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 Defined Outcome fund tracking the Cboe S&P 500 Buffer Protect Index May Series. Both are passively managed. Over the past 5 years, UVXY returned -67.81%/yr vs 9.30%/yr for FMAY. Their -0.74 correlation means they have often moved in opposite directions in the past. 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 -35.49% return, which is significantly lower than FMAY's 7.38% return.
UVXY
- 1D
- 1.09%
- 1M
- -6.53%
- 6M
- -36.87%
- YTD
- -35.49%
- 1Y
- -70.28%
- 3Y*
- -63.63%
- 5Y*
- -67.81%
- 10Y*
- -71.00%
- ALL TIME*
- -80.16%
FMAY
- 1D
- 0.99%
- 1M
- 2.26%
- 6M
- 6.80%
- YTD
- 7.38%
- 1Y
- 13.21%
- 3Y*
- 13.59%
- 5Y*
- 9.30%
- 10Y*
- —
- ALL TIME*
- 10.36%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.41M | $1.30M | $5.14M | |
| $189.58M | $189.56M | $234.35M |
UVXY vs. FMAY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
UVXY ProShares Ultra VIX Short-Term Futures ETF | -35.49% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -72.85% |
FMAY FT Cboe Vest U.S. Equity Buffer ETF - May | 7.38% | 12.69% | 14.45% | 17.83% | -8.08% | 11.00% | 10.80% |
Correlation
The correlation between UVXY and FMAY is -0.83, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.83 |
Correlation (3Y) Balances recent behavior with more history. | -0.78 |
Correlation (5Y) Shows whether the relationship held over a longer 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 -0.83 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.
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 ratioReturn per unit of total volatility | -2.75 | ||
| Sortino ratioReturn per unit of downside risk | -4.20 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.40 | -0.55 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | 3.15 | -4.13 |
| Martin ratioReturn relative to average drawdown | -1.47 | 15.67 | -17.14 |
Loading charts...
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 | -71.36% | -4.22% | -67.14% |
Max Drawdown (3Y)Largest decline over 3 years | -95.42% | -13.12% | -82.30% |
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% | 0.00% | -100.00% |
Average DrawdownAverage peak-to-trough decline | -98.76% | -1.98% | -96.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 47.86% | 0.84% | +47.02% |
Volatility
UVXY vs. FMAY - Volatility Comparison
ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a higher volatility of 21.98% compared to FT Cboe Vest U.S. Equity Buffer ETF - May (FMAY) at 2.67%. 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 | 21.98% | 2.67% | +19.31% |
Volatility (6M)Calculated over the trailing 6-month period | 65.18% | 5.98% | +59.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 86.32% | 6.91% | +79.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 103.35% | 10.70% | +92.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 112.07% | 10.14% | +101.93% |
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 -0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (21.98%) compared to FMAY (2.67%). In terms of maximum drawdown, UVXY dropped -100.00% vs FMAY's -13.60%.
On 5-year performance, FMAY leads with 9.30% vs -67.81% for UVXY. On fees, FMAY is cheaper at 0.85% per year. On volatility, FMAY has been the lower-risk option at 2.67%. 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 9.30% return vs -67.81%. 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 Defined Outcome. 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 (1.93 vs -0.82), 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