SMAY vs. NVDO

Last updated Jul 2, 2026

SMAY (FT Vest U.S. Small Cap Moderate Buffer ETF - May) and NVDO (Leverage Shares 2x Capped Accelerated NVDA Monthly ETF) are both Defined Outcome funds. Both are actively managed. At a 0.35 correlation, their price movements are largely independent. SMAY charges 0.90%/yr vs 0.77%/yr for NVDO.

Performance

SMAY vs. NVDO - 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 Leverage Shares 2x Capped Accelerated NVDA Monthly ETF (NVDO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMAY achieves a 9.11% return, which is significantly lower than NVDO's 16.35% return.

SMAY

• 1D: -0.17%
• 1M: 2.13%
• 6M: 9.11%
• YTD: 9.11%
• 1Y: 17.78%
• 3Y*: 10.83%
• 5Y*: —
• 10Y*: —

NVDO

• 1D: 0.00%
• 1M: -4.73%
• 6M: 16.35%
• YTD: 16.35%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SMAY vs. NVDO - Yearly Performance Comparison

	2026 (YTD)	2025
SMAY FT Vest U.S. Small Cap Moderate Buffer ETF - May	9.11%	5.62%
NVDO Leverage Shares 2x Capped Accelerated NVDA Monthly ETF	16.35%	10.05%

Correlation

The correlation between SMAY and NVDO is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 13, 2025	0.35

Return for Risk

SMAY vs. NVDO — Risk / Return Rank

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

SMAY

SMAY Risk / Return Rank: 91
SMAY Sharpe Ratio Rank: 87
SMAY Sortino Ratio Rank: 90
SMAY Omega Ratio Rank: 89
SMAY Calmar Ratio Rank: 94
SMAY Martin Ratio Rank: 95

NVDO

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

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. NVDO - 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 Leverage Shares 2x Capped Accelerated NVDA Monthly ETF (NVDO). 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	NVDO	Difference
Sharpe ratio: Return per unit of total volatility	2.38	—	—
Sortino ratio: Return per unit of downside risk	3.57	—	—
Omega ratio: Gain probability vs. loss probability	1.47	—	—
Calmar ratio: Return relative to maximum drawdown	5.94	—	—
Martin ratio: Return relative to average drawdown	23.79	—	—

Drawdowns

SMAY vs. NVDO - Drawdown Comparison

The maximum SMAY drawdown since its inception was -14.44%, smaller than the maximum NVDO drawdown of -16.25%. Use the drawdown chart below to compare losses from any high point for SMAY and NVDO.

Drawdown Indicators

	SMAY	NVDO	Difference
Max Drawdown Largest peak-to-trough decline	-14.44%	-16.25%	+1.81%
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	-0.17%	-4.73%	+4.56%
Average Drawdown Average peak-to-trough decline	-2.50%	-4.97%	+2.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.75%	—	—

Volatility

Volatility by Period

	SMAY	NVDO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.27%	—	—
Volatility (6M) Calculated over the trailing 6-month period	5.26%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	7.50%	31.69%	-24.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.19%	31.69%	-21.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.19%	31.69%	-21.50%

SMAY vs. NVDO - Expense Ratio Comparison

SMAY has a 0.90% expense ratio, which is higher than NVDO's 0.77% expense ratio.

Dividends

SMAY vs. NVDO - Dividend Comparison

SMAY has not paid dividends to shareholders, while NVDO's dividend yield for the trailing twelve months is around 14.32%.

Position	TTM	2025
NVDO Leverage Shares 2x Capped Accelerated NVDA Monthly ETF	14.32%	16.66%
SMAY FT Vest U.S. Small Cap Moderate Buffer ETF - May	0.00%	0.00%

Frequently Asked Questions

Can I hold both SMAY and NVDO in my portfolio?

SMAY and NVDO have a correlation of 0.35, 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 NVDO?

On fees, NVDO is cheaper at 0.77% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SMAY or NVDO?

NVDO is cheaper with a 0.77% expense ratio, compared with 0.90% for SMAY.

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

NVDO has the higher dividend yield at 14.32%, compared with 0.00% for SMAY.

What is the main difference between SMAY and NVDO?

They also come from different issuers: First Trust and Leverage Shares. Their fees differ too: 0.90% for SMAY and 0.77% for NVDO.