IWV vs. DMAY

Last updated Jun 23, 2026

IWV (iShares Russell 3000 ETF) and DMAY (FT Cboe Vest U.S. Equity Deep Buffer ETF - May) are both Large Cap Blend Equities funds - IWV tracks the Russell 3000 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, IWV returned 12.24%/yr vs 6.98%/yr for DMAY. Their correlation of 0.90 suggests significant overlap in exposure. IWV charges 0.20%/yr vs 0.85%/yr for DMAY.

Performance

IWV vs. DMAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell 3000 ETF (IWV) 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, IWV achieves a 10.01% return, which is significantly higher than DMAY's 3.95% return.

IWV

• 1D: -0.27%
• 1M: 0.53%
• YTD: 10.01%
• 6M: 9.26%
• 1Y: 26.55%
• 3Y*: 20.91%
• 5Y*: 12.24%
• 10Y*: 15.13%

DMAY

• 1D: -0.19%
• 1M: 0.16%
• YTD: 3.95%
• 6M: 4.08%
• 1Y: 11.84%
• 3Y*: 11.48%
• 5Y*: 6.98%
• 10Y*: —

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

IWV vs. DMAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
IWV iShares Russell 3000 ETF	10.01%	16.96%	23.49%	25.82%	-19.28%	25.54%	36.61%
DMAY FT Cboe Vest U.S. Equity Deep Buffer ETF - May	3.95%	11.05%	12.82%	15.40%	-9.98%	6.14%	6.40%

Correlation

The correlation between IWV 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 18, 2020	0.90

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

IWV vs. DMAY - Sectors Allocation Comparison

Sectors	IWV	DMAY
Technology	36.5%	39.0%
Financial Services	11.5%	11.1%
Communication Services	10.0%	10.6%
Consumer Cyclical	9.9%	9.9%
Industrials	9.1%	7.8%
Healthcare	8.9%	8.3%
Consumer Defensive	4.3%	4.5%
Energy	3.3%	3.1%
Real Estate	2.3%	1.8%
Utilities	2.1%	2.1%
Basic Materials	2.0%	1.7%

Return for Risk

IWV vs. DMAY — Risk / Return Rank

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

IWV

IWV Risk / Return Rank: 67
IWV Sharpe Ratio Rank: 67
IWV Sortino Ratio Rank: 64
IWV Omega Ratio Rank: 66
IWV Calmar Ratio Rank: 62
IWV Martin Ratio Rank: 73

DMAY

DMAY Risk / Return Rank: 82
DMAY Sharpe Ratio Rank: 77
DMAY Sortino Ratio Rank: 82
DMAY Omega Ratio Rank: 88
DMAY Calmar Ratio Rank: 73
DMAY Martin Ratio Rank: 90

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.

IWV vs. DMAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell 3000 ETF (IWV) 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.

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.

	IWV	DMAY	Difference
Sharpe ratio: Return per unit of total volatility	2.11	2.37	-0.27
Sortino ratio: Return per unit of downside risk	2.87	3.49	-0.62
Omega ratio: Gain probability vs. loss probability	1.38	1.53	-0.15
Calmar ratio: Return relative to maximum drawdown	3.00	3.57	-0.57
Martin ratio: Return relative to average drawdown	13.42	20.12	-6.70

IWV vs. DMAY - Sharpe Ratio Comparison

The current IWV Sharpe Ratio is 2.11, which is comparable to the DMAY Sharpe Ratio of 2.37. The chart below compares the historical Sharpe Ratios of IWV 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.

Drawdowns

IWV vs. DMAY - Drawdown Comparison

The maximum IWV drawdown since its inception was -55.61%, which is greater than DMAY's maximum drawdown of -13.90%. Use the drawdown chart below to compare losses from any high point for IWV and DMAY.

Drawdown Indicators

	IWV	DMAY	Difference
Max Drawdown Largest peak-to-trough decline	-55.61%	-13.90%	-41.71%
Max Drawdown (1Y) Largest decline over 1 year	-8.89%	-3.36%	-5.53%
Max Drawdown (3Y) Largest decline over 3 years	-19.28%	-12.38%	-6.90%
Max Drawdown (5Y) Largest decline over 5 years	-25.11%	-13.90%	-11.21%
Max Drawdown (10Y) Largest decline over 10 years	-35.22%	—	—
Current Drawdown Current decline from peak	-1.46%	-0.75%	-0.71%
Average Drawdown Average peak-to-trough decline	-10.57%	-2.23%	-8.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.98%	0.59%	+1.39%

Volatility

IWV vs. DMAY - Volatility Comparison

iShares Russell 3000 ETF (IWV) has a higher volatility of 4.65% compared to FT Cboe Vest U.S. Equity Deep Buffer ETF - May (DMAY) at 2.19%. This indicates that IWV'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

	IWV	DMAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.65%	2.19%	+2.46%
Volatility (6M) Calculated over the trailing 6-month period	9.89%	4.26%	+5.63%
Volatility (1Y) Calculated over the trailing 1-year period	12.67%	5.06%	+7.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.32%	9.06%	+8.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.45%	8.43%	+10.02%

IWV vs. DMAY - Expense Ratio Comparison

IWV has a 0.20% expense ratio, which is lower than DMAY's 0.85% expense ratio.

Dividends

IWV vs. DMAY - Dividend Comparison

IWV's dividend yield for the trailing twelve months is around 0.88%, 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%
IWV iShares Russell 3000 ETF	0.88%	0.96%	1.08%	1.30%	1.56%	1.04%	1.30%	1.69%	1.97%	1.58%	1.79%	1.99%

Frequently Asked Questions

Can I hold both IWV and DMAY in my portfolio?

With a correlation of 0.91, IWV 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, IWV or DMAY?

IWV has higher volatility (4.65%) compared to DMAY (2.19%). In terms of maximum drawdown, IWV dropped -55.61% vs DMAY's -13.90%.

Which ETF is better, IWV or DMAY?

On 5-year performance, IWV leads with 12.24% vs 6.98% for DMAY. On fees, IWV is cheaper at 0.20% per year. On volatility, DMAY has been the lower-risk option at 2.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWV or DMAY?

Over the 5-year period, IWV has performed better with a 12.24% return vs 6.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWV or DMAY?

IWV is cheaper with a 0.20% expense ratio, compared with 0.85% for DMAY.

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

IWV has the higher dividend yield at 0.88%, compared with 0.00% for DMAY.

What is the main difference between IWV and DMAY?

IWV tracks Russell 3000 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: 0.20% for IWV and 0.85% for DMAY.

Which has better risk-adjusted returns?

DMAY currently has the higher Sharpe Ratio (2.37 vs 2.11), 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.