FTCE vs. DMAY

Last updated Aug 2, 2026

FTCE (First Trust New Constructs Core Earnings Leaders ETF) and DMAY (FT Cboe Vest U.S. Equity Deep Buffer ETF - May) are both exchange-traded funds - FTCE is a Large Cap Blend Equities fund tracking the Bloomberg New Constructs Core Earnings Leaders Index, while DMAY is a Defined Outcome fund tracking the Cboe S&P 500 30% (-5% to -35%) Buffer Protect May Series Index. Both are passively managed. Over the past year, FTCE returned 24.21% vs 9.72% for DMAY. Their correlation of 0.83 means they have usually moved in the same direction. FTCE charges 0.60%/yr vs 0.85%/yr for DMAY.

Performance

FTCE vs. DMAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust New Constructs Core Earnings Leaders ETF (FTCE) and FT Cboe Vest U.S. Equity Deep Buffer ETF - May (DMAY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FTCE achieves a 9.29% return, which is significantly higher than DMAY's 4.47% return.

FTCE

• 1D: -0.09%
• 1M: -0.49%
• 6M: 7.29%
• YTD: 9.29%
• 1Y: 24.21%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 19.24%

DMAY

• 1D: 0.40%
• 1M: 0.41%
• 6M: 3.91%
• YTD: 4.47%
• 1Y: 9.72%
• 3Y*: 10.82%
• 5Y*: 6.88%
• 10Y*: —
• ALL TIME*: 7.16%

*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)
DMAY FT Cboe Vest U.S. Equity Deep Buffer ETF - May	$400.10K	$440.69K	$1.81M
FTCE First Trust New Constructs Core Earnings Leaders ETF	$134.84K	$169.05K	$267.54K

FTCE vs. DMAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FTCE First Trust New Constructs Core Earnings Leaders ETF	9.29%	26.14%	-0.02%
DMAY FT Cboe Vest U.S. Equity Deep Buffer ETF - May	4.47%	11.05%	2.33%

Correlation

The correlation between FTCE and DMAY is 0.77, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.77
Correlation (All Time) Calculated using the full available price history since Oct 3, 2024	0.83

The correlation between FTCE and DMAY has been stable across timeframes, ranging from 0.77 to 0.83 - a consistent structural relationship.

FTCE vs. DMAY - Sectors Allocation Comparison

Sectors	FTCE	DMAY
Technology	36.3%	37.9%
Consumer Cyclical	12.2%	9.6%
Financial Services	11.6%	11.7%
Healthcare	9.8%	9.1%
Industrials	8.9%	8.4%
Communication Services	7.4%	10.0%
Consumer Defensive	4.3%	4.6%
Energy	3.4%	3.0%
Utilities	2.2%	2.3%
Real Estate	2.0%	1.9%
Basic Materials	1.9%	1.7%

Return for Risk

FTCE vs. DMAY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FTCE

FTCE Risk / Return Rank: 66
FTCE Sharpe Ratio Rank: 71
FTCE Sortino Ratio Rank: 70
FTCE Omega Ratio Rank: 69
FTCE Calmar Ratio Rank: 63
FTCE Martin Ratio Rank: 58

DMAY

DMAY Risk / Return Rank: 81
DMAY Sharpe Ratio Rank: 75
DMAY Sortino Ratio Rank: 78
DMAY Omega Ratio Rank: 83
DMAY Calmar Ratio Rank: 78
DMAY Martin Ratio Rank: 89

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.

FTCE vs. DMAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust New Constructs Core Earnings Leaders ETF (FTCE) and FT Cboe Vest U.S. Equity Deep Buffer ETF - May (DMAY). 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.

