SKRE vs. FMAY

Last updated Jun 4, 2026

SKRE (Tuttle Capital Daily 2X Inverse Regional Banks ETF) and FMAY (FT Cboe Vest U.S. Equity Buffer ETF - May) are both Large Cap Blend Equities funds - SKRE tracks the S&P Regional Banks Select Industry while FMAY tracks the Cboe S&P 500 Buffer Protect Index May Series. Both are passively managed. Over the past year, SKRE returned -39.81% vs 15.38% for FMAY. At a correlation of -0.48, they often move in opposite directions. SKRE charges 0.75%/yr vs 0.85%/yr for FMAY.

Performance

SKRE vs. FMAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tuttle Capital Daily 2X Inverse Regional Banks ETF (SKRE) 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, SKRE achieves a -14.51% return, which is significantly lower than FMAY's 5.39% return.

SKRE

• 1D: 4.58%
• 1M: 2.45%
• YTD: -14.51%
• 6M: -16.27%
• 1Y: -39.81%
• 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)

SKRE vs. FMAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SKRE Tuttle Capital Daily 2X Inverse Regional Banks ETF	-14.51%	-31.29%	-44.51%
FMAY FT Cboe Vest U.S. Equity Buffer ETF - May	5.39%	12.69%	15.66%

Correlation

The correlation between SKRE and FMAY is -0.51, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.51
Correlation (All Time) Calculated using the full available price history since Jan 5, 2024	-0.48

The correlation between SKRE and FMAY has been stable across timeframes, ranging from -0.51 to -0.48 - a consistent structural relationship.

Return for Risk

SKRE vs. FMAY — Risk / Return Rank

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

SKRE

SKRE Risk / Return Rank: 2
SKRE Sharpe Ratio Rank: 2
SKRE Sortino Ratio Rank: 2
SKRE Omega Ratio Rank: 2
SKRE Calmar Ratio Rank: 2
SKRE Martin Ratio Rank: 3

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.

SKRE vs. FMAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tuttle Capital Daily 2X Inverse Regional Banks ETF (SKRE) 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.

	SKRE	FMAY	Difference
Sharpe ratio Return per unit of total volatility	-0.85	2.56	-3.41
Sortino ratio Return per unit of downside risk	-1.18	3.80	-4.99
Omega ratio Gain probability vs. loss probability	0.86	1.54	-0.67
Calmar ratio Return relative to maximum drawdown	-0.81	3.66	-4.48
Martin ratio Return relative to average drawdown	-1.22	21.48	-22.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SKRE vs. FMAY - Sharpe Ratio Comparison

The current SKRE Sharpe Ratio is -0.85, which is lower than the FMAY Sharpe Ratio of 2.56. The chart below compares the historical Sharpe Ratios of SKRE 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.

Sharpe Ratios by Period

	SKRE	FMAY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.85	2.56	-3.41
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.90	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.67	1.02	-1.69

Drawdowns

SKRE vs. FMAY - Drawdown Comparison

The maximum SKRE drawdown since its inception was -75.30%, which is greater than FMAY's maximum drawdown of -13.60%. Use the drawdown chart below to compare losses from any high point for SKRE and FMAY.

Drawdown Indicators

	SKRE	FMAY	Difference
Max Drawdown Largest peak-to-trough decline	-75.30%	-13.60%	-61.70%
Max Drawdown (1Y) Largest decline over 1 year	-49.06%	-4.22%	-44.84%
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	-72.27%	-0.38%	-71.89%
Average Drawdown Average peak-to-trough decline	-47.26%	-2.01%	-45.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	32.67%	0.72%	+31.95%

Volatility

SKRE vs. FMAY - Volatility Comparison

Tuttle Capital Daily 2X Inverse Regional Banks ETF (SKRE) has a higher volatility of 12.32% compared to FT Cboe Vest U.S. Equity Buffer ETF - May (FMAY) at 1.02%. This indicates that SKRE'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

	SKRE	FMAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.32%	1.02%	+11.30%
Volatility (6M) Calculated over the trailing 6-month period	31.62%	4.59%	+27.03%
Volatility (1Y) Calculated over the trailing 1-year period	46.92%	6.04%	+40.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.73%	10.59%	+45.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.73%	10.15%	+45.58%

SKRE vs. FMAY - Expense Ratio Comparison

SKRE has a 0.75% expense ratio, which is lower than FMAY's 0.85% expense ratio.

Dividends

SKRE vs. FMAY - Dividend Comparison

SKRE's dividend yield for the trailing twelve months is around 0.30%, while FMAY has not paid dividends to shareholders.

Position	TTM	2025	2024
FMAY FT Cboe Vest U.S. Equity Buffer ETF - May	0.00%	0.00%	0.00%
SKRE Tuttle Capital Daily 2X Inverse Regional Banks ETF	0.30%	0.26%	3.16%

Frequently Asked Questions

Can I hold both SKRE and FMAY in my portfolio?

SKRE and FMAY have a correlation of -0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SKRE or FMAY?

SKRE has higher volatility (12.32%) compared to FMAY (1.02%). In terms of maximum drawdown, SKRE dropped -75.30% vs FMAY's -13.60%.

Which ETF is better, SKRE or FMAY?

On 1-year performance, FMAY leads with 15.38% vs -39.81% for SKRE. On fees, SKRE is cheaper at 0.75% per year. On volatility, FMAY has been the lower-risk option at 1.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SKRE or FMAY?

Over the 1-year period, FMAY has performed better with a 15.38% return vs -39.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SKRE or FMAY?

SKRE is cheaper with a 0.75% expense ratio, compared with 0.85% for FMAY.

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

SKRE has the higher dividend yield at 0.30%, compared with 0.00% for FMAY.

What is the main difference between SKRE and FMAY?

SKRE tracks S&P Regional Banks Select Industry, while FMAY tracks Cboe S&P 500 Buffer Protect Index May Series. They also come from different issuers: Tuttle and First Trust. Their fees differ too: 0.75% for SKRE and 0.85% for FMAY.

Which has better risk-adjusted returns?

FMAY currently has the higher Sharpe Ratio (2.56 vs -0.85), 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.