FMAY vs. FTXL

Last updated Aug 2, 2026

FMAY (FT Cboe Vest U.S. Equity Buffer ETF - May) and FTXL (First Trust Nasdaq Semiconductor ETF) are both exchange-traded funds - FMAY is a Defined Outcome fund tracking the Cboe S&P 500 Buffer Protect Index May Series, while FTXL is a Semiconductors fund tracking the Nasdaq U.S. Smart Semiconductor Index. Both are passively managed. Over the past 5 years, FMAY returned 9.00%/yr vs 26.87%/yr for FTXL. Their 0.70 correlation means they have sometimes moved together and sometimes differently. FMAY charges 0.85%/yr vs 0.60%/yr for FTXL.

Performance

FMAY vs. FTXL - 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 First Trust Nasdaq Semiconductor ETF (FTXL). 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 FTXL's 67.20% 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%

FTXL

• 1D: -0.59%
• 1M: -13.49%
• 6M: 42.44%
• YTD: 67.20%
• 1Y: 127.03%
• 3Y*: 42.82%
• 5Y*: 26.87%
• 10Y*: —
• ALL TIME*: 27.99%

*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)
FMAY FT Cboe Vest U.S. Equity Buffer ETF - May	$1.41M	$1.35M	$5.09M
FTXL First Trust Nasdaq Semiconductor ETF	$143.42M	$100.61M	$86.48M

FMAY vs. FTXL - 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%	10.80%
FTXL First Trust Nasdaq Semiconductor ETF	67.20%	48.94%	7.59%	54.41%	-33.88%	36.04%	59.91%

Correlation

The correlation between FMAY and FTXL is 0.65, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.65
Correlation (3Y) Balances recent behavior with more history.	0.69
Correlation (5Y) Shows whether the relationship held over a longer period.	0.73
Correlation (All Time) Calculated using the full available price history since May 18, 2020	0.70

The correlation between FMAY and FTXL has been stable across timeframes, ranging from 0.65 to 0.73 - a consistent structural relationship.

FMAY vs. FTXL - Sectors Allocation Comparison

Sectors	FMAY	FTXL
Technology	37.9%	99.6%
Financial Services	11.7%	-
Communication Services	10.0%	-
Consumer Cyclical	9.6%	-
Healthcare	9.1%	-
Industrials	8.4%	0.4%
Consumer Defensive	4.6%	-
Energy	3.0%	-
Utilities	2.3%	-
Real Estate	1.9%	-
Basic Materials	1.7%	-

Return for Risk

FMAY vs. FTXL — 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

FTXL

FTXL Risk / Return Rank: 91
FTXL Sharpe Ratio Rank: 95
FTXL Sortino Ratio Rank: 87
FTXL Omega Ratio Rank: 87
FTXL Calmar Ratio Rank: 90
FTXL Martin Ratio Rank: 93

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. FTXL - 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 First Trust Nasdaq Semiconductor ETF (FTXL). 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	FTXL	Difference
Sharpe ratio: Return per unit of total volatility	1.63	2.71	-1.08
Sortino ratio: Return per unit of downside risk	2.33	2.95	-0.62
Omega ratio: Gain probability vs. loss probability	1.33	1.39	-0.06
Calmar ratio: Return relative to maximum drawdown	2.65	3.83	-1.19
Martin ratio: Return relative to average drawdown	13.18	16.62	-3.44

FMAY vs. FTXL - Sharpe Ratio Comparison

The current FMAY Sharpe Ratio is 1.63, which is lower than the FTXL Sharpe Ratio of 2.71. The chart below compares the historical Sharpe Ratios of FMAY and FTXL, 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. FTXL - Drawdown Comparison

The maximum FMAY drawdown since its inception was -13.60%, smaller than the maximum FTXL drawdown of -43.87%. Use the drawdown chart below to compare losses from any high point for FMAY and FTXL.

Drawdown Indicators

	FMAY	FTXL	Difference
Max Drawdown Largest peak-to-trough decline	-13.60%	-43.87%	+30.27%
Max Drawdown (1Y) Largest decline over 1 year	-4.22%	-32.64%	+28.42%
Max Drawdown (3Y) Largest decline over 3 years	-13.12%	-41.57%	+28.45%
Max Drawdown (5Y) Largest decline over 5 years	-13.60%	-43.87%	+30.27%
Current Drawdown Current decline from peak	-0.48%	-27.09%	+26.61%
Average Drawdown Average peak-to-trough decline	-1.98%	-10.61%	+8.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.85%	7.51%	-6.66%

Volatility

FMAY vs. FTXL - Volatility Comparison

The current volatility for FT Cboe Vest U.S. Equity Buffer ETF - May (FMAY) is 2.40%, while First Trust Nasdaq Semiconductor ETF (FTXL) has a volatility of 18.94%. This indicates that FMAY experiences smaller price fluctuations and is considered to be less risky than FTXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMAY	FTXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.40%	18.94%	-16.54%
Volatility (6M) Calculated over the trailing 6-month period	5.85%	39.98%	-34.13%
Volatility (1Y) Calculated over the trailing 1-year period	6.86%	46.28%	-39.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.68%	38.23%	-27.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.14%	35.28%	-25.14%

FMAY vs. FTXL - Expense Ratio Comparison

FMAY has a 0.85% expense ratio, which is higher than FTXL's 0.60% expense ratio.

Dividends

FMAY vs. FTXL - Dividend Comparison

FMAY has not paid dividends to shareholders, while FTXL's dividend yield for the trailing twelve months is around 0.11%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
FMAY FT Cboe Vest U.S. Equity Buffer ETF - May	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FTXL First Trust Nasdaq Semiconductor ETF	0.11%	0.28%	0.54%	0.60%	0.89%	0.25%	0.48%	0.92%	0.71%	0.47%	0.12%

Frequently Asked Questions

Can I hold both FMAY and FTXL in my portfolio?

FMAY and FTXL have a correlation of 0.65, 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 FTXL?

FTXL has higher volatility (18.94%) compared to FMAY (2.40%). In terms of maximum drawdown, FMAY dropped -13.60% vs FTXL's -43.87%.

Which ETF is better, FMAY or FTXL?

On 5-year performance, FTXL leads with 26.87% vs 9.00% for FMAY. On fees, FTXL is cheaper at 0.60% 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 FTXL?

Over the 5-year period, FTXL has performed better with a 26.87% 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 FTXL?

FTXL is cheaper with a 0.60% expense ratio, compared with 0.85% for FMAY.

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

FTXL has the higher dividend yield at 0.11%, compared with 0.00% for FMAY.

What is the main difference between FMAY and FTXL?

FMAY is categorized as Defined Outcome, while FTXL is Semiconductors. FMAY tracks Cboe S&P 500 Buffer Protect Index May Series, while FTXL tracks Nasdaq U.S. Smart Semiconductor Index. Their fees differ too: 0.85% for FMAY and 0.60% for FTXL.

Which has better risk-adjusted returns?

FTXL currently has the higher Sharpe Ratio (2.71 vs 1.63), 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.