MNZL vs. DMAY

Last updated Jun 5, 2026

MNZL (Manzil Russell Halal USA Broad Market ETF) and DMAY (FT Cboe Vest U.S. Equity Deep Buffer ETF - May) are both Large Cap Blend Equities funds - MNZL tracks the Russell IdealRatings Manzil Halal USA Broad Market Index while DMAY tracks the Cboe S&P 500 30% (-5% to -35%) Buffer Protect May Series Index. Both are passively managed. Their correlation of 0.83 suggests significant overlap in exposure. MNZL charges 0.40%/yr vs 0.85%/yr for DMAY.

Performance

MNZL vs. DMAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Manzil Russell Halal USA Broad Market ETF (MNZL) 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, MNZL achieves a 18.20% return, which is significantly higher than DMAY's 4.64% return.

MNZL

• 1D: -1.04%
• 1M: 8.16%
• YTD: 18.20%
• 6M: 16.58%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

DMAY

• 1D: 0.21%
• 1M: 1.46%
• YTD: 4.64%
• 6M: 5.44%
• 1Y: 12.58%
• 3Y*: 12.08%
• 5Y*: 7.21%
• 10Y*: —

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

MNZL vs. DMAY - Yearly Performance Comparison

	2026 (YTD)	2025
MNZL Manzil Russell Halal USA Broad Market ETF	18.20%	2.90%
DMAY FT Cboe Vest U.S. Equity Deep Buffer ETF - May	4.64%	2.20%

Correlation

The correlation between MNZL and DMAY 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 (All Time) Calculated using the full available price history since Nov 20, 2025	0.83

Return for Risk

MNZL vs. DMAY — Risk / Return Rank

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

DMAY

DMAY Risk / Return Rank: 87
DMAY Sharpe Ratio Rank: 84
DMAY Sortino Ratio Rank: 89
DMAY Omega Ratio Rank: 92
DMAY Calmar Ratio Rank: 76
DMAY Martin Ratio Rank: 92

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.

MNZL vs. DMAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Manzil Russell Halal USA Broad Market ETF (MNZL) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	MNZL	DMAY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.70	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.80	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.84	0.88	+1.96

Drawdowns

MNZL vs. DMAY - Drawdown Comparison

The maximum MNZL drawdown since its inception was -9.66%, smaller than the maximum DMAY drawdown of -13.90%. Use the drawdown chart below to compare losses from any high point for MNZL and DMAY.

Drawdown Indicators

	MNZL	DMAY	Difference
Max Drawdown Largest peak-to-trough decline	-9.66%	-13.90%	+4.24%
Max Drawdown (1Y) Largest decline over 1 year	—	-3.36%	—
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	-1.04%	-0.08%	-0.96%
Average Drawdown Average peak-to-trough decline	-1.74%	-2.24%	+0.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.55%	—

Volatility

Volatility by Period

	MNZL	DMAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.85%	—
Volatility (6M) Calculated over the trailing 6-month period	—	3.74%	—
Volatility (1Y) Calculated over the trailing 1-year period	15.73%	4.73%	+11.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.73%	9.02%	+6.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.73%	8.42%	+7.31%

MNZL vs. DMAY - Expense Ratio Comparison

MNZL has a 0.40% expense ratio, which is lower than DMAY's 0.85% expense ratio.

Dividends

MNZL vs. DMAY - Dividend Comparison

MNZL's dividend yield for the trailing twelve months is around 0.03%, 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%
MNZL Manzil Russell Halal USA Broad Market ETF	0.03%	0.04%

Frequently Asked Questions

Can I hold both MNZL and DMAY in my portfolio?

MNZL and DMAY 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 ETF is better, MNZL or DMAY?

On fees, MNZL is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MNZL or DMAY?

MNZL is cheaper with a 0.40% expense ratio, compared with 0.85% for DMAY.

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

MNZL has the higher dividend yield at 0.03%, compared with 0.00% for DMAY.

What is the main difference between MNZL and DMAY?

MNZL tracks Russell IdealRatings Manzil Halal USA Broad Market Index, while DMAY tracks Cboe S&P 500 30% (-5% to -35%) Buffer Protect May Series Index. They also come from different issuers: Manzil and First Trust. Their fees differ too: 0.40% for MNZL and 0.85% for DMAY.