PVEX vs. FMAY

Last updated Jun 4, 2026

PVEX (TrueShares ConVequity ETF) and FMAY (FT Cboe Vest U.S. Equity Buffer ETF - May) are both Large Cap Blend Equities funds. Their correlation of 0.86 suggests significant overlap in exposure. PVEX charges 0.82%/yr vs 0.85%/yr for FMAY.

Performance

PVEX vs. FMAY - 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 Buffer ETF - May (FMAY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PVEX achieves a 9.50% return, which is significantly higher than FMAY's 5.39% return.

PVEX

• 1D: -0.98%
• 1M: 5.17%
• YTD: 9.50%
• 6M: 8.70%
• 1Y: —
• 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)

PVEX vs. FMAY - Yearly Performance Comparison

	2026 (YTD)	2025
PVEX TrueShares ConVequity ETF	9.50%	13.68%
FMAY FT Cboe Vest U.S. Equity Buffer ETF - May	5.39%	6.84%

Correlation

The correlation between PVEX and FMAY 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 (All Time) Calculated using the full available price history since Jul 1, 2025	0.86

Return for Risk

PVEX vs. FMAY — Risk / Return Rank

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

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.

PVEX vs. FMAY - 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 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.

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

Sharpe Ratios by Period

	PVEX	FMAY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.56	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.90	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.78	1.02	+0.75

Drawdowns

PVEX vs. FMAY - Drawdown Comparison

The maximum PVEX drawdown since its inception was -7.63%, smaller than the maximum FMAY drawdown of -13.60%. Use the drawdown chart below to compare losses from any high point for PVEX and FMAY.

Drawdown Indicators

	PVEX	FMAY	Difference
Max Drawdown Largest peak-to-trough decline	-7.63%	-13.60%	+5.97%
Max Drawdown (1Y) Largest decline over 1 year	—	-4.22%	—
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	-0.98%	-0.38%	-0.60%
Average Drawdown Average peak-to-trough decline	-1.91%	-2.01%	+0.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.72%	—

Volatility

Volatility by Period

	PVEX	FMAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.02%	—
Volatility (6M) Calculated over the trailing 6-month period	—	4.59%	—
Volatility (1Y) Calculated over the trailing 1-year period	15.08%	6.04%	+9.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.08%	10.59%	+4.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.08%	10.15%	+4.93%

PVEX vs. FMAY - Expense Ratio Comparison

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

Dividends

PVEX vs. FMAY - Dividend Comparison

PVEX's dividend yield for the trailing twelve months is around 0.17%, 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%
PVEX TrueShares ConVequity ETF	0.17%	0.19%

Frequently Asked Questions

Can I hold both PVEX and FMAY in my portfolio?

PVEX and FMAY 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 ETF is better, PVEX or FMAY?

On fees, PVEX is cheaper at 0.82% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PVEX or FMAY?

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

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

PVEX has the higher dividend yield at 0.17%, compared with 0.00% for FMAY.

What is the main difference between PVEX and FMAY?

They also come from different issuers: TrueShares and First Trust. Their fees differ too: 0.82% for PVEX and 0.85% for FMAY.