RND vs. FMAY

Last updated Jun 25, 2026

RND (First Trust Bloomberg R&D Leaders ETF) and FMAY (FT Cboe Vest U.S. Equity Buffer ETF - May) are both Large Cap Blend Equities funds from First Trust - RND tracks the Bloomberg R&D Leaders Select Index while FMAY tracks the Cboe S&P 500 Buffer Protect Index May Series. Both are passively managed. Over the past year, RND returned 18.15% vs 12.21% for FMAY. Their correlation of 0.89 suggests significant overlap in exposure. RND charges 0.60%/yr vs 0.85%/yr for FMAY.

Performance

RND vs. FMAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Bloomberg R&D Leaders ETF (RND) 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, RND achieves a 1.51% return, which is significantly lower than FMAY's 4.02% return.

RND

• 1D: -0.15%
• 1M: -2.99%
• YTD: 1.51%
• 6M: 0.31%
• 1Y: 18.15%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FMAY

• 1D: 0.07%
• 1M: -0.57%
• YTD: 4.02%
• 6M: 3.86%
• 1Y: 12.21%
• 3Y*: 13.16%
• 5Y*: 8.98%
• 10Y*: —

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

RND vs. FMAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
RND First Trust Bloomberg R&D Leaders ETF	1.51%	22.38%	26.88%
FMAY FT Cboe Vest U.S. Equity Buffer ETF - May	4.02%	12.69%	9.54%

Correlation

The correlation between RND and FMAY is 0.88, 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	0.88
Correlation (All Time) Calculated using the full available price history since May 1, 2024	0.89

The correlation between RND and FMAY has been stable across timeframes, ranging from 0.88 to 0.89 - a consistent structural relationship.

RND vs. FMAY - Sectors Allocation Comparison

Sectors	RND	FMAY
Technology	47.2%	39.0%
Consumer Cyclical	15.7%	9.9%
Communication Services	13.4%	10.6%
Healthcare	13.3%	8.3%
Industrials	7.4%	7.8%
Consumer Defensive	1.2%	4.5%
Financial Services	1.1%	11.1%
Basic Materials	0.9%	1.7%
Energy	-	3.1%
Real Estate	-	1.8%
Utilities	-	2.1%

Return for Risk

RND vs. FMAY — Risk / Return Rank

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

RND

RND Risk / Return Rank: 31
RND Sharpe Ratio Rank: 34
RND Sortino Ratio Rank: 32
RND Omega Ratio Rank: 32
RND Calmar Ratio Rank: 26
RND Martin Ratio Rank: 32

FMAY

FMAY Risk / Return Rank: 72
FMAY Sharpe Ratio Rank: 66
FMAY Sortino Ratio Rank: 68
FMAY Omega Ratio Rank: 76
FMAY Calmar Ratio Rank: 67
FMAY Martin Ratio Rank: 85

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.

RND vs. FMAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Bloomberg R&D Leaders ETF (RND) 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.

	RND	FMAY	Difference
Sharpe ratio: Return per unit of total volatility	1.11	1.89	-0.79
Sortino ratio: Return per unit of downside risk	1.57	2.70	-1.13
Omega ratio: Gain probability vs. loss probability	1.20	1.39	-0.19
Calmar ratio: Return relative to maximum drawdown	1.17	2.91	-1.74
Martin ratio: Return relative to average drawdown	4.14	15.45	-11.31

RND vs. FMAY - Sharpe Ratio Comparison

The current RND Sharpe Ratio is 1.11, which is lower than the FMAY Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of RND 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

RND vs. FMAY - Drawdown Comparison

The maximum RND drawdown since its inception was -23.52%, which is greater than FMAY's maximum drawdown of -13.60%. Use the drawdown chart below to compare losses from any high point for RND and FMAY.

Drawdown Indicators

	RND	FMAY	Difference
Max Drawdown Largest peak-to-trough decline	-23.52%	-13.60%	-9.92%
Max Drawdown (1Y) Largest decline over 1 year	-15.56%	-4.22%	-11.34%
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	-5.45%	-1.67%	-3.78%
Average Drawdown Average peak-to-trough decline	-3.71%	-2.00%	-1.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.40%	0.79%	+3.61%

Volatility

RND vs. FMAY - Volatility Comparison

First Trust Bloomberg R&D Leaders ETF (RND) has a higher volatility of 6.22% compared to FT Cboe Vest U.S. Equity Buffer ETF - May (FMAY) at 3.11%. This indicates that RND'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

	RND	FMAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.22%	3.11%	+3.11%
Volatility (6M) Calculated over the trailing 6-month period	12.77%	5.41%	+7.36%
Volatility (1Y) Calculated over the trailing 1-year period	16.53%	6.53%	+10.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.25%	10.66%	+10.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.25%	10.17%	+11.08%

RND vs. FMAY - Expense Ratio Comparison

RND has a 0.60% expense ratio, which is lower than FMAY's 0.85% expense ratio.

Dividends

RND vs. FMAY - Dividend Comparison

Neither RND nor FMAY has paid dividends to shareholders.

Position	TTM	2025	2024
FMAY FT Cboe Vest U.S. Equity Buffer ETF - May	0.00%	0.00%	0.00%
RND First Trust Bloomberg R&D Leaders ETF	0.00%	0.00%	0.04%

Frequently Asked Questions

Can I hold both RND and FMAY in my portfolio?

RND and FMAY have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RND or FMAY?

RND has higher volatility (6.22%) compared to FMAY (3.11%). In terms of maximum drawdown, RND dropped -23.52% vs FMAY's -13.60%.

Which ETF is better, RND or FMAY?

On 1-year performance, RND leads with 18.15% vs 12.21% for FMAY. On fees, RND is cheaper at 0.60% per year. On volatility, FMAY has been the lower-risk option at 3.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RND or FMAY?

Over the 1-year period, RND has performed better with a 18.15% return vs 12.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RND or FMAY?

RND is cheaper with a 0.60% expense ratio, compared with 0.85% for FMAY.

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

RND and FMAY have nearly identical dividend yields, around 0.00%.

What is the main difference between RND and FMAY?

RND tracks Bloomberg R&D Leaders Select Index, while FMAY tracks Cboe S&P 500 Buffer Protect Index May Series. Their fees differ too: 0.60% for RND and 0.85% for FMAY.

Which has better risk-adjusted returns?

FMAY currently has the higher Sharpe Ratio (1.89 vs 1.11), 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.