RAFE vs. FMAY

Last updated Jul 14, 2026

RAFE (PIMCO RAFI ESG U.S. ETF) and FMAY (FT Cboe Vest U.S. Equity Buffer ETF - May) are both exchange-traded funds - RAFE is a Large Cap Blend Equities fund tracking the RAFI ESG US Index, while FMAY is a Defined Outcome fund tracking the Cboe S&P 500 Buffer Protect Index May Series. Both are passively managed. Over the past 5 years, RAFE returned 11.46%/yr vs 9.09%/yr for FMAY. Their correlation of 0.83 suggests significant overlap in exposure. RAFE charges 0.30%/yr vs 0.85%/yr for FMAY.

Performance

RAFE vs. FMAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO RAFI ESG U.S. ETF (RAFE) 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, RAFE achieves a 15.70% return, which is significantly higher than FMAY's 5.37% return.

RAFE

• 1D: -0.06%
• 1M: 1.59%
• 6M: 13.30%
• YTD: 15.70%
• 1Y: 28.06%
• 3Y*: 18.76%
• 5Y*: 11.46%
• 10Y*: —

FMAY

• 1D: -0.48%
• 1M: 0.94%
• 6M: 4.68%
• YTD: 5.37%
• 1Y: 12.15%
• 3Y*: 12.74%
• 5Y*: 9.09%
• 10Y*: —

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

RAFE vs. FMAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
RAFE PIMCO RAFI ESG U.S. ETF	15.70%	17.60%	13.81%	18.80%	-13.76%	30.16%	32.39%
FMAY FT Cboe Vest U.S. Equity Buffer ETF - May	5.37%	12.69%	14.45%	17.83%	-8.08%	11.00%	10.80%

Correlation

The correlation between RAFE and FMAY is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (All Time) Calculated using the full available price history since May 18, 2020	0.83

The correlation between RAFE and FMAY shifts across timeframes, from 0.76 (1 year) to 0.86 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

RAFE vs. FMAY — Risk / Return Rank

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

RAFE

RAFE Risk / Return Rank: 89
RAFE Sharpe Ratio Rank: 91
RAFE Sortino Ratio Rank: 91
RAFE Omega Ratio Rank: 89
RAFE Calmar Ratio Rank: 86
RAFE Martin Ratio Rank: 88

FMAY

FMAY Risk / Return Rank: 78
FMAY Sharpe Ratio Rank: 73
FMAY Sortino Ratio Rank: 75
FMAY Omega Ratio Rank: 82
FMAY Calmar Ratio Rank: 72
FMAY Martin Ratio Rank: 88

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.

RAFE vs. FMAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO RAFI ESG U.S. ETF (RAFE) 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.

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.

	RAFE	FMAY	Difference
Sharpe ratio: Return per unit of total volatility	2.49	1.86	+0.63
Sortino ratio: Return per unit of downside risk	3.48	2.69	+0.80
Omega ratio: Gain probability vs. loss probability	1.45	1.38	+0.06
Calmar ratio: Return relative to maximum drawdown	3.78	2.89	+0.89
Martin ratio: Return relative to average drawdown	14.72	14.90	-0.18

RAFE vs. FMAY - Sharpe Ratio Comparison

The current RAFE Sharpe Ratio is 2.49, which is higher than the FMAY Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of RAFE and FMAY, 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

RAFE vs. FMAY - Drawdown Comparison

The maximum RAFE drawdown since its inception was -35.74%, which is greater than FMAY's maximum drawdown of -13.60%. Use the drawdown chart below to compare losses from any high point for RAFE and FMAY.

Drawdown Indicators

	RAFE	FMAY	Difference
Max Drawdown Largest peak-to-trough decline	-35.74%	-13.60%	-22.14%
Max Drawdown (1Y) Largest decline over 1 year	-7.46%	-4.22%	-3.24%
Max Drawdown (3Y) Largest decline over 3 years	-16.36%	-13.12%	-3.24%
Max Drawdown (5Y) Largest decline over 5 years	-24.28%	-13.60%	-10.68%
Current Drawdown Current decline from peak	-0.06%	-0.48%	+0.42%
Average Drawdown Average peak-to-trough decline	-6.13%	-1.99%	-4.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.91%	0.82%	+1.09%

Volatility

RAFE vs. FMAY - Volatility Comparison

PIMCO RAFI ESG U.S. ETF (RAFE) has a higher volatility of 2.78% compared to FT Cboe Vest U.S. Equity Buffer ETF - May (FMAY) at 2.57%. This indicates that RAFE's price experiences larger fluctuations and is considered to be riskier than FMAY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RAFE	FMAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.78%	2.57%	+0.21%
Volatility (6M) Calculated over the trailing 6-month period	8.59%	5.55%	+3.04%
Volatility (1Y) Calculated over the trailing 1-year period	11.34%	6.56%	+4.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.07%	10.66%	+4.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.33%	10.14%	+9.19%

RAFE vs. FMAY - Expense Ratio Comparison

RAFE has a 0.30% expense ratio, which is lower than FMAY's 0.85% expense ratio.

Dividends

RAFE vs. FMAY - Dividend Comparison

RAFE's dividend yield for the trailing twelve months is around 1.49%, while FMAY has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020
FMAY FT Cboe Vest U.S. Equity Buffer ETF - May	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
RAFE PIMCO RAFI ESG U.S. ETF	1.49%	1.67%	1.79%	1.81%	2.22%	1.42%	2.36%

Frequently Asked Questions

Can I hold both RAFE and FMAY in my portfolio?

RAFE and FMAY have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RAFE or FMAY?

RAFE has higher volatility (2.78%) compared to FMAY (2.57%). In terms of maximum drawdown, RAFE dropped -35.74% vs FMAY's -13.60%.

Which ETF is better, RAFE or FMAY?

On 5-year performance, RAFE leads with 11.46% vs 9.09% for FMAY. On fees, RAFE is cheaper at 0.30% per year. On volatility, FMAY has been the lower-risk option at 2.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RAFE or FMAY?

Over the 5-year period, RAFE has performed better with a 11.46% return vs 9.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RAFE or FMAY?

RAFE is cheaper with a 0.30% expense ratio, compared with 0.85% for FMAY.

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

RAFE has the higher dividend yield at 1.49%, compared with 0.00% for FMAY.

What is the main difference between RAFE and FMAY?

RAFE is categorized as Large Cap Blend Equities, while FMAY is Defined Outcome. RAFE tracks RAFI ESG US Index, while FMAY tracks Cboe S&P 500 Buffer Protect Index May Series. They also come from different issuers: PIMCO and First Trust. Their fees differ too: 0.30% for RAFE and 0.85% for FMAY.

Which has better risk-adjusted returns?

RAFE currently has the higher Sharpe Ratio (2.49 vs 1.86), 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.