UVIX vs. GMAY

Last updated Jun 26, 2026

UVIX (2x Long VIX Futures ETF) and GMAY (FT Cboe Vest U.S. Equity Moderate Buffer ETF - May) are both exchange-traded funds - UVIX is a Volatility fund tracking the Long VIX Futures Index (200% Daily), while GMAY is a Options Trading fund actively managed by FT Vest. UVIX is passively managed, while GMAY is actively managed. Over the past 3 years, UVIX returned -81.01%/yr vs 11.49%/yr for GMAY. At a correlation of -0.72, they often move in opposite directions. UVIX charges 2.78%/yr vs 0.85%/yr for GMAY.

Performance

UVIX vs. GMAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in 2x Long VIX Futures ETF (UVIX) and FT Cboe Vest U.S. Equity Moderate Buffer ETF - May (GMAY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UVIX achieves a -39.23% return, which is significantly lower than GMAY's 3.36% return.

UVIX

• 1D: -3.07%
• 1M: -19.11%
• YTD: -39.23%
• 6M: -41.39%
• 1Y: -84.92%
• 3Y*: -81.01%
• 5Y*: —
• 10Y*: —

GMAY

• 1D: -0.05%
• 1M: -0.77%
• YTD: 3.36%
• 6M: 3.25%
• 1Y: 9.83%
• 3Y*: 11.49%
• 5Y*: —
• 10Y*: —

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

UVIX vs. GMAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
UVIX 2x Long VIX Futures ETF	-39.23%	-83.21%	-75.24%	-85.70%
GMAY FT Cboe Vest U.S. Equity Moderate Buffer ETF - May	3.36%	11.94%	12.12%	8.77%

Correlation

The correlation between UVIX and GMAY is -0.79, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.79
Correlation (3Y) Calculated over the trailing 3-year period	-0.73
Correlation (All Time) Calculated using the full available price history since May 22, 2023	-0.72

The correlation between UVIX and GMAY has been stable across timeframes, ranging from -0.79 to -0.72 - a consistent structural relationship.

Return for Risk

UVIX vs. GMAY — Risk / Return Rank

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

UVIX

UVIX Risk / Return Rank: 2
UVIX Sharpe Ratio Rank: 3
UVIX Sortino Ratio Rank: 1
UVIX Omega Ratio Rank: 1
UVIX Calmar Ratio Rank: 0
UVIX Martin Ratio Rank: 2

GMAY

GMAY Risk / Return Rank: 74
GMAY Sharpe Ratio Rank: 67
GMAY Sortino Ratio Rank: 70
GMAY Omega Ratio Rank: 76
GMAY Calmar Ratio Rank: 72
GMAY 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.

UVIX vs. GMAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for 2x Long VIX Futures ETF (UVIX) and FT Cboe Vest U.S. Equity Moderate Buffer ETF - May (GMAY). 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.

	UVIX	GMAY	Difference
Sharpe ratio: Return per unit of total volatility	-0.76	1.91	-2.67
Sortino ratio: Return per unit of downside risk	-1.61	2.77	-4.39
Omega ratio: Gain probability vs. loss probability	0.82	1.40	-0.58
Calmar ratio: Return relative to maximum drawdown	-0.99	3.18	-4.17
Martin ratio: Return relative to average drawdown	-1.35	16.51	-17.86

UVIX vs. GMAY - Sharpe Ratio Comparison

The current UVIX Sharpe Ratio is -0.76, which is lower than the GMAY Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of UVIX and GMAY, 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

UVIX vs. GMAY - Drawdown Comparison

The maximum UVIX drawdown since its inception was -99.98%, which is greater than GMAY's maximum drawdown of -11.75%. Use the drawdown chart below to compare losses from any high point for UVIX and GMAY.

Drawdown Indicators

	UVIX	GMAY	Difference
Max Drawdown Largest peak-to-trough decline	-99.98%	-11.75%	-88.23%
Max Drawdown (1Y) Largest decline over 1 year	-85.65%	-3.11%	-82.54%
Max Drawdown (3Y) Largest decline over 3 years	-99.35%	-11.75%	-87.60%
Current Drawdown Current decline from peak	-99.97%	-1.36%	-98.61%
Average Drawdown Average peak-to-trough decline	-88.60%	-0.73%	-87.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	63.07%	0.60%	+62.47%

Volatility

UVIX vs. GMAY - Volatility Comparison

2x Long VIX Futures ETF (UVIX) has a higher volatility of 33.31% compared to FT Cboe Vest U.S. Equity Moderate Buffer ETF - May (GMAY) at 2.51%. This indicates that UVIX's price experiences larger fluctuations and is considered to be riskier than GMAY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UVIX	GMAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	33.31%	2.51%	+30.80%
Volatility (6M) Calculated over the trailing 6-month period	86.88%	4.34%	+82.54%
Volatility (1Y) Calculated over the trailing 1-year period	112.03%	5.16%	+106.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	136.01%	7.88%	+128.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	136.01%	7.88%	+128.13%

UVIX vs. GMAY - Expense Ratio Comparison

UVIX has a 2.78% expense ratio, which is higher than GMAY's 0.85% expense ratio.

Dividends

UVIX vs. GMAY - Dividend Comparison

Neither UVIX nor GMAY has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both UVIX and GMAY in my portfolio?

UVIX and GMAY 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, UVIX or GMAY?

UVIX has higher volatility (33.31%) compared to GMAY (2.51%). In terms of maximum drawdown, UVIX dropped -99.98% vs GMAY's -11.75%.

Which ETF is better, UVIX or GMAY?

On 3-year performance, GMAY leads with 11.49% vs -81.01% for UVIX. On fees, GMAY is cheaper at 0.85% per year. On volatility, GMAY has been the lower-risk option at 2.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UVIX or GMAY?

Over the 3-year period, GMAY has performed better with a 11.49% return vs -81.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UVIX or GMAY?

GMAY is cheaper with a 0.85% expense ratio, compared with 2.78% for UVIX.

Which ETF pays a higher dividend yield, UVIX or GMAY?

UVIX and GMAY have nearly identical dividend yields, around 0.00%.

What is the main difference between UVIX and GMAY?

UVIX is categorized as Volatility, while GMAY is Options Trading. They also come from different issuers: Volatility Shares and FT Vest. Their fees differ too: 2.78% for UVIX and 0.85% for GMAY.

Which has better risk-adjusted returns?

GMAY currently has the higher Sharpe Ratio (1.91 vs -0.76), 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.