VXX vs. FMAY
VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) and FMAY (FT Cboe Vest U.S. Equity Buffer ETF - May) are both exchange-traded funds - VXX is a Volatility fund tracking the S&P 500 VIX Short-Term Futures Index Total Return, 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, VXX returned -46.46%/yr vs 9.54%/yr for FMAY. At a correlation of -0.72, they often move in opposite directions. VXX charges 0.89%/yr vs 0.85%/yr for FMAY.
Performance
VXX vs. FMAY - Performance Comparison
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Returns By Period
In the year-to-date period, VXX achieves a -11.22% return, which is significantly lower than FMAY's 5.65% return.
VXX
- 1D
- -3.33%
- 1M
- -18.15%
- YTD
- -11.22%
- 6M
- -24.41%
- 1Y
- -54.83%
- 3Y*
- -42.32%
- 5Y*
- -46.46%
- 10Y*
- -46.89%
FMAY
- 1D
- 0.25%
- 1M
- 1.80%
- YTD
- 5.65%
- 6M
- 6.55%
- 1Y
- 15.55%
- 3Y*
- 14.23%
- 5Y*
- 9.54%
- 10Y*
- —
VXX vs. FMAY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
VXX iPath Series B S&P 500 VIX Short-Term Futures ETN | -11.22% | -42.21% | -26.22% | -72.52% | -23.80% | -72.41% | -50.96% |
FMAY FT Cboe Vest U.S. Equity Buffer ETF - May | 5.65% | 12.69% | 14.45% | 17.83% | -8.08% | 11.00% | 10.91% |
Correlation
The correlation between VXX and FMAY is -0.79, 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 | -0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.75 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.73 |
Correlation (All Time) Calculated using the full available price history since May 19, 2020 | -0.72 |
The correlation between VXX and FMAY has been stable across timeframes, ranging from -0.79 to -0.72 - a consistent structural relationship.
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Return for Risk
VXX vs. FMAY — Risk / Return Rank
VXX
FMAY
VXX vs. FMAY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) 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.
| VXX | FMAY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.58 | ||
| Sortino ratioReturn per unit of downside risk | -5.47 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.54 | -0.73 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | 3.70 | -4.66 |
| Martin ratioReturn relative to average drawdown | -1.37 | 21.75 | -23.12 |
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
| VXX | FMAY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.99 | 2.59 | -3.58 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.69 | 0.91 | -1.59 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.66 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.77 | 1.03 | -1.79 |
Drawdowns
VXX vs. FMAY - Drawdown Comparison
The maximum VXX 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 VXX and FMAY.
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Drawdown Indicators
| VXX | FMAY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -13.60% | -86.40% |
Max Drawdown (1Y)Largest decline over 1 year | -57.39% | -4.22% | -53.17% |
Max Drawdown (3Y)Largest decline over 3 years | -79.68% | -13.12% | -66.56% |
Max Drawdown (5Y)Largest decline over 5 years | -95.79% | -13.60% | -82.19% |
Max Drawdown (10Y)Largest decline over 10 years | -99.86% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -0.13% | -99.87% |
Average DrawdownAverage peak-to-trough decline | -95.08% | -2.01% | -93.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 40.04% | 0.72% | +39.32% |
Volatility
VXX vs. FMAY - Volatility Comparison
iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) has a higher volatility of 8.62% compared to FT Cboe Vest U.S. Equity Buffer ETF - May (FMAY) at 1.03%. This indicates that VXX'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
| VXX | FMAY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.62% | 1.03% | +7.59% |
Volatility (6M)Calculated over the trailing 6-month period | 40.99% | 4.59% | +36.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.62% | 6.04% | +49.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.94% | 10.59% | +57.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 70.95% | 10.14% | +60.81% |
VXX vs. FMAY - Expense Ratio Comparison
VXX has a 0.89% expense ratio, which is higher than FMAY's 0.85% expense ratio.
Dividends
VXX vs. FMAY - Dividend Comparison
Neither VXX nor FMAY has paid dividends to shareholders.
Frequently Asked Questions
VXX and FMAY have a correlation of -0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VXX has higher volatility (8.62%) compared to FMAY (1.03%). In terms of maximum drawdown, VXX dropped -100.00% vs FMAY's -13.60%.
On 5-year performance, FMAY leads with 9.54% vs -46.46% for VXX. On fees, FMAY is cheaper at 0.85% per year. On volatility, FMAY has been the lower-risk option at 1.03%. 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 9.54% return vs -46.46%. 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 0.89% for VXX.
VXX and FMAY have nearly identical dividend yields, around 0.00%.
VXX is categorized as Volatility, while FMAY is Large Cap Blend Equities. VXX tracks S&P 500 VIX Short-Term Futures Index Total Return, while FMAY tracks Cboe S&P 500 Buffer Protect Index May Series. They also come from different issuers: Barclays Capital and First Trust. Their fees differ too: 0.89% for VXX and 0.85% for FMAY.
FMAY currently has the higher Sharpe Ratio (2.59 vs -0.99), 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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