QMAR vs. XMAY

Last updated Jun 24, 2026

QMAR (FT Cboe Vest Nasdaq-100 Buffer ETF - March) and XMAY (FT Vest U.S. Equity Enhance & Moderate Buffer ETF - May) are both exchange-traded funds - QMAR is a Nasdaq-100 fund actively managed by First Trust, while XMAY is a Defined Outcome fund actively managed by First Trust. Both are actively managed. Over the past year, QMAR returned 20.76% vs 8.89% for XMAY. Their correlation of 0.84 suggests significant overlap in exposure. QMAR charges 0.90%/yr vs 0.85%/yr for XMAY.

Performance

QMAR vs. XMAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Cboe Vest Nasdaq-100 Buffer ETF - March (QMAR) and FT Vest U.S. Equity Enhance & Moderate Buffer ETF - May (XMAY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QMAR achieves a 11.40% return, which is significantly higher than XMAY's 2.71% return.

QMAR

• 1D: -1.06%
• 1M: -0.77%
• YTD: 11.40%
• 6M: 11.38%
• 1Y: 20.76%
• 3Y*: 15.65%
• 5Y*: 11.30%
• 10Y*: —

XMAY

• 1D: -0.47%
• 1M: -0.19%
• YTD: 2.71%
• 6M: 2.73%
• 1Y: 8.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QMAR vs. XMAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
QMAR FT Cboe Vest Nasdaq-100 Buffer ETF - March	11.40%	10.89%	10.34%
XMAY FT Vest U.S. Equity Enhance & Moderate Buffer ETF - May	2.71%	10.44%	6.22%

Correlation

The correlation between QMAR and XMAY is 0.80, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (All Time) Calculated using the full available price history since May 20, 2024	0.84

The correlation between QMAR and XMAY has been stable across timeframes, ranging from 0.80 to 0.84 - a consistent structural relationship.

Return for Risk

QMAR vs. XMAY — Risk / Return Rank

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

QMAR

QMAR Risk / Return Rank: 95
QMAR Sharpe Ratio Rank: 93
QMAR Sortino Ratio Rank: 95
QMAR Omega Ratio Rank: 96
QMAR Calmar Ratio Rank: 94
QMAR Martin Ratio Rank: 97

XMAY

XMAY Risk / Return Rank: 89
XMAY Sharpe Ratio Rank: 82
XMAY Sortino Ratio Rank: 86
XMAY Omega Ratio Rank: 90
XMAY Calmar Ratio Rank: 90
XMAY Martin Ratio Rank: 94

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.

QMAR vs. XMAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Cboe Vest Nasdaq-100 Buffer ETF - March (QMAR) and FT Vest U.S. Equity Enhance & Moderate Buffer ETF - May (XMAY). 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.

	QMAR	XMAY	Difference
Sharpe ratio: Return per unit of total volatility	3.19	2.36	+0.84
Sortino ratio: Return per unit of downside risk	4.77	3.48	+1.29
Omega ratio: Gain probability vs. loss probability	1.74	1.52	+0.22
Calmar ratio: Return relative to maximum drawdown	6.49	5.01	+1.48
Martin ratio: Return relative to average drawdown	39.78	25.29	+14.49

QMAR vs. XMAY - Sharpe Ratio Comparison

The current QMAR Sharpe Ratio is 3.19, which is higher than the XMAY Sharpe Ratio of 2.36. The chart below compares the historical Sharpe Ratios of QMAR and XMAY, 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

QMAR vs. XMAY - Drawdown Comparison

The maximum QMAR drawdown since its inception was -19.83%, which is greater than XMAY's maximum drawdown of -8.24%. Use the drawdown chart below to compare losses from any high point for QMAR and XMAY.

Drawdown Indicators

	QMAR	XMAY	Difference
Max Drawdown Largest peak-to-trough decline	-19.83%	-8.24%	-11.59%
Max Drawdown (1Y) Largest decline over 1 year	-3.21%	-1.78%	-1.43%
Max Drawdown (3Y) Largest decline over 3 years	-15.91%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-19.83%	—	—
Current Drawdown Current decline from peak	-1.65%	-0.87%	-0.78%
Average Drawdown Average peak-to-trough decline	-3.26%	-0.42%	-2.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.52%	0.35%	+0.17%

Volatility

QMAR vs. XMAY - Volatility Comparison

FT Cboe Vest Nasdaq-100 Buffer ETF - March (QMAR) has a higher volatility of 2.92% compared to FT Vest U.S. Equity Enhance & Moderate Buffer ETF - May (XMAY) at 1.91%. This indicates that QMAR's price experiences larger fluctuations and is considered to be riskier than XMAY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QMAR	XMAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.92%	1.91%	+1.01%
Volatility (6M) Calculated over the trailing 6-month period	5.59%	3.13%	+2.46%
Volatility (1Y) Calculated over the trailing 1-year period	6.55%	3.82%	+2.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.01%	7.47%	+6.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.83%	7.47%	+6.36%

QMAR vs. XMAY - Expense Ratio Comparison

QMAR has a 0.90% expense ratio, which is higher than XMAY's 0.85% expense ratio.

Dividends

QMAR vs. XMAY - Dividend Comparison

Neither QMAR nor XMAY has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both QMAR and XMAY in my portfolio?

QMAR and XMAY have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QMAR or XMAY?

QMAR has higher volatility (2.92%) compared to XMAY (1.91%). In terms of maximum drawdown, QMAR dropped -19.83% vs XMAY's -8.24%.

Which ETF is better, QMAR or XMAY?

On 1-year performance, QMAR leads with 20.76% vs 8.89% for XMAY. On fees, XMAY is cheaper at 0.85% per year. On volatility, XMAY has been the lower-risk option at 1.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QMAR or XMAY?

Over the 1-year period, QMAR has performed better with a 20.76% return vs 8.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QMAR or XMAY?

XMAY is cheaper with a 0.85% expense ratio, compared with 0.90% for QMAR.

Which ETF pays a higher dividend yield, QMAR or XMAY?

QMAR and XMAY have nearly identical dividend yields, around 0.00%.

What is the main difference between QMAR and XMAY?

QMAR is categorized as Nasdaq-100, while XMAY is Defined Outcome. Their fees differ too: 0.90% for QMAR and 0.85% for XMAY.

Which has better risk-adjusted returns?

QMAR currently has the higher Sharpe Ratio (3.19 vs 2.36), 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.