SMAY vs. GRID

Last updated Jun 6, 2026

SMAY (FT Vest U.S. Small Cap Moderate Buffer ETF - May) and GRID (First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund) are both exchange-traded funds - SMAY is a Defined Outcome fund actively managed by First Trust, while GRID is a Alternative Energy Equities fund tracking the Nasdaq Clean Edge Smart Grid Infrastructure Index. SMAY is actively managed, while GRID is passively managed. Over the past 3 years, SMAY returned 10.07%/yr vs 24.27%/yr for GRID. A 0.73 correlation means they provide meaningful diversification when combined. SMAY charges 0.90%/yr vs 0.70%/yr for GRID.

Performance

SMAY vs. GRID - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest U.S. Small Cap Moderate Buffer ETF - May (SMAY) and First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund (GRID). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMAY achieves a 5.63% return, which is significantly lower than GRID's 22.65% return.

SMAY

• 1D: -1.69%
• 1M: 1.06%
• YTD: 5.63%
• 6M: 6.31%
• 1Y: 17.21%
• 3Y*: 10.07%
• 5Y*: —
• 10Y*: —

GRID

• 1D: -4.79%
• 1M: -5.14%
• YTD: 22.65%
• 6M: 22.49%
• 1Y: 44.27%
• 3Y*: 24.27%
• 5Y*: 16.67%
• 10Y*: 19.01%

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

SMAY vs. GRID - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SMAY FT Vest U.S. Small Cap Moderate Buffer ETF - May	5.63%	4.75%	12.60%	8.94%
GRID First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund	22.65%	29.65%	15.18%	7.52%

Correlation

The correlation between SMAY and GRID is 0.68, 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	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (All Time) Calculated using the full available price history since May 23, 2023	0.73

The correlation between SMAY and GRID has been stable across timeframes, ranging from 0.68 to 0.73 - a consistent structural relationship.

SMAY vs. GRID - Sectors Allocation Comparison

Sectors	SMAY	GRID
Industrials	17.5%	65.2%
Technology	16.9%	11.0%
Healthcare	16.5%	-
Financial Services	15.9%	-
Consumer Cyclical	8.4%	3.5%
Real Estate	6.2%	-
Energy	6.2%	-
Basic Materials	4.8%	0.0%
Utilities	2.9%	20.4%
Communication Services	2.5%	-
Consumer Defensive	2.4%	-

Return for Risk

SMAY vs. GRID — Risk / Return Rank

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

SMAY

SMAY Risk / Return Rank: 85
SMAY Sharpe Ratio Rank: 77
SMAY Sortino Ratio Rank: 81
SMAY Omega Ratio Rank: 81
SMAY Calmar Ratio Rank: 92
SMAY Martin Ratio Rank: 93

GRID

GRID Risk / Return Rank: 70
GRID Sharpe Ratio Rank: 70
GRID Sortino Ratio Rank: 64
GRID Omega Ratio Rank: 65
GRID Calmar Ratio Rank: 76
GRID Martin Ratio Rank: 76

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.

SMAY vs. GRID - 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 Clean Edge Smart Grid Infrastructure Index Fund (GRID). 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.

	SMAY	GRID	Difference
Sharpe ratio: Return per unit of total volatility	2.30	2.23	+0.08
Sortino ratio: Return per unit of downside risk	3.39	2.91	+0.48
Omega ratio: Gain probability vs. loss probability	1.45	1.38	+0.06
Calmar ratio: Return relative to maximum drawdown	5.76	3.79	+1.96
Martin ratio: Return relative to average drawdown	23.19	14.24	+8.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMAY vs. GRID - Sharpe Ratio Comparison

The current SMAY Sharpe Ratio is 2.30, which is comparable to the GRID Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of SMAY and GRID, 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

	SMAY	GRID	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.30	2.23	+0.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.79	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.83	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.04	0.56	+0.48

Drawdowns

SMAY vs. GRID - Drawdown Comparison

The maximum SMAY drawdown since its inception was -14.44%, smaller than the maximum GRID drawdown of -40.56%. Use the drawdown chart below to compare losses from any high point for SMAY and GRID.

Drawdown Indicators

	SMAY	GRID	Difference
Max Drawdown Largest peak-to-trough decline	-14.44%	-40.56%	+26.12%
Max Drawdown (1Y) Largest decline over 1 year	-3.00%	-11.73%	+8.73%
Max Drawdown (3Y) Largest decline over 3 years	-14.44%	-20.77%	+6.33%
Max Drawdown (5Y) Largest decline over 5 years	—	-29.64%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-40.56%	—
Current Drawdown Current decline from peak	-1.69%	-6.13%	+4.44%
Average Drawdown Average peak-to-trough decline	-2.54%	-8.43%	+5.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.74%	3.12%	-2.38%

Volatility

SMAY vs. GRID - Volatility Comparison

The current volatility for FT Vest U.S. Small Cap Moderate Buffer ETF - May (SMAY) is 2.81%, while First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund (GRID) has a volatility of 8.90%. This indicates that SMAY experiences smaller price fluctuations and is considered to be less risky than GRID based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMAY	GRID	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.81%	8.90%	-6.09%
Volatility (6M) Calculated over the trailing 6-month period	4.81%	16.87%	-12.06%
Volatility (1Y) Calculated over the trailing 1-year period	7.52%	20.00%	-12.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.22%	21.10%	-10.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.22%	22.85%	-12.63%

SMAY vs. GRID - Expense Ratio Comparison

SMAY has a 0.90% expense ratio, which is higher than GRID's 0.70% expense ratio.

Dividends

SMAY vs. GRID - Dividend Comparison

SMAY has not paid dividends to shareholders, while GRID's dividend yield for the trailing twelve months is around 0.80%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GRID First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund	0.80%	1.01%	1.06%	1.23%	1.26%	0.63%	0.68%	1.26%	1.28%	1.07%	1.07%	1.23%
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%	0.00%

Frequently Asked Questions

Can I hold both SMAY and GRID in my portfolio?

SMAY and GRID have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMAY or GRID?

GRID has higher volatility (8.90%) compared to SMAY (2.81%). In terms of maximum drawdown, SMAY dropped -14.44% vs GRID's -40.56%.

Which ETF is better, SMAY or GRID?

On 3-year performance, GRID leads with 24.27% vs 10.07% for SMAY. On fees, GRID is cheaper at 0.70% per year. On volatility, SMAY has been the lower-risk option at 2.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMAY or GRID?

Over the 3-year period, GRID has performed better with a 24.27% return vs 10.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMAY or GRID?

GRID is cheaper with a 0.70% expense ratio, compared with 0.90% for SMAY.

Which ETF pays a higher dividend yield, SMAY or GRID?

GRID has the higher dividend yield at 0.80%, compared with 0.00% for SMAY.

What is the main difference between SMAY and GRID?

SMAY is categorized as Defined Outcome, while GRID is Alternative Energy Equities. Their fees differ too: 0.90% for SMAY and 0.70% for GRID.

Which has better risk-adjusted returns?

SMAY currently has the higher Sharpe Ratio (2.30 vs 2.23), 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.