ITOT vs. DMAY

Last updated Jun 4, 2026

ITOT (iShares Core S&P Total U.S. Stock Market ETF) and DMAY (FT Cboe Vest U.S. Equity Deep Buffer ETF - May) are both Large Cap Blend Equities funds - ITOT tracks the S&P Total Market Index while DMAY tracks the Cboe S&P 500 30% (-5% to -35%) Buffer Protect May Series Index. Both are passively managed. Over the past 5 years, ITOT returned 12.69%/yr vs 7.16%/yr for DMAY. Their correlation of 0.90 suggests significant overlap in exposure. ITOT charges 0.03%/yr vs 0.85%/yr for DMAY.

Performance

ITOT vs. DMAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core S&P Total U.S. Stock Market ETF (ITOT) 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, ITOT achieves a 11.25% return, which is significantly higher than DMAY's 4.42% return.

ITOT

• 1D: -0.73%
• 1M: 5.01%
• YTD: 11.25%
• 6M: 11.12%
• 1Y: 28.12%
• 3Y*: 22.09%
• 5Y*: 12.69%
• 10Y*: 15.01%

DMAY

• 1D: -0.30%
• 1M: 1.30%
• YTD: 4.42%
• 6M: 5.19%
• 1Y: 12.37%
• 3Y*: 11.96%
• 5Y*: 7.16%
• 10Y*: —

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

ITOT vs. DMAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
ITOT iShares Core S&P Total U.S. Stock Market ETF	11.25%	17.00%	23.80%	26.12%	-19.47%	25.68%	32.45%
DMAY FT Cboe Vest U.S. Equity Deep Buffer ETF - May	4.42%	11.05%	12.82%	15.40%	-9.98%	6.14%	6.40%

Correlation

The correlation between ITOT and DMAY is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (All Time) Calculated using the full available price history since May 19, 2020	0.90

The correlation between ITOT and DMAY has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.

ITOT vs. DMAY - Sectors Allocation Comparison

Sectors	ITOT	DMAY
Technology	33.8%	36.2%
Financial Services	12.1%	11.9%
Communication Services	10.3%	10.9%
Consumer Cyclical	10.1%	10.1%
Industrials	9.5%	8.1%
Healthcare	9.0%	8.4%
Consumer Defensive	4.7%	4.9%
Energy	3.7%	3.5%
Real Estate	2.4%	1.9%
Utilities	2.3%	2.3%
Basic Materials	2.1%	1.8%

Return for Risk

ITOT vs. DMAY — Risk / Return Rank

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

ITOT

ITOT Risk / Return Rank: 68
ITOT Sharpe Ratio Rank: 69
ITOT Sortino Ratio Rank: 68
ITOT Omega Ratio Rank: 67
ITOT Calmar Ratio Rank: 63
ITOT Martin Ratio Rank: 75

DMAY

DMAY Risk / Return Rank: 85
DMAY Sharpe Ratio Rank: 82
DMAY Sortino Ratio Rank: 88
DMAY Omega Ratio Rank: 91
DMAY Calmar Ratio Rank: 75
DMAY Martin Ratio Rank: 92

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.

ITOT vs. DMAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core S&P Total U.S. Stock Market ETF (ITOT) 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.

	ITOT	DMAY	Difference
Sharpe ratio: Return per unit of total volatility	2.32	2.65	-0.34
Sortino ratio: Return per unit of downside risk	3.17	4.00	-0.83
Omega ratio: Gain probability vs. loss probability	1.42	1.60	-0.18
Calmar ratio: Return relative to maximum drawdown	3.17	3.73	-0.55
Martin ratio: Return relative to average drawdown	14.57	22.76	-8.19
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ITOT vs. DMAY - Sharpe Ratio Comparison

The current ITOT Sharpe Ratio is 2.32, which is comparable to the DMAY Sharpe Ratio of 2.65. The chart below compares the historical Sharpe Ratios of ITOT 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.

Sharpe Ratios by Period

	ITOT	DMAY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.32	2.65	-0.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.74	0.80	-0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.82	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.57	0.88	-0.30

Drawdowns

ITOT vs. DMAY - Drawdown Comparison

The maximum ITOT drawdown since its inception was -55.20%, which is greater than DMAY's maximum drawdown of -13.90%. Use the drawdown chart below to compare losses from any high point for ITOT and DMAY.

Drawdown Indicators

	ITOT	DMAY	Difference
Max Drawdown Largest peak-to-trough decline	-55.20%	-13.90%	-41.30%
Max Drawdown (1Y) Largest decline over 1 year	-8.90%	-3.36%	-5.54%
Max Drawdown (3Y) Largest decline over 3 years	-19.44%	-12.38%	-7.06%
Max Drawdown (5Y) Largest decline over 5 years	-25.36%	-13.90%	-11.46%
Max Drawdown (10Y) Largest decline over 10 years	-35.00%	—	—
Current Drawdown Current decline from peak	-0.73%	-0.30%	-0.43%
Average Drawdown Average peak-to-trough decline	-6.97%	-2.24%	-4.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.94%	0.55%	+1.39%

Volatility

ITOT vs. DMAY - Volatility Comparison

iShares Core S&P Total U.S. Stock Market ETF (ITOT) has a higher volatility of 2.99% compared to FT Cboe Vest U.S. Equity Deep Buffer ETF - May (DMAY) at 0.84%. This indicates that ITOT'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

	ITOT	DMAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.99%	0.84%	+2.15%
Volatility (6M) Calculated over the trailing 6-month period	9.13%	3.74%	+5.39%
Volatility (1Y) Calculated over the trailing 1-year period	12.20%	4.73%	+7.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.36%	9.02%	+8.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.26%	8.43%	+9.83%

ITOT vs. DMAY - Expense Ratio Comparison

ITOT has a 0.03% expense ratio, which is lower than DMAY's 0.85% expense ratio.

Dividends

ITOT vs. DMAY - Dividend Comparison

ITOT's dividend yield for the trailing twelve months is around 0.98%, while DMAY has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DMAY FT Cboe Vest U.S. Equity Deep Buffer ETF - May	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ITOT iShares Core S&P Total U.S. Stock Market ETF	0.98%	1.11%	1.23%	1.47%	1.66%	1.18%	1.41%	1.88%	2.14%	1.69%	1.83%	2.01%

Frequently Asked Questions

Can I hold both ITOT and DMAY in my portfolio?

With a correlation of 0.91, ITOT and DMAY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, ITOT or DMAY?

ITOT has higher volatility (2.99%) compared to DMAY (0.84%). In terms of maximum drawdown, ITOT dropped -55.20% vs DMAY's -13.90%.

Which ETF is better, ITOT or DMAY?

On 5-year performance, ITOT leads with 12.69% vs 7.16% for DMAY. On fees, ITOT is cheaper at 0.03% per year. On volatility, DMAY has been the lower-risk option at 0.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ITOT or DMAY?

Over the 5-year period, ITOT has performed better with a 12.69% return vs 7.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ITOT or DMAY?

ITOT is cheaper with a 0.03% expense ratio, compared with 0.85% for DMAY.

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

ITOT has the higher dividend yield at 0.98%, compared with 0.00% for DMAY.

What is the main difference between ITOT and DMAY?

ITOT tracks S&P Total Market Index, while DMAY tracks Cboe S&P 500 30% (-5% to -35%) Buffer Protect May Series Index. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.03% for ITOT and 0.85% for DMAY.

Which has better risk-adjusted returns?

DMAY currently has the higher Sharpe Ratio (2.65 vs 2.32), 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.