MAYZ vs. FBUF

Last updated Jun 4, 2026

MAYZ (TrueShares Structured Outcome (May) ETF) and FBUF (Fidelity Dynamic Buffered Equity ETF) are both Defined Outcome funds. MAYZ is passively managed, while FBUF is actively managed. Over the past year, MAYZ returned 21.69% vs 19.61% for FBUF. Their correlation of 0.92 suggests significant overlap in exposure. MAYZ charges 0.79%/yr vs 0.48%/yr for FBUF.

Performance

MAYZ vs. FBUF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TrueShares Structured Outcome (May) ETF (MAYZ) and Fidelity Dynamic Buffered Equity ETF (FBUF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MAYZ achieves a 8.56% return, which is significantly higher than FBUF's 5.32% return.

MAYZ

• 1D: -0.45%
• 1M: 4.24%
• YTD: 8.56%
• 6M: 8.43%
• 1Y: 21.69%
• 3Y*: 16.62%
• 5Y*: 9.61%
• 10Y*: —

FBUF

• 1D: -0.12%
• 1M: 2.85%
• YTD: 5.32%
• 6M: 6.28%
• 1Y: 19.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MAYZ vs. FBUF - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MAYZ TrueShares Structured Outcome (May) ETF	8.56%	13.70%	9.44%
FBUF Fidelity Dynamic Buffered Equity ETF	5.32%	14.01%	10.13%

Correlation

The correlation between MAYZ and FBUF 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 Apr 12, 2024	0.92

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

Return for Risk

MAYZ vs. FBUF — Risk / Return Rank

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

MAYZ

MAYZ Risk / Return Rank: 62
MAYZ Sharpe Ratio Rank: 64
MAYZ Sortino Ratio Rank: 65
MAYZ Omega Ratio Rank: 64
MAYZ Calmar Ratio Rank: 51
MAYZ Martin Ratio Rank: 63

FBUF

FBUF Risk / Return Rank: 79
FBUF Sharpe Ratio Rank: 80
FBUF Sortino Ratio Rank: 79
FBUF Omega Ratio Rank: 86
FBUF Calmar Ratio Rank: 70
FBUF Martin Ratio Rank: 80

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.

MAYZ vs. FBUF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TrueShares Structured Outcome (May) ETF (MAYZ) and Fidelity Dynamic Buffered Equity ETF (FBUF). 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.

	MAYZ	FBUF	Difference
Sharpe ratio: Return per unit of total volatility	2.10	2.63	-0.53
Sortino ratio: Return per unit of downside risk	2.95	3.55	-0.60
Omega ratio: Gain probability vs. loss probability	1.38	1.53	-0.15
Calmar ratio: Return relative to maximum drawdown	2.49	3.51	-1.01
Martin ratio: Return relative to average drawdown	11.30	15.68	-4.38
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MAYZ vs. FBUF - Sharpe Ratio Comparison

The current MAYZ Sharpe Ratio is 2.10, which is comparable to the FBUF Sharpe Ratio of 2.63. The chart below compares the historical Sharpe Ratios of MAYZ and FBUF, 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

	MAYZ	FBUF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.10	2.63	-0.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.80	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.80	1.47	-0.67

Drawdowns

MAYZ vs. FBUF - Drawdown Comparison

The maximum MAYZ drawdown since its inception was -19.23%, which is greater than FBUF's maximum drawdown of -11.09%. Use the drawdown chart below to compare losses from any high point for MAYZ and FBUF.

Drawdown Indicators

	MAYZ	FBUF	Difference
Max Drawdown Largest peak-to-trough decline	-19.23%	-11.09%	-8.14%
Max Drawdown (1Y) Largest decline over 1 year	-8.73%	-5.61%	-3.12%
Max Drawdown (3Y) Largest decline over 3 years	-13.88%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-19.23%	—	—
Current Drawdown Current decline from peak	-0.45%	-0.22%	-0.23%
Average Drawdown Average peak-to-trough decline	-4.77%	-1.38%	-3.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.92%	1.25%	+0.67%

Volatility

MAYZ vs. FBUF - Volatility Comparison

TrueShares Structured Outcome (May) ETF (MAYZ) has a higher volatility of 2.38% compared to Fidelity Dynamic Buffered Equity ETF (FBUF) at 1.11%. This indicates that MAYZ's price experiences larger fluctuations and is considered to be riskier than FBUF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MAYZ	FBUF	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.38%	1.11%	+1.27%
Volatility (6M) Calculated over the trailing 6-month period	8.28%	5.37%	+2.91%
Volatility (1Y) Calculated over the trailing 1-year period	10.37%	7.49%	+2.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.07%	9.55%	+2.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.04%	9.55%	+2.49%

MAYZ vs. FBUF - Expense Ratio Comparison

MAYZ has a 0.79% expense ratio, which is higher than FBUF's 0.48% expense ratio.

Dividends

MAYZ vs. FBUF - Dividend Comparison

MAYZ's dividend yield for the trailing twelve months is around 1.98%, more than FBUF's 0.63% yield.

Position	TTM	2025	2024	2023	2022	2021
FBUF Fidelity Dynamic Buffered Equity ETF	0.63%	0.64%	0.54%	0.00%	0.00%	0.00%
MAYZ TrueShares Structured Outcome (May) ETF	1.98%	2.15%	1.95%	2.75%	0.69%	1.90%

Frequently Asked Questions

Can I hold both MAYZ and FBUF in my portfolio?

With a correlation of 0.91, MAYZ and FBUF 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, MAYZ or FBUF?

MAYZ has higher volatility (2.38%) compared to FBUF (1.11%). In terms of maximum drawdown, MAYZ dropped -19.23% vs FBUF's -11.09%.

Which ETF is better, MAYZ or FBUF?

On 1-year performance, MAYZ leads with 21.69% vs 19.61% for FBUF. On fees, FBUF is cheaper at 0.48% per year. On volatility, FBUF has been the lower-risk option at 1.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MAYZ or FBUF?

Over the 1-year period, MAYZ has performed better with a 21.69% return vs 19.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MAYZ or FBUF?

FBUF is cheaper with a 0.48% expense ratio, compared with 0.79% for MAYZ.

Which ETF pays a higher dividend yield, MAYZ or FBUF?

MAYZ has the higher dividend yield at 1.98%, compared with 0.63% for FBUF.

What is the main difference between MAYZ and FBUF?

They also come from different issuers: TrueShares and Fidelity. Their fees differ too: 0.79% for MAYZ and 0.48% for FBUF.

Which has better risk-adjusted returns?

FBUF currently has the higher Sharpe Ratio (2.63 vs 2.10), 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.