SWP vs. FMAY

Last updated Jun 27, 2026

SWP (SWP Growth & Income ETF) and FMAY (FT Cboe Vest U.S. Equity Buffer ETF - May) are both exchange-traded funds - SWP is a Large Cap Blend Equities fund actively managed by SWP Investment Management, while FMAY is a Defined Outcome fund tracking the Cboe S&P 500 Buffer Protect Index May Series. SWP is actively managed, while FMAY is passively managed. Over the past year, SWP returned 17.36% vs 11.28% for FMAY. Their correlation of 0.84 suggests significant overlap in exposure. SWP charges 0.99%/yr vs 0.85%/yr for FMAY.

Performance

SWP vs. FMAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SWP Growth & Income ETF (SWP) 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, SWP achieves a 5.22% return, which is significantly higher than FMAY's 3.76% return.

SWP

• 1D: 0.90%
• 1M: -1.61%
• YTD: 5.22%
• 6M: 4.17%
• 1Y: 17.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FMAY

• 1D: -0.18%
• 1M: -1.57%
• YTD: 3.76%
• 6M: 3.58%
• 1Y: 11.28%
• 3Y*: 12.94%
• 5Y*: 8.93%
• 10Y*: —

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

SWP vs. FMAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SWP SWP Growth & Income ETF	5.22%	16.86%	0.95%
FMAY FT Cboe Vest U.S. Equity Buffer ETF - May	3.76%	12.69%	2.29%

Correlation

The correlation between SWP and FMAY is 0.80, 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	0.80
Correlation (All Time) Calculated using the full available price history since Sep 25, 2024	0.84

The correlation between SWP and FMAY has been stable across timeframes, ranging from 0.80 to 0.84 - a consistent structural relationship.

Return for Risk

SWP vs. FMAY — Risk / Return Rank

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

SWP

SWP Risk / Return Rank: 48
SWP Sharpe Ratio Rank: 49
SWP Sortino Ratio Rank: 49
SWP Omega Ratio Rank: 49
SWP Calmar Ratio Rank: 40
SWP Martin Ratio Rank: 52

FMAY

FMAY Risk / Return Rank: 70
FMAY Sharpe Ratio Rank: 63
FMAY Sortino Ratio Rank: 65
FMAY Omega Ratio Rank: 73
FMAY Calmar Ratio Rank: 65
FMAY Martin Ratio Rank: 83

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.

SWP vs. FMAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SWP Growth & Income ETF (SWP) 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.

	SWP	FMAY	Difference
Sharpe ratio: Return per unit of total volatility	1.49	1.80	-0.31
Sortino ratio: Return per unit of downside risk	2.14	2.58	-0.44
Omega ratio: Gain probability vs. loss probability	1.27	1.37	-0.10
Calmar ratio: Return relative to maximum drawdown	1.80	2.77	-0.96
Martin ratio: Return relative to average drawdown	7.82	14.39	-6.56

SWP vs. FMAY - Sharpe Ratio Comparison

The current SWP Sharpe Ratio is 1.49, which is comparable to the FMAY Sharpe Ratio of 1.80. The chart below compares the historical Sharpe Ratios of SWP 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

SWP vs. FMAY - Drawdown Comparison

The maximum SWP drawdown since its inception was -16.41%, which is greater than FMAY's maximum drawdown of -13.60%. Use the drawdown chart below to compare losses from any high point for SWP and FMAY.

Drawdown Indicators

	SWP	FMAY	Difference
Max Drawdown Largest peak-to-trough decline	-16.41%	-13.60%	-2.81%
Max Drawdown (1Y) Largest decline over 1 year	-9.97%	-4.22%	-5.75%
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	-2.39%	-1.92%	-0.47%
Average Drawdown Average peak-to-trough decline	-2.40%	-2.00%	-0.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.29%	0.81%	+1.48%

Volatility

SWP vs. FMAY - Volatility Comparison

SWP Growth & Income ETF (SWP) and FT Cboe Vest U.S. Equity Buffer ETF - May (FMAY) have volatilities of 3.19% and 3.09%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SWP	FMAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.19%	3.09%	+0.10%
Volatility (6M) Calculated over the trailing 6-month period	9.58%	5.41%	+4.17%
Volatility (1Y) Calculated over the trailing 1-year period	12.05%	6.48%	+5.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.42%	10.65%	+3.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.42%	10.16%	+4.26%

SWP vs. FMAY - Expense Ratio Comparison

SWP has a 0.99% expense ratio, which is higher than FMAY's 0.85% expense ratio.

Dividends

SWP vs. FMAY - Dividend Comparison

SWP's dividend yield for the trailing twelve months is around 6.95%, while FMAY has not paid dividends to shareholders.

Position	TTM	2025	2024
FMAY FT Cboe Vest U.S. Equity Buffer ETF - May	0.00%	0.00%	0.00%
SWP SWP Growth & Income ETF	6.43%	5.64%	0.44%

Frequently Asked Questions

Can I hold both SWP and FMAY in my portfolio?

SWP and FMAY have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SWP or FMAY?

SWP has higher volatility (3.19%) compared to FMAY (3.09%). In terms of maximum drawdown, SWP dropped -16.41% vs FMAY's -13.60%.

Which ETF is better, SWP or FMAY?

On 1-year performance, SWP leads with 17.36% vs 11.28% for FMAY. On fees, FMAY is cheaper at 0.85% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SWP or FMAY?

Over the 1-year period, SWP has performed better with a 17.36% return vs 11.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SWP or FMAY?

FMAY is cheaper with a 0.85% expense ratio, compared with 0.99% for SWP.

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

SWP has the higher dividend yield at 6.43%, compared with 0.00% for FMAY.

What is the main difference between SWP and FMAY?

SWP is categorized as Large Cap Blend Equities, while FMAY is Defined Outcome. They also come from different issuers: SWP Investment Management and First Trust. Their fees differ too: 0.99% for SWP and 0.85% for FMAY.

Which has better risk-adjusted returns?

FMAY currently has the higher Sharpe Ratio (1.80 vs 1.49), 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.