Which has more room to gain, FMAY or GMAY?

From their prices on Nov 4, 2026, FMAY can gain about 12.0% before its cap and GMAY about 9.1%, so FMAY has more room left this period.

Which resets first, FMAY or GMAY?

FMAY ends its outcome period on May 21, 2027 and GMAY on May 21, 2027. A new cap is set the day after each.

Which is cheaper, FMAY or GMAY?

FMAY and GMAY both charge 0.85% a year, so neither is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

FMAY vs GMAY: Cap, Buffer & Days Left

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As of Nov 4, 2026 FMAY can fall 4.5% before its buffer engages and GMAY 4.3%.

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Net assets on Nov 3, 2026: $1.5bn for FT Vest U.S. Equity Buffer ETF - May and $366m for FT Vest U.S. Equity Moderate Buffer ETF - May.

FMAY on its own →GMAY on its own →

At a glance

4.5%

FMAY can fall this far before its buffer

4.3%

GMAY can fall this far before its buffer

12.0%

FMAY can still gain

9.1%

GMAY can still gain

FMAY Between buffer and cap

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.

GMAY Between buffer and cap

GMAY: reference +3.7% since period start, fund +3.6%; buffer 0 to −15; cap +13.8%; Between buffer and cap. Data to Nov 4, 2026.

Pair scorecard

Both cost 0.85% a year; their one-year returns differ by 1.1 points; FMAY is 4.1 times larger.

Points (pts) are percentage points.

FMAY vs GMAY: Cap, Buffer & Days Left
Measure	FMAY	GMAY
Return
Measure	FMAY	GMAY
Total return, 1 year	+9.9%	+8.8%
Drawdown
Measure	FMAY	GMAY
Index fall to the buffer	3.6%
Benchmark
Measure	FMAY	GMAY
What it tracks	SPY	SPY
Cost and size
Measure	FMAY	GMAY
Expense ratio	0.85%	0.85%
Net assets, as of Nov 3, 2026	$1.5bn	$366m
Holdings
Measure	FMAY	GMAY
Holdings in common	not published

ETFIQ Downside Cover Score · GMAY scores higher If the market falls into a bear market from here, how much does the buffer absorb?

IQ Buffer Score38.7FMAY83.2GMAY

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

FMAY 38.7

GMAY 83.2

0.3, the lowest in this set 99.7, the highest

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 →

Method

Risk and return

Jun 2, 2023 to Oct 30, 2026 · 178 weekly returns · each against SPY

FMAY GMAY

Return

Total return edge FMAY +50.6% +43.3%

Annualized edge FMAY +12.7% +11.1%

Price return edge FMAY +50.6% +43.3%

Risk

Volatility edge GMAY 8.7% 7.3%

Max drawdown edge GMAY −11.6% −9.6%

Downside capture 60.8% 49.1%

Beta 0.59 0.48

Risk-adjusted

Sharpe edge FMAY (slight) 0.89 0.86

Sortino edge Tie 1.40 1.37

Treynor 0.131 0.128

Calmar edge GMAY (slight) 1.10 1.16

Against the benchmark

Alpha −0.7% a year −0.7% a year

Alpha t-stat −0.53 −0.52

Information ratio −1.05 −1.06

Tracking error 6.2% 7.7%

Reading

From Jun 2023 to Oct 2026, FMAY returned more: +50.6% to +43.3%. GMAY swung less: 7.3% to 8.7%. GMAY fell less at its worst: −9.6% to −11.6%.

