USPX vs. FMAY

Last updated Jun 26, 2026

USPX (Franklin U.S. Equity Index ETF) and FMAY (FT Cboe Vest U.S. Equity Buffer ETF - May) are both Large Cap Blend Equities funds - USPX tracks the Morningstar US Target Market Exposure Index while FMAY tracks the Cboe S&P 500 Buffer Protect Index May Series. Both are passively managed. Over the past 5 years, USPX returned 11.78%/yr vs 8.97%/yr for FMAY. Their correlation of 0.90 suggests significant overlap in exposure. USPX charges 0.03%/yr vs 0.85%/yr for FMAY.

Performance

USPX vs. FMAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin U.S. Equity Index ETF (USPX) 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, USPX achieves a 7.76% return, which is significantly higher than FMAY's 3.95% return.

USPX

• 1D: -0.02%
• 1M: -1.99%
• YTD: 7.76%
• 6M: 6.35%
• 1Y: 21.62%
• 3Y*: 20.71%
• 5Y*: 11.78%
• 10Y*: 12.58%

FMAY

• 1D: -0.07%
• 1M: -1.00%
• YTD: 3.95%
• 6M: 3.78%
• 1Y: 12.27%
• 3Y*: 13.26%
• 5Y*: 8.97%
• 10Y*: —

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

USPX vs. FMAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
USPX Franklin U.S. Equity Index ETF	7.76%	17.78%	24.97%	27.07%	-18.88%	19.53%	28.23%
FMAY FT Cboe Vest U.S. Equity Buffer ETF - May	3.95%	12.69%	14.45%	17.83%	-8.08%	11.00%	10.80%

Correlation

The correlation between USPX and FMAY is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (All Time) Calculated using the full available price history since May 18, 2020	0.90

The correlation between USPX and FMAY has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.

USPX vs. FMAY - Sectors Allocation Comparison

Sectors	USPX	FMAY
Technology	37.7%	39.0%
Financial Services	11.6%	11.1%
Communication Services	10.3%	10.6%
Consumer Cyclical	9.5%	9.9%
Healthcare	8.8%	8.3%
Industrials	8.0%	7.8%
Consumer Defensive	4.6%	4.5%
Energy	3.3%	3.1%
Utilities	2.5%	2.1%
Real Estate	1.8%	1.8%
Basic Materials	1.7%	1.7%

Return for Risk

USPX vs. FMAY — Risk / Return Rank

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

USPX

USPX Risk / Return Rank: 58
USPX Sharpe Ratio Rank: 59
USPX Sortino Ratio Rank: 56
USPX Omega Ratio Rank: 57
USPX Calmar Ratio Rank: 55
USPX Martin Ratio Rank: 65

FMAY

FMAY Risk / Return Rank: 72
FMAY Sharpe Ratio Rank: 66
FMAY Sortino Ratio Rank: 68
FMAY Omega Ratio Rank: 76
FMAY Calmar Ratio Rank: 67
FMAY Martin Ratio Rank: 85

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.

USPX vs. FMAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin U.S. Equity Index ETF (USPX) 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.

	USPX	FMAY	Difference
Sharpe ratio: Return per unit of total volatility	1.71	1.90	-0.19
Sortino ratio: Return per unit of downside risk	2.36	2.72	-0.36
Omega ratio: Gain probability vs. loss probability	1.31	1.39	-0.08
Calmar ratio: Return relative to maximum drawdown	2.37	2.92	-0.55
Martin ratio: Return relative to average drawdown	10.32	15.37	-5.05

USPX vs. FMAY - Sharpe Ratio Comparison

The current USPX Sharpe Ratio is 1.71, which is comparable to the FMAY Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of USPX 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

USPX vs. FMAY - Drawdown Comparison

The maximum USPX drawdown since its inception was -31.21%, which is greater than FMAY's maximum drawdown of -13.60%. Use the drawdown chart below to compare losses from any high point for USPX and FMAY.

Drawdown Indicators

	USPX	FMAY	Difference
Max Drawdown Largest peak-to-trough decline	-31.21%	-13.60%	-17.61%
Max Drawdown (1Y) Largest decline over 1 year	-9.15%	-4.22%	-4.93%
Max Drawdown (3Y) Largest decline over 3 years	-19.21%	-13.12%	-6.09%
Max Drawdown (5Y) Largest decline over 5 years	-24.60%	-13.60%	-11.00%
Max Drawdown (10Y) Largest decline over 10 years	-31.21%	—	—
Current Drawdown Current decline from peak	-3.34%	-1.74%	-1.60%
Average Drawdown Average peak-to-trough decline	-4.43%	-2.00%	-2.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.10%	0.80%	+1.30%

Volatility

USPX vs. FMAY - Volatility Comparison

Franklin U.S. Equity Index ETF (USPX) has a higher volatility of 4.81% compared to FT Cboe Vest U.S. Equity Buffer ETF - May (FMAY) at 3.09%. This indicates that USPX'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

	USPX	FMAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.81%	3.09%	+1.72%
Volatility (6M) Calculated over the trailing 6-month period	10.03%	5.41%	+4.62%
Volatility (1Y) Calculated over the trailing 1-year period	12.66%	6.48%	+6.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.28%	10.66%	+5.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.95%	10.17%	+5.78%

USPX vs. FMAY - Expense Ratio Comparison

USPX has a 0.03% expense ratio, which is lower than FMAY's 0.85% expense ratio.

Dividends

USPX vs. FMAY - Dividend Comparison

USPX's dividend yield for the trailing twelve months is around 0.83%, while FMAY has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
FMAY FT Cboe Vest U.S. Equity 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%
USPX Franklin U.S. Equity Index ETF	0.83%	1.07%	1.23%	1.35%	2.21%	2.40%	2.51%	3.07%	2.91%	2.60%	4.89%

Frequently Asked Questions

Can I hold both USPX and FMAY in my portfolio?

With a correlation of 0.92, USPX 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, USPX or FMAY?

USPX has higher volatility (4.81%) compared to FMAY (3.09%). In terms of maximum drawdown, USPX dropped -31.21% vs FMAY's -13.60%.

Which ETF is better, USPX or FMAY?

On 5-year performance, USPX leads with 11.78% vs 8.97% for FMAY. On fees, USPX is cheaper at 0.03% per year. On volatility, FMAY has been the lower-risk option at 3.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USPX or FMAY?

Over the 5-year period, USPX has performed better with a 11.78% return vs 8.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USPX or FMAY?

USPX is cheaper with a 0.03% expense ratio, compared with 0.85% for FMAY.

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

USPX has the higher dividend yield at 0.83%, compared with 0.00% for FMAY.

What is the main difference between USPX and FMAY?

USPX tracks Morningstar US Target Market Exposure Index, while FMAY tracks Cboe S&P 500 Buffer Protect Index May Series. They also come from different issuers: Franklin Templeton and First Trust. Their fees differ too: 0.03% for USPX and 0.85% for FMAY.

Which has better risk-adjusted returns?

FMAY currently has the higher Sharpe Ratio (1.90 vs 1.71), 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.