FMAY vs. MGC

Last updated Jun 4, 2026

FMAY (FT Cboe Vest U.S. Equity Buffer ETF - May) and MGC (Vanguard Mega Cap ETF) are both Large Cap Blend Equities funds - FMAY tracks the Cboe S&P 500 Buffer Protect Index May Series while MGC tracks the CRSP US Mega Cap Index. Both are passively managed. Over the past 5 years, FMAY returned 9.48%/yr vs 14.70%/yr for MGC. Their correlation of 0.93 suggests significant overlap in exposure. FMAY charges 0.85%/yr vs 0.05%/yr for MGC.

Performance

FMAY vs. MGC - 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 Vanguard Mega Cap ETF (MGC). 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 lower than MGC's 10.80% return.

FMAY

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

MGC

• 1D: -0.79%
• 1M: 5.59%
• YTD: 10.80%
• 6M: 10.75%
• 1Y: 29.68%
• 3Y*: 23.87%
• 5Y*: 14.70%
• 10Y*: 16.36%

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

FMAY vs. MGC - 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%
MGC Vanguard Mega Cap ETF	10.80%	19.31%	27.16%	29.77%	-19.95%	27.58%	29.43%

Correlation

The correlation between FMAY and MGC is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.93
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 MGC has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.

FMAY vs. MGC - Sectors Allocation Comparison

Sectors	FMAY	MGC
Technology	36.2%	39.3%
Financial Services	11.9%	11.7%
Communication Services	10.9%	13.1%
Consumer Cyclical	10.1%	10.1%
Healthcare	8.4%	8.9%
Industrials	8.1%	6.5%
Consumer Defensive	4.9%	4.8%
Energy	3.5%	2.6%
Utilities	2.3%	1.0%
Real Estate	1.9%	1.0%
Basic Materials	1.8%	1.2%

Return for Risk

FMAY vs. MGC — 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

MGC

MGC Risk / Return Rank: 69
MGC Sharpe Ratio Rank: 73
MGC Sortino Ratio Rank: 71
MGC Omega Ratio Rank: 71
MGC Calmar Ratio Rank: 60
MGC Martin Ratio Rank: 71

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. MGC - 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 Vanguard Mega Cap ETF (MGC). 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	MGC	Difference
Sharpe ratio: Return per unit of total volatility	2.56	2.42	+0.14
Sortino ratio: Return per unit of downside risk	3.80	3.30	+0.51
Omega ratio: Gain probability vs. loss probability	1.54	1.43	+0.10
Calmar ratio: Return relative to maximum drawdown	3.66	3.03	+0.64
Martin ratio: Return relative to average drawdown	21.48	13.61	+7.87
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. MGC - Sharpe Ratio Comparison

The current FMAY Sharpe Ratio is 2.56, which is comparable to the MGC Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of FMAY and MGC, 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	MGC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.56	2.42	+0.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.90	0.86	+0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.90	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.02	0.60	+0.42

Drawdowns

FMAY vs. MGC - Drawdown Comparison

The maximum FMAY drawdown since its inception was -13.60%, smaller than the maximum MGC drawdown of -51.93%. Use the drawdown chart below to compare losses from any high point for FMAY and MGC.

Drawdown Indicators

	FMAY	MGC	Difference
Max Drawdown Largest peak-to-trough decline	-13.60%	-51.93%	+38.33%
Max Drawdown (1Y) Largest decline over 1 year	-4.22%	-9.85%	+5.63%
Max Drawdown (3Y) Largest decline over 3 years	-13.12%	-19.28%	+6.16%
Max Drawdown (5Y) Largest decline over 5 years	-13.60%	-25.74%	+12.14%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.07%	—
Current Drawdown Current decline from peak	-0.38%	-0.79%	+0.41%
Average Drawdown Average peak-to-trough decline	-2.01%	-7.06%	+5.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.72%	2.19%	-1.47%

Volatility

FMAY vs. MGC - Volatility Comparison

The current volatility for FT Cboe Vest U.S. Equity Buffer ETF - May (FMAY) is 1.02%, while Vanguard Mega Cap ETF (MGC) has a volatility of 3.04%. This indicates that FMAY experiences smaller price fluctuations and is considered to be less risky than MGC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMAY	MGC	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.02%	3.04%	-2.02%
Volatility (6M) Calculated over the trailing 6-month period	4.59%	9.27%	-4.68%
Volatility (1Y) Calculated over the trailing 1-year period	6.04%	12.32%	-6.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.59%	17.27%	-6.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.15%	18.21%	-8.06%

FMAY vs. MGC - Expense Ratio Comparison

FMAY has a 0.85% expense ratio, which is higher than MGC's 0.05% expense ratio.

Dividends

FMAY vs. MGC - Dividend Comparison

FMAY has not paid dividends to shareholders, while MGC's dividend yield for the trailing twelve months is around 0.87%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%
MGC Vanguard Mega Cap ETF	0.87%	0.93%	1.15%	1.35%	1.65%	1.17%	1.45%	1.81%	2.10%	1.83%	2.14%	2.11%

Frequently Asked Questions

Can I hold both FMAY and MGC in my portfolio?

With a correlation of 0.92, FMAY and MGC 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 MGC?

MGC has higher volatility (3.04%) compared to FMAY (1.02%). In terms of maximum drawdown, FMAY dropped -13.60% vs MGC's -51.93%.

Which ETF is better, FMAY or MGC?

On 5-year performance, MGC leads with 14.70% vs 9.48% for FMAY. On fees, MGC is cheaper at 0.05% per year. On volatility, FMAY has been the lower-risk option at 1.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FMAY or MGC?

Over the 5-year period, MGC has performed better with a 14.70% return vs 9.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FMAY or MGC?

MGC is cheaper with a 0.05% expense ratio, compared with 0.85% for FMAY.

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

MGC has the higher dividend yield at 0.87%, compared with 0.00% for FMAY.

What is the main difference between FMAY and MGC?

FMAY tracks Cboe S&P 500 Buffer Protect Index May Series, while MGC tracks CRSP US Mega Cap Index. They also come from different issuers: First Trust and Vanguard. Their fees differ too: 0.85% for FMAY and 0.05% for MGC.

Which has better risk-adjusted returns?

FMAY currently has the higher Sharpe Ratio (2.56 vs 2.42), 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.