FMAY vs. KAT

Last updated Jun 4, 2026

FMAY (FT Cboe Vest U.S. Equity Buffer ETF - May) and KAT (Scharf ETF) are both Large Cap Blend Equities funds. FMAY is passively managed, while KAT is actively managed. A 0.63 correlation means they provide meaningful diversification when combined. FMAY charges 0.85%/yr vs 0.75%/yr for KAT.

Performance

FMAY vs. KAT - 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 Scharf ETF (KAT). 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 KAT's 0.37% return.

FMAY

• 1D: -0.38%
• 1M: 1.63%
• YTD: 5.39%
• 6M: 6.32%
• 1Y: 15.38%
• 3Y*: 14.13%
• 5Y*: 9.48%
• 10Y*: —

KAT

• 1D: -0.74%
• 1M: 0.22%
• YTD: 0.37%
• 6M: 2.21%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FMAY vs. KAT - Yearly Performance Comparison

	2026 (YTD)	2025
FMAY FT Cboe Vest U.S. Equity Buffer ETF - May	5.39%	4.15%
KAT Scharf ETF	0.37%	0.98%

Correlation

The correlation between FMAY and KAT is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 26, 2025	0.63

FMAY vs. KAT - Sectors Allocation Comparison

Sectors	FMAY	KAT
Technology	36.2%	12.5%
Financial Services	11.9%	26.2%
Communication Services	10.9%	6.3%
Consumer Cyclical	10.1%	5.1%
Healthcare	8.4%	22.9%
Industrials	8.1%	14.4%
Consumer Defensive	4.9%	2.1%
Energy	3.5%	6.2%
Utilities	2.3%	-
Real Estate	1.9%	-
Basic Materials	1.8%	4.2%

Return for Risk

FMAY vs. KAT — 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

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. KAT - 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 Scharf ETF (KAT). 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	KAT	Difference
Sharpe ratio: Return per unit of total volatility	2.56	—	—
Sortino ratio: Return per unit of downside risk	3.80	—	—
Omega ratio: Gain probability vs. loss probability	1.54	—	—
Calmar ratio: Return relative to maximum drawdown	3.66	—	—
Martin ratio: Return relative to average drawdown	21.48	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	FMAY	KAT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.56	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.90	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.02	0.17	+0.86

Drawdowns

FMAY vs. KAT - Drawdown Comparison

The maximum FMAY drawdown since its inception was -13.60%, which is greater than KAT's maximum drawdown of -9.25%. Use the drawdown chart below to compare losses from any high point for FMAY and KAT.

Drawdown Indicators

	FMAY	KAT	Difference
Max Drawdown Largest peak-to-trough decline	-13.60%	-9.25%	-4.35%
Max Drawdown (1Y) Largest decline over 1 year	-4.22%	—	—
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	-0.38%	-4.98%	+4.60%
Average Drawdown Average peak-to-trough decline	-2.01%	-3.20%	+1.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.72%	—	—

Volatility

Volatility by Period

	FMAY	KAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.02%	—	—
Volatility (6M) Calculated over the trailing 6-month period	4.59%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	6.04%	10.48%	-4.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.59%	10.48%	+0.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.15%	10.48%	-0.33%

FMAY vs. KAT - Expense Ratio Comparison

FMAY has a 0.85% expense ratio, which is higher than KAT's 0.75% expense ratio.

Dividends

FMAY vs. KAT - Dividend Comparison

Neither FMAY nor KAT has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both FMAY and KAT in my portfolio?

FMAY and KAT have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FMAY or KAT?

On fees, KAT is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FMAY or KAT?

KAT is cheaper with a 0.75% expense ratio, compared with 0.85% for FMAY.

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

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

What is the main difference between FMAY and KAT?

They also come from different issuers: First Trust and Scharf Investments. Their fees differ too: 0.85% for FMAY and 0.75% for KAT.