GMAY vs. DOGG

Last updated Jul 18, 2026

GMAY (FT Cboe Vest U.S. Equity Moderate Buffer ETF - May) and DOGG (FT Vest DJIA Dogs 10 Target Income ETF) are both exchange-traded funds - GMAY is a Options Trading fund actively managed by FT Vest, while DOGG is a Derivative Income fund actively managed by FT Vest. Both are actively managed. Over the past 3 years, GMAY returned 10.91%/yr vs 12.74%/yr for DOGG. At a 0.30 correlation, their price movements are largely independent. GMAY charges 0.85%/yr vs 0.75%/yr for DOGG.

Performance

GMAY vs. DOGG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Cboe Vest U.S. Equity Moderate Buffer ETF - May (GMAY) and FT Vest DJIA Dogs 10 Target Income ETF (DOGG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GMAY achieves a 4.13% return, which is significantly lower than DOGG's 9.71% return.

GMAY

• 1D: -0.55%
• 1M: 0.54%
• 6M: 3.66%
• YTD: 4.13%
• 1Y: 9.22%
• 3Y*: 10.91%
• 5Y*: —
• 10Y*: —

DOGG

• 1D: -1.13%
• 1M: 2.58%
• 6M: 7.69%
• YTD: 9.71%
• 1Y: 18.70%
• 3Y*: 12.74%
• 5Y*: —
• 10Y*: —

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

GMAY vs. DOGG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GMAY FT Cboe Vest U.S. Equity Moderate Buffer ETF - May	4.13%	11.94%	12.12%	8.77%
DOGG FT Vest DJIA Dogs 10 Target Income ETF	9.71%	19.43%	-2.58%	15.66%

Correlation

The correlation between GMAY and DOGG is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.08
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (All Time) Calculated using the full available price history since May 22, 2023	0.30

Over the past year, the correlation between GMAY and DOGG has dropped to 0.08 - well below their long-term average of 0.30, suggesting their price drivers have been diverging.

Return for Risk

GMAY vs. DOGG — Risk / Return Rank

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

GMAY

GMAY Risk / Return Rank: 78
GMAY Sharpe Ratio Rank: 72
GMAY Sortino Ratio Rank: 74
GMAY Omega Ratio Rank: 79
GMAY Calmar Ratio Rank: 77
GMAY Martin Ratio Rank: 90

DOGG

DOGG Risk / Return Rank: 58
DOGG Sharpe Ratio Rank: 65
DOGG Sortino Ratio Rank: 68
DOGG Omega Ratio Rank: 61
DOGG Calmar Ratio Rank: 58
DOGG Martin Ratio Rank: 39

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.

GMAY vs. DOGG - 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 FT Vest DJIA Dogs 10 Target Income ETF (DOGG). 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.

	GMAY	DOGG	Difference
Sharpe ratio: Return per unit of total volatility	1.76	1.66	+0.10
Sortino ratio: Return per unit of downside risk	2.57	2.43	+0.14
Omega ratio: Gain probability vs. loss probability	1.36	1.29	+0.07
Calmar ratio: Return relative to maximum drawdown	2.98	2.26	+0.72
Martin ratio: Return relative to average drawdown	15.08	4.81	+10.27

GMAY vs. DOGG - Sharpe Ratio Comparison

The current GMAY Sharpe Ratio is 1.76, which is comparable to the DOGG Sharpe Ratio of 1.66. The chart below compares the historical Sharpe Ratios of GMAY and DOGG, 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

GMAY vs. DOGG - Drawdown Comparison

The maximum GMAY drawdown since its inception was -11.75%, which is greater than DOGG's maximum drawdown of -11.19%. Use the drawdown chart below to compare losses from any high point for GMAY and DOGG.

Drawdown Indicators

	GMAY	DOGG	Difference
Max Drawdown Largest peak-to-trough decline	-11.75%	-11.19%	-0.56%
Max Drawdown (1Y) Largest decline over 1 year	-3.11%	-8.29%	+5.18%
Max Drawdown (3Y) Largest decline over 3 years	-11.75%	-11.19%	-0.56%
Current Drawdown Current decline from peak	-0.81%	-3.56%	+2.75%
Average Drawdown Average peak-to-trough decline	-0.72%	-3.27%	+2.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.61%	3.90%	-3.29%

Volatility

GMAY vs. DOGG - Volatility Comparison

The current volatility for FT Cboe Vest U.S. Equity Moderate Buffer ETF - May (GMAY) is 1.82%, while FT Vest DJIA Dogs 10 Target Income ETF (DOGG) has a volatility of 5.02%. This indicates that GMAY experiences smaller price fluctuations and is considered to be less risky than DOGG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GMAY	DOGG	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.82%	5.02%	-3.20%
Volatility (6M) Calculated over the trailing 6-month period	4.48%	9.18%	-4.70%
Volatility (1Y) Calculated over the trailing 1-year period	5.26%	11.32%	-6.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.84%	13.06%	-5.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.84%	13.06%	-5.22%

GMAY vs. DOGG - Expense Ratio Comparison

GMAY has a 0.85% expense ratio, which is higher than DOGG's 0.75% expense ratio.

Dividends

GMAY vs. DOGG - Dividend Comparison

GMAY has not paid dividends to shareholders, while DOGG's dividend yield for the trailing twelve months is around 8.62%.

Position	TTM	2025	2024	2023
DOGG FT Vest DJIA Dogs 10 Target Income ETF	8.62%	8.75%	9.92%	5.89%
GMAY FT Cboe Vest U.S. Equity Moderate Buffer ETF - May	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GMAY and DOGG in my portfolio?

GMAY and DOGG have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GMAY or DOGG?

DOGG has higher volatility (5.02%) compared to GMAY (1.82%). In terms of maximum drawdown, GMAY dropped -11.75% vs DOGG's -11.19%.

Which ETF is better, GMAY or DOGG?

On 3-year performance, DOGG leads with 12.74% vs 10.91% for GMAY. On fees, DOGG is cheaper at 0.75% per year. On volatility, GMAY has been the lower-risk option at 1.82%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GMAY or DOGG?

Over the 3-year period, DOGG has performed better with a 12.74% return vs 10.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GMAY or DOGG?

DOGG is cheaper with a 0.75% expense ratio, compared with 0.85% for GMAY.

Which ETF pays a higher dividend yield, GMAY or DOGG?

DOGG has the higher dividend yield at 8.62%, compared with 0.00% for GMAY.

What is the main difference between GMAY and DOGG?

GMAY is categorized as Options Trading, while DOGG is Derivative Income. Their fees differ too: 0.85% for GMAY and 0.75% for DOGG.

Which has better risk-adjusted returns?

GMAY currently has the higher Sharpe Ratio (1.76 vs 1.66), 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.