KOOL vs. FMAY

Last updated Jul 12, 2026

KOOL (North Shore Equity Rotation ETF) and FMAY (FT Cboe Vest U.S. Equity Buffer ETF - May) are both exchange-traded funds - KOOL is a Large Cap Blend Equities fund actively managed by North Shore, while FMAY is a Defined Outcome fund tracking the Cboe S&P 500 Buffer Protect Index May Series. KOOL is actively managed, while FMAY is passively managed. Over the past year, KOOL returned 22.57% vs 12.68% for FMAY. Their correlation of 0.86 suggests significant overlap in exposure. KOOL charges 0.94%/yr vs 0.85%/yr for FMAY.

Performance

KOOL vs. FMAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in North Shore Equity Rotation ETF (KOOL) 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, KOOL achieves a 13.81% return, which is significantly higher than FMAY's 5.87% return.

KOOL

• 1D: 0.44%
• 1M: 1.06%
• 6M: 11.62%
• YTD: 13.81%
• 1Y: 22.57%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FMAY

• 1D: 0.27%
• 1M: 1.43%
• 6M: 5.26%
• YTD: 5.87%
• 1Y: 12.68%
• 3Y*: 13.32%
• 5Y*: 9.14%
• 10Y*: —

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

KOOL vs. FMAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KOOL North Shore Equity Rotation ETF	13.81%	16.05%	10.83%
FMAY FT Cboe Vest U.S. Equity Buffer ETF - May	5.87%	12.69%	9.79%

Correlation

The correlation between KOOL and FMAY is 0.83, 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	0.83
Correlation (All Time) Calculated using the full available price history since Apr 2, 2024	0.86

The correlation between KOOL and FMAY has been stable across timeframes, ranging from 0.83 to 0.86 - a consistent structural relationship.

KOOL vs. FMAY - Sectors Allocation Comparison

Sectors	KOOL	FMAY
Financial Services	27.9%	11.1%
Technology	17.5%	39.0%
Energy	11.7%	3.1%
Industrials	8.5%	7.8%
Utilities	7.4%	2.1%
Communication Services	7.0%	10.6%
Basic Materials	6.1%	1.7%
Consumer Cyclical	4.3%	9.9%
Consumer Defensive	3.0%	4.5%
Healthcare	2.7%	8.3%
Real Estate	2.4%	1.8%

Return for Risk

KOOL vs. FMAY — Risk / Return Rank

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

KOOL

KOOL Risk / Return Rank: 65
KOOL Sharpe Ratio Rank: 61
KOOL Sortino Ratio Rank: 58
KOOL Omega Ratio Rank: 58
KOOL Calmar Ratio Rank: 75
KOOL Martin Ratio Rank: 73

FMAY

FMAY Risk / Return Rank: 79
FMAY Sharpe Ratio Rank: 75
FMAY Sortino Ratio Rank: 77
FMAY Omega Ratio Rank: 83
FMAY Calmar Ratio Rank: 73
FMAY Martin Ratio Rank: 88

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.

KOOL vs. FMAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for North Shore Equity Rotation ETF (KOOL) 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.

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.

	KOOL	FMAY	Difference
Sharpe ratio: Return per unit of total volatility	1.61	1.91	-0.30
Sortino ratio: Return per unit of downside risk	2.22	2.75	-0.53
Omega ratio: Gain probability vs. loss probability	1.28	1.39	-0.11
Calmar ratio: Return relative to maximum drawdown	3.06	2.95	+0.11
Martin ratio: Return relative to average drawdown	10.70	15.23	-4.53

KOOL vs. FMAY - Sharpe Ratio Comparison

The current KOOL Sharpe Ratio is 1.61, which is comparable to the FMAY Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of KOOL 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.

Drawdowns

KOOL vs. FMAY - Drawdown Comparison

The maximum KOOL drawdown since its inception was -20.46%, which is greater than FMAY's maximum drawdown of -13.60%. Use the drawdown chart below to compare losses from any high point for KOOL and FMAY.

Drawdown Indicators

	KOOL	FMAY	Difference
Max Drawdown Largest peak-to-trough decline	-20.46%	-13.60%	-6.86%
Max Drawdown (1Y) Largest decline over 1 year	-7.18%	-4.22%	-2.96%
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	-2.20%	0.00%	-2.20%
Average Drawdown Average peak-to-trough decline	-2.55%	-1.99%	-0.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.05%	0.82%	+1.23%

Volatility

KOOL vs. FMAY - Volatility Comparison

North Shore Equity Rotation ETF (KOOL) has a higher volatility of 4.46% compared to FT Cboe Vest U.S. Equity Buffer ETF - May (FMAY) at 2.73%. This indicates that KOOL'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

	KOOL	FMAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.46%	2.73%	+1.73%
Volatility (6M) Calculated over the trailing 6-month period	11.23%	5.53%	+5.70%
Volatility (1Y) Calculated over the trailing 1-year period	13.67%	6.53%	+7.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.96%	10.66%	+6.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.96%	10.15%	+6.81%

KOOL vs. FMAY - Expense Ratio Comparison

KOOL has a 0.94% expense ratio, which is higher than FMAY's 0.85% expense ratio.

Dividends

KOOL vs. FMAY - Dividend Comparison

KOOL's dividend yield for the trailing twelve months is around 0.43%, while FMAY has not paid dividends to shareholders.

Position	TTM	2025	2024
FMAY FT Cboe Vest U.S. Equity Buffer ETF - May	0.00%	0.00%	0.00%
KOOL North Shore Equity Rotation ETF	0.43%	0.37%	0.56%

Frequently Asked Questions

Can I hold both KOOL and FMAY in my portfolio?

KOOL and FMAY have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KOOL or FMAY?

KOOL has higher volatility (4.46%) compared to FMAY (2.73%). In terms of maximum drawdown, KOOL dropped -20.46% vs FMAY's -13.60%.

Which ETF is better, KOOL or FMAY?

On 1-year performance, KOOL leads with 22.57% vs 12.68% for FMAY. On fees, FMAY is cheaper at 0.85% per year. On volatility, FMAY has been the lower-risk option at 2.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KOOL or FMAY?

Over the 1-year period, KOOL has performed better with a 22.57% return vs 12.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KOOL or FMAY?

FMAY is cheaper with a 0.85% expense ratio, compared with 0.94% for KOOL.

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

KOOL has the higher dividend yield at 0.43%, compared with 0.00% for FMAY.

What is the main difference between KOOL and FMAY?

KOOL is categorized as Large Cap Blend Equities, while FMAY is Defined Outcome. They also come from different issuers: North Shore and First Trust. Their fees differ too: 0.94% for KOOL and 0.85% for FMAY.

Which has better risk-adjusted returns?

FMAY currently has the higher Sharpe Ratio (1.91 vs 1.61), 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.