	FTCE	DMAY	Difference
Sharpe ratio: Return per unit of total volatility	1.64	1.70	-0.06
Sortino ratio: Return per unit of downside risk	2.29	2.52	-0.23
Omega ratio: Gain probability vs. loss probability	1.29	1.35	-0.06
Calmar ratio: Return relative to maximum drawdown	2.23	2.78	-0.55
Martin ratio: Return relative to average drawdown	6.99	14.06	-7.07

FTCE vs. DMAY - Sharpe Ratio Comparison

The current FTCE Sharpe Ratio is 1.64, which is comparable to the DMAY Sharpe Ratio of 1.70. The chart below compares the historical Sharpe Ratios of FTCE and DMAY, 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

FTCE vs. DMAY - Drawdown Comparison

The maximum FTCE drawdown since its inception was -18.11%, which is greater than DMAY's maximum drawdown of -13.90%. Use the drawdown chart below to compare losses from any high point for FTCE and DMAY.

Drawdown Indicators

	FTCE	DMAY	Difference
Max Drawdown Largest peak-to-trough decline	-18.11%	-13.90%	-4.21%
Max Drawdown (1Y) Largest decline over 1 year	-10.16%	-3.36%	-6.80%
Max Drawdown (3Y) Largest decline over 3 years	—	-12.38%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-13.90%	—
Current Drawdown Current decline from peak	-4.71%	-0.35%	-4.36%
Average Drawdown Average peak-to-trough decline	-2.68%	-2.20%	-0.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.24%	0.66%	+2.58%

Volatility

FTCE vs. DMAY - Volatility Comparison

First Trust New Constructs Core Earnings Leaders ETF (FTCE) has a higher volatility of 3.32% compared to FT Cboe Vest U.S. Equity Deep Buffer ETF - May (DMAY) at 1.88%. This indicates that FTCE's price experiences larger fluctuations and is considered to be riskier than DMAY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FTCE	DMAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.32%	1.88%	+1.44%
Volatility (6M) Calculated over the trailing 6-month period	11.16%	4.75%	+6.41%
Volatility (1Y) Calculated over the trailing 1-year period	13.83%	5.49%	+8.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.59%	9.10%	+7.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.59%	8.41%	+8.18%

FTCE vs. DMAY - Expense Ratio Comparison

FTCE has a 0.60% expense ratio, which is lower than DMAY's 0.85% expense ratio.

Dividends

FTCE vs. DMAY - Dividend Comparison

FTCE's dividend yield for the trailing twelve months is around 0.66%, while DMAY has not paid dividends to shareholders.

Position	TTM	2025	2024
DMAY FT Cboe Vest U.S. Equity Deep Buffer ETF - May	0.00%	0.00%	0.00%
FTCE First Trust New Constructs Core Earnings Leaders ETF	0.66%	0.96%	0.28%

Frequently Asked Questions

Can I hold both FTCE and DMAY in my portfolio?

FTCE and DMAY have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FTCE or DMAY?

FTCE has higher volatility (3.32%) compared to DMAY (1.88%). In terms of maximum drawdown, FTCE dropped -18.11% vs DMAY's -13.90%.

Which ETF is better, FTCE or DMAY?

On 1-year performance, FTCE leads with 24.21% vs 9.72% for DMAY. On fees, FTCE is cheaper at 0.60% per year. On volatility, DMAY has been the lower-risk option at 1.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FTCE or DMAY?

Over the 1-year period, FTCE has performed better with a 24.21% return vs 9.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FTCE or DMAY?

FTCE is cheaper with a 0.60% expense ratio, compared with 0.85% for DMAY.

Which ETF pays a higher dividend yield, FTCE or DMAY?

FTCE has the higher dividend yield at 0.66%, compared with 0.00% for DMAY.

What is the main difference between FTCE and DMAY?

FTCE is categorized as Large Cap Blend Equities, while DMAY is Defined Outcome. FTCE tracks Bloomberg New Constructs Core Earnings Leaders Index, while DMAY tracks Cboe S&P 500 30% (-5% to -35%) Buffer Protect May Series Index. Their fees differ too: 0.60% for FTCE and 0.85% for DMAY.

Which has better risk-adjusted returns?

DMAY currently has the higher Sharpe Ratio (1.70 vs 1.64), 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.