UVXY vs. FMAY
UVXY (ProShares Ultra VIX Short-Term Futures ETF) and FMAY (FT Cboe Vest U.S. Equity Buffer ETF - May) are both exchange-traded funds - UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%), while FMAY is a Large Cap Blend Equities fund tracking the Cboe S&P 500 Buffer Protect Index May Series. Both are passively managed. Over the past 5 years, UVXY returned -67.90%/yr vs 9.48%/yr for FMAY. At a correlation of -0.74, they often move in opposite directions. UVXY charges 0.95%/yr vs 0.85%/yr for FMAY.
Performance
UVXY vs. FMAY - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, UVXY achieves a -19.06% return, which is significantly lower than FMAY's 5.39% return.
UVXY
- 1D
- -0.24%
- 1M
- -22.10%
- YTD
- -19.06%
- 6M
- -37.37%
- 1Y
- -72.91%
- 3Y*
- -64.55%
- 5Y*
- -67.90%
- 10Y*
- -72.67%
FMAY
- 1D
- -0.38%
- 1M
- 1.63%
- YTD
- 5.39%
- 6M
- 6.32%
- 1Y
- 15.38%
- 3Y*
- 14.13%
- 5Y*
- 9.48%
- 10Y*
- —
UVXY vs. FMAY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
UVXY ProShares Ultra VIX Short-Term Futures ETF | -19.06% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -69.95% |
FMAY FT Cboe Vest U.S. Equity Buffer ETF - May | 5.39% | 12.69% | 14.45% | 17.83% | -8.08% | 11.00% | 10.91% |
Correlation
The correlation between UVXY and FMAY 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 | -0.75 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.76 |
Correlation (All Time) Calculated using the full available price history since May 19, 2020 | -0.74 |
The correlation between UVXY and FMAY has been stable across timeframes, ranging from -0.79 to -0.74 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
UVXY vs. FMAY — Risk / Return Rank
UVXY
FMAY
UVXY vs. FMAY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra VIX Short-Term Futures ETF (UVXY) 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.
| UVXY | FMAY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.43 | ||
| Sortino ratioReturn per unit of downside risk | -5.40 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.54 | -0.72 |
| Calmar ratioReturn relative to maximum drawdown | -0.97 | 3.66 | -4.63 |
| Martin ratioReturn relative to average drawdown | -1.31 | 21.48 | -22.80 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| UVXY | FMAY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.87 | 2.56 | -3.43 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.66 | 0.90 | -1.56 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.64 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.68 | 1.02 | -1.70 |
Drawdowns
UVXY vs. FMAY - Drawdown Comparison
The maximum UVXY drawdown since its inception was -100.00%, which is greater than FMAY's maximum drawdown of -13.60%. Use the drawdown chart below to compare losses from any high point for UVXY and FMAY.
Loading charts...
Drawdown Indicators
| UVXY | FMAY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -13.60% | -86.40% |
Max Drawdown (1Y)Largest decline over 1 year | -75.22% | -4.22% | -71.00% |
Max Drawdown (3Y)Largest decline over 3 years | -95.45% | -13.12% | -82.33% |
Max Drawdown (5Y)Largest decline over 5 years | -99.68% | -13.60% | -86.08% |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -0.38% | -99.62% |
Average DrawdownAverage peak-to-trough decline | -98.55% | -2.01% | -96.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 55.63% | 0.72% | +54.91% |
Volatility
UVXY vs. FMAY - Volatility Comparison
ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a higher volatility of 11.77% compared to FT Cboe Vest U.S. Equity Buffer ETF - May (FMAY) at 1.02%. This indicates that UVXY'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.
Loading charts...
Volatility by Period
| UVXY | FMAY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.77% | 1.02% | +10.75% |
Volatility (6M)Calculated over the trailing 6-month period | 62.64% | 4.59% | +58.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 84.42% | 6.04% | +78.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 103.85% | 10.59% | +93.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 113.82% | 10.15% | +103.67% |
UVXY vs. FMAY - Expense Ratio Comparison
UVXY has a 0.95% expense ratio, which is higher than FMAY's 0.85% expense ratio.
Dividends
UVXY vs. FMAY - Dividend Comparison
Neither UVXY nor FMAY has paid dividends to shareholders.
Frequently Asked Questions
UVXY and FMAY 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.
UVXY has higher volatility (11.77%) compared to FMAY (1.02%). In terms of maximum drawdown, UVXY dropped -100.00% vs FMAY's -13.60%.
On 5-year performance, FMAY leads with 9.48% vs -67.90% for UVXY. On fees, FMAY is cheaper at 0.85% per year. On volatility, FMAY has been the lower-risk option at 1.02%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FMAY has performed better with a 9.48% return vs -67.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FMAY is cheaper with a 0.85% expense ratio, compared with 0.95% for UVXY.
UVXY and FMAY have nearly identical dividend yields, around 0.00%.
UVXY is categorized as Volatility, while FMAY is Large Cap Blend Equities. UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%), while FMAY tracks Cboe S&P 500 Buffer Protect Index May Series. They also come from different issuers: ProShares and First Trust. Their fees differ too: 0.95% for UVXY and 0.85% for FMAY.
FMAY currently has the higher Sharpe Ratio (2.56 vs -0.87), 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.
Find the right allocation for UVXY and FMAY
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer