SMAY vs. QB

Last updated Aug 2, 2026

SMAY (FT Vest U.S. Small Cap Moderate Buffer ETF - May) and QB (ProShares Nasdaq-100 Dynamic Daily Buffer ETF) are both Defined Outcome funds. SMAY is actively managed, while QB is passively managed. Over the past year, SMAY returned 17.30% vs 21.06% for QB. Their 0.53 correlation means they have sometimes moved together and sometimes differently. SMAY charges 0.90%/yr vs 0.58%/yr for QB.

Performance

SMAY vs. QB - 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 ProShares Nasdaq-100 Dynamic Daily Buffer ETF (QB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMAY achieves a 8.22% return, which is significantly lower than QB's 13.84% return.

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%

QB

• 1D: 0.29%
• 1M: 2.50%
• 6M: 12.93%
• YTD: 13.84%
• 1Y: 21.06%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 18.82%

*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)
QB ProShares Nasdaq-100 Dynamic Daily Buffer ETF	$58.82K	$37.73K	$149.66K
SMAY FT Vest U.S. Small Cap Moderate Buffer ETF - May	$206.55K	$244.61K	$508.98K

SMAY vs. QB - Yearly Performance Comparison

	2026 (YTD)	2025
SMAY FT Vest U.S. Small Cap Moderate Buffer ETF - May	8.22%	9.56%
QB ProShares Nasdaq-100 Dynamic Daily Buffer ETF	13.84%	6.10%

Correlation

The correlation between SMAY and QB is 0.54, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.54
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025	0.53

The correlation between SMAY and QB has been stable across timeframes, ranging from 0.53 to 0.54 - a consistent structural relationship.

Return for Risk

SMAY vs. QB — 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

QB

QB Risk / Return Rank: 96
QB Sharpe Ratio Rank: 95
QB Sortino Ratio Rank: 95
QB Omega Ratio Rank: 96
QB Calmar Ratio Rank: 95
QB Martin Ratio Rank: 97

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. QB - 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 ProShares Nasdaq-100 Dynamic Daily Buffer ETF (QB). 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	QB	Difference
Sharpe ratio: Return per unit of total volatility	2.20	2.79	-0.59
Sortino ratio: Return per unit of downside risk	3.31	4.14	-0.83
Omega ratio: Gain probability vs. loss probability	1.43	1.66	-0.23
Calmar ratio: Return relative to maximum drawdown	5.45	5.83	-0.38
Martin ratio: Return relative to average drawdown	22.27	27.99	-5.72

SMAY vs. QB - Sharpe Ratio Comparison

The current SMAY Sharpe Ratio is 2.20, which is comparable to the QB Sharpe Ratio of 2.79. The chart below compares the historical Sharpe Ratios of SMAY and QB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SMAY vs. QB - Drawdown Comparison

The maximum SMAY drawdown since its inception was -14.44%, which is greater than QB's maximum drawdown of -3.47%. Use the drawdown chart below to compare losses from any high point for SMAY and QB.

Drawdown Indicators

	SMAY	QB	Difference
Max Drawdown Largest peak-to-trough decline	-14.44%	-3.47%	-10.97%
Max Drawdown (1Y) Largest decline over 1 year	-3.00%	-3.47%	+0.47%
Max Drawdown (3Y) Largest decline over 3 years	-14.44%	—	—
Current Drawdown Current decline from peak	-0.99%	0.00%	-0.99%
Average Drawdown Average peak-to-trough decline	-2.45%	-0.42%	-2.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.74%	0.72%	+0.02%

Volatility

SMAY vs. QB - Volatility Comparison

The current volatility for FT Vest U.S. Small Cap Moderate Buffer ETF - May (SMAY) is 1.80%, while ProShares Nasdaq-100 Dynamic Daily Buffer ETF (QB) has a volatility of 2.32%. This indicates that SMAY experiences smaller price fluctuations and is considered to be less risky than QB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMAY	QB	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.80%	2.32%	-0.52%
Volatility (6M) Calculated over the trailing 6-month period	5.46%	6.04%	-0.58%
Volatility (1Y) Calculated over the trailing 1-year period	7.46%	7.27%	+0.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.11%	7.01%	+3.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.11%	7.01%	+3.10%

SMAY vs. QB - Expense Ratio Comparison

SMAY has a 0.90% expense ratio, which is higher than QB's 0.58% expense ratio.

Dividends

SMAY vs. QB - Dividend Comparison

SMAY has not paid dividends to shareholders, while QB's dividend yield for the trailing twelve months is around 0.77%.

Position	TTM	2025
QB ProShares Nasdaq-100 Dynamic Daily Buffer ETF	0.77%	0.48%
SMAY FT Vest U.S. Small Cap Moderate Buffer ETF - May	0.00%	0.00%

Frequently Asked Questions

Can I hold both SMAY and QB in my portfolio?

SMAY and QB have a correlation of 0.54, 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 QB?

QB has higher volatility (2.32%) compared to SMAY (1.80%). In terms of maximum drawdown, SMAY dropped -14.44% vs QB's -3.47%.

Which ETF is better, SMAY or QB?

On 1-year performance, QB leads with 21.06% vs 17.30% for SMAY. On fees, QB is cheaper at 0.58% per year. On volatility, SMAY has been the lower-risk option at 1.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMAY or QB?

Over the 1-year period, QB has performed better with a 21.06% return vs 17.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMAY or QB?

QB is cheaper with a 0.58% expense ratio, compared with 0.90% for SMAY.

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

QB has the higher dividend yield at 0.77%, compared with 0.00% for SMAY.

What is the main difference between SMAY and QB?

They also come from different issuers: First Trust and ProShares. Their fees differ too: 0.90% for SMAY and 0.58% for QB.

Which has better risk-adjusted returns?

QB currently has the higher Sharpe Ratio (2.79 vs 2.20), 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.