FMAY vs. FJUN

Last updated Jun 23, 2026

FMAY (FT Cboe Vest U.S. Equity Buffer ETF - May) and FJUN (FT Cboe Vest U.S. Equity Buffer ETF - June) are both Large Cap Blend Equities funds from First Trust - FMAY tracks the Cboe S&P 500 Buffer Protect Index May Series while FJUN tracks the Cboe S&P 500 Buffer Protect Index June. Both are passively managed. Over the past 5 years, FMAY returned 9.27%/yr vs 10.79%/yr for FJUN. Their correlation of 0.93 suggests significant overlap in exposure. Both charge a 0.85% expense ratio.

Performance

FMAY vs. FJUN - 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 Buffer ETF - June (FJUN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with FMAY having a 4.83% return and FJUN slightly higher at 4.84%.

FMAY

• 1D: -0.26%
• 1M: 0.20%
• YTD: 4.83%
• 6M: 4.96%
• 1Y: 14.67%
• 3Y*: 13.45%
• 5Y*: 9.27%
• 10Y*: —

FJUN

• 1D: -0.17%
• 1M: 0.37%
• YTD: 4.84%
• 6M: 4.78%
• 1Y: 14.16%
• 3Y*: 13.60%
• 5Y*: 10.79%
• 10Y*: —

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

FMAY vs. FJUN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FMAY FT Cboe Vest U.S. Equity Buffer ETF - May	4.83%	12.69%	14.45%	17.83%	-8.08%	11.00%	9.14%
FJUN FT Cboe Vest U.S. Equity Buffer ETF - June	4.84%	11.05%	16.38%	22.30%	-4.95%	11.47%	9.90%

Correlation

The correlation between FMAY and FJUN is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (All Time) Calculated using the full available price history since Jun 22, 2020	0.93

The correlation between FMAY and FJUN has been stable across timeframes, ranging from 0.91 to 0.95 - a consistent structural relationship.

FMAY vs. FJUN - Sectors Allocation Comparison

Sectors	FMAY	FJUN
Technology	39.0%	39.0%
Financial Services	11.1%	11.1%
Communication Services	10.6%	10.6%
Consumer Cyclical	9.9%	9.9%
Healthcare	8.3%	8.3%
Industrials	7.8%	7.8%
Consumer Defensive	4.5%	4.5%
Energy	3.1%	3.1%
Utilities	2.1%	2.1%
Real Estate	1.8%	1.8%
Basic Materials	1.7%	1.7%

Return for Risk

FMAY vs. FJUN — Risk / Return Rank

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

FMAY

FMAY Risk / Return Rank: 79
FMAY Sharpe Ratio Rank: 73
FMAY Sortino Ratio Rank: 77
FMAY Omega Ratio Rank: 83
FMAY Calmar Ratio Rank: 71
FMAY Martin Ratio Rank: 89

FJUN

FJUN Risk / Return Rank: 84
FJUN Sharpe Ratio Rank: 82
FJUN Sortino Ratio Rank: 89
FJUN Omega Ratio Rank: 90
FJUN Calmar Ratio Rank: 71
FJUN Martin Ratio Rank: 90

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. FJUN - 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 Buffer ETF - June (FJUN). 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	FJUN	Difference
Sharpe ratio: Return per unit of total volatility	2.27	2.54	-0.27
Sortino ratio: Return per unit of downside risk	3.27	3.89	-0.62
Omega ratio: Gain probability vs. loss probability	1.48	1.55	-0.07
Calmar ratio: Return relative to maximum drawdown	3.49	3.44	+0.05
Martin ratio: Return relative to average drawdown	18.92	19.85	-0.93

FMAY vs. FJUN - Sharpe Ratio Comparison

The current FMAY Sharpe Ratio is 2.27, which is comparable to the FJUN Sharpe Ratio of 2.54. The chart below compares the historical Sharpe Ratios of FMAY and FJUN, 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. FJUN - Drawdown Comparison

The maximum FMAY drawdown since its inception was -13.60%, roughly equal to the maximum FJUN drawdown of -13.26%. Use the drawdown chart below to compare losses from any high point for FMAY and FJUN.

Drawdown Indicators

	FMAY	FJUN	Difference
Max Drawdown Largest peak-to-trough decline	-13.60%	-13.26%	-0.34%
Max Drawdown (1Y) Largest decline over 1 year	-4.22%	-4.13%	-0.09%
Max Drawdown (3Y) Largest decline over 3 years	-13.12%	-13.26%	+0.14%
Max Drawdown (5Y) Largest decline over 5 years	-13.60%	-13.26%	-0.34%
Current Drawdown Current decline from peak	-0.91%	-0.17%	-0.74%
Average Drawdown Average peak-to-trough decline	-2.00%	-1.66%	-0.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.78%	0.72%	+0.06%

Volatility

FMAY vs. FJUN - Volatility Comparison

FT Cboe Vest U.S. Equity Buffer ETF - May (FMAY) has a higher volatility of 3.00% compared to FT Cboe Vest U.S. Equity Buffer ETF - June (FJUN) at 0.44%. This indicates that FMAY's price experiences larger fluctuations and is considered to be riskier than FJUN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMAY	FJUN	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.00%	0.44%	+2.56%
Volatility (6M) Calculated over the trailing 6-month period	5.36%	4.33%	+1.03%
Volatility (1Y) Calculated over the trailing 1-year period	6.50%	5.61%	+0.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.65%	10.55%	+0.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.17%	10.24%	-0.07%

FMAY vs. FJUN - Expense Ratio Comparison

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

Dividends

FMAY vs. FJUN - Dividend Comparison

Neither FMAY nor FJUN has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both FMAY and FJUN in my portfolio?

With a correlation of 0.91, FMAY and FJUN 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 FJUN?

FMAY has higher volatility (3.00%) compared to FJUN (0.44%). In terms of maximum drawdown, FMAY dropped -13.60% vs FJUN's -13.26%.

Which ETF is better, FMAY or FJUN?

On 5-year performance, FJUN leads with 10.79% vs 9.27% for FMAY. Both ETFs have the same 0.85% expense ratio. On volatility, FJUN has been the lower-risk option at 0.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FMAY or FJUN?

Over the 5-year period, FJUN has performed better with a 10.79% return vs 9.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FMAY or FJUN?

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

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

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

What is the main difference between FMAY and FJUN?

FMAY tracks Cboe S&P 500 Buffer Protect Index May Series, while FJUN tracks Cboe S&P 500 Buffer Protect Index June.

Which has better risk-adjusted returns?

FJUN currently has the higher Sharpe Ratio (2.54 vs 2.27), 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.