DSEP vs. DNOV
DSEP (FT Cboe Vest U.S. Equity Deep Buffer ETF - September) and DNOV (FT Vest U.S. Equity Deep Buffer ETF - November) 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 DNOV 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 8.14%/yr for DNOV. Their correlation of 0.88 suggests significant overlap in exposure. Both charge a 0.85% expense ratio.
Performance
DSEP vs. DNOV - Performance Comparison
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Returns By Period
In the year-to-date period, DSEP achieves a 5.26% return, which is significantly higher than DNOV's 4.78% return.
DSEP
- 1D
- -0.19%
- 1M
- 1.98%
- YTD
- 5.26%
- 6M
- 5.65%
- 1Y
- 14.32%
- 3Y*
- 12.47%
- 5Y*
- 8.02%
- 10Y*
- —
DNOV
- 1D
- -0.18%
- 1M
- 1.78%
- YTD
- 4.78%
- 6M
- 5.27%
- 1Y
- 17.37%
- 3Y*
- 13.14%
- 5Y*
- 8.14%
- 10Y*
- —
DSEP vs. DNOV - 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% | 4.91% |
DNOV FT Vest U.S. Equity Deep Buffer ETF - November | 4.78% | 13.93% | 10.71% | 18.52% | -7.50% | 6.03% | 5.91% |
Correlation
The correlation between DSEP and DNOV 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 | 0.93 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.90 |
Correlation (All Time) Calculated using the full available price history since Sep 22, 2020 | 0.88 |
The correlation between DSEP and DNOV has been stable across timeframes, ranging from 0.88 to 0.94 - a consistent structural relationship.
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Return for Risk
DSEP vs. DNOV — Risk / Return Rank
DSEP
DNOV
DSEP vs. DNOV - 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 - November (DNOV). 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 | DNOV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.60 | ||
| Sortino ratioReturn per unit of downside risk | -1.01 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 1.64 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 3.17 | 4.17 | -1.01 |
| Martin ratioReturn relative to average drawdown | 15.66 | 22.39 | -6.73 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| DSEP | DNOV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.45 | 3.05 | -0.60 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.04 | 1.07 | -0.03 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.14 | 0.91 | +0.23 |
Drawdowns
DSEP vs. DNOV - Drawdown Comparison
The maximum DSEP drawdown since its inception was -11.78%, smaller than the maximum DNOV drawdown of -15.03%. Use the drawdown chart below to compare losses from any high point for DSEP and DNOV.
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Drawdown Indicators
| DSEP | DNOV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.78% | -15.03% | +3.25% |
Max Drawdown (1Y)Largest decline over 1 year | -4.54% | -4.18% | -0.36% |
Max Drawdown (3Y)Largest decline over 3 years | -9.93% | -9.98% | +0.05% |
Max Drawdown (5Y)Largest decline over 5 years | -11.78% | -9.98% | -1.80% |
Current DrawdownCurrent decline from peak | -0.19% | -0.18% | -0.01% |
Average DrawdownAverage peak-to-trough decline | -1.85% | -2.01% | +0.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.92% | 0.78% | +0.14% |
Volatility
DSEP vs. DNOV - 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 - November (DNOV) at 0.84%. This indicates that DSEP's price experiences larger fluctuations and is considered to be riskier than DNOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DSEP | DNOV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.93% | 0.84% | +0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 4.55% | 4.22% | +0.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.88% | 5.73% | +0.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.74% | 7.61% | +0.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.47% | 9.04% | -1.57% |
DSEP vs. DNOV - Expense Ratio Comparison
Both DSEP and DNOV have an expense ratio of 0.85%.
Dividends
DSEP vs. DNOV - Dividend Comparison
Neither DSEP nor DNOV has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.94, DSEP and DNOV 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.
DSEP has higher volatility (0.93%) compared to DNOV (0.84%). In terms of maximum drawdown, DSEP dropped -11.78% vs DNOV's -15.03%.
On 5-year performance, DNOV leads with 8.14% 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.
Over the 5-year period, DNOV has performed better with a 8.14% return vs 8.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DSEP and DNOV have the same expense ratio: 0.85% per year.
DSEP and DNOV have nearly identical dividend yields, around 0.00%.
DSEP is categorized as Options Trading, while DNOV is Defined Outcome. DSEP tracks Cboe S&P 500 30% (-5% to -35%) Buffer Protect September Series Index, while DNOV tracks S&P 500.
DNOV currently has the higher Sharpe Ratio (3.05 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.
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