TILT vs. DMAY

Last updated Jun 4, 2026

TILT (FlexShares Morningstar US Market Factor Tilt Index Fund) and DMAY (FT Cboe Vest U.S. Equity Deep Buffer ETF - May) are both Large Cap Blend Equities funds - TILT tracks the Morningstar US Market Factor Tilt Index while DMAY tracks the Cboe S&P 500 30% (-5% to -35%) Buffer Protect May Series Index. Both are passively managed. Over the past 5 years, TILT returned 11.59%/yr vs 7.16%/yr for DMAY. Their correlation of 0.87 suggests significant overlap in exposure. TILT charges 0.25%/yr vs 0.85%/yr for DMAY.

Performance

TILT vs. DMAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FlexShares Morningstar US Market Factor Tilt Index Fund (TILT) and FT Cboe Vest U.S. Equity Deep Buffer ETF - May (DMAY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TILT achieves a 10.68% return, which is significantly higher than DMAY's 4.42% return.

TILT

• 1D: -0.67%
• 1M: 4.39%
• YTD: 10.68%
• 6M: 10.81%
• 1Y: 28.46%
• 3Y*: 20.80%
• 5Y*: 11.59%
• 10Y*: 13.96%

DMAY

• 1D: -0.30%
• 1M: 1.30%
• YTD: 4.42%
• 6M: 5.19%
• 1Y: 12.37%
• 3Y*: 11.96%
• 5Y*: 7.16%
• 10Y*: —

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

TILT vs. DMAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
TILT FlexShares Morningstar US Market Factor Tilt Index Fund	10.68%	16.59%	19.88%	24.70%	-17.25%	27.61%	36.49%
DMAY FT Cboe Vest U.S. Equity Deep Buffer ETF - May	4.42%	11.05%	12.82%	15.40%	-9.98%	6.14%	6.40%

Correlation

The correlation between TILT and DMAY is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (All Time) Calculated using the full available price history since May 19, 2020	0.87

The correlation between TILT and DMAY has been stable across timeframes, ranging from 0.87 to 0.91 - a consistent structural relationship.

TILT vs. DMAY - Sectors Allocation Comparison

Sectors	TILT	DMAY
Technology	27.2%	36.2%
Financial Services	16.0%	11.9%
Consumer Cyclical	10.9%	10.1%
Industrials	10.1%	8.1%
Healthcare	9.4%	8.4%
Communication Services	8.6%	10.9%
Energy	4.8%	3.5%
Consumer Defensive	4.7%	4.9%
Real Estate	3.1%	1.9%
Basic Materials	2.7%	1.8%
Utilities	2.4%	2.3%

Return for Risk

TILT vs. DMAY — Risk / Return Rank

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

TILT

TILT Risk / Return Rank: 71
TILT Sharpe Ratio Rank: 71
TILT Sortino Ratio Rank: 70
TILT Omega Ratio Rank: 70
TILT Calmar Ratio Rank: 68
TILT Martin Ratio Rank: 77

DMAY

DMAY Risk / Return Rank: 85
DMAY Sharpe Ratio Rank: 82
DMAY Sortino Ratio Rank: 88
DMAY Omega Ratio Rank: 91
DMAY Calmar Ratio Rank: 75
DMAY Martin Ratio Rank: 92

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.

TILT vs. DMAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FlexShares Morningstar US Market Factor Tilt Index Fund (TILT) and FT Cboe Vest U.S. Equity Deep Buffer ETF - May (DMAY). 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.

