SMAY vs. FTXL
SMAY (FT Vest U.S. Small Cap Moderate Buffer ETF - May) and FTXL (First Trust Nasdaq Semiconductor ETF) are both exchange-traded funds - SMAY is a Defined Outcome fund actively managed by First Trust, while FTXL is a Semiconductors fund tracking the Nasdaq U.S. Smart Semiconductor Index. SMAY is actively managed, while FTXL is passively managed. Over the past 3 years, SMAY returned 9.57%/yr vs 42.82%/yr for FTXL. Their 0.60 correlation means they have sometimes moved together and sometimes differently. SMAY charges 0.90%/yr vs 0.60%/yr for FTXL.
Performance
SMAY vs. FTXL - Performance Comparison
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Returns By Period
In the year-to-date period, SMAY achieves a 8.22% return, which is significantly lower than FTXL's 67.20% return.
SMAY
- 1D
- -0.14%
- 1M
- -0.60%
- 6M
- 6.68%
- YTD
- 8.22%
- 1Y
- 17.30%
- 3Y*
- 9.57%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 10.96%
FTXL
- 1D
- -0.59%
- 1M
- -13.49%
- 6M
- 42.44%
- YTD
- 67.20%
- 1Y
- 127.03%
- 3Y*
- 42.82%
- 5Y*
- 26.87%
- 10Y*
- —
- ALL TIME*
- 27.99%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $143.42M | $100.61M | $86.48M | |
| $206.55K | $244.61K | $508.98K |
SMAY vs. FTXL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
SMAY FT Vest U.S. Small Cap Moderate Buffer ETF - May | 8.22% | 4.75% | 12.60% | 9.21% |
FTXL First Trust Nasdaq Semiconductor ETF | 67.20% | 48.94% | 7.59% | 30.09% |
Correlation
The correlation between SMAY and FTXL is 0.62, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.62 |
Correlation (3Y) Balances recent behavior with more history. | 0.60 |
Correlation (All Time) Calculated using the full available price history since May 22, 2023 | 0.60 |
The correlation between SMAY and FTXL has been stable across timeframes, ranging from 0.60 to 0.62 - a consistent structural relationship.
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Return for Risk
SMAY vs. FTXL — Risk / Return Rank
SMAY
FTXL
SMAY vs. FTXL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Small Cap Moderate Buffer ETF - May (SMAY) and First Trust Nasdaq Semiconductor ETF (FTXL). 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.
| SMAY | FTXL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.51 | ||
| Sortino ratioReturn per unit of downside risk | +0.36 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.39 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 5.45 | 3.83 | +1.62 |
| Martin ratioReturn relative to average drawdown | 22.27 | 16.62 | +5.65 |
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Drawdowns
SMAY vs. FTXL - Drawdown Comparison
The maximum SMAY drawdown since its inception was -14.44%, smaller than the maximum FTXL drawdown of -43.87%. Use the drawdown chart below to compare losses from any high point for SMAY and FTXL.
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Drawdown Indicators
| SMAY | FTXL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.44% | -43.87% | +29.43% |
Max Drawdown (1Y)Largest decline over 1 year | -3.00% | -32.64% | +29.64% |
Max Drawdown (3Y)Largest decline over 3 years | -14.44% | -41.57% | +27.13% |
Max Drawdown (5Y)Largest decline over 5 years | — | -43.87% | — |
Current DrawdownCurrent decline from peak | -0.99% | -27.09% | +26.10% |
Average DrawdownAverage peak-to-trough decline | -2.45% | -10.61% | +8.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.74% | 7.51% | -6.77% |
Volatility
SMAY vs. FTXL - Volatility Comparison
The current volatility for FT Vest U.S. Small Cap Moderate Buffer ETF - May (SMAY) is 1.80%, while First Trust Nasdaq Semiconductor ETF (FTXL) has a volatility of 18.94%. This indicates that SMAY experiences smaller price fluctuations and is considered to be less risky than FTXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMAY | FTXL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.80% | 18.94% | -17.14% |
Volatility (6M)Calculated over the trailing 6-month period | 5.46% | 39.98% | -34.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.46% | 46.28% | -38.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.11% | 38.23% | -28.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.11% | 35.28% | -25.17% |
SMAY vs. FTXL - Expense Ratio Comparison
SMAY has a 0.90% expense ratio, which is higher than FTXL's 0.60% expense ratio.
Dividends
SMAY vs. FTXL - Dividend Comparison
SMAY has not paid dividends to shareholders, while FTXL's dividend yield for the trailing twelve months is around 0.11%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
FTXL First Trust Nasdaq Semiconductor ETF | 0.11% | 0.28% | 0.54% | 0.60% | 0.89% | 0.25% | 0.48% | 0.92% | 0.71% | 0.47% | 0.12% |
SMAY FT Vest U.S. Small Cap Moderate Buffer ETF - May | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SMAY and FTXL have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FTXL has higher volatility (18.94%) compared to SMAY (1.80%). In terms of maximum drawdown, SMAY dropped -14.44% vs FTXL's -43.87%.
On 3-year performance, FTXL leads with 42.82% vs 9.57% for SMAY. On fees, FTXL is cheaper at 0.60% per year. On volatility, SMAY has been the lower-risk option at 1.80%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, FTXL has performed better with a 42.82% return vs 9.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FTXL is cheaper with a 0.60% expense ratio, compared with 0.90% for SMAY.
FTXL has the higher dividend yield at 0.11%, compared with 0.00% for SMAY.
SMAY is categorized as Defined Outcome, while FTXL is Semiconductors. Their fees differ too: 0.90% for SMAY and 0.60% for FTXL.
FTXL currently has the higher Sharpe Ratio (2.71 vs 2.20), 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.
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