FMAY vs. USFR
FMAY (FT Cboe Vest U.S. Equity Buffer ETF - May) and USFR (WisdomTree Floating Rate Treasury Fund) are both exchange-traded funds - FMAY is a Large Cap Blend Equities fund tracking the Cboe S&P 500 Buffer Protect Index May Series, while USFR is a Government Bonds fund tracking the Bloomberg U.S. Treasury Floating Rate Bond Index. Both are passively managed. Over the past 5 years, FMAY returned 9.27%/yr vs 3.70%/yr for USFR. At a correlation of -0.02, they often move in opposite directions. FMAY charges 0.85%/yr vs 0.15%/yr for USFR.
Performance
FMAY vs. USFR - Performance Comparison
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Returns By Period
In the year-to-date period, FMAY achieves a 4.83% return, which is significantly higher than USFR's 1.78% return.
FMAY
- 1D
- -0.26%
- 1M
- 0.20%
- YTD
- 4.83%
- 6M
- 4.96%
- 1Y
- 14.67%
- 3Y*
- 13.45%
- 5Y*
- 9.27%
- 10Y*
- —
USFR
- 1D
- 0.00%
- 1M
- 0.29%
- YTD
- 1.78%
- 6M
- 1.89%
- 1Y
- 3.97%
- 3Y*
- 4.72%
- 5Y*
- 3.70%
- 10Y*
- 2.43%
FMAY vs. USFR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
FMAY FT Cboe Vest U.S. Equity Buffer ETF - May | 4.83% | 12.69% | 14.45% | 17.83% | -8.08% | 11.00% | 10.80% |
USFR WisdomTree Floating Rate Treasury Fund | 1.78% | 4.23% | 5.47% | 5.18% | 1.98% | -0.03% | 0.02% |
Correlation
The correlation between FMAY and USFR is -0.13, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.02 |
Correlation (All Time) Calculated using the full available price history since May 18, 2020 | -0.02 |
The correlation between FMAY and USFR shifts across timeframes, from -0.13 (1 year) to -0.02 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FMAY vs. USFR — Risk / Return Rank
FMAY
USFR
FMAY vs. USFR - 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 WisdomTree Floating Rate Treasury Fund (USFR). 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 | USFR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -12.38 | ||
| Sortino ratioReturn per unit of downside risk | -46.61 | ||
| Omega ratioGain probability vs. loss probability | 1.48 | 13.24 | -11.77 |
| Calmar ratioReturn relative to maximum drawdown | 3.49 | 200.29 | -196.80 |
| Martin ratioReturn relative to average drawdown | 18.92 | 775.73 | -756.82 |
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Drawdowns
FMAY vs. USFR - Drawdown Comparison
The maximum FMAY drawdown since its inception was -13.60%, which is greater than USFR's maximum drawdown of -1.36%. Use the drawdown chart below to compare losses from any high point for FMAY and USFR.
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Drawdown Indicators
| FMAY | USFR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.60% | -1.36% | -12.24% |
Max Drawdown (1Y)Largest decline over 1 year | -4.22% | -0.02% | -4.20% |
Max Drawdown (3Y)Largest decline over 3 years | -13.12% | -0.06% | -13.06% |
Max Drawdown (5Y)Largest decline over 5 years | -13.60% | -0.18% | -13.42% |
Max Drawdown (10Y)Largest decline over 10 years | — | -0.80% | — |
Current DrawdownCurrent decline from peak | -0.91% | 0.00% | -0.91% |
Average DrawdownAverage peak-to-trough decline | -2.00% | -0.15% | -1.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.78% | 0.01% | +0.77% |
Volatility
FMAY vs. USFR - Volatility Comparison
FT Cboe Vest U.S. Equity Buffer ETF - May (FMAY) has a higher volatility of 3.00% compared to WisdomTree Floating Rate Treasury Fund (USFR) at 0.08%. This indicates that FMAY's price experiences larger fluctuations and is considered to be riskier than USFR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FMAY | USFR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.00% | 0.08% | +2.92% |
Volatility (6M)Calculated over the trailing 6-month period | 5.36% | 0.19% | +5.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.50% | 0.27% | +6.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.65% | 0.40% | +10.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.17% | 0.78% | +9.39% |
FMAY vs. USFR - Expense Ratio Comparison
FMAY has a 0.85% expense ratio, which is higher than USFR's 0.15% expense ratio.
Dividends
FMAY vs. USFR - Dividend Comparison
FMAY has not paid dividends to shareholders, while USFR's dividend yield for the trailing twelve months is around 3.91%.
| 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% |
USFR WisdomTree Floating Rate Treasury Fund | 3.91% | 4.15% | 5.17% | 5.12% | 1.78% | 0.01% | 0.40% | 2.08% | 1.67% | 1.03% | 0.29% |
Frequently Asked Questions
FMAY and USFR have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FMAY has higher volatility (3.00%) compared to USFR (0.08%). In terms of maximum drawdown, FMAY dropped -13.60% vs USFR's -1.36%.
On 5-year performance, FMAY leads with 9.27% vs 3.70% for USFR. On fees, USFR is cheaper at 0.15% per year. On volatility, USFR has been the lower-risk option at 0.08%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FMAY has performed better with a 9.27% return vs 3.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USFR is cheaper with a 0.15% expense ratio, compared with 0.85% for FMAY.
USFR has the higher dividend yield at 3.91%, compared with 0.00% for FMAY.
FMAY is categorized as Large Cap Blend Equities, while USFR is Government Bonds. FMAY tracks Cboe S&P 500 Buffer Protect Index May Series, while USFR tracks Bloomberg U.S. Treasury Floating Rate Bond Index. They also come from different issuers: First Trust and WisdomTree. Their fees differ too: 0.85% for FMAY and 0.15% for USFR.
USFR currently has the higher Sharpe Ratio (14.65 vs 2.27), 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.
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