VIXY vs. GMAY

Last updated Aug 2, 2026

VIXY (ProShares VIX Short-Term Futures ETF) and GMAY (FT Cboe Vest U.S. Equity Moderate Buffer ETF - May) are both exchange-traded funds - VIXY is a Volatility fund tracking the S&P 500 VIX Short-Term Futures Index, while GMAY is a Options Trading fund actively managed by FT Vest. VIXY is passively managed, while GMAY is actively managed. Over the past 3 years, VIXY returned -39.34%/yr vs 11.00%/yr for GMAY. Their -0.73 correlation means they have often moved in opposite directions in the past. Both charge a 0.85% expense ratio.

Performance

VIXY vs. GMAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares VIX Short-Term Futures ETF (VIXY) and FT Cboe Vest U.S. Equity Moderate Buffer ETF - May (GMAY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VIXY achieves a -20.01% return, which is significantly lower than GMAY's 4.73% return.

VIXY

• 1D: -2.66%
• 1M: -3.39%
• 6M: -23.21%
• YTD: -20.01%
• 1Y: -54.18%
• 3Y*: -39.34%
• 5Y*: -47.11%
• 10Y*: -46.69%
• ALL TIME*: -48.52%

GMAY

• 1D: 0.52%
• 1M: 0.48%
• 6M: 4.11%
• YTD: 4.73%
• 1Y: 9.98%
• 3Y*: 11.00%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 11.85%

*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)
GMAY FT Cboe Vest U.S. Equity Moderate Buffer ETF - May	$856.43K	$2.12M	$6.06M
VIXY ProShares VIX Short-Term Futures ETF	$61.09M	$56.74M	$72.28M

VIXY vs. GMAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
VIXY ProShares VIX Short-Term Futures ETF	-20.01%	-43.05%	-27.43%	-56.86%
GMAY FT Cboe Vest U.S. Equity Moderate Buffer ETF - May	4.73%	11.94%	12.12%	8.77%

Correlation

The correlation between VIXY and GMAY 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.	-0.75
Correlation (All Time) Calculated using the full available price history since May 22, 2023	-0.73

The correlation between VIXY and GMAY shifts across timeframes, from -0.83 (1 year) to -0.73 (all time), reflecting how their relationship changes across market environments.

Return for Risk

VIXY vs. GMAY — Risk / Return Rank

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

VIXY

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

GMAY

GMAY Risk / Return Rank: 81
GMAY Sharpe Ratio Rank: 74
GMAY Sortino Ratio Rank: 76
GMAY Omega Ratio Rank: 81
GMAY Calmar Ratio Rank: 82
GMAY 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.

VIXY vs. GMAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares VIX Short-Term Futures ETF (VIXY) and FT Cboe Vest U.S. Equity Moderate Buffer ETF - May (GMAY). 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.

	VIXY	GMAY	Difference
Sharpe ratio: Return per unit of total volatility	-0.88	1.71	-2.59
Sortino ratio: Return per unit of downside risk	-1.35	2.48	-3.82
Omega ratio: Gain probability vs. loss probability	0.85	1.35	-0.49
Calmar ratio: Return relative to maximum drawdown	-0.92	3.03	-3.95
Martin ratio: Return relative to average drawdown	-1.40	14.77	-16.17

VIXY vs. GMAY - Sharpe Ratio Comparison

The current VIXY Sharpe Ratio is -0.88, which is lower than the GMAY Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of VIXY and GMAY, 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

VIXY vs. GMAY - Drawdown Comparison

The maximum VIXY drawdown since its inception was -100.00%, which is greater than GMAY's maximum drawdown of -11.75%. Use the drawdown chart below to compare losses from any high point for VIXY and GMAY.

Drawdown Indicators

	VIXY	GMAY	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-11.75%	-88.25%
Max Drawdown (1Y) Largest decline over 1 year	-55.18%	-3.11%	-52.07%
Max Drawdown (3Y) Largest decline over 3 years	-81.45%	-11.75%	-69.70%
Max Drawdown (5Y) Largest decline over 5 years	-95.91%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-99.82%	—	—
Current Drawdown Current decline from peak	-100.00%	-0.24%	-99.76%
Average Drawdown Average peak-to-trough decline	-92.24%	-0.72%	-91.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	36.13%	0.64%	+35.49%

Volatility

VIXY vs. GMAY - Volatility Comparison

ProShares VIX Short-Term Futures ETF (VIXY) has a higher volatility of 14.60% compared to FT Cboe Vest U.S. Equity Moderate Buffer ETF - May (GMAY) at 2.02%. This indicates that VIXY's price experiences larger fluctuations and is considered to be riskier than GMAY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VIXY	GMAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.60%	2.02%	+12.58%
Volatility (6M) Calculated over the trailing 6-month period	43.36%	4.72%	+38.64%
Volatility (1Y) Calculated over the trailing 1-year period	57.54%	5.51%	+52.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	69.97%	7.85%	+62.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.89%	7.85%	+64.04%

VIXY vs. GMAY - Expense Ratio Comparison

Both VIXY and GMAY have an expense ratio of 0.85%.

Dividends

VIXY vs. GMAY - Dividend Comparison

Neither VIXY nor GMAY has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both VIXY and GMAY in my portfolio?

VIXY and GMAY 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.

Which is riskier, VIXY or GMAY?

VIXY has higher volatility (14.60%) compared to GMAY (2.02%). In terms of maximum drawdown, VIXY dropped -100.00% vs GMAY's -11.75%.

Which ETF is better, VIXY or GMAY?

On 3-year performance, GMAY leads with 11.00% vs -39.34% for VIXY. Both ETFs have the same 0.85% expense ratio. On volatility, GMAY has been the lower-risk option at 2.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VIXY or GMAY?

Over the 3-year period, GMAY has performed better with a 11.00% return vs -39.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VIXY or GMAY?

VIXY and GMAY have the same expense ratio: 0.85% per year.

Which ETF pays a higher dividend yield, VIXY or GMAY?

VIXY and GMAY have nearly identical dividend yields, around 0.00%.

What is the main difference between VIXY and GMAY?

VIXY is categorized as Volatility, while GMAY is Options Trading. They also come from different issuers: ProShares and FT Vest.

Which has better risk-adjusted returns?

GMAY currently has the higher Sharpe Ratio (1.71 vs -0.88), 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.