	TILT	DMAY	Difference
Sharpe ratio: Return per unit of total volatility	2.33	2.65	-0.32
Sortino ratio: Return per unit of downside risk	3.22	4.00	-0.78
Omega ratio: Gain probability vs. loss probability	1.42	1.60	-0.18
Calmar ratio: Return relative to maximum drawdown	3.36	3.73	-0.37
Martin ratio: Return relative to average drawdown	14.71	22.76	-8.04
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TILT vs. DMAY - Sharpe Ratio Comparison

The current TILT Sharpe Ratio is 2.33, which is comparable to the DMAY Sharpe Ratio of 2.65. The chart below compares the historical Sharpe Ratios of TILT and DMAY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TILT	DMAY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.33	2.65	-0.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.67	0.80	-0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.75	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.83	0.88	-0.04

Drawdowns

TILT vs. DMAY - Drawdown Comparison

The maximum TILT drawdown since its inception was -38.46%, which is greater than DMAY's maximum drawdown of -13.90%. Use the drawdown chart below to compare losses from any high point for TILT and DMAY.

Drawdown Indicators

	TILT	DMAY	Difference
Max Drawdown Largest peak-to-trough decline	-38.46%	-13.90%	-24.56%
Max Drawdown (1Y) Largest decline over 1 year	-8.51%	-3.36%	-5.15%
Max Drawdown (3Y) Largest decline over 3 years	-19.85%	-12.38%	-7.47%
Max Drawdown (5Y) Largest decline over 5 years	-24.12%	-13.90%	-10.22%
Max Drawdown (10Y) Largest decline over 10 years	-38.46%	—	—
Current Drawdown Current decline from peak	-0.67%	-0.30%	-0.37%
Average Drawdown Average peak-to-trough decline	-4.23%	-2.24%	-1.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.94%	0.55%	+1.39%

Volatility

TILT vs. DMAY - Volatility Comparison

FlexShares Morningstar US Market Factor Tilt Index Fund (TILT) has a higher volatility of 3.04% compared to FT Cboe Vest U.S. Equity Deep Buffer ETF - May (DMAY) at 0.84%. This indicates that TILT's price experiences larger fluctuations and is considered to be riskier than DMAY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TILT	DMAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.04%	0.84%	+2.20%
Volatility (6M) Calculated over the trailing 6-month period	8.95%	3.74%	+5.21%
Volatility (1Y) Calculated over the trailing 1-year period	12.29%	4.73%	+7.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.39%	9.02%	+8.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.75%	8.43%	+10.32%

TILT vs. DMAY - Expense Ratio Comparison

TILT has a 0.25% expense ratio, which is lower than DMAY's 0.85% expense ratio.

Dividends

TILT vs. DMAY - Dividend Comparison

TILT's dividend yield for the trailing twelve months is around 1.07%, while DMAY has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DMAY FT Cboe Vest U.S. Equity Deep Buffer ETF - May	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TILT FlexShares Morningstar US Market Factor Tilt Index Fund	1.07%	1.15%	1.23%	1.44%	1.60%	1.16%	1.49%	1.54%	1.97%	1.55%	1.60%	1.98%

Frequently Asked Questions

Can I hold both TILT and DMAY in my portfolio?

TILT and DMAY have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TILT or DMAY?

TILT has higher volatility (3.04%) compared to DMAY (0.84%). In terms of maximum drawdown, TILT dropped -38.46% vs DMAY's -13.90%.

Which ETF is better, TILT or DMAY?

On 5-year performance, TILT leads with 11.59% vs 7.16% for DMAY. On fees, TILT is cheaper at 0.25% per year. On volatility, DMAY has been the lower-risk option at 0.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TILT or DMAY?

Over the 5-year period, TILT has performed better with a 11.59% return vs 7.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TILT or DMAY?

TILT is cheaper with a 0.25% expense ratio, compared with 0.85% for DMAY.

Which ETF pays a higher dividend yield, TILT or DMAY?

TILT has the higher dividend yield at 1.07%, compared with 0.00% for DMAY.

What is the main difference between TILT and DMAY?

TILT tracks Morningstar US Market Factor Tilt Index, while DMAY tracks Cboe S&P 500 30% (-5% to -35%) Buffer Protect May Series Index. They also come from different issuers: FlexShares and First Trust. Their fees differ too: 0.25% for TILT and 0.85% for DMAY.

Which has better risk-adjusted returns?

DMAY currently has the higher Sharpe Ratio (2.65 vs 2.33), 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.