SMAY vs. JULB

Last updated Aug 2, 2026

SMAY (FT Vest U.S. Small Cap Moderate Buffer ETF - May) and JULB (Aptus July Buffer ETF) are both Defined Outcome funds. Both are actively managed. Their 0.74 correlation means they have sometimes moved together and sometimes differently. SMAY charges 0.90%/yr vs 0.25%/yr for JULB.

Performance

SMAY vs. JULB - 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 July Buffer ETF (JULB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with SMAY having a 8.22% return and JULB slightly lower at 8.08%.

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%

JULB

• 1D: 0.54%
• 1M: 0.57%
• 6M: 7.15%
• YTD: 8.08%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
JULB Aptus July Buffer ETF	$122.17K	$181.25K	$221.75K
SMAY FT Vest U.S. Small Cap Moderate Buffer ETF - May	$206.55K	$244.61K	$508.98K

SMAY vs. JULB - Yearly Performance Comparison

	2026 (YTD)	2025
SMAY FT Vest U.S. Small Cap Moderate Buffer ETF - May	8.22%	2.12%
JULB Aptus July Buffer ETF	8.08%	2.44%

Correlation

The correlation between SMAY and JULB is 0.74, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 14, 2025	0.74

Return for Risk

SMAY vs. JULB — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SMAY

SMAY Risk / Return Rank: 92
SMAY Sharpe Ratio Rank: 89
SMAY Sortino Ratio Rank: 91
SMAY Omega Ratio Rank: 90
SMAY Calmar Ratio Rank: 95
SMAY Martin Ratio Rank: 96

JULB

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SMAY vs. JULB - 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 July Buffer ETF (JULB). 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	JULB	Difference
Sharpe ratio: Return per unit of total volatility	2.20	—	—
Sortino ratio: Return per unit of downside risk	3.31	—	—
Omega ratio: Gain probability vs. loss probability	1.43	—	—
Calmar ratio: Return relative to maximum drawdown	5.45	—	—
Martin ratio: Return relative to average drawdown	22.27	—	—

Drawdowns

SMAY vs. JULB - Drawdown Comparison

The maximum SMAY drawdown since its inception was -14.44%, which is greater than JULB's maximum drawdown of -5.24%. Use the drawdown chart below to compare losses from any high point for SMAY and JULB.

Drawdown Indicators

	SMAY	JULB	Difference
Max Drawdown Largest peak-to-trough decline	-14.44%	-5.24%	-9.20%
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	-0.99%	-0.20%	-0.79%
Average Drawdown Average peak-to-trough decline	-2.45%	-0.78%	-1.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.74%	—	—

Volatility

Volatility by Period

	SMAY	JULB	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.80%	—	—
Volatility (6M) Calculated over the trailing 6-month period	5.46%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	7.46%	6.81%	+0.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.11%	6.81%	+3.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.11%	6.81%	+3.30%

SMAY vs. JULB - Expense Ratio Comparison

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

Dividends

SMAY vs. JULB - Dividend Comparison

Neither SMAY nor JULB has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SMAY and JULB in my portfolio?

SMAY and JULB have a correlation of 0.74, 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 JULB?

On fees, JULB 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 JULB?

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

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

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

What is the main difference between SMAY and JULB?

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