DAUG vs. FSEP

Last updated Jun 24, 2026

DAUG (FT Vest U.S. Equity Deep Buffer ETF - August) and FSEP (FT Cboe Vest U.S. Equity Buffer ETF - September) are both exchange-traded funds - DAUG is a Defined Outcome fund tracking the S&P 500, while FSEP is a Options Trading fund tracking the Cboe S&P 500 Buffer Protect Index September. Both are passively managed. Over the past 5 years, DAUG returned 6.27%/yr vs 9.80%/yr for FSEP. Their correlation of 0.93 suggests significant overlap in exposure. Both charge a 0.85% expense ratio.

Performance

DAUG vs. FSEP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest U.S. Equity Deep Buffer ETF - August (DAUG) and FT Cboe Vest U.S. Equity Buffer ETF - September (FSEP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DAUG achieves a 4.97% return, which is significantly lower than FSEP's 5.82% return.

DAUG

• 1D: -0.33%
• 1M: 0.31%
• YTD: 4.97%
• 6M: 4.69%
• 1Y: 13.72%
• 3Y*: 11.85%
• 5Y*: 6.27%
• 10Y*: —

FSEP

• 1D: -0.80%
• 1M: -0.07%
• YTD: 5.82%
• 6M: 5.41%
• 1Y: 15.95%
• 3Y*: 13.62%
• 5Y*: 9.80%
• 10Y*: —

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

DAUG vs. FSEP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
DAUG FT Vest U.S. Equity Deep Buffer ETF - August	4.97%	11.75%	12.00%	13.85%	-11.95%	6.71%	4.77%
FSEP FT Cboe Vest U.S. Equity Buffer ETF - September	5.82%	12.83%	13.56%	20.23%	-7.05%	11.61%	9.64%

Correlation

The correlation between DAUG and FSEP is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (All Time) Calculated using the full available price history since Sep 21, 2020	0.93

The correlation between DAUG and FSEP has been stable across timeframes, ranging from 0.93 to 0.95 - a consistent structural relationship.

Return for Risk

DAUG vs. FSEP — Risk / Return Rank

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

DAUG

DAUG Risk / Return Rank: 82
DAUG Sharpe Ratio Rank: 84
DAUG Sortino Ratio Rank: 87
DAUG Omega Ratio Rank: 88
DAUG Calmar Ratio Rank: 68
DAUG Martin Ratio Rank: 85

FSEP

FSEP Risk / Return Rank: 71
FSEP Sharpe Ratio Rank: 70
FSEP Sortino Ratio Rank: 72
FSEP Omega Ratio Rank: 75
FSEP Calmar Ratio Rank: 62
FSEP Martin Ratio Rank: 78

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.

DAUG vs. FSEP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Equity Deep Buffer ETF - August (DAUG) and FT Cboe Vest U.S. Equity Buffer ETF - September (FSEP). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	DAUG	FSEP	Difference
Sharpe ratio: Return per unit of total volatility	2.48	2.11	+0.37
Sortino ratio: Return per unit of downside risk	3.62	3.02	+0.60
Omega ratio: Gain probability vs. loss probability	1.50	1.41	+0.09
Calmar ratio: Return relative to maximum drawdown	3.15	2.85	+0.30
Martin ratio: Return relative to average drawdown	16.62	14.23	+2.40

DAUG vs. FSEP - Sharpe Ratio Comparison

The current DAUG Sharpe Ratio is 2.48, which is comparable to the FSEP Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of DAUG and FSEP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DAUG vs. FSEP - Drawdown Comparison

The maximum DAUG drawdown since its inception was -15.34%, which is greater than FSEP's maximum drawdown of -13.79%. Use the drawdown chart below to compare losses from any high point for DAUG and FSEP.

Drawdown Indicators

	DAUG	FSEP	Difference
Max Drawdown Largest peak-to-trough decline	-15.34%	-13.79%	-1.55%
Max Drawdown (1Y) Largest decline over 1 year	-4.37%	-5.62%	+1.25%
Max Drawdown (3Y) Largest decline over 3 years	-10.53%	-12.37%	+1.84%
Max Drawdown (5Y) Largest decline over 5 years	-15.34%	-13.79%	-1.55%
Current Drawdown Current decline from peak	-0.45%	-0.96%	+0.51%
Average Drawdown Average peak-to-trough decline	-2.80%	-2.12%	-0.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.83%	1.12%	-0.29%

Volatility

DAUG vs. FSEP - Volatility Comparison

The current volatility for FT Vest U.S. Equity Deep Buffer ETF - August (DAUG) is 1.36%, while FT Cboe Vest U.S. Equity Buffer ETF - September (FSEP) has a volatility of 2.20%. This indicates that DAUG experiences smaller price fluctuations and is considered to be less risky than FSEP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DAUG	FSEP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.36%	2.20%	-0.84%
Volatility (6M) Calculated over the trailing 6-month period	4.49%	6.05%	-1.56%
Volatility (1Y) Calculated over the trailing 1-year period	5.60%	7.62%	-2.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.07%	10.83%	-2.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.25%	10.53%	-1.28%

DAUG vs. FSEP - Expense Ratio Comparison

Both DAUG and FSEP have an expense ratio of 0.85%.

Dividends

DAUG vs. FSEP - Dividend Comparison

Neither DAUG nor FSEP has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both DAUG and FSEP in my portfolio?

With a correlation of 0.95, DAUG and FSEP move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, DAUG or FSEP?

FSEP has higher volatility (2.20%) compared to DAUG (1.36%). In terms of maximum drawdown, DAUG dropped -15.34% vs FSEP's -13.79%.

Which ETF is better, DAUG or FSEP?

On 5-year performance, FSEP leads with 9.80% vs 6.27% for DAUG. Both ETFs have the same 0.85% expense ratio. On volatility, DAUG has been the lower-risk option at 1.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DAUG or FSEP?

Over the 5-year period, FSEP has performed better with a 9.80% return vs 6.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DAUG or FSEP?

DAUG and FSEP have the same expense ratio: 0.85% per year.

Which ETF pays a higher dividend yield, DAUG or FSEP?

DAUG and FSEP have nearly identical dividend yields, around 0.00%.

What is the main difference between DAUG and FSEP?

DAUG is categorized as Defined Outcome, while FSEP is Options Trading. DAUG tracks S&P 500, while FSEP tracks Cboe S&P 500 Buffer Protect Index September.

Which has better risk-adjusted returns?

DAUG currently has the higher Sharpe Ratio (2.48 vs 2.11), 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.