Full scorecard

19 measures, with how each is measured Open ↓

Risk and return: FMAY vs GMAY: Cap, Buffer & Days Left
Measure	FMAY	GMAY	SPY	Edge	How it is measured
Return
Total return	+50.6%	+43.3%		FMAY	Price change plus distributions, reinvested.
Annualized	+12.7%	+11.1%		FMAY	Total return as a yearly rate.
Price return	+50.6%	+43.3%		FMAY	Price change alone, distributions left out.
Risk
Volatility	8.7%	7.3%		GMAY	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	5.6%	4.5%		GMAY	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−11.6%	−9.6%		GMAY	Deepest fall from a high to the low after it.
Upside capture	47.5%	37.3%	100.0%	FMAY	Share of its benchmark's rise caught in the weeks it rose.
Downside capture	60.8%	49.1%	100.0%	GMAY	Share of its benchmark's fall taken in the weeks it fell. Lower is better.
Beta	0.59	0.48	1.00	GMAY lower	How far it moves for each 1% its benchmark moves.
R squared	0.92	0.88	1.00	Not an edge	Share of its weekly moves its benchmark explains.
Risk-adjusted
Sharpe	0.89	0.86		FMAY (slight)	Return above Treasury bills per unit of volatility.
Sortino	1.40	1.37		Tie	Return above Treasury bills per unit of downside deviation.
Treynor	0.131	0.128	0.143	FMAY (slight)	Return above Treasury bills per unit of beta.
Calmar	1.10	1.16		GMAY (slight)	Annualized return divided by the max drawdown.
Against the benchmark
Benchmark	SPY	SPY	SPY		The ETF each fund is measured against.
Alpha	−0.7% a year	−0.7% a year	0.0%	Not significant	Yearly return beyond what its beta to the benchmark predicts.
Alpha t-stat	−0.53	−0.52		Not an edge	How sure the alpha is. Below 2, it could be chance.
Alpha range	−3.4% to +2.0%	−3.5% to +2.0%		Both include zero	The 95% range for the yearly alpha.
Information ratio	−1.05	−1.06		Tie	Return against its benchmark per unit of tracking error.
Tracking error	6.2%	7.7%	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, 178 weekly returns. Cash rate: the 13-week Treasury bill.

Window by window

Window by window: FMAY vs GMAY: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	FMAY	GMAY	FMAY	GMAY
3 months	+0.5%	+0.7%	+0.9 pts	+1.1 pts
6 months	+3.8%	+3.6%	−0.7 pts	−0.9 pts
1 year	+9.9%	+8.8%	−3.6 pts	−4.8 pts
3 years	+48.5%	+41.2%	−27.9 pts	−35.2 pts
Since launchNot the same days: FMAY May 2020 · GMAY May 2023	+85.5%	+46.1%	−74.4 pts	−37.0 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

FMAY FT Vest U.S. Equity Buffer ETF - May · Absorbs the first 10% of loss on SPY and caps the gain at 17.1%, over a period ending May 21, 2027 GMAY FT Vest U.S. Equity Moderate Buffer ETF - May · Absorbs the first 15% of loss on SPY and caps the gain at 13.8%, over a period ending May 21, 2027

Issuer First Trust First Trust

Reference index SPY SPY

Buffer 10% 15%

Outcome period May 18, 2026 to May 21, 2027 May 18, 2026 to May 21, 2027

Days left 198 198

Starting cap +17.1% +13.8%

Can still gain 12.0% 9.1%

Fall before buffer 4.5% 4.3%

Protection left, index points 10.0% of 10.0% 15.0% of 15.0%

Index return this period +3.7% +3.7%

Fund return this period +3.8% +3.6%

State today Open Open

Expense ratio 0.85% 0.85%

Net assets, as of Nov 3, 2026 $1.5bn $366m

As of Nov 4, 2026. Source: ETFIQ.

Both are First Trust funds, so the difference between them is the terms rather than the house.

Where each one stands today

FMAY resets first, on May 21, 2027, 198 days from now; GMAY runs to May 21, 2027, 198 days. FMAY can still gain 12.0% before its cap, GMAY 9.1%. A fall from here reaches FMAY’s buffer after 4.5% and GMAY’s after 4.3%. Both track SPY, so what separates them is where each is in its own period.

Client brief:

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About each fund

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.

GMAY

From its price on Nov 4, 2026, the fund can gain about 9.1% more before it reaches its cap. The fund's price can fall 4.3% from here before the buffer starts absorbing losses, by the issuer's number. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, FMAY or GMAY?: From their prices on Nov 4, 2026, FMAY can gain about 12.0% before its cap and GMAY about 9.1%, so FMAY has more room left this period.
Which resets first, FMAY or GMAY?: FMAY ends its outcome period on May 21, 2027 and GMAY on May 21, 2027. A new cap is set the day after each.
Which is cheaper, FMAY or GMAY?: FMAY and GMAY both charge 0.85% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

FMAY vs CPSM FMAY vs JUNW FMAY vs BJUN FMAY vs UJUN GMAY vs CPSM GMAY vs JUNT GMAY vs JUNP GMAY vs JNEU

Where to next

State Street® SPDR® S&P 500® ETF Trust →FMAY on its own →GMAY on its own →Method →Standards and sources →

Sources and dates

FMAY and GMAY filings on SEC EDGAR ↗

First Trust page for FMAY ↗

First Trust page for GMAY ↗

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.

Cite this pageCitation, APA and Markdown

ETFIQ, FMAY against GMAY, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/fmay-vs-gmay

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.