STOX vs. FMAY

Last updated Jul 9, 2026

STOX (Horizon Core Equity ETF) and FMAY (FT Cboe Vest U.S. Equity Buffer ETF - May) are both exchange-traded funds - STOX is a Large Cap Blend Equities fund managed by Horizon, while FMAY is a Defined Outcome fund tracking the Cboe S&P 500 Buffer Protect Index May Series. Over the past year, STOX returned 21.77% vs 12.13% for FMAY. Their correlation of 0.91 suggests significant overlap in exposure. STOX charges 0.70%/yr vs 0.85%/yr for FMAY.

Performance

STOX vs. FMAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Core Equity ETF (STOX) and FT Cboe Vest U.S. Equity Buffer ETF - May (FMAY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, STOX achieves a 9.35% return, which is significantly higher than FMAY's 5.07% return.

STOX

• 1D: -0.10%
• 1M: 1.69%
• 6M: 8.22%
• YTD: 9.35%
• 1Y: 21.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FMAY

• 1D: -0.18%
• 1M: 0.87%
• 6M: 4.75%
• YTD: 5.07%
• 1Y: 12.13%
• 3Y*: 13.21%
• 5Y*: 8.98%
• 10Y*: —

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

STOX vs. FMAY - Yearly Performance Comparison

	2026 (YTD)	2025
STOX Horizon Core Equity ETF	9.35%	13.00%
FMAY FT Cboe Vest U.S. Equity Buffer ETF - May	5.07%	8.00%

Correlation

The correlation between STOX and FMAY is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025	0.91

The correlation between STOX and FMAY has been stable across timeframes, ranging from 0.91 to 0.91 - a consistent structural relationship.

Return for Risk

STOX vs. FMAY — Risk / Return Rank

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

STOX

STOX Risk / Return Rank: 66
STOX Sharpe Ratio Rank: 67
STOX Sortino Ratio Rank: 66
STOX Omega Ratio Rank: 67
STOX Calmar Ratio Rank: 59
STOX Martin Ratio Rank: 73

FMAY

FMAY Risk / Return Rank: 78
FMAY Sharpe Ratio Rank: 73
FMAY Sortino Ratio Rank: 75
FMAY Omega Ratio Rank: 82
FMAY Calmar Ratio Rank: 71
FMAY Martin Ratio Rank: 88

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.

STOX vs. FMAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Core Equity ETF (STOX) and FT Cboe Vest U.S. Equity Buffer ETF - May (FMAY). 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.

	STOX	FMAY	Difference
Sharpe ratio: Return per unit of total volatility	1.72	1.87	-0.15
Sortino ratio: Return per unit of downside risk	2.41	2.69	-0.28
Omega ratio: Gain probability vs. loss probability	1.31	1.39	-0.07
Calmar ratio: Return relative to maximum drawdown	2.34	2.89	-0.55
Martin ratio: Return relative to average drawdown	10.62	14.89	-4.27

STOX vs. FMAY - Sharpe Ratio Comparison

The current STOX Sharpe Ratio is 1.72, which is comparable to the FMAY Sharpe Ratio of 1.87. The chart below compares the historical Sharpe Ratios of STOX and FMAY, 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

STOX vs. FMAY - Drawdown Comparison

The maximum STOX drawdown since its inception was -9.33%, smaller than the maximum FMAY drawdown of -13.60%. Use the drawdown chart below to compare losses from any high point for STOX and FMAY.

Drawdown Indicators

	STOX	FMAY	Difference
Max Drawdown Largest peak-to-trough decline	-9.33%	-13.60%	+4.27%
Max Drawdown (1Y) Largest decline over 1 year	-9.33%	-4.22%	-5.11%
Max Drawdown (3Y) Largest decline over 3 years	—	-13.12%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-13.60%	—
Current Drawdown Current decline from peak	-0.78%	-0.68%	-0.10%
Average Drawdown Average peak-to-trough decline	-1.20%	-1.99%	+0.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.05%	0.82%	+1.23%

Volatility

STOX vs. FMAY - Volatility Comparison

Horizon Core Equity ETF (STOX) has a higher volatility of 4.15% compared to FT Cboe Vest U.S. Equity Buffer ETF - May (FMAY) at 2.72%. This indicates that STOX's price experiences larger fluctuations and is considered to be riskier than FMAY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	STOX	FMAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.15%	2.72%	+1.43%
Volatility (6M) Calculated over the trailing 6-month period	9.86%	5.51%	+4.35%
Volatility (1Y) Calculated over the trailing 1-year period	12.71%	6.52%	+6.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.70%	10.66%	+2.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.70%	10.15%	+2.55%

STOX vs. FMAY - Expense Ratio Comparison

STOX has a 0.70% expense ratio, which is lower than FMAY's 0.85% expense ratio.

Dividends

STOX vs. FMAY - Dividend Comparison

STOX's dividend yield for the trailing twelve months is around 0.17%, while FMAY has not paid dividends to shareholders.

Position	TTM	2025
FMAY FT Cboe Vest U.S. Equity Buffer ETF - May	0.00%	0.00%
STOX Horizon Core Equity ETF	0.17%	0.19%

Frequently Asked Questions

Can I hold both STOX and FMAY in my portfolio?

With a correlation of 0.91, STOX and FMAY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, STOX or FMAY?

STOX has higher volatility (4.15%) compared to FMAY (2.72%). In terms of maximum drawdown, STOX dropped -9.33% vs FMAY's -13.60%.

Which ETF is better, STOX or FMAY?

On 1-year performance, STOX leads with 21.77% vs 12.13% for FMAY. On fees, STOX is cheaper at 0.70% per year. On volatility, FMAY has been the lower-risk option at 2.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, STOX or FMAY?

Over the 1-year period, STOX has performed better with a 21.77% return vs 12.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, STOX or FMAY?

STOX is cheaper with a 0.70% expense ratio, compared with 0.85% for FMAY.

Which ETF pays a higher dividend yield, STOX or FMAY?

STOX has the higher dividend yield at 0.17%, compared with 0.00% for FMAY.

What is the main difference between STOX and FMAY?

STOX is categorized as Large Cap Blend Equities, while FMAY is Defined Outcome. They also come from different issuers: Horizon and First Trust. Their fees differ too: 0.70% for STOX and 0.85% for FMAY.

Which has better risk-adjusted returns?

FMAY currently has the higher Sharpe Ratio (1.87 vs 1.72), 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.