VXX vs. GMAY
VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) and GMAY (FT Cboe Vest U.S. Equity Moderate 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 GMAY is a Options Trading fund actively managed by FT Vest. VXX is passively managed, while GMAY is actively managed. Over the past 3 years, VXX returned -38.60%/yr vs 11.00%/yr for GMAY. 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 GMAY.
Performance
VXX vs. GMAY - Performance Comparison
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Returns By Period
In the year-to-date period, VXX achieves a -19.72% return, which is significantly lower than GMAY's 4.73% 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%
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%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $856.43K | $2.12M | $6.06M | |
| $203.07M | $176.34M | $224.72M |
VXX vs. GMAY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
VXX iPath Series B S&P 500 VIX Short-Term Futures ETN | -19.72% | -42.21% | -26.22% | -56.61% |
GMAY FT Cboe Vest U.S. Equity Moderate Buffer ETF - May | 4.73% | 11.94% | 12.12% | 8.77% |
Correlation
The correlation between VXX 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. | -0.74 |
Correlation (All Time) Calculated using the full available price history since May 22, 2023 | -0.72 |
The correlation between VXX and GMAY shifts across timeframes, from -0.83 (1 year) to -0.72 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
VXX vs. GMAY — Risk / Return Rank
VXX
GMAY
VXX vs. GMAY - 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 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.
| VXX | GMAY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.58 | ||
| Sortino ratioReturn per unit of downside risk | -3.80 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.35 | -0.49 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | 3.03 | -3.95 |
| Martin ratioReturn relative to average drawdown | -1.40 | 14.77 | -16.17 |
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Drawdowns
VXX vs. GMAY - Drawdown Comparison
The maximum VXX 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 VXX and GMAY.
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Drawdown Indicators
| VXX | GMAY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -11.75% | -88.25% |
Max Drawdown (1Y)Largest decline over 1 year | -54.59% | -3.11% | -51.48% |
Max Drawdown (3Y)Largest decline over 3 years | -80.75% | -11.75% | -69.00% |
Max Drawdown (5Y)Largest decline over 5 years | -95.66% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -99.80% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -0.24% | -99.76% |
Average DrawdownAverage peak-to-trough decline | -95.11% | -0.72% | -94.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.70% | 0.64% | +35.06% |
Volatility
VXX vs. GMAY - 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 Moderate Buffer ETF - May (GMAY) at 2.02%. This indicates that VXX'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.
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Volatility by Period
| VXX | GMAY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.47% | 2.02% | +12.45% |
Volatility (6M)Calculated over the trailing 6-month period | 42.90% | 4.72% | +38.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.37% | 5.51% | +51.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.63% | 7.85% | +59.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 70.37% | 7.85% | +62.52% |
VXX vs. GMAY - Expense Ratio Comparison
VXX has a 0.89% expense ratio, which is higher than GMAY's 0.85% expense ratio.
Dividends
VXX vs. GMAY - Dividend Comparison
Neither VXX nor GMAY has paid dividends to shareholders.
Frequently Asked Questions
VXX 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.
VXX has higher volatility (14.47%) compared to GMAY (2.02%). In terms of maximum drawdown, VXX dropped -100.00% vs GMAY's -11.75%.
On 3-year performance, GMAY leads with 11.00% vs -38.60% for VXX. On fees, GMAY is cheaper at 0.85% per year. 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.
Over the 3-year period, GMAY has performed better with a 11.00% return vs -38.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GMAY is cheaper with a 0.85% expense ratio, compared with 0.89% for VXX.
VXX and GMAY have nearly identical dividend yields, around 0.00%.
VXX is categorized as Volatility, while GMAY is Options Trading. They also come from different issuers: Barclays Capital and FT Vest. Their fees differ too: 0.89% for VXX and 0.85% for GMAY.
GMAY currently has the higher Sharpe Ratio (1.71 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.
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