GMAY vs. DBE
GMAY (FT Cboe Vest U.S. Equity Moderate Buffer ETF - May) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - GMAY is a Options Trading fund actively managed by FT Vest, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. GMAY is actively managed, while DBE is passively managed. Over the past 3 years, GMAY returned 12.18%/yr vs 23.42%/yr for DBE. At a correlation of -0.05, they often move in opposite directions. GMAY charges 0.85%/yr vs 0.78%/yr for DBE.
Performance
GMAY vs. DBE - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, GMAY achieves a 4.42% return, which is significantly lower than DBE's 83.68% return.
GMAY
- 1D
- -0.35%
- 1M
- 1.29%
- YTD
- 4.42%
- 6M
- 5.09%
- 1Y
- 12.38%
- 3Y*
- 12.18%
- 5Y*
- —
- 10Y*
- —
DBE
- 1D
- 2.33%
- 1M
- -5.45%
- YTD
- 83.68%
- 6M
- 74.95%
- 1Y
- 84.41%
- 3Y*
- 23.42%
- 5Y*
- 19.66%
- 10Y*
- 12.03%
GMAY vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
GMAY FT Cboe Vest U.S. Equity Moderate Buffer ETF - May | 4.42% | 11.94% | 12.12% | 8.88% |
DBE Invesco DB Energy Fund | 83.68% | -2.17% | 2.96% | 1.72% |
Correlation
The correlation between GMAY and DBE is -0.27, 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 | -0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (All Time) Calculated using the full available price history since May 23, 2023 | -0.05 |
Over the past year, the inverse relationship between GMAY and DBE has strengthened: their correlation has moved from -0.05 to -0.27, meaning they now move in opposite directions more often than their long-term average.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
GMAY vs. DBE — Risk / Return Rank
GMAY
DBE
GMAY vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for FT Cboe Vest U.S. Equity Moderate Buffer ETF - May (GMAY) and Invesco DB Energy Fund (DBE). 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.
| GMAY | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.19 | ||
| Sortino ratioReturn per unit of downside risk | +0.98 | ||
| Omega ratioGain probability vs. loss probability | 1.55 | 1.40 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 4.00 | 5.89 | -1.89 |
| Martin ratioReturn relative to average drawdown | 23.44 | 11.53 | +11.91 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| GMAY | DBE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.61 | 2.43 | +0.19 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.67 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.43 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.60 | 0.09 | +1.50 |
Drawdowns
GMAY vs. DBE - Drawdown Comparison
The maximum GMAY drawdown since its inception was -11.75%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for GMAY and DBE.
Loading charts...
Drawdown Indicators
| GMAY | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.75% | -86.69% | +74.94% |
Max Drawdown (1Y)Largest decline over 1 year | -3.11% | -14.41% | +11.30% |
Max Drawdown (3Y)Largest decline over 3 years | -11.75% | -23.89% | +12.14% |
Max Drawdown (5Y)Largest decline over 5 years | — | -38.74% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -60.84% | — |
Current DrawdownCurrent decline from peak | -0.35% | -30.27% | +29.92% |
Average DrawdownAverage peak-to-trough decline | -0.72% | -57.31% | +56.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.53% | 7.35% | -6.82% |
Volatility
GMAY vs. DBE - Volatility Comparison
The current volatility for FT Cboe Vest U.S. Equity Moderate Buffer ETF - May (GMAY) is 1.21%, while Invesco DB Energy Fund (DBE) has a volatility of 12.95%. This indicates that GMAY experiences smaller price fluctuations and is considered to be less risky than DBE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| GMAY | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.21% | 12.95% | -11.74% |
Volatility (6M)Calculated over the trailing 6-month period | 3.71% | 30.86% | -27.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.77% | 34.97% | -30.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.85% | 29.39% | -21.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.85% | 28.33% | -20.48% |
GMAY vs. DBE - Expense Ratio Comparison
GMAY has a 0.85% expense ratio, which is higher than DBE's 0.78% expense ratio.
Dividends
GMAY vs. DBE - Dividend Comparison
GMAY has not paid dividends to shareholders, while DBE's dividend yield for the trailing twelve months is around 2.10%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.10% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% |
GMAY FT Cboe Vest U.S. Equity Moderate Buffer ETF - May | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GMAY and DBE have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBE has higher volatility (12.95%) compared to GMAY (1.21%). In terms of maximum drawdown, GMAY dropped -11.75% vs DBE's -86.69%.
On 3-year performance, DBE leads with 23.42% vs 12.18% for GMAY. On fees, DBE is cheaper at 0.78% per year. On volatility, GMAY has been the lower-risk option at 1.21%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, DBE has performed better with a 23.42% return vs 12.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DBE is cheaper with a 0.78% expense ratio, compared with 0.85% for GMAY.
DBE has the higher dividend yield at 2.10%, compared with 0.00% for GMAY.
GMAY is categorized as Options Trading, while DBE is Oil & Gas. They also come from different issuers: FT Vest and Invesco. Their fees differ too: 0.85% for GMAY and 0.78% for DBE.
GMAY currently has the higher Sharpe Ratio (2.61 vs 2.43), 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.
Find the right allocation for GMAY and DBE
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer