Data as of Nov 4, 2026.
BJUN vs FMAY: Cap, Buffer & Days Left
As of Nov 4, 2026 FMAY can fall 4.5% before its buffer engages and BJUN 2.3%, and FMAY resets 10 days sooner.
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Net assets: $246m on Nov 4, 2026 for Innovator U.S. Equity Buffer ETF - Jun, and $1.5bn on Nov 3, 2026 for FT Vest U.S. Equity Buffer ETF - May.
BJUN: reference +1.3% since period start, fund +2.0%; buffer 0 to −9; cap +18.1%; Between buffer and cap. Data to Nov 4, 2026.
BJUN: reference +1.3% since period start, fund +2.0%; buffer 0 to −9; cap +18.1%; Between buffer and cap. Data to Nov 4, 2026.FMAY: reference +3.7% since period start, fund +3.8%; buffer 0 to −10; cap +17.1%; Between buffer and cap. Data to Nov 4, 2026.
FMAY: reference +3.7% since period start, fund +3.8%; buffer 0 to −10; cap +17.1%; Between buffer and cap. Data to Nov 4, 2026.Pair scorecard
BJUN costs 0.06 points a year less; their one-year returns differ by 1.2 points; FMAY is 6.2 times larger.
Points (pts) are percentage points.
| Measure | BJUN | FMAY |
|---|---|---|
| Return | ||
| Total return, 1 year | +8.7% | +9.9% |
| Drawdown | ||
| Index fall to the buffer | 1.3% | 3.6% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.79% | 0.85% |
| Net assets, as of Nov 3, 2026 | $243m | $1.5bn |
| Holdings | ||
| Holdings in common | not published | |
How much of a bear-market fall the buffer would absorb from today's level, ranked against 292 buffer ETFs on stocks with a live outcome period. 100 is best. How it is computed
Today's position against one 20% fall; it ignores smaller falls, and stock buffers are never ranked against bond or commodity ones. All buffer ETFs ranked by it →
Risk and return
May 29, 2020 to Oct 30, 2026 · 335 weekly returns · each against SPYFrom May 2020 to Oct 2026, FMAY returned slightly more: +80.9% to +77.8%. FMAY swung slightly less: 9.6% to 10.2%. FMAY fell less at its worst: −13.1% to −16.4%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | BJUN | FMAY | SPY | Edge | How it is measured |
|---|---|---|---|---|---|
| Return | |||||
| Total return | +77.8% | +80.9% | FMAY (slight) | Price change plus distributions, reinvested. | |
| Annualized | +9.3% | +9.6% | FMAY (slight) | Total return as a yearly rate. | |
| Price return | +77.8% | +80.9% | FMAY (slight) | Price change alone, distributions left out. | |
| Risk | |||||
| Volatility | 10.2% | 9.6% | FMAY (slight) | Spread of weekly returns, annualized. Lower is steadier. | |
| Downside deviation | 6.9% | 6.3% | FMAY (slight) | Like volatility, counting only weeks below the Treasury bill rate. | |
| Max drawdown | −16.4% | −13.1% | FMAY | Deepest fall from a high to the low after it. | |
| Upside capture | 46.6% | 43.6% | 100.0% | BJUN (slight) | Share of its benchmark's rise caught in the weeks it rose. |
| Downside capture | 68.1% | 63.5% | 100.0% | FMAY (slight) | Share of its benchmark's fall taken in the weeks it fell. Lower is better. |
| Beta | 0.61 | 0.57 | 1.00 | FMAY lower | How far it moves for each 1% its benchmark moves. |
| R squared | 0.92 | 0.91 | 1.00 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | |||||
| Sharpe | 0.62 | 0.69 | FMAY (slight) | Return above Treasury bills per unit of volatility. | |
| Sortino | 0.93 | 1.04 | FMAY | Return above Treasury bills per unit of downside deviation. | |
| Treynor | 0.104 | 0.116 | 0.137 | FMAY (slight) | Return above Treasury bills per unit of beta. |
| Calmar | 0.57 | 0.73 | FMAY | Annualized return divided by the max drawdown. | |
| Against the benchmark | |||||
| Benchmark | SPY | SPY | SPY | The ETF each fund is measured against. | |
| Alpha | −2.0% a year | −1.2% a year | 0.0% | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | −1.74 | −1.09 | Not an edge | How sure the alpha is. Below 2, it could be chance. | |
| Alpha range | −4.3% to +0.3% | −3.5% to +1.0% | Both include zero | The 95% range for the yearly alpha. | |
| Information ratio | −1.07 | −0.96 | FMAY | Return against its benchmark per unit of tracking error. | |
| Tracking error | 6.9% | 7.5% | 0.0% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 335 weekly returns. Cash rate: the 13-week Treasury bill.
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | BJUN | FMAY | BJUN | FMAY |
| 3 months | +0.5% | +0.5% | +0.9 pts | +0.9 pts |
| 6 months | +2.5% | +3.8% | −2.0 pts | −0.7 pts |
| 1 year | +8.7% | +9.9% | −4.8 pts | −3.6 pts |
| 3 years | +50.0% | +48.5% | −26.4 pts | −27.9 pts |
| Since launchNot the same days: BJUN Jun 2019 · FMAY May 2020 | +96.7% | +85.5% | −82.6 pts | −74.4 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Open this comparison in the app →
Side by side
As of Nov 4, 2026. Source: ETFIQ.
Where each one stands today
FMAY resets first, on May 21, 2027, 198 days from now; BJUN runs to May 31, 2027, 208 days. BJUN can still gain 15.4% before its cap, FMAY 12.0%. A fall from here reaches BJUN’s buffer after 2.3% and FMAY’s after 4.5%. Both track SPY, so what separates them is where each is in its own period.
Client brief:
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BJUN
From its price on Nov 4, 2026, the fund can gain about 15.4% more before it reaches its cap. The fund's price can fall 2.3% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 1.3% from today's level to the point where the buffer begins. Protection left, in index points: 9.0% of the 9.0% buffer still sits below today's SPY level. 208 days remained on Nov 4, 2026. On May 31, 2027 the period ends and a new cap is set.
FMAY
From its price on Nov 4, 2026, the fund can gain about 12.0% more before it reaches its cap. The fund's price can fall 4.5% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 3.6% from today's level to the point where the buffer begins. Protection left, in index points: 10.0% of the 10.0% buffer still sits below today's SPY level. 198 days remained on Nov 4, 2026. On May 21, 2027 the period ends and a new cap is set.
Questions people ask
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
It is a place in a set, not a rating or a recommendation.
ETFIQ calculates every number from each issuer’s published outcome-period terms. Buffer ETFs hold options on an index, not shares, so there is no holdings overlap to report.
Every number is an ETFIQ calculation with distributions reinvested.
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ETFIQ, BJUN against FMAY, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/bjun-vs-fmay
ETFIQ. (Nov 4, 2026). BJUN against FMAY. Retrieved from https://etfiq.com/compare/buffer/bjun-vs-fmay
[BJUN against FMAY (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/bjun-vs-fmay)
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