VIXM vs. FMAY

Last updated Aug 5, 2026

VIXM (ProShares VIX Mid-Term Futures ETF) and FMAY (FT Cboe Vest U.S. Equity Buffer ETF - May) are both exchange-traded funds - VIXM is a Volatility fund tracking the S&P 500 VIX Mid-Term Futures Index, 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, VIXM returned -14.33%/yr vs 9.30%/yr for FMAY. Their -0.70 correlation means they have often moved in opposite directions in the past. Both charge a 0.85% expense ratio.

Performance

VIXM vs. FMAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares VIX Mid-Term Futures ETF (VIXM) 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, VIXM achieves a -5.57% return, which is significantly lower than FMAY's 7.38% return.

VIXM

• 1D: 0.21%
• 1M: 0.70%
• 6M: -5.57%
• YTD: -5.57%
• 1Y: -14.47%
• 3Y*: -10.95%
• 5Y*: -14.33%
• 10Y*: -11.18%
• ALL TIME*: -18.02%

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%

*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)
FMAY FT Cboe Vest U.S. Equity Buffer ETF - May	$1.41M	$1.30M	$5.14M
VIXM ProShares VIX Mid-Term Futures ETF	$8.24M	$6.07M	$4.69M

VIXM vs. FMAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
VIXM ProShares VIX Mid-Term Futures ETF	-5.57%	5.60%	-13.67%	-44.83%	-0.69%	-16.70%	-10.38%
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 VIXM and FMAY is -0.76, 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.	-0.76
Correlation (3Y) Balances recent behavior with more history.	-0.69
Correlation (5Y) Shows whether the relationship held over a longer period.	-0.72
Correlation (All Time) Calculated using the full available price history since May 18, 2020	-0.70

The correlation between VIXM and FMAY has been stable across timeframes, ranging from -0.76 to -0.69 - a consistent structural relationship.

Return for Risk

VIXM vs. FMAY — Risk / Return Rank

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

VIXM

VIXM Risk / Return Rank: 3
VIXM Sharpe Ratio Rank: 3
VIXM Sortino Ratio Rank: 3
VIXM Omega Ratio Rank: 3
VIXM Calmar Ratio Rank: 3
VIXM Martin Ratio Rank: 1

FMAY

FMAY Risk / Return Rank: 81
FMAY Sharpe Ratio Rank: 75
FMAY Sortino Ratio Rank: 77
FMAY Omega Ratio Rank: 84
FMAY Calmar Ratio Rank: 78
FMAY Martin Ratio Rank: 90

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.

VIXM vs. FMAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares VIX Mid-Term Futures ETF (VIXM) 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.

	VIXM	FMAY	Difference
Sharpe ratio: Return per unit of total volatility	-0.79	1.93	-2.72
Sortino ratio: Return per unit of downside risk	-1.02	2.78	-3.79
Omega ratio: Gain probability vs. loss probability	0.88	1.40	-0.52
Calmar ratio: Return relative to maximum drawdown	-0.75	3.15	-3.90
Martin ratio: Return relative to average drawdown	-1.43	15.67	-17.10

VIXM vs. FMAY - Sharpe Ratio Comparison

The current VIXM Sharpe Ratio is -0.79, which is lower than the FMAY Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of VIXM 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

VIXM vs. FMAY - Drawdown Comparison

The maximum VIXM drawdown since its inception was -96.23%, which is greater than FMAY's maximum drawdown of -13.60%. Use the drawdown chart below to compare losses from any high point for VIXM and FMAY.

Drawdown Indicators

	VIXM	FMAY	Difference
Max Drawdown Largest peak-to-trough decline	-96.23%	-13.60%	-82.63%
Max Drawdown (1Y) Largest decline over 1 year	-19.36%	-4.22%	-15.14%
Max Drawdown (3Y) Largest decline over 3 years	-37.26%	-13.12%	-24.14%
Max Drawdown (5Y) Largest decline over 5 years	-63.40%	-13.60%	-49.80%
Max Drawdown (10Y) Largest decline over 10 years	-72.34%	—	—
Current Drawdown Current decline from peak	-96.04%	0.00%	-96.04%
Average Drawdown Average peak-to-trough decline	-81.65%	-1.98%	-79.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.17%	0.84%	+9.33%

Volatility

VIXM vs. FMAY - Volatility Comparison

ProShares VIX Mid-Term Futures ETF (VIXM) has a higher volatility of 3.09% compared to FT Cboe Vest U.S. Equity Buffer ETF - May (FMAY) at 2.67%. This indicates that VIXM'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

	VIXM	FMAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.09%	2.67%	+0.42%
Volatility (6M) Calculated over the trailing 6-month period	13.72%	5.98%	+7.74%
Volatility (1Y) Calculated over the trailing 1-year period	18.41%	6.91%	+11.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.50%	10.70%	+19.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.61%	10.14%	+22.47%

VIXM vs. FMAY - Expense Ratio Comparison

Both VIXM and FMAY have an expense ratio of 0.85%.

Dividends

VIXM vs. FMAY - Dividend Comparison

Neither VIXM nor FMAY has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both VIXM and FMAY in my portfolio?

VIXM and FMAY have a correlation of -0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VIXM or FMAY?

VIXM has higher volatility (3.09%) compared to FMAY (2.67%). In terms of maximum drawdown, VIXM dropped -96.23% vs FMAY's -13.60%.

Which ETF is better, VIXM or FMAY?

On 5-year performance, FMAY leads with 9.30% vs -14.33% for VIXM. Both ETFs have the same 0.85% expense ratio. 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.

Which ETF has performed better, VIXM or FMAY?

Over the 5-year period, FMAY has performed better with a 9.30% return vs -14.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VIXM or FMAY?

VIXM and FMAY have the same expense ratio: 0.85% per year.

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

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

What is the main difference between VIXM and FMAY?

VIXM is categorized as Volatility, while FMAY is Defined Outcome. VIXM tracks S&P 500 VIX Mid-Term Futures Index, while FMAY tracks Cboe S&P 500 Buffer Protect Index May Series. They also come from different issuers: ProShares and First Trust.

Which has better risk-adjusted returns?

FMAY currently has the higher Sharpe Ratio (1.93 vs -0.79), 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.