UVXY vs. FMAY

Last updated Jun 24, 2026

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 -66.90%/yr vs 9.01%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra VIX Short-Term Futures ETF (UVXY) 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, UVXY achieves a -22.07% return, which is significantly lower than FMAY's 3.95% return.

UVXY

• 1D: 8.28%
• 1M: -14.92%
• YTD: -22.07%
• 6M: -24.28%
• 1Y: -74.07%
• 3Y*: -61.96%
• 5Y*: -66.90%
• 10Y*: -73.85%

FMAY

• 1D: -0.84%
• 1M: -0.64%
• YTD: 3.95%
• 6M: 3.89%
• 1Y: 13.09%
• 3Y*: 13.13%
• 5Y*: 9.01%
• 10Y*: —

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

UVXY vs. FMAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
UVXY ProShares Ultra VIX Short-Term Futures ETF	-22.07%	-65.32%	-50.90%	-87.70%	-44.81%	-88.33%	-72.85%
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 UVXY and FMAY is -0.81, 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	-0.81
Correlation (3Y) Calculated over the trailing 3-year period	-0.77
Correlation (5Y) Calculated over the trailing 5-year period	-0.76
Correlation (All Time) Calculated using the full available price history since May 18, 2020	-0.74

The correlation between UVXY and FMAY has been stable across timeframes, ranging from -0.81 to -0.74 - a consistent structural relationship.

Return for Risk

UVXY vs. FMAY — Risk / Return Rank

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

UVXY

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

FMAY

FMAY Risk / Return Rank: 74
FMAY Sharpe Ratio Rank: 68
FMAY Sortino Ratio Rank: 70
FMAY Omega Ratio Rank: 77
FMAY Calmar Ratio Rank: 68
FMAY Martin Ratio Rank: 86

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.

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.

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.

	UVXY	FMAY	Difference
Sharpe ratio: Return per unit of total volatility	-0.87	2.01	-2.88
Sortino ratio: Return per unit of downside risk	-1.64	2.88	-4.52
Omega ratio: Gain probability vs. loss probability	0.81	1.42	-0.60
Calmar ratio: Return relative to maximum drawdown	-1.01	3.12	-4.13
Martin ratio: Return relative to average drawdown	-1.45	16.70	-18.16

UVXY vs. FMAY - Sharpe Ratio Comparison

The current UVXY Sharpe Ratio is -0.87, which is lower than the FMAY Sharpe Ratio of 2.01. The chart below compares the historical Sharpe Ratios of UVXY 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

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.

Drawdown Indicators

	UVXY	FMAY	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-13.60%	-86.40%
Max Drawdown (1Y) Largest decline over 1 year	-73.51%	-4.22%	-69.29%
Max Drawdown (3Y) Largest decline over 3 years	-94.93%	-13.12%	-81.81%
Max Drawdown (5Y) Largest decline over 5 years	-99.71%	-13.60%	-86.11%
Max Drawdown (10Y) Largest decline over 10 years	-100.00%	—	—
Current Drawdown Current decline from peak	-100.00%	-1.74%	-98.26%
Average Drawdown Average peak-to-trough decline	-98.75%	-2.00%	-96.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	55.34%	0.79%	+54.55%

Volatility

UVXY vs. FMAY - Volatility Comparison

ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a higher volatility of 25.85% compared to FT Cboe Vest U.S. Equity Buffer ETF - May (FMAY) at 3.12%. 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.

Volatility by Period

	UVXY	FMAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	25.85%	3.12%	+22.73%
Volatility (6M) Calculated over the trailing 6-month period	66.46%	5.43%	+61.03%
Volatility (1Y) Calculated over the trailing 1-year period	85.46%	6.55%	+78.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	103.96%	10.66%	+93.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	112.39%	10.17%	+102.22%

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.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both UVXY and FMAY in my portfolio?

UVXY and FMAY have a correlation of -0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UVXY or FMAY?

UVXY has higher volatility (25.85%) compared to FMAY (3.12%). In terms of maximum drawdown, UVXY dropped -100.00% vs FMAY's -13.60%.

Which ETF is better, UVXY or FMAY?

On 5-year performance, FMAY leads with 9.01% vs -66.90% for UVXY. On fees, FMAY is cheaper at 0.85% per year. On volatility, FMAY has been the lower-risk option at 3.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UVXY or FMAY?

Over the 5-year period, FMAY has performed better with a 9.01% return vs -66.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UVXY or FMAY?

FMAY is cheaper with a 0.85% expense ratio, compared with 0.95% for UVXY.

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

UVXY and FMAY have nearly identical dividend yields, around 0.00%.

What is the main difference between UVXY and FMAY?

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.

Which has better risk-adjusted returns?

FMAY currently has the higher Sharpe Ratio (2.01 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.