GMAY vs. XMAR

Last updated Apr 2, 2026

Compare and contrast key facts about FT Cboe Vest U.S. Equity Moderate Buffer ETF - May (GMAY) and FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - March (XMAR).

GMAY and XMAR are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. GMAY is an actively managed fund by FT Vest. It was launched on May 19, 2023. XMAR is an actively managed fund by FT Vest. It was launched on Mar 16, 2023.

Performance

GMAY vs. XMAR - 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 Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - March (XMAR). The values are adjusted to include any dividend payments, if applicable.

GMAY vs. XMAR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GMAY FT Cboe Vest U.S. Equity Moderate Buffer ETF - May	0.00%	11.94%	12.12%	8.88%
XMAR FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - March	1.40%	10.30%	10.10%	6.86%

Returns By Period

GMAY

• 1D: 0.57%
• 1M: -0.80%
• YTD: 0.00%
• 6M: 1.89%
• 1Y: 13.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —

XMAR

• 1D: 1.20%
• 1M: 0.47%
• YTD: 1.40%
• 6M: 3.18%
• 1Y: 9.88%
• 3Y*: 10.11%
• 5Y*: —
• 10Y*: —

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

GMAY vs. XMAR - Expense Ratio Comparison

Both GMAY and XMAR have an expense ratio of 0.85%.

GMAY

FT Cboe Vest U.S. Equity Moderate Buffer ETF - May

XMAR

FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - March

Return for Risk

GMAY vs. XMAR — Risk / Return Rank

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

GMAY

GMAY Risk / Return Rank: 74
GMAY Sharpe Ratio Rank: 70
GMAY Sortino Ratio Rank: 74
GMAY Omega Ratio Rank: 86
GMAY Calmar Ratio Rank: 56
GMAY Martin Ratio Rank: 83

XMAR

XMAR Risk / Return Rank: 77
XMAR Sharpe Ratio Rank: 71
XMAR Sortino Ratio Rank: 75
XMAR Omega Ratio Rank: 95
XMAR Calmar Ratio Rank: 57
XMAR 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.

GMAY vs. XMAR - 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 Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - March (XMAR). 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	XMAR	Difference
Sharpe ratio Return per unit of total volatility	1.31	1.30	+0.01
Sortino ratio Return per unit of downside risk	1.98	1.96	+0.01
Omega ratio Gain probability vs. loss probability	1.36	1.47	-0.10
Calmar ratio Return relative to maximum drawdown	1.62	1.52	+0.10
Martin ratio Return relative to average drawdown	10.49	10.40	+0.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GMAY vs. XMAR - Sharpe Ratio Comparison

The current GMAY Sharpe Ratio is 1.31, which is comparable to the XMAR Sharpe Ratio of 1.30. The chart below compares the historical Sharpe Ratios of GMAY and XMAR, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	GMAY	XMAR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.31	1.30	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	1.45	1.90	-0.45

Correlation

The correlation between GMAY and XMAR is 0.77, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

GMAY vs. XMAR - Dividend Comparison

Neither GMAY nor XMAR has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

GMAY vs. XMAR - Drawdown Comparison

The maximum GMAY drawdown since its inception was -11.75%, which is greater than XMAR's maximum drawdown of -7.29%. Use the drawdown chart below to compare losses from any high point for GMAY and XMAR.

Drawdown Indicators

	GMAY	XMAR	Difference
Max Drawdown Largest peak-to-trough decline	-11.75%	-7.29%	-4.46%
Max Drawdown (1Y) Largest decline over 1 year	-8.58%	-6.79%	-1.79%
Current Drawdown Current decline from peak	-1.16%	-0.27%	-0.89%
Average Drawdown Average peak-to-trough decline	-0.76%	-0.32%	-0.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.32%	1.00%	+0.32%

Volatility

GMAY vs. XMAR - Volatility Comparison

FT Cboe Vest U.S. Equity Moderate Buffer ETF - May (GMAY) has a higher volatility of 2.70% compared to FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - March (XMAR) at 1.73%. This indicates that GMAY's price experiences larger fluctuations and is considered to be riskier than XMAR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GMAY	XMAR	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.70%	1.73%	+0.97%
Volatility (6M) Calculated over the trailing 6-month period	3.80%	2.12%	+1.68%
Volatility (1Y) Calculated over the trailing 1-year period	10.44%	7.86%	+2.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.00%	5.64%	+2.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.00%	5.64%	+2.36%