USRD vs. DMAY

Last updated Aug 2, 2026

USRD (Themes US R&D Champions ETF) and DMAY (FT Cboe Vest U.S. Equity Deep Buffer ETF - May) are both exchange-traded funds - USRD is a Large Cap Blend Equities fund tracking the Solactive US R&D Champions Index, while DMAY is a Defined Outcome fund tracking the Cboe S&P 500 30% (-5% to -35%) Buffer Protect May Series Index. Both are passively managed. Over the past year, USRD returned 14.85% vs 9.72% for DMAY. Their correlation of 0.81 means they have usually moved in the same direction. USRD charges 0.29%/yr vs 0.85%/yr for DMAY.

Performance

USRD vs. DMAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Themes US R&D Champions ETF (USRD) 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, USRD achieves a 11.87% return, which is significantly higher than DMAY's 4.47% return.

USRD

• 1D: 0.00%
• 1M: -2.25%
• 6M: 11.38%
• YTD: 11.87%
• 1Y: 14.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 17.58%

DMAY

• 1D: 0.40%
• 1M: 0.41%
• 6M: 3.91%
• YTD: 4.47%
• 1Y: 9.72%
• 3Y*: 10.82%
• 5Y*: 6.88%
• 10Y*: —
• ALL TIME*: 7.16%

*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)
DMAY FT Cboe Vest U.S. Equity Deep Buffer ETF - May	$400.10K	$440.69K	$1.81M
USRD Themes US R&D Champions ETF	$1.97K	$8.97K	$6.57K

USRD vs. DMAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
USRD Themes US R&D Champions ETF	11.87%	12.44%	15.53%	5.32%
DMAY FT Cboe Vest U.S. Equity Deep Buffer ETF - May	4.47%	11.05%	12.82%	1.21%

Correlation

The correlation between USRD and DMAY is 0.79, 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.	0.79
Correlation (All Time) Calculated using the full available price history since Dec 13, 2023	0.81

The correlation between USRD and DMAY has been stable across timeframes, ranging from 0.79 to 0.81 - a consistent structural relationship.

USRD vs. DMAY - Sectors Allocation Comparison

Sectors	USRD	DMAY
Technology	68.0%	37.9%
Healthcare	13.3%	9.1%
Consumer Cyclical	7.1%	9.6%
Industrials	4.4%	8.4%
Communication Services	3.4%	10.0%
Basic Materials	2.1%	1.7%
Consumer Defensive	1.9%	4.6%
Real Estate	1.5%	1.9%
Energy	-	3.0%
Financial Services	-	11.7%
Utilities	-	2.3%

Return for Risk

USRD vs. DMAY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

USRD

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

DMAY

DMAY Risk / Return Rank: 81
DMAY Sharpe Ratio Rank: 75
DMAY Sortino Ratio Rank: 78
DMAY Omega Ratio Rank: 83
DMAY Calmar Ratio Rank: 78
DMAY Martin Ratio Rank: 89

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.

USRD vs. DMAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes US R&D Champions ETF (USRD) 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.

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.

	USRD	DMAY	Difference
Sharpe ratio: Return per unit of total volatility	0.62	1.70	-1.08
Sortino ratio: Return per unit of downside risk	0.98	2.52	-1.54
Omega ratio: Gain probability vs. loss probability	1.12	1.35	-0.24
Calmar ratio: Return relative to maximum drawdown	0.83	2.78	-1.95
Martin ratio: Return relative to average drawdown	2.23	14.06	-11.83

USRD vs. DMAY - Sharpe Ratio Comparison

The current USRD Sharpe Ratio is 0.62, which is lower than the DMAY Sharpe Ratio of 1.70. The chart below compares the historical Sharpe Ratios of USRD 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.

Drawdowns

USRD vs. DMAY - Drawdown Comparison

The maximum USRD drawdown since its inception was -23.79%, which is greater than DMAY's maximum drawdown of -13.90%. Use the drawdown chart below to compare losses from any high point for USRD and DMAY.

Drawdown Indicators

	USRD	DMAY	Difference
Max Drawdown Largest peak-to-trough decline	-23.79%	-13.90%	-9.89%
Max Drawdown (1Y) Largest decline over 1 year	-13.49%	-3.36%	-10.13%
Max Drawdown (3Y) Largest decline over 3 years	—	-12.38%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-13.90%	—
Current Drawdown Current decline from peak	-7.79%	-0.35%	-7.44%
Average Drawdown Average peak-to-trough decline	-3.87%	-2.20%	-1.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.13%	0.66%	+4.47%

Volatility

USRD vs. DMAY - Volatility Comparison

Themes US R&D Champions ETF (USRD) has a higher volatility of 3.96% compared to FT Cboe Vest U.S. Equity Deep Buffer ETF - May (DMAY) at 1.88%. This indicates that USRD'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

	USRD	DMAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.96%	1.88%	+2.08%
Volatility (6M) Calculated over the trailing 6-month period	14.94%	4.75%	+10.19%
Volatility (1Y) Calculated over the trailing 1-year period	18.13%	5.49%	+12.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.34%	9.10%	+10.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.34%	8.41%	+10.93%

USRD vs. DMAY - Expense Ratio Comparison

USRD has a 0.29% expense ratio, which is lower than DMAY's 0.85% expense ratio.

Dividends

USRD vs. DMAY - Dividend Comparison

Neither USRD nor DMAY has paid dividends to shareholders.

Position	TTM	2025	2024
DMAY FT Cboe Vest U.S. Equity Deep Buffer ETF - May	0.00%	0.00%	0.00%
USRD Themes US R&D Champions ETF	0.38%	0.42%	2.44%

Frequently Asked Questions

Can I hold both USRD and DMAY in my portfolio?

USRD and DMAY have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USRD or DMAY?

USRD has higher volatility (3.96%) compared to DMAY (1.88%). In terms of maximum drawdown, USRD dropped -23.79% vs DMAY's -13.90%.

Which ETF is better, USRD or DMAY?

On 1-year performance, USRD leads with 14.85% vs 9.72% for DMAY. On fees, USRD is cheaper at 0.29% per year. On volatility, DMAY has been the lower-risk option at 1.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USRD or DMAY?

Over the 1-year period, USRD has performed better with a 14.85% return vs 9.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USRD or DMAY?

USRD is cheaper with a 0.29% expense ratio, compared with 0.85% for DMAY.

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

USRD has the higher dividend yield at 0.38%, compared with 0.00% for DMAY.

What is the main difference between USRD and DMAY?

USRD is categorized as Large Cap Blend Equities, while DMAY is Defined Outcome. USRD tracks Solactive US R&D Champions Index, while DMAY tracks Cboe S&P 500 30% (-5% to -35%) Buffer Protect May Series Index. They also come from different issuers: Themes and First Trust. Their fees differ too: 0.29% for USRD and 0.85% for DMAY.

Which has better risk-adjusted returns?

DMAY currently has the higher Sharpe Ratio (1.70 vs 0.62), 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.