JUSA vs. DMAY

Last updated Jul 12, 2026

JUSA (JPMorgan U.S. Research Enhanced Large Cap ETF) and DMAY (FT Cboe Vest U.S. Equity Deep Buffer ETF - May) are both exchange-traded funds - JUSA is a Large Cap Blend Equities fund actively managed by JPMorgan, while DMAY is a Defined Outcome fund tracking the Cboe S&P 500 30% (-5% to -35%) Buffer Protect May Series Index. JUSA is actively managed, while DMAY is passively managed. Over the past year, JUSA returned 21.01% vs 10.12% for DMAY. Their correlation of 0.92 suggests significant overlap in exposure. JUSA charges 0.20%/yr vs 0.85%/yr for DMAY.

Performance

JUSA vs. DMAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan U.S. Research Enhanced Large Cap ETF (JUSA) 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, JUSA achieves a 10.58% return, which is significantly higher than DMAY's 4.70% return.

JUSA

• 1D: 0.55%
• 1M: 2.21%
• 6M: 8.85%
• YTD: 10.58%
• 1Y: 21.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DMAY

• 1D: 0.26%
• 1M: 1.03%
• 6M: 4.19%
• YTD: 4.70%
• 1Y: 10.12%
• 3Y*: 11.38%
• 5Y*: 6.98%
• 10Y*: —

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

JUSA vs. DMAY - Yearly Performance Comparison

	2026 (YTD)	2025
JUSA JPMorgan U.S. Research Enhanced Large Cap ETF	10.58%	22.30%
DMAY FT Cboe Vest U.S. Equity Deep Buffer ETF - May	4.70%	15.66%

Correlation

The correlation between JUSA 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 (All Time) Calculated using the full available price history since Mar 14, 2025	0.92

The correlation between JUSA and DMAY has been stable across timeframes, ranging from 0.91 to 0.92 - a consistent structural relationship.

JUSA vs. DMAY - Sectors Allocation Comparison

Sectors	JUSA	DMAY
Technology	39.2%	39.0%
Financial Services	10.9%	11.1%
Consumer Cyclical	10.7%	9.9%
Communication Services	10.5%	10.6%
Healthcare	8.2%	8.3%
Industrials	7.9%	7.8%
Consumer Defensive	3.9%	4.5%
Energy	3.1%	3.1%
Utilities	2.1%	2.1%
Real Estate	1.8%	1.8%
Basic Materials	1.8%	1.7%

Return for Risk

JUSA vs. DMAY — Risk / Return Rank

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

JUSA

JUSA Risk / Return Rank: 64
JUSA Sharpe Ratio Rank: 64
JUSA Sortino Ratio Rank: 63
JUSA Omega Ratio Rank: 64
JUSA Calmar Ratio Rank: 58
JUSA Martin Ratio Rank: 70

DMAY

DMAY Risk / Return Rank: 82
DMAY Sharpe Ratio Rank: 77
DMAY Sortino Ratio Rank: 81
DMAY Omega Ratio Rank: 87
DMAY Calmar Ratio Rank: 74
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.

JUSA vs. DMAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan U.S. Research Enhanced Large Cap ETF (JUSA) 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.

	JUSA	DMAY	Difference
Sharpe ratio: Return per unit of total volatility	1.68	1.94	-0.27
Sortino ratio: Return per unit of downside risk	2.34	2.89	-0.55
Omega ratio: Gain probability vs. loss probability	1.31	1.42	-0.11
Calmar ratio: Return relative to maximum drawdown	2.32	3.03	-0.70
Martin ratio: Return relative to average drawdown	10.11	15.90	-5.79

JUSA vs. DMAY - Sharpe Ratio Comparison

The current JUSA Sharpe Ratio is 1.68, which is comparable to the DMAY Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of JUSA 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

JUSA vs. DMAY - Drawdown Comparison

The maximum JUSA drawdown since its inception was -14.02%, roughly equal to the maximum DMAY drawdown of -13.90%. Use the drawdown chart below to compare losses from any high point for JUSA and DMAY.

Drawdown Indicators

	JUSA	DMAY	Difference
Max Drawdown Largest peak-to-trough decline	-14.02%	-13.90%	-0.12%
Max Drawdown (1Y) Largest decline over 1 year	-8.93%	-3.36%	-5.57%
Max Drawdown (3Y) Largest decline over 3 years	—	-12.38%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-13.90%	—
Current Drawdown Current decline from peak	-0.20%	-0.03%	-0.17%
Average Drawdown Average peak-to-trough decline	-1.54%	-2.22%	+0.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.05%	0.64%	+1.41%

Volatility

JUSA vs. DMAY - Volatility Comparison

JPMorgan U.S. Research Enhanced Large Cap ETF (JUSA) has a higher volatility of 4.24% compared to FT Cboe Vest U.S. Equity Deep Buffer ETF - May (DMAY) at 2.41%. This indicates that JUSA'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

	JUSA	DMAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.24%	2.41%	+1.83%
Volatility (6M) Calculated over the trailing 6-month period	9.83%	4.55%	+5.28%
Volatility (1Y) Calculated over the trailing 1-year period	12.38%	5.24%	+7.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.46%	9.09%	+9.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.46%	8.42%	+10.04%

JUSA vs. DMAY - Expense Ratio Comparison

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

Dividends

JUSA vs. DMAY - Dividend Comparison

JUSA's dividend yield for the trailing twelve months is around 0.79%, while DMAY has not paid dividends to shareholders.

Position	TTM	2025
DMAY FT Cboe Vest U.S. Equity Deep Buffer ETF - May	0.00%	0.00%
JUSA JPMorgan U.S. Research Enhanced Large Cap ETF	0.79%	0.77%

Frequently Asked Questions

Can I hold both JUSA and DMAY in my portfolio?

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

JUSA has higher volatility (4.24%) compared to DMAY (2.41%). In terms of maximum drawdown, JUSA dropped -14.02% vs DMAY's -13.90%.

Which ETF is better, JUSA or DMAY?

On 1-year performance, JUSA leads with 21.01% vs 10.12% for DMAY. On fees, JUSA is cheaper at 0.20% per year. On volatility, DMAY has been the lower-risk option at 2.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JUSA or DMAY?

Over the 1-year period, JUSA has performed better with a 21.01% return vs 10.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JUSA or DMAY?

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

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

JUSA has the higher dividend yield at 0.79%, compared with 0.00% for DMAY.

What is the main difference between JUSA and DMAY?

JUSA is categorized as Large Cap Blend Equities, while DMAY is Defined Outcome. They also come from different issuers: JPMorgan and First Trust. Their fees differ too: 0.20% for JUSA and 0.85% for DMAY.

Which has better risk-adjusted returns?

DMAY currently has the higher Sharpe Ratio (1.94 vs 1.68), 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.