: Return per unit of downside risk	3.30	3.61	-0.31
Omega ratio: Gain probability vs. loss probability	1.48	1.45	+0.03
Calmar ratio: Return relative to maximum drawdown	3.53	4.08	-0.55
Martin ratio: Return relative to average drawdown	19.16	16.09	+3.07

FMAY vs. ESN - Sharpe Ratio Comparison

The current FMAY Sharpe Ratio is 2.30, which is comparable to the ESN Sharpe Ratio of 2.62. The chart below compares the historical Sharpe Ratios of FMAY and ESN, 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. ESN - Drawdown Comparison

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

Drawdown Indicators

	FMAY	ESN	Difference
Max Drawdown Largest peak-to-trough decline	-13.60%	-13.60%	0.00%
Max Drawdown (1Y) Largest decline over 1 year	-4.22%	-6.42%	+2.20%
Max Drawdown (3Y) Largest decline over 3 years	-13.12%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-13.60%	—	—
Current Drawdown Current decline from peak	-0.65%	-1.56%	+0.91%
Average Drawdown Average peak-to-trough decline	-2.00%	-1.86%	-0.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.78%	1.63%	-0.85%

Volatility

FMAY vs. ESN - Volatility Comparison

The current volatility for FT Cboe Vest U.S. Equity Buffer ETF - May (FMAY) is 3.04%, while Essential 40 Stock ETF (ESN) has a volatility of 3.40%. This indicates that FMAY experiences smaller price fluctuations and is considered to be less risky than ESN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMAY	ESN	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.04%	3.40%	-0.36%
Volatility (6M) Calculated over the trailing 6-month period	5.38%	7.47%	-2.09%
Volatility (1Y) Calculated over the trailing 1-year period	6.49%	10.03%	-3.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.65%	13.31%	-2.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.17%	13.31%	-3.14%

FMAY vs. ESN - Expense Ratio Comparison

FMAY has a 0.85% expense ratio, which is higher than ESN's 0.70% expense ratio.

Dividends

FMAY vs. ESN - Dividend Comparison

FMAY has not paid dividends to shareholders, while ESN's dividend yield for the trailing twelve months is around 0.80%.

Position	TTM	2025	2024
ESN Essential 40 Stock ETF	0.80%	0.91%	0.76%
FMAY FT Cboe Vest U.S. Equity Buffer ETF - May	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FMAY and ESN in my portfolio?

FMAY and ESN have a correlation of 0.73, 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 ESN?

ESN has higher volatility (3.40%) compared to FMAY (3.04%). In terms of maximum drawdown, FMAY dropped -13.60% vs ESN's -13.60%.

Which ETF is better, FMAY or ESN?

On 1-year performance, ESN leads with 26.44% vs 14.97% for FMAY. On fees, ESN is cheaper at 0.70% per year. On volatility, FMAY has been the lower-risk option at 3.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FMAY or ESN?

Over the 1-year period, ESN has performed better with a 26.44% return vs 14.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FMAY or ESN?

ESN is cheaper with a 0.70% expense ratio, compared with 0.85% for FMAY.

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

ESN has the higher dividend yield at 0.80%, compared with 0.00% for FMAY.

What is the main difference between FMAY and ESN?

FMAY tracks Cboe S&P 500 Buffer Protect Index May Series, while ESN tracks Essential 40 Stock Index. They also come from different issuers: First Trust and KKM Financial. Their fees differ too: 0.85% for FMAY and 0.70% for ESN.

Which has better risk-adjusted returns?

ESN currently has the higher Sharpe Ratio (2.62 vs 2.30), 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.