FMAY vs. PSMD

Last updated Aug 2, 2026

FMAY (FT Cboe Vest U.S. Equity Buffer ETF - May) and PSMD (Pacer Swan SOS Moderate (December) ETF) are both Defined Outcome funds. FMAY is passively managed, while PSMD is actively managed. Over the past 5 years, FMAY returned 9.00%/yr vs 9.18%/yr for PSMD. Their correlation of 0.88 means they have usually moved in the same direction. FMAY charges 0.85%/yr vs 0.75%/yr for PSMD.

Performance

FMAY vs. PSMD - 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 Pacer Swan SOS Moderate (December) ETF (PSMD). 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 PSMD's 6.35% 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%

PSMD

• 1D: 0.30%
• 1M: 0.61%
• 6M: 5.65%
• YTD: 6.35%
• 1Y: 12.94%
• 3Y*: 11.74%
• 5Y*: 9.18%
• 10Y*: —
• ALL TIME*: 9.68%

*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
PSMD Pacer Swan SOS Moderate (December) ETF	$12.30K	$15.12K	$38.33K

FMAY vs. PSMD - 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%	0.50%
PSMD Pacer Swan SOS Moderate (December) ETF	6.35%	11.45%	12.78%	17.46%	-4.47%	11.23%	0.55%

Correlation

The correlation between FMAY and PSMD is 0.88, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.88
Correlation (3Y) Balances recent behavior with more history.	0.86
Correlation (5Y) Shows whether the relationship held over a longer period.	0.90
Correlation (All Time) Calculated using the full available price history since Dec 23, 2020	0.88

The correlation between FMAY and PSMD has been stable across timeframes, ranging from 0.86 to 0.90 - a consistent structural relationship.

FMAY vs. PSMD - Sectors Allocation Comparison

Sectors	FMAY	PSMD
Technology	37.9%	38.5%
Financial Services	11.7%	11.6%
Communication Services	10.0%	9.9%
Consumer Cyclical	9.6%	9.5%
Healthcare	9.1%	8.9%
Industrials	8.4%	8.4%
Consumer Defensive	4.6%	4.5%
Energy	3.0%	3.0%
Utilities	2.3%	2.2%
Real Estate	1.9%	1.8%
Basic Materials	1.7%	1.7%

Return for Risk

FMAY vs. PSMD — 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

PSMD

PSMD Risk / Return Rank: 87
PSMD Sharpe Ratio Rank: 87
PSMD Sortino Ratio Rank: 89
PSMD Omega Ratio Rank: 90
PSMD Calmar Ratio Rank: 78
PSMD Martin Ratio Rank: 90

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. PSMD - 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 Pacer Swan SOS Moderate (December) ETF (PSMD). 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	PSMD	Difference
Sharpe ratio: Return per unit of total volatility	1.63	2.08	-0.45
Sortino ratio: Return per unit of downside risk	2.33	3.09	-0.75
Omega ratio: Gain probability vs. loss probability	1.33	1.42	-0.09
Calmar ratio: Return relative to maximum drawdown	2.65	2.75	-0.11
Martin ratio: Return relative to average drawdown	13.18	14.24	-1.06

FMAY vs. PSMD - Sharpe Ratio Comparison

The current FMAY Sharpe Ratio is 1.63, which is comparable to the PSMD Sharpe Ratio of 2.08. The chart below compares the historical Sharpe Ratios of FMAY and PSMD, 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. PSMD - Drawdown Comparison

The maximum FMAY drawdown since its inception was -13.60%, which is greater than PSMD's maximum drawdown of -11.96%. Use the drawdown chart below to compare losses from any high point for FMAY and PSMD.

Drawdown Indicators

	FMAY	PSMD	Difference
Max Drawdown Largest peak-to-trough decline	-13.60%	-11.96%	-1.64%
Max Drawdown (1Y) Largest decline over 1 year	-4.22%	-4.42%	+0.20%
Max Drawdown (3Y) Largest decline over 3 years	-13.12%	-10.70%	-2.42%
Max Drawdown (5Y) Largest decline over 5 years	-13.60%	-11.96%	-1.64%
Current Drawdown Current decline from peak	-0.48%	0.00%	-0.48%
Average Drawdown Average peak-to-trough decline	-1.98%	-1.62%	-0.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.85%	0.85%	0.00%

Volatility

FMAY vs. PSMD - Volatility Comparison

FT Cboe Vest U.S. Equity Buffer ETF - May (FMAY) has a higher volatility of 2.40% compared to Pacer Swan SOS Moderate (December) ETF (PSMD) at 1.44%. This indicates that FMAY's price experiences larger fluctuations and is considered to be riskier than PSMD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMAY	PSMD	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.40%	1.44%	+0.96%
Volatility (6M) Calculated over the trailing 6-month period	5.85%	4.83%	+1.02%
Volatility (1Y) Calculated over the trailing 1-year period	6.86%	5.85%	+1.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.68%	8.65%	+2.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.14%	8.42%	+1.72%

FMAY vs. PSMD - Expense Ratio Comparison

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

Dividends

FMAY vs. PSMD - Dividend Comparison

Neither FMAY nor PSMD has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
FMAY FT Cboe Vest U.S. Equity Buffer ETF - May	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PSMD Pacer Swan SOS Moderate (December) ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.47%

Frequently Asked Questions

Can I hold both FMAY and PSMD in my portfolio?

FMAY and PSMD have a correlation of 0.88, 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 PSMD?

FMAY has higher volatility (2.40%) compared to PSMD (1.44%). In terms of maximum drawdown, FMAY dropped -13.60% vs PSMD's -11.96%.

Which ETF is better, FMAY or PSMD?

On 5-year performance, PSMD leads with 9.18% vs 9.00% for FMAY. On fees, PSMD is cheaper at 0.75% per year. On volatility, PSMD has been the lower-risk option at 1.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FMAY or PSMD?

Over the 5-year period, PSMD has performed better with a 9.18% 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 PSMD?

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

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

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

What is the main difference between FMAY and PSMD?

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

Which has better risk-adjusted returns?

PSMD currently has the higher Sharpe Ratio (2.08 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.