KLMN vs. FMAY

Last updated Jun 4, 2026

KLMN (Invesco MSCI North America Climate ETF) and FMAY (FT Cboe Vest U.S. Equity Buffer ETF - May) are both Large Cap Blend Equities funds - KLMN tracks the MSCI Global Climate 500 North America Selection Index while FMAY tracks the Cboe S&P 500 Buffer Protect Index May Series. Both are passively managed. Over the past year, KLMN returned 27.74% vs 15.38% for FMAY. Their correlation of 0.94 suggests significant overlap in exposure. KLMN charges 0.09%/yr vs 0.85%/yr for FMAY.

Performance

KLMN vs. FMAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco MSCI North America Climate ETF (KLMN) and FT Cboe Vest U.S. Equity Buffer ETF - May (FMAY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KLMN achieves a 10.80% return, which is significantly higher than FMAY's 5.39% return.

KLMN

• 1D: -0.74%
• 1M: 5.01%
• YTD: 10.80%
• 6M: 10.80%
• 1Y: 27.74%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FMAY

• 1D: -0.38%
• 1M: 1.63%
• YTD: 5.39%
• 6M: 6.32%
• 1Y: 15.38%
• 3Y*: 14.13%
• 5Y*: 9.48%
• 10Y*: —

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

KLMN vs. FMAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KLMN Invesco MSCI North America Climate ETF	10.80%	18.24%	-3.62%
FMAY FT Cboe Vest U.S. Equity Buffer ETF - May	5.39%	12.69%	-1.30%

Correlation

The correlation between KLMN and FMAY 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 Dec 12, 2024	0.94

The correlation between KLMN and FMAY has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.

Return for Risk

KLMN vs. FMAY — Risk / Return Rank

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

KLMN

KLMN Risk / Return Rank: 70
KLMN Sharpe Ratio Rank: 71
KLMN Sortino Ratio Rank: 69
KLMN Omega Ratio Rank: 69
KLMN Calmar Ratio Rank: 64
KLMN Martin Ratio Rank: 75

FMAY

FMAY Risk / Return Rank: 83
FMAY Sharpe Ratio Rank: 79
FMAY Sortino Ratio Rank: 85
FMAY Omega Ratio Rank: 87
FMAY Calmar Ratio Rank: 74
FMAY Martin Ratio Rank: 91

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.

KLMN vs. FMAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco MSCI North America Climate ETF (KLMN) and FT Cboe Vest U.S. Equity Buffer ETF - May (FMAY). 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.

	KLMN	FMAY	Difference
Sharpe ratio: Return per unit of total volatility	2.28	2.56	-0.28
Sortino ratio: Return per unit of downside risk	3.12	3.80	-0.68
Omega ratio: Gain probability vs. loss probability	1.41	1.54	-0.13
Calmar ratio: Return relative to maximum drawdown	3.11	3.66	-0.55
Martin ratio: Return relative to average drawdown	14.14	21.48	-7.35
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KLMN vs. FMAY - Sharpe Ratio Comparison

The current KLMN Sharpe Ratio is 2.28, which is comparable to the FMAY Sharpe Ratio of 2.56. The chart below compares the historical Sharpe Ratios of KLMN and FMAY, 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

	KLMN	FMAY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.28	2.56	-0.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.90	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.99	1.02	-0.04

Drawdowns

KLMN vs. FMAY - Drawdown Comparison

The maximum KLMN drawdown since its inception was -19.16%, which is greater than FMAY's maximum drawdown of -13.60%. Use the drawdown chart below to compare losses from any high point for KLMN and FMAY.

Drawdown Indicators

	KLMN	FMAY	Difference
Max Drawdown Largest peak-to-trough decline	-19.16%	-13.60%	-5.56%
Max Drawdown (1Y) Largest decline over 1 year	-8.96%	-4.22%	-4.74%
Max Drawdown (3Y) Largest decline over 3 years	—	-13.12%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-13.60%	—
Current Drawdown Current decline from peak	-0.74%	-0.38%	-0.36%
Average Drawdown Average peak-to-trough decline	-2.54%	-2.01%	-0.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	0.72%	+1.25%

Volatility

KLMN vs. FMAY - Volatility Comparison

Invesco MSCI North America Climate ETF (KLMN) has a higher volatility of 2.95% compared to FT Cboe Vest U.S. Equity Buffer ETF - May (FMAY) at 1.02%. This indicates that KLMN's price experiences larger fluctuations and is considered to be riskier than FMAY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KLMN	FMAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.95%	1.02%	+1.93%
Volatility (6M) Calculated over the trailing 6-month period	9.21%	4.59%	+4.62%
Volatility (1Y) Calculated over the trailing 1-year period	12.22%	6.04%	+6.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.61%	10.59%	+7.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.61%	10.15%	+7.46%

KLMN vs. FMAY - Expense Ratio Comparison

KLMN has a 0.09% expense ratio, which is lower than FMAY's 0.85% expense ratio.

Dividends

KLMN vs. FMAY - Dividend Comparison

KLMN's dividend yield for the trailing twelve months is around 1.28%, while FMAY has not paid dividends to shareholders.

Position	TTM	2025
FMAY FT Cboe Vest U.S. Equity Buffer ETF - May	0.00%	0.00%
KLMN Invesco MSCI North America Climate ETF	1.28%	1.25%

Frequently Asked Questions

Can I hold both KLMN and FMAY in my portfolio?

With a correlation of 0.91, KLMN and FMAY 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, KLMN or FMAY?

KLMN has higher volatility (2.95%) compared to FMAY (1.02%). In terms of maximum drawdown, KLMN dropped -19.16% vs FMAY's -13.60%.

Which ETF is better, KLMN or FMAY?

On 1-year performance, KLMN leads with 27.74% vs 15.38% for FMAY. On fees, KLMN is cheaper at 0.09% per year. On volatility, FMAY has been the lower-risk option at 1.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KLMN or FMAY?

Over the 1-year period, KLMN has performed better with a 27.74% return vs 15.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KLMN or FMAY?

KLMN is cheaper with a 0.09% expense ratio, compared with 0.85% for FMAY.

Which ETF pays a higher dividend yield, KLMN or FMAY?

KLMN has the higher dividend yield at 1.28%, compared with 0.00% for FMAY.

What is the main difference between KLMN and FMAY?

KLMN tracks MSCI Global Climate 500 North America Selection Index, while FMAY tracks Cboe S&P 500 Buffer Protect Index May Series. They also come from different issuers: Invesco and First Trust. Their fees differ too: 0.09% for KLMN and 0.85% for FMAY.

Which has better risk-adjusted returns?

FMAY currently has the higher Sharpe Ratio (2.56 vs 2.28), 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.