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 Defined Outcome fund tracking the Cboe S&P 500 Buffer Protect Index May Series. Both are passively managed. Over the past 5 years, VXX returned -46.47%/yr vs 9.00%/yr for FMAY. Their -0.72 correlation means they have often moved in opposite directions in the past. VXX charges 0.89%/yr vs 0.85%/yr for FMAY.
Performance
VXX vs. FMAY - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, VXX achieves a -19.72% return, which is significantly lower than FMAY's 5.43% return.
VXX
- 1D
- -2.61%
- 1M
- -3.58%
- 6M
- -22.73%
- YTD
- -19.72%
- 1Y
- -53.71%
- 3Y*
- -38.60%
- 5Y*
- -46.47%
- 10Y*
- -46.29%
- ALL TIME*
- -51.44%
FMAY
- 1D
- 0.48%
- 1M
- 0.39%
- 6M
- 4.78%
- YTD
- 5.43%
- 1Y
- 12.00%
- 3Y*
- 12.48%
- 5Y*
- 9.00%
- 10Y*
- —
- ALL TIME*
- 10.05%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.41M | $1.35M | $5.09M | |
| $203.07M | $176.34M | $224.72M |
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 | -19.72% | -42.21% | -26.22% | -72.52% | -23.80% | -72.41% | -54.13% |
FMAY FT Cboe Vest U.S. Equity Buffer ETF - May | 5.43% | 12.69% | 14.45% | 17.83% | -8.08% | 11.00% | 10.80% |
Correlation
The correlation between VXX and FMAY is -0.84, 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. | -0.84 |
Correlation (3Y) Balances recent behavior with more history. | -0.78 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.74 |
Correlation (All Time) Calculated using the full available price history since May 18, 2020 | -0.72 |
The correlation between VXX and FMAY shifts across timeframes, from -0.84 (1 year) to -0.72 (all time), reflecting how their relationship changes across market environments.
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
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.
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.
| VXX | FMAY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.50 | ||
| Sortino ratioReturn per unit of downside risk | -3.66 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.33 | -0.48 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | 2.65 | -3.56 |
| Martin ratioReturn relative to average drawdown | -1.40 | 13.18 | -14.58 |
Loading charts...
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.
Loading charts...
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 | -54.59% | -4.22% | -50.37% |
Max Drawdown (3Y)Largest decline over 3 years | -80.75% | -13.12% | -67.63% |
Max Drawdown (5Y)Largest decline over 5 years | -95.66% | -13.60% | -82.06% |
Max Drawdown (10Y)Largest decline over 10 years | -99.80% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -0.48% | -99.52% |
Average DrawdownAverage peak-to-trough decline | -95.11% | -1.98% | -93.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.70% | 0.85% | +34.85% |
Volatility
VXX vs. FMAY - Volatility Comparison
iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) has a higher volatility of 14.47% compared to FT Cboe Vest U.S. Equity Buffer ETF - May (FMAY) at 2.40%. 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.
Loading charts...
Volatility by Period
| VXX | FMAY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.47% | 2.40% | +12.07% |
Volatility (6M)Calculated over the trailing 6-month period | 42.90% | 5.85% | +37.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.37% | 6.86% | +50.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.63% | 10.68% | +56.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 70.37% | 10.14% | +60.23% |
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 -0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VXX has higher volatility (14.47%) compared to FMAY (2.40%). In terms of maximum drawdown, VXX dropped -100.00% vs FMAY's -13.60%.
On 5-year performance, FMAY leads with 9.00% vs -46.47% for VXX. On fees, FMAY is cheaper at 0.85% per year. On volatility, FMAY has been the lower-risk option at 2.40%. 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 9.00% return vs -46.47%. 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 Defined Outcome. 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 (1.63 vs -0.87), 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 VXX 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