VIXM vs. FMAY
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 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, VIXM returned -13.49%/yr vs 9.48%/yr for FMAY. At a correlation of -0.70, they often move in opposite directions. Both charge a 0.85% expense ratio.
Performance
VIXM vs. FMAY - Performance Comparison
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Returns By Period
In the year-to-date period, VIXM achieves a 1.31% return, which is significantly lower than FMAY's 5.39% return.
VIXM
- 1D
- 0.39%
- 1M
- -2.34%
- YTD
- 1.31%
- 6M
- -2.83%
- 1Y
- -8.35%
- 3Y*
- -13.22%
- 5Y*
- -13.49%
- 10Y*
- -11.17%
FMAY
- 1D
- -0.38%
- 1M
- 1.63%
- YTD
- 5.39%
- 6M
- 6.32%
- 1Y
- 15.38%
- 3Y*
- 14.13%
- 5Y*
- 9.48%
- 10Y*
- —
VIXM vs. FMAY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
VIXM ProShares VIX Mid-Term Futures ETF | 1.31% | 5.60% | -13.67% | -44.83% | -0.69% | -16.70% | -6.50% |
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 VIXM and FMAY is -0.73, 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 | -0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.68 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.72 |
Correlation (All Time) Calculated using the full available price history since May 19, 2020 | -0.70 |
The correlation between VIXM and FMAY has been stable across timeframes, ranging from -0.73 to -0.68 - a consistent structural relationship.
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Return for Risk
VIXM vs. FMAY — Risk / Return Rank
VIXM
FMAY
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.
| VIXM | FMAY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.00 | ||
| Sortino ratioReturn per unit of downside risk | -4.29 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.54 | -0.60 |
| Calmar ratioReturn relative to maximum drawdown | -0.55 | 3.66 | -4.21 |
| Martin ratioReturn relative to average drawdown | -0.96 | 21.48 | -22.44 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VIXM | FMAY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.44 | 2.56 | -3.00 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.44 | 0.90 | -1.34 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.34 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.55 | 1.02 | -1.57 |
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.
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Drawdown Indicators
| VIXM | FMAY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.23% | -13.60% | -82.63% |
Max Drawdown (1Y)Largest decline over 1 year | -15.22% | -4.22% | -11.00% |
Max Drawdown (3Y)Largest decline over 3 years | -41.41% | -13.12% | -28.29% |
Max Drawdown (5Y)Largest decline over 5 years | -63.40% | -13.60% | -49.80% |
Max Drawdown (10Y)Largest decline over 10 years | -75.72% | — | — |
Current DrawdownCurrent decline from peak | -95.75% | -0.38% | -95.37% |
Average DrawdownAverage peak-to-trough decline | -81.52% | -2.01% | -79.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.74% | 0.72% | +8.02% |
Volatility
VIXM vs. FMAY - Volatility Comparison
ProShares VIX Mid-Term Futures ETF (VIXM) has a higher volatility of 3.19% compared to FT Cboe Vest U.S. Equity Buffer ETF - May (FMAY) at 1.02%. 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.
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Volatility by Period
| VIXM | FMAY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.19% | 1.02% | +2.17% |
Volatility (6M)Calculated over the trailing 6-month period | 13.91% | 4.59% | +9.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.98% | 6.04% | +12.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.68% | 10.59% | +20.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.90% | 10.15% | +22.75% |
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.
Frequently Asked Questions
VIXM and FMAY have a correlation of -0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VIXM has higher volatility (3.19%) compared to FMAY (1.02%). In terms of maximum drawdown, VIXM dropped -96.23% vs FMAY's -13.60%.
On 5-year performance, FMAY leads with 9.48% vs -13.49% for VIXM. Both ETFs have the same 0.85% expense ratio. 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 -13.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VIXM and FMAY have the same expense ratio: 0.85% per year.
VIXM and FMAY have nearly identical dividend yields, around 0.00%.
VIXM is categorized as Volatility, while FMAY is Large Cap Blend Equities. 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.
FMAY currently has the higher Sharpe Ratio (2.56 vs -0.44), 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.
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