YMAX vs. DMAY

Last updated Jun 4, 2026

YMAX (YieldMax Universe Fund of Option Income ETFs) and DMAY (FT Cboe Vest U.S. Equity Deep Buffer ETF - May) are both exchange-traded funds - YMAX is a Derivative Income fund actively managed by YieldMax, while DMAY is a Large Cap Blend Equities fund tracking the Cboe S&P 500 30% (-5% to -35%) Buffer Protect May Series Index. YMAX is actively managed, while DMAY is passively managed. Over the past year, YMAX returned 9.02% vs 12.37% for DMAY. A 0.73 correlation means they provide meaningful diversification when combined. YMAX charges 1.28%/yr vs 0.85%/yr for DMAY.

Performance

YMAX vs. DMAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax Universe Fund of Option Income ETFs (YMAX) and FT Cboe Vest U.S. Equity Deep Buffer ETF - May (DMAY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, YMAX achieves a 6.06% return, which is significantly higher than DMAY's 4.42% return.

YMAX

• 1D: -1.70%
• 1M: 6.76%
• YTD: 6.06%
• 6M: 3.56%
• 1Y: 9.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DMAY

• 1D: -0.30%
• 1M: 1.30%
• YTD: 4.42%
• 6M: 5.19%
• 1Y: 12.37%
• 3Y*: 11.96%
• 5Y*: 7.16%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

YMAX vs. DMAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
YMAX YieldMax Universe Fund of Option Income ETFs	6.06%	6.04%	26.26%
DMAY FT Cboe Vest U.S. Equity Deep Buffer ETF - May	4.42%	11.05%	12.72%

Correlation

The correlation between YMAX and DMAY is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.71
Correlation (All Time) Calculated using the full available price history since Jan 18, 2024	0.73

The correlation between YMAX and DMAY has been stable across timeframes, ranging from 0.71 to 0.73 - a consistent structural relationship.

YMAX vs. DMAY - Sectors Allocation Comparison

Sectors	YMAX	DMAY
Technology	68.7%	36.2%
Financial Services	13.8%	11.9%
Communication Services	6.9%	10.9%
Consumer Cyclical	4.8%	10.1%
Basic Materials	2.2%	1.8%
Industrials	1.9%	8.1%
Consumer Defensive	0.9%	4.9%
Healthcare	0.8%	8.4%
Utilities	0.2%	2.3%
Energy	0.1%	3.5%
Real Estate	0.0%	1.9%

Return for Risk

YMAX vs. DMAY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

YMAX

YMAX Risk / Return Rank: 14
YMAX Sharpe Ratio Rank: 14
YMAX Sortino Ratio Rank: 14
YMAX Omega Ratio Rank: 15
YMAX Calmar Ratio Rank: 13
YMAX Martin Ratio Rank: 12

DMAY

DMAY Risk / Return Rank: 85
DMAY Sharpe Ratio Rank: 82
DMAY Sortino Ratio Rank: 88
DMAY Omega Ratio Rank: 91
DMAY Calmar Ratio Rank: 75
DMAY Martin Ratio Rank: 92

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

YMAX vs. DMAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax Universe Fund of Option Income ETFs (YMAX) and FT Cboe Vest U.S. Equity Deep Buffer ETF - May (DMAY). 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.

	YMAX	DMAY	Difference
Sharpe ratio: Return per unit of total volatility	0.42	2.65	-2.23
Sortino ratio: Return per unit of downside risk	0.70	4.00	-3.30
Omega ratio: Gain probability vs. loss probability	1.09	1.60	-0.51
Calmar ratio: Return relative to maximum drawdown	0.35	3.73	-3.38
Martin ratio: Return relative to average drawdown	0.82	22.76	-21.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

YMAX vs. DMAY - Sharpe Ratio Comparison

The current YMAX Sharpe Ratio is 0.42, which is lower than the DMAY Sharpe Ratio of 2.65. The chart below compares the historical Sharpe Ratios of YMAX and DMAY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	YMAX	DMAY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.42	2.65	-2.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.80	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.70	0.88	-0.18

Drawdowns

YMAX vs. DMAY - Drawdown Comparison

The maximum YMAX drawdown since its inception was -26.13%, which is greater than DMAY's maximum drawdown of -13.90%. Use the drawdown chart below to compare losses from any high point for YMAX and DMAY.

Drawdown Indicators

	YMAX	DMAY	Difference
Max Drawdown Largest peak-to-trough decline	-26.13%	-13.90%	-12.23%
Max Drawdown (1Y) Largest decline over 1 year	-26.13%	-3.36%	-22.77%
Max Drawdown (3Y) Largest decline over 3 years	—	-12.38%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-13.90%	—
Current Drawdown Current decline from peak	-5.98%	-0.30%	-5.68%
Average Drawdown Average peak-to-trough decline	-6.33%	-2.24%	-4.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.99%	0.55%	+10.44%

Volatility

YMAX vs. DMAY - Volatility Comparison

YieldMax Universe Fund of Option Income ETFs (YMAX) has a higher volatility of 6.22% compared to FT Cboe Vest U.S. Equity Deep Buffer ETF - May (DMAY) at 0.84%. This indicates that YMAX's price experiences larger fluctuations and is considered to be riskier than DMAY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	YMAX	DMAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.22%	0.84%	+5.38%
Volatility (6M) Calculated over the trailing 6-month period	17.10%	3.74%	+13.36%
Volatility (1Y) Calculated over the trailing 1-year period	21.62%	4.73%	+16.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.97%	9.02%	+13.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.97%	8.43%	+14.54%

YMAX vs. DMAY - Expense Ratio Comparison

YMAX has a 1.28% expense ratio, which is higher than DMAY's 0.85% expense ratio.

Dividends

YMAX vs. DMAY - Dividend Comparison

YMAX's dividend yield for the trailing twelve months is around 72.94%, while DMAY has not paid dividends to shareholders.

Position	TTM	2025	2024
DMAY FT Cboe Vest U.S. Equity Deep Buffer ETF - May	0.00%	0.00%	0.00%
YMAX YieldMax Universe Fund of Option Income ETFs	72.94%	78.70%	44.20%

Frequently Asked Questions

Can I hold both YMAX and DMAY in my portfolio?

YMAX and DMAY have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, YMAX or DMAY?

YMAX has higher volatility (6.22%) compared to DMAY (0.84%). In terms of maximum drawdown, YMAX dropped -26.13% vs DMAY's -13.90%.

Which ETF is better, YMAX or DMAY?

On 1-year performance, DMAY leads with 12.37% vs 9.02% for YMAX. On fees, DMAY is cheaper at 0.85% per year. On volatility, DMAY has been the lower-risk option at 0.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, YMAX or DMAY?

Over the 1-year period, DMAY has performed better with a 12.37% return vs 9.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, YMAX or DMAY?

DMAY is cheaper with a 0.85% expense ratio, compared with 1.28% for YMAX.

Which ETF pays a higher dividend yield, YMAX or DMAY?

YMAX has the higher dividend yield at 72.94%, compared with 0.00% for DMAY.

What is the main difference between YMAX and DMAY?

YMAX is categorized as Derivative Income, while DMAY is Large Cap Blend Equities. They also come from different issuers: YieldMax and First Trust. Their fees differ too: 1.28% for YMAX and 0.85% for DMAY.

Which has better risk-adjusted returns?

DMAY currently has the higher Sharpe Ratio (2.65 vs 0.42), 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.