FTCE vs. FMAY

Last updated Jun 24, 2026

FTCE (First Trust New Constructs Core Earnings Leaders ETF) and FMAY (FT Cboe Vest U.S. Equity Buffer ETF - May) are both Large Cap Blend Equities funds from First Trust - FTCE tracks the Bloomberg New Constructs Core Earnings Leaders Index while FMAY tracks the Cboe S&P 500 Buffer Protect Index May Series. Both are passively managed. Over the past year, FTCE returned 26.64% vs 13.09% for FMAY. Their correlation of 0.86 suggests significant overlap in exposure. FTCE charges 0.60%/yr vs 0.85%/yr for FMAY.

Performance

FTCE vs. FMAY - 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 Buffer ETF - May (FMAY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FTCE achieves a 8.46% return, which is significantly higher than FMAY's 3.95% return.

FTCE

• 1D: -0.72%
• 1M: -0.98%
• YTD: 8.46%
• 6M: 7.63%
• 1Y: 26.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FMAY

• 1D: -0.84%
• 1M: -0.64%
• YTD: 3.95%
• 6M: 3.89%
• 1Y: 13.09%
• 3Y*: 13.13%
• 5Y*: 9.01%
• 10Y*: —

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

FTCE vs. FMAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FTCE First Trust New Constructs Core Earnings Leaders ETF	8.46%	26.14%	-0.02%
FMAY FT Cboe Vest U.S. Equity Buffer ETF - May	3.95%	12.69%	2.53%

Correlation

The correlation between FTCE and FMAY is 0.82, 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	0.82
Correlation (All Time) Calculated using the full available price history since Oct 3, 2024	0.86

The correlation between FTCE and FMAY has been stable across timeframes, ranging from 0.82 to 0.86 - a consistent structural relationship.

FTCE vs. FMAY - Sectors Allocation Comparison

Sectors	FTCE	FMAY
Technology	38.9%	39.0%
Consumer Cyclical	11.9%	9.9%
Financial Services	10.6%	11.1%
Healthcare	8.7%	8.3%
Industrials	8.3%	7.8%
Communication Services	8.0%	10.6%
Consumer Defensive	4.2%	4.5%
Energy	3.5%	3.1%
Utilities	2.0%	2.1%
Basic Materials	2.0%	1.7%
Real Estate	2.0%	1.8%

Return for Risk

FTCE vs. FMAY — Risk / Return Rank

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

FTCE

FTCE Risk / Return Rank: 62
FTCE Sharpe Ratio Rank: 66
FTCE Sortino Ratio Rank: 64
FTCE Omega Ratio Rank: 63
FTCE Calmar Ratio Rank: 59
FTCE Martin Ratio Rank: 58

FMAY

FMAY Risk / Return Rank: 74
FMAY Sharpe Ratio Rank: 68
FMAY Sortino Ratio Rank: 70
FMAY Omega Ratio Rank: 77
FMAY Calmar Ratio Rank: 68
FMAY Martin Ratio Rank: 86

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.

FTCE vs. FMAY - 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 Buffer ETF - May (FMAY). 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	FMAY	Difference
Sharpe ratio: Return per unit of total volatility	1.95	2.01	-0.06
Sortino ratio: Return per unit of downside risk	2.66	2.88	-0.22
Omega ratio: Gain probability vs. loss probability	1.35	1.42	-0.07
Calmar ratio: Return relative to maximum drawdown	2.63	3.12	-0.48
Martin ratio: Return relative to average drawdown	9.43	16.70	-7.28

FTCE vs. FMAY - Sharpe Ratio Comparison

The current FTCE Sharpe Ratio is 1.95, which is comparable to the FMAY Sharpe Ratio of 2.01. The chart below compares the historical Sharpe Ratios of FTCE and FMAY, 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. FMAY - Drawdown Comparison

The maximum FTCE drawdown since its inception was -18.11%, which is greater than FMAY's maximum drawdown of -13.60%. Use the drawdown chart below to compare losses from any high point for FTCE and FMAY.

Drawdown Indicators

	FTCE	FMAY	Difference
Max Drawdown Largest peak-to-trough decline	-18.11%	-13.60%	-4.51%
Max Drawdown (1Y) Largest decline over 1 year	-10.16%	-4.22%	-5.94%
Max Drawdown (3Y) Largest decline over 3 years	—	-13.12%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-13.60%	—
Current Drawdown Current decline from peak	-5.44%	-1.74%	-3.70%
Average Drawdown Average peak-to-trough decline	-2.55%	-2.00%	-0.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.83%	0.79%	+2.04%

Volatility

FTCE vs. FMAY - Volatility Comparison

First Trust New Constructs Core Earnings Leaders ETF (FTCE) has a higher volatility of 5.77% compared to FT Cboe Vest U.S. Equity Buffer ETF - May (FMAY) at 3.12%. This indicates that FTCE's price experiences larger fluctuations and is considered to be riskier than FMAY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FTCE	FMAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.77%	3.12%	+2.65%
Volatility (6M) Calculated over the trailing 6-month period	11.06%	5.43%	+5.63%
Volatility (1Y) Calculated over the trailing 1-year period	13.76%	6.55%	+7.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.88%	10.66%	+6.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.88%	10.17%	+6.71%

FTCE vs. FMAY - Expense Ratio Comparison

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

Dividends

FTCE vs. FMAY - Dividend Comparison

FTCE's dividend yield for the trailing twelve months is around 0.83%, while FMAY has not paid dividends to shareholders.

Position	TTM	2025	2024
FMAY FT Cboe Vest U.S. Equity Buffer ETF - May	0.00%	0.00%	0.00%
FTCE First Trust New Constructs Core Earnings Leaders ETF	0.83%	0.96%	0.28%

Frequently Asked Questions

Can I hold both FTCE and FMAY in my portfolio?

FTCE and FMAY have a correlation of 0.82, 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 FMAY?

FTCE has higher volatility (5.77%) compared to FMAY (3.12%). In terms of maximum drawdown, FTCE dropped -18.11% vs FMAY's -13.60%.

Which ETF is better, FTCE or FMAY?

On 1-year performance, FTCE leads with 26.64% vs 13.09% for FMAY. On fees, FTCE is cheaper at 0.60% per year. On volatility, FMAY has been the lower-risk option at 3.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FTCE or FMAY?

Over the 1-year period, FTCE has performed better with a 26.64% return vs 13.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FTCE or FMAY?

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

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

FTCE has the higher dividend yield at 0.83%, compared with 0.00% for FMAY.

What is the main difference between FTCE and FMAY?

FTCE tracks Bloomberg New Constructs Core Earnings Leaders Index, while FMAY tracks Cboe S&P 500 Buffer Protect Index May Series. Their fees differ too: 0.60% for FTCE and 0.85% for FMAY.

Which has better risk-adjusted returns?

FMAY currently has the higher Sharpe Ratio (2.01 vs 1.95), 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.