Data as of Nov 4, 2026.
BMAY vs MAYW: Cap, Buffer & Days Left
As of Nov 4, 2026 BMAY can fall 5.9% before its buffer engages and MAYW 5.0%.
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Net assets: $182m on Nov 4, 2026 for Innovator U.S. Equity Buffer ETF - May, and $457m on Nov 3, 2026 for AllianzIM U.S. Equity Buffer20 ETF - May.
BMAY: reference +6.7% since period start, fund +5.8%; buffer 0 to −9; cap +16.9%; Between buffer and cap. Data to Nov 4, 2026.
BMAY: reference +6.7% since period start, fund +5.8%; buffer 0 to −9; cap +16.9%; Between buffer and cap. Data to Nov 4, 2026.MAYW: reference +6.7% since period start, fund +4.4%; buffer 0 to −20; cap +11.2%; Between buffer and cap. Data to Nov 4, 2026.
MAYW: reference +6.7% since period start, fund +4.4%; buffer 0 to −20; cap +11.2%; Between buffer and cap. Data to Nov 4, 2026.Pair scorecard
MAYW costs 0.05 points a year less; their one-year returns differ by 2.9 points; MAYW is 2.5 times larger.
Points (pts) are percentage points.
| Measure | BMAY | MAYW |
|---|---|---|
| Return | ||
| Total return, 1 year | +10.9% | +8.0% |
| Drawdown | ||
| Index fall to the buffer | 6.2% | 6.3% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.79% | 0.74% |
| Net assets, as of Nov 3, 2026 | $180m | $457m |
| 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 12, 2023 to Oct 30, 2026 · 181 weekly returns · each against SPYFrom May 2023 to Oct 2026, BMAY returned more: +61.2% to +41.9%. MAYW swung less: 5.9% to 8.8%. MAYW fell less at its worst: −7.0% to −11.3%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | BMAY | MAYW | SPY | Edge | How it is measured |
|---|---|---|---|---|---|
| Return | |||||
| Total return | +61.2% | +41.9% | BMAY | Price change plus distributions, reinvested. | |
| Annualized | +14.7% | +10.6% | BMAY | Total return as a yearly rate. | |
| Price return | +61.2% | +41.9% | BMAY | Price change alone, distributions left out. | |
| Risk | |||||
| Volatility | 8.8% | 5.9% | MAYW | Spread of weekly returns, annualized. Lower is steadier. | |
| Downside deviation | 5.8% | 3.9% | MAYW | Like volatility, counting only weeks below the Treasury bill rate. | |
| Max drawdown | −11.3% | −7.0% | MAYW | Deepest fall from a high to the low after it. | |
| Upside capture | 49.1% | 27.5% | 100.0% | BMAY | Share of its benchmark's rise caught in the weeks it rose. |
| Downside capture | 58.9% | 32.7% | 100.0% | MAYW | Share of its benchmark's fall taken in the weeks it fell. Lower is better. |
| Beta | 0.59 | 0.37 | 1.00 | MAYW lower | How far it moves for each 1% its benchmark moves. |
| R squared | 0.89 | 0.77 | 1.00 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | |||||
| Sharpe | 1.09 | 0.96 | BMAY | Return above Treasury bills per unit of volatility. | |
| Sortino | 1.64 | 1.45 | BMAY | Return above Treasury bills per unit of downside deviation. | |
| Treynor | 0.161 | 0.153 | 0.151 | BMAY (slight) | Return above Treasury bills per unit of beta. |
| Calmar | 1.30 | 1.51 | MAYW | Annualized return divided by the max drawdown. | |
| Against the benchmark | |||||
| Benchmark | SPY | SPY | SPY | The ETF each fund is measured against. | |
| Alpha | +0.6% a year | +0.1% a year | 0.0% | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | 0.37 | 0.04 | Not an edge | How sure the alpha is. Below 2, it could be chance. | |
| Alpha range | −2.5% to +3.7% | −3.0% to +3.1% | Both include zero | The 95% range for the yearly alpha. | |
| Information ratio | −0.88 | −1.03 | BMAY | Return against its benchmark per unit of tracking error. | |
| Tracking error | 6.4% | 9.2% | 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, 181 weekly returns. Cash rate: the 13-week Treasury bill.
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | BMAY | MAYW | BMAY | MAYW |
| 3 months | +0.8% | +1.3% | +1.2 pts | +1.7 pts |
| 6 months | +4.5% | +3.6% | 0.0 pts | −0.9 pts |
| 1 year | +10.9% | +8.0% | −2.6 pts | −5.6 pts |
| 3 years | +54.8% | +37.1% | −21.6 pts | −39.3 pts |
| Since launchNot the same days: BMAY May 2020 · MAYW May 2023 | +93.8% | +42.2% | −77.4 pts | −42.3 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
BMAY resets first, on Apr 30, 2027, 177 days from now; MAYW runs to Apr 30, 2027, 177 days. BMAY can still gain 10.1% before its cap, MAYW 5.8%. A fall from here reaches BMAY’s buffer after 5.9% and MAYW’s after 5.0%. Both track SPY, so what separates them is where each is in its own period.
Client brief:
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BMAY
From its price on Nov 4, 2026, the fund can gain about 10.1% more before it reaches its cap. The fund's price can fall 5.9% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 6.2% 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. 177 days remained on Nov 4, 2026. On Apr 30, 2027 the period ends and a new cap is set.
MAYW
From its price on Nov 4, 2026, the fund can gain about 5.8% more before it reaches its cap. The fund's price can fall 5.0% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 6.3% from today's level to the point where the buffer begins. Protection left, in index points: 20.0% of the 20.0% buffer still sits below today's SPY level.
Questions people ask
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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, BMAY against MAYW, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/bmay-vs-mayw
ETFIQ. (Nov 4, 2026). BMAY against MAYW. Retrieved from https://etfiq.com/compare/buffer/bmay-vs-mayw
[BMAY against MAYW (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/bmay-vs-mayw)
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