FT Cboe Vest U.S. Small Cap Moderate Buffer… (SMAY) Performance
SMAY total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +6.1% since Dec 31, 2025
- 1 year
- +7.9% total return
- 3 years
- +12.0% a year
- Since first price
- +9.5% a year since 2023
SMAY trailing returns vs SPY, QQQ, AGG
| Period | SMAY total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −1.1% | −1.1% | −1.0% | −5.0% | +0.9% |
| 3 months | −1.8% | −1.8% | +3.2% | +1.9% | −0.4% |
| 6 months | +1.8% | +1.8% | +7.8% | +8.4% | −1.5% |
| YTD | +6.1% | +6.1% | +12.3% | +15.1% | −1.0% |
| 1 year | +7.9% | +7.9% | +14.4% | +15.9% | −1.1% |
| 3 years | +40.4%+12.0%/yr | +40.4% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| Since inceptionMay 22, 2023 | +36.3%+9.5%/yr | +36.3% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: SMAY vs SPY
From May 22, 2023: SMAY grew to $13,634, SPY to $18,953.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
SMAY returns by calendar year
2 of 2 full years positive. Best 2024 (+12.6%), worst 2025 (+4.7%). 2026 is year to date.
SMAY annual returns table
| Year | SMAY | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +6.1% | −5.7% | +12.3% | +15.1% | −1.0% |
| 2025 | +4.7% | −13.6% | +17.7% | +20.8% | +7.2% |
| 2024 | +12.6% | −5.1% | +24.9% | +25.6% | +1.3% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
SMAY largest drawdowns
Now 4.5% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Nov 29, 2024 | −14.4% | Apr 8, 2025 | Dec 3, 2025 | 4 months | 1.0 years |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
SMAY risk statistics
| Statistic | 3 years | Since 2023 |
|---|---|---|
| Annualized return | +10.8% | +10.3% |
| Volatility (annualized) | 9.7% | 9.8% |
| Sharpe ratio | 0.66 | 0.60 |
| Sortino ratio | 1.12 | 0.99 |
| Best month | +6.7% | +6.7% |
| Worst month | −3.9% | −3.9% |
| Best 12 months | +24.8% | +24.8% |
| Worst 12 months | −1.0% | −1.0% |
| Positive months | 67% | 65% |
| Beta vs S&P 500 | 0.57 | — |
| Correlation with S&P 500 | 0.73 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
SMAY rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 30 | −1.0% | +10.7% | +24.8% | 90% |
| 3-year (a year) | 6 | +9.6% | +10.9% | +12.0% | 100% |
Every holding period starting at a month-end since 2023. Returns for 3 years and longer are annualized.
SMAY performance overview
FT Cboe Vest U.S. Small Cap Moderate Buffer… (SMAY) returned +7.9% over the past year, with distributions reinvested. Since its first recorded price in 2023 it has returned +9.5% a year, turning $10,000 into about $13,634. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −14.4%, from Nov 29, 2024 to Apr 8, 2025, and it took 8 months to get back to the old high. Volatility has been 9.8% a year.
Related: SMAY chart. See the SMAY overview for the latest quote and fund facts.
SMAY performance FAQ
What is the SMAY return over the past year?
SMAY returned +7.9% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 7.9%.
How much would $10,000 invested in SMAY be worth?
$10,000 invested in SMAY at its first recorded close on May 22, 2023 would be worth about $13,634 on October 23, 2026 with distributions reinvested.
What was the worst year for SMAY?
The worst calendar year was 2025, with a total return of +4.7%. The best was 2024 at +12.6%.
What is the biggest drawdown of SMAY?
The largest peak-to-trough decline was −14.4% between November 29, 2024 and April 8, 2025. It recovered to the old high on December 3, 2025, 8 months after the bottom.
How volatile is SMAY?
Over the past 3 years SMAY had an annualized volatility of 9.7% and a Sharpe ratio of 0.66 (excess return over 1–3 month T-bills per unit of risk).