FMAY vs. QMAR

Last updated Jul 14, 2026

FMAY (FT Cboe Vest U.S. Equity Buffer ETF - May) and QMAR (FT Cboe Vest Nasdaq-100 Buffer ETF - March) are both exchange-traded funds - FMAY is a Defined Outcome fund tracking the Cboe S&P 500 Buffer Protect Index May Series, while QMAR is a Nasdaq-100 fund actively managed by First Trust. FMAY is passively managed, while QMAR is actively managed. Over the past 5 years, FMAY returned 9.09%/yr vs 11.22%/yr for QMAR. Their correlation of 0.86 suggests significant overlap in exposure. FMAY charges 0.85%/yr vs 0.90%/yr for QMAR.

Performance

FMAY vs. QMAR - 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 Nasdaq-100 Buffer ETF - March (QMAR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FMAY achieves a 5.37% return, which is significantly lower than QMAR's 12.33% return.

FMAY

• 1D: -0.48%
• 1M: 0.94%
• 6M: 4.68%
• YTD: 5.37%
• 1Y: 12.15%
• 3Y*: 12.74%
• 5Y*: 9.09%
• 10Y*: —

QMAR

• 1D: -0.48%
• 1M: 0.30%
• 6M: 11.69%
• YTD: 12.33%
• 1Y: 19.16%
• 3Y*: 15.18%
• 5Y*: 11.22%
• 10Y*: —

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

FMAY vs. QMAR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FMAY FT Cboe Vest U.S. Equity Buffer ETF - May	5.37%	12.69%	14.45%	17.83%	-8.08%	8.97%
QMAR FT Cboe Vest Nasdaq-100 Buffer ETF - March	12.33%	10.89%	16.11%	35.47%	-16.56%	12.87%

Correlation

The correlation between FMAY and QMAR is 0.84, 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	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (All Time) Calculated using the full available price history since Mar 22, 2021	0.86

The correlation between FMAY and QMAR has been stable across timeframes, ranging from 0.84 to 0.88 - a consistent structural relationship.

FMAY vs. QMAR - Sectors Allocation Comparison

Sectors	FMAY	QMAR
Technology	39.0%	58.7%
Financial Services	11.1%	0.2%
Communication Services	10.6%	14.3%
Consumer Cyclical	9.9%	11.4%
Healthcare	8.3%	3.7%
Industrials	7.8%	2.6%
Consumer Defensive	4.5%	6.4%
Energy	3.1%	0.5%
Utilities	2.1%	1.2%
Real Estate	1.8%	0.1%
Basic Materials	1.7%	1.0%

Return for Risk

FMAY vs. QMAR — Risk / Return Rank

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

FMAY

FMAY Risk / Return Rank: 78
FMAY Sharpe Ratio Rank: 73
FMAY Sortino Ratio Rank: 75
FMAY Omega Ratio Rank: 82
FMAY Calmar Ratio Rank: 72
FMAY Martin Ratio Rank: 88

QMAR

QMAR Risk / Return Rank: 96
QMAR Sharpe Ratio Rank: 95
QMAR Sortino Ratio Rank: 95
QMAR Omega Ratio Rank: 96
QMAR Calmar Ratio Rank: 95
QMAR Martin Ratio Rank: 97

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. QMAR - 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 Nasdaq-100 Buffer ETF - March (QMAR). 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	QMAR	Difference
Sharpe ratio: Return per unit of total volatility	1.86	2.90	-1.03
Sortino ratio: Return per unit of downside risk	2.69	4.34	-1.65
Omega ratio: Gain probability vs. loss probability	1.38	1.65	-0.27
Calmar ratio: Return relative to maximum drawdown	2.89	5.99	-3.10
Martin ratio: Return relative to average drawdown	14.90	33.52	-18.62

FMAY vs. QMAR - Sharpe Ratio Comparison

The current FMAY Sharpe Ratio is 1.86, which is lower than the QMAR Sharpe Ratio of 2.90. The chart below compares the historical Sharpe Ratios of FMAY and QMAR, 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. QMAR - Drawdown Comparison

The maximum FMAY drawdown since its inception was -13.60%, smaller than the maximum QMAR drawdown of -19.83%. Use the drawdown chart below to compare losses from any high point for FMAY and QMAR.

Drawdown Indicators

	FMAY	QMAR	Difference
Max Drawdown Largest peak-to-trough decline	-13.60%	-19.83%	+6.23%
Max Drawdown (1Y) Largest decline over 1 year	-4.22%	-3.21%	-1.01%
Max Drawdown (3Y) Largest decline over 3 years	-13.12%	-15.91%	+2.79%
Max Drawdown (5Y) Largest decline over 5 years	-13.60%	-19.83%	+6.23%
Current Drawdown Current decline from peak	-0.48%	-0.83%	+0.35%
Average Drawdown Average peak-to-trough decline	-1.99%	-3.24%	+1.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.82%	0.57%	+0.25%

Volatility

FMAY vs. QMAR - Volatility Comparison

The current volatility for FT Cboe Vest U.S. Equity Buffer ETF - May (FMAY) is 2.57%, while FT Cboe Vest Nasdaq-100 Buffer ETF - March (QMAR) has a volatility of 2.73%. This indicates that FMAY experiences smaller price fluctuations and is considered to be less risky than QMAR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMAY	QMAR	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.57%	2.73%	-0.16%
Volatility (6M) Calculated over the trailing 6-month period	5.55%	5.80%	-0.25%
Volatility (1Y) Calculated over the trailing 1-year period	6.56%	6.66%	-0.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.66%	14.03%	-3.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.14%	13.78%	-3.64%

FMAY vs. QMAR - Expense Ratio Comparison

FMAY has a 0.85% expense ratio, which is lower than QMAR's 0.90% expense ratio.

Dividends

FMAY vs. QMAR - Dividend Comparison

Neither FMAY nor QMAR has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both FMAY and QMAR in my portfolio?

FMAY and QMAR have a correlation of 0.84, 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 QMAR?

QMAR has higher volatility (2.73%) compared to FMAY (2.57%). In terms of maximum drawdown, FMAY dropped -13.60% vs QMAR's -19.83%.

Which ETF is better, FMAY or QMAR?

On 5-year performance, QMAR leads with 11.22% vs 9.09% for FMAY. On fees, FMAY is cheaper at 0.85% per year. On volatility, FMAY has been the lower-risk option at 2.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FMAY or QMAR?

Over the 5-year period, QMAR has performed better with a 11.22% return vs 9.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FMAY or QMAR?

FMAY is cheaper with a 0.85% expense ratio, compared with 0.90% for QMAR.

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

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

What is the main difference between FMAY and QMAR?

FMAY is categorized as Defined Outcome, while QMAR is Nasdaq-100. Their fees differ too: 0.85% for FMAY and 0.90% for QMAR.

Which has better risk-adjusted returns?

QMAR currently has the higher Sharpe Ratio (2.90 vs 1.86), 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.