DSEP vs. DDEC

Last updated Jun 4, 2026

DSEP (FT Cboe Vest U.S. Equity Deep Buffer ETF - September) and DDEC (FT Vest U.S. Equity Deep Buffer ETF - December) are both exchange-traded funds - DSEP is a Options Trading fund tracking the Cboe S&P 500 30% (-5% to -35%) Buffer Protect September Series Index, while DDEC is a Defined Outcome fund tracking the S&P 500. Both are passively managed. Over the past 5 years, DSEP returned 8.02%/yr vs 8.31%/yr for DDEC. Their correlation of 0.88 suggests significant overlap in exposure. Both charge a 0.85% expense ratio.

Performance

DSEP vs. DDEC - Performance Comparison

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

Returns By Period

In the year-to-date period, DSEP achieves a 5.26% return, which is significantly higher than DDEC's 4.97% return.

DSEP

• 1D: -0.19%
• 1M: 1.98%
• YTD: 5.26%
• 6M: 5.65%
• 1Y: 14.32%
• 3Y*: 12.47%
• 5Y*: 8.02%
• 10Y*: —

DDEC

• 1D: -0.19%
• 1M: 1.98%
• YTD: 4.97%
• 6M: 5.94%
• 1Y: 16.08%
• 3Y*: 12.69%
• 5Y*: 8.31%
• 10Y*: —

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

DSEP vs. DDEC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
DSEP FT Cboe Vest U.S. Equity Deep Buffer ETF - September	5.26%	10.75%	11.29%	18.87%	-7.45%	6.42%	0.64%
DDEC FT Vest U.S. Equity Deep Buffer ETF - December	4.97%	12.33%	12.26%	16.82%	-6.71%	7.61%	0.75%

Correlation

The correlation between DSEP and DDEC is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (All Time) Calculated using the full available price history since Dec 22, 2020	0.88

The correlation between DSEP and DDEC has been stable across timeframes, ranging from 0.88 to 0.94 - a consistent structural relationship.

Return for Risk

DSEP vs. DDEC — Risk / Return Rank

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

DSEP

DSEP Risk / Return Rank: 77
DSEP Sharpe Ratio Rank: 76
DSEP Sortino Ratio Rank: 81
DSEP Omega Ratio Rank: 83
DSEP Calmar Ratio Rank: 65
DSEP Martin Ratio Rank: 80

DDEC

DDEC Risk / Return Rank: 86
DDEC Sharpe Ratio Rank: 85
DDEC Sortino Ratio Rank: 89
DDEC Omega Ratio Rank: 89
DDEC Calmar Ratio Rank: 77
DDEC Martin Ratio Rank: 88

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.

DSEP vs. DDEC - Risk-Adjusted Trends Comparison

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

	DSEP	DDEC	Difference
Sharpe ratio: Return per unit of total volatility	2.45	2.79	-0.34
Sortino ratio: Return per unit of downside risk	3.60	4.12	-0.52
Omega ratio: Gain probability vs. loss probability	1.50	1.57	-0.07
Calmar ratio: Return relative to maximum drawdown	3.17	3.87	-0.70
Martin ratio: Return relative to average drawdown	15.66	19.48	-3.82
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DSEP vs. DDEC - Sharpe Ratio Comparison

The current DSEP Sharpe Ratio is 2.45, which is comparable to the DDEC Sharpe Ratio of 2.79. The chart below compares the historical Sharpe Ratios of DSEP and DDEC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DSEP	DDEC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.45	2.79	-0.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.04	1.19	-0.15
Sharpe Ratio (All Time) Calculated using the full available price history	1.14	1.25	-0.11

Drawdowns

DSEP vs. DDEC - Drawdown Comparison

The maximum DSEP drawdown since its inception was -11.78%, which is greater than DDEC's maximum drawdown of -10.22%. Use the drawdown chart below to compare losses from any high point for DSEP and DDEC.

Drawdown Indicators

	DSEP	DDEC	Difference
Max Drawdown Largest peak-to-trough decline	-11.78%	-10.22%	-1.56%
Max Drawdown (1Y) Largest decline over 1 year	-4.54%	-4.18%	-0.36%
Max Drawdown (3Y) Largest decline over 3 years	-9.93%	-9.40%	-0.53%
Max Drawdown (5Y) Largest decline over 5 years	-11.78%	-10.22%	-1.56%
Current Drawdown Current decline from peak	-0.19%	-0.19%	0.00%
Average Drawdown Average peak-to-trough decline	-1.85%	-1.87%	+0.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.92%	0.83%	+0.09%

Volatility

DSEP vs. DDEC - Volatility Comparison

FT Cboe Vest U.S. Equity Deep Buffer ETF - September (DSEP) has a higher volatility of 0.93% compared to FT Vest U.S. Equity Deep Buffer ETF - December (DDEC) at 0.88%. This indicates that DSEP's price experiences larger fluctuations and is considered to be riskier than DDEC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DSEP	DDEC	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.93%	0.88%	+0.05%
Volatility (6M) Calculated over the trailing 6-month period	4.55%	4.36%	+0.19%
Volatility (1Y) Calculated over the trailing 1-year period	5.88%	5.79%	+0.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.74%	7.02%	+0.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.47%	6.87%	+0.60%

DSEP vs. DDEC - Expense Ratio Comparison

Both DSEP and DDEC have an expense ratio of 0.85%.

Dividends

DSEP vs. DDEC - Dividend Comparison

Neither DSEP nor DDEC has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both DSEP and DDEC in my portfolio?

With a correlation of 0.94, DSEP and DDEC 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, DSEP or DDEC?

DSEP has higher volatility (0.93%) compared to DDEC (0.88%). In terms of maximum drawdown, DSEP dropped -11.78% vs DDEC's -10.22%.

Which ETF is better, DSEP or DDEC?

On 5-year performance, DDEC leads with 8.31% vs 8.02% for DSEP. Both ETFs have the same 0.85% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DSEP or DDEC?

Over the 5-year period, DDEC has performed better with a 8.31% return vs 8.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DSEP or DDEC?

DSEP and DDEC have the same expense ratio: 0.85% per year.

Which ETF pays a higher dividend yield, DSEP or DDEC?

DSEP and DDEC have nearly identical dividend yields, around 0.00%.

What is the main difference between DSEP and DDEC?

DSEP is categorized as Options Trading, while DDEC is Defined Outcome. DSEP tracks Cboe S&P 500 30% (-5% to -35%) Buffer Protect September Series Index, while DDEC tracks S&P 500.

Which has better risk-adjusted returns?

DDEC currently has the higher Sharpe Ratio (2.79 vs 2.45), 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.