PVEX vs. DMAY

Last updated Jul 17, 2026

PVEX (TrueShares ConVequity ETF) and DMAY (FT Cboe Vest U.S. Equity Deep Buffer ETF - May) are both exchange-traded funds - PVEX is a Large Cap Blend Equities fund managed by TrueShares, while DMAY is a Defined Outcome fund tracking the Cboe S&P 500 30% (-5% to -35%) Buffer Protect May Series Index. Over the past year, PVEX returned 19.89% vs 10.01% for DMAY. Their correlation of 0.85 suggests significant overlap in exposure. PVEX charges 0.82%/yr vs 0.85%/yr for DMAY.

Performance

PVEX vs. DMAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TrueShares ConVequity ETF (PVEX) 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, PVEX achieves a 7.85% return, which is significantly higher than DMAY's 4.62% return.

PVEX

• 1D: -0.77%
• 1M: -0.68%
• 6M: 7.14%
• YTD: 7.85%
• 1Y: 19.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DMAY

• 1D: -0.21%
• 1M: 0.28%
• 6M: 4.21%
• YTD: 4.62%
• 1Y: 10.01%
• 3Y*: 11.04%
• 5Y*: 7.00%
• 10Y*: —

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

PVEX vs. DMAY - Yearly Performance Comparison

	2026 (YTD)	2025
PVEX TrueShares ConVequity ETF	7.85%	13.68%
DMAY FT Cboe Vest U.S. Equity Deep Buffer ETF - May	4.62%	5.84%

Correlation

The correlation between PVEX and DMAY is 0.86, 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	0.86
Correlation (All Time) Calculated using the full available price history since Jun 30, 2025	0.85

The correlation between PVEX and DMAY has been stable across timeframes, ranging from 0.85 to 0.86 - a consistent structural relationship.

Return for Risk

PVEX vs. DMAY — Risk / Return Rank

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

PVEX

PVEX Risk / Return Rank: 53
PVEX Sharpe Ratio Rank: 48
PVEX Sortino Ratio Rank: 46
PVEX Omega Ratio Rank: 47
PVEX Calmar Ratio Rank: 66
PVEX Martin Ratio Rank: 56

DMAY

DMAY Risk / Return Rank: 81
DMAY Sharpe Ratio Rank: 76
DMAY Sortino Ratio Rank: 80
DMAY Omega Ratio Rank: 85
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.

PVEX vs. DMAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TrueShares ConVequity ETF (PVEX) 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.

	PVEX	DMAY	Difference
Sharpe ratio: Return per unit of total volatility	1.36	1.93	-0.57
Sortino ratio: Return per unit of downside risk	1.92	2.86	-0.94
Omega ratio: Gain probability vs. loss probability	1.25	1.41	-0.16
Calmar ratio: Return relative to maximum drawdown	2.62	3.02	-0.40
Martin ratio: Return relative to average drawdown	7.75	15.82	-8.07

PVEX vs. DMAY - Sharpe Ratio Comparison

The current PVEX Sharpe Ratio is 1.36, which is comparable to the DMAY Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of PVEX 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

PVEX vs. DMAY - Drawdown Comparison

The maximum PVEX drawdown since its inception was -7.63%, smaller than the maximum DMAY drawdown of -13.90%. Use the drawdown chart below to compare losses from any high point for PVEX and DMAY.

Drawdown Indicators

	PVEX	DMAY	Difference
Max Drawdown Largest peak-to-trough decline	-7.63%	-13.90%	+6.27%
Max Drawdown (1Y) Largest decline over 1 year	-7.63%	-3.36%	-4.27%
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	-2.48%	-0.21%	-2.27%
Average Drawdown Average peak-to-trough decline	-2.00%	-2.21%	+0.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.57%	0.64%	+1.93%

Volatility

PVEX vs. DMAY - Volatility Comparison

TrueShares ConVequity ETF (PVEX) has a higher volatility of 3.94% compared to FT Cboe Vest U.S. Equity Deep Buffer ETF - May (DMAY) at 2.04%. This indicates that PVEX'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

	PVEX	DMAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.94%	2.04%	+1.90%
Volatility (6M) Calculated over the trailing 6-month period	8.95%	4.57%	+4.38%
Volatility (1Y) Calculated over the trailing 1-year period	14.74%	5.26%	+9.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.22%	9.09%	+6.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.22%	8.42%	+6.80%

PVEX vs. DMAY - Expense Ratio Comparison

PVEX has a 0.82% expense ratio, which is lower than DMAY's 0.85% expense ratio.

Dividends

PVEX vs. DMAY - Dividend Comparison

PVEX's dividend yield for the trailing twelve months is around 0.18%, 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%
PVEX TrueShares ConVequity ETF	0.18%	0.19%

Frequently Asked Questions

Can I hold both PVEX and DMAY in my portfolio?

PVEX and DMAY have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PVEX or DMAY?

PVEX has higher volatility (3.94%) compared to DMAY (2.04%). In terms of maximum drawdown, PVEX dropped -7.63% vs DMAY's -13.90%.

Which ETF is better, PVEX or DMAY?

On 1-year performance, PVEX leads with 19.89% vs 10.01% for DMAY. On fees, PVEX is cheaper at 0.82% per year. On volatility, DMAY has been the lower-risk option at 2.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PVEX or DMAY?

Over the 1-year period, PVEX has performed better with a 19.89% return vs 10.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PVEX or DMAY?

PVEX is cheaper with a 0.82% expense ratio, compared with 0.85% for DMAY.

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

PVEX has the higher dividend yield at 0.18%, compared with 0.00% for DMAY.

What is the main difference between PVEX and DMAY?

PVEX is categorized as Large Cap Blend Equities, while DMAY is Defined Outcome. They also come from different issuers: TrueShares and First Trust. Their fees differ too: 0.82% for PVEX and 0.85% for DMAY.

Which has better risk-adjusted returns?

DMAY currently has the higher Sharpe Ratio (1.93 vs 1.36), 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.