SMAY vs. KNG
SMAY (FT Vest U.S. Small Cap Moderate Buffer ETF - May) and KNG (FT Vest S&P 500 Dividend Aristocrats Target Income ETF) are both exchange-traded funds - SMAY is a Defined Outcome fund actively managed by First Trust, while KNG is a Dividend fund tracking the Cboe S&P 500 Dividend Aristocrats Target Income Index Monthly Series. SMAY is actively managed, while KNG is passively managed. Over the past 3 years, SMAY returned 11.38%/yr vs 7.19%/yr for KNG. A 0.64 correlation means they provide meaningful diversification when combined. SMAY charges 0.90%/yr vs 0.75%/yr for KNG.
Performance
SMAY vs. KNG - Performance Comparison
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Returns By Period
In the year-to-date period, SMAY achieves a 8.76% return, which is significantly higher than KNG's 4.17% return.
SMAY
- 1D
- 0.43%
- 1M
- 2.40%
- YTD
- 8.76%
- 6M
- 8.27%
- 1Y
- 20.13%
- 3Y*
- 11.38%
- 5Y*
- —
- 10Y*
- —
KNG
- 1D
- -0.26%
- 1M
- 1.42%
- YTD
- 4.17%
- 6M
- 3.47%
- 1Y
- 10.97%
- 3Y*
- 7.19%
- 5Y*
- 5.38%
- 10Y*
- —
SMAY vs. KNG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
SMAY FT Vest U.S. Small Cap Moderate Buffer ETF - May | 8.76% | 4.75% | 12.60% | 9.21% |
KNG FT Vest S&P 500 Dividend Aristocrats Target Income ETF | 4.17% | 6.63% | 5.99% | 5.53% |
Correlation
The correlation between SMAY and KNG is 0.52, 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 | 0.52 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.64 |
Correlation (All Time) Calculated using the full available price history since May 22, 2023 | 0.64 |
The correlation between SMAY and KNG shifts across timeframes, from 0.52 (1 year) to 0.64 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SMAY vs. KNG — Risk / Return Rank
SMAY
KNG
SMAY vs. KNG - 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 FT Vest S&P 500 Dividend Aristocrats Target Income ETF (KNG). 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 | KNG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.60 | ||
| Sortino ratioReturn per unit of downside risk | +2.36 | ||
| Omega ratioGain probability vs. loss probability | 1.52 | 1.18 | +0.34 |
| Calmar ratioReturn relative to maximum drawdown | 6.73 | 1.28 | +5.45 |
| Martin ratioReturn relative to average drawdown | 26.93 | 3.23 | +23.70 |
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Drawdowns
SMAY vs. KNG - Drawdown Comparison
The maximum SMAY drawdown since its inception was -14.44%, smaller than the maximum KNG drawdown of -35.12%. Use the drawdown chart below to compare losses from any high point for SMAY and KNG.
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Drawdown Indicators
| SMAY | KNG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.44% | -35.12% | +20.68% |
Max Drawdown (1Y)Largest decline over 1 year | -3.00% | -8.61% | +5.61% |
Max Drawdown (3Y)Largest decline over 3 years | -14.44% | -14.24% | -0.20% |
Max Drawdown (5Y)Largest decline over 5 years | — | -18.20% | — |
Current DrawdownCurrent decline from peak | 0.00% | -4.08% | +4.08% |
Average DrawdownAverage peak-to-trough decline | -2.52% | -4.13% | +1.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.75% | 3.41% | -2.66% |
Volatility
SMAY vs. KNG - Volatility Comparison
FT Vest U.S. Small Cap Moderate Buffer ETF - May (SMAY) has a higher volatility of 3.33% compared to FT Vest S&P 500 Dividend Aristocrats Target Income ETF (KNG) at 2.98%. This indicates that SMAY's price experiences larger fluctuations and is considered to be riskier than KNG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMAY | KNG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.33% | 2.98% | +0.35% |
Volatility (6M)Calculated over the trailing 6-month period | 5.23% | 7.57% | -2.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.61% | 10.41% | -2.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.23% | 13.58% | -3.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.23% | 17.16% | -6.93% |
SMAY vs. KNG - Expense Ratio Comparison
SMAY has a 0.90% expense ratio, which is higher than KNG's 0.75% expense ratio.
Dividends
SMAY vs. KNG - Dividend Comparison
SMAY has not paid dividends to shareholders, while KNG's dividend yield for the trailing twelve months is around 8.51%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
KNG FT Vest S&P 500 Dividend Aristocrats Target Income ETF | 8.51% | 8.61% | 9.08% | 5.91% | 4.00% | 3.45% | 3.62% | 4.09% | 3.46% |
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% |
Frequently Asked Questions
SMAY and KNG have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMAY has higher volatility (3.33%) compared to KNG (2.98%). In terms of maximum drawdown, SMAY dropped -14.44% vs KNG's -35.12%.
On 3-year performance, SMAY leads with 11.38% vs 7.19% for KNG. On fees, KNG is cheaper at 0.75% per year. On volatility, KNG has been the lower-risk option at 2.98%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SMAY has performed better with a 11.38% return vs 7.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KNG is cheaper with a 0.75% expense ratio, compared with 0.90% for SMAY.
KNG has the higher dividend yield at 8.51%, compared with 0.00% for SMAY.
SMAY is categorized as Defined Outcome, while KNG is Dividend. Their fees differ too: 0.90% for SMAY and 0.75% for KNG.
SMAY currently has the higher Sharpe Ratio (2.66 vs 1.06), 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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