SMAY vs. JANB

Last updated Jun 6, 2026

SMAY (FT Vest U.S. Small Cap Moderate Buffer ETF - May) and JANB (Aptus January Buffer ETF) are both Defined Outcome funds. Both are actively managed. A 0.72 correlation means they provide meaningful diversification when combined. SMAY charges 0.90%/yr vs 0.25%/yr for JANB.

Performance

SMAY vs. JANB - 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 Aptus January Buffer ETF (JANB). 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 higher than JANB's 5.22% return.

SMAY

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

JANB

• 1D: -1.00%
• 1M: 0.53%
• YTD: 5.22%
• 6M: 6.07%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SMAY vs. JANB - Yearly Performance Comparison

	2026 (YTD)	2025
SMAY FT Vest U.S. Small Cap Moderate Buffer ETF - May	5.63%	1.77%
JANB Aptus January Buffer ETF	5.22%	2.69%

Correlation

The correlation between SMAY and JANB is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 15, 2025	0.72

Return for Risk

SMAY vs. JANB — 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

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. JANB - 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 Aptus January Buffer ETF (JANB). 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	JANB	Difference
Sharpe ratio: Return per unit of total volatility	2.30	—	—
Sortino ratio: Return per unit of downside risk	3.39	—	—
Omega ratio: Gain probability vs. loss probability	1.45	—	—
Calmar ratio: Return relative to maximum drawdown	5.76	—	—
Martin ratio: Return relative to average drawdown	23.19	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	SMAY	JANB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.30	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.04	1.73	-0.69

Drawdowns

SMAY vs. JANB - Drawdown Comparison

The maximum SMAY drawdown since its inception was -14.44%, which is greater than JANB's maximum drawdown of -6.52%. Use the drawdown chart below to compare losses from any high point for SMAY and JANB.

Drawdown Indicators

	SMAY	JANB	Difference
Max Drawdown Largest peak-to-trough decline	-14.44%	-6.52%	-7.92%
Max Drawdown (1Y) Largest decline over 1 year	-3.00%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-14.44%	—	—
Current Drawdown Current decline from peak	-1.69%	-1.03%	-0.66%
Average Drawdown Average peak-to-trough decline	-2.54%	-1.13%	-1.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.74%	—	—

Volatility

Volatility by Period

	SMAY	JANB	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.81%	—	—
Volatility (6M) Calculated over the trailing 6-month period	4.81%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	7.52%	7.48%	+0.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.22%	7.48%	+2.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.22%	7.48%	+2.74%

SMAY vs. JANB - Expense Ratio Comparison

SMAY has a 0.90% expense ratio, which is higher than JANB's 0.25% expense ratio.

Dividends

SMAY vs. JANB - Dividend Comparison

Neither SMAY nor JANB has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SMAY and JANB in my portfolio?

SMAY and JANB have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SMAY or JANB?

On fees, JANB is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SMAY or JANB?

JANB is cheaper with a 0.25% expense ratio, compared with 0.90% for SMAY.

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

SMAY and JANB have nearly identical dividend yields, around 0.00%.

What is the main difference between SMAY and JANB?

They also come from different issuers: First Trust and Aptus Capital Advisors. Their fees differ too: 0.90% for SMAY and 0.25% for JANB.