DSEP vs. JANP

Last updated Jun 4, 2026

DSEP (FT Cboe Vest U.S. Equity Deep Buffer ETF - September) and JANP (PGIM US Large-Cap Buffer 12 ETF - January) are both Options Trading funds. DSEP is passively managed, while JANP is actively managed. Over the past year, DSEP returned 14.32% vs 17.69% for JANP. Their correlation of 0.92 suggests significant overlap in exposure. DSEP charges 0.85%/yr vs 0.50%/yr for JANP.

Performance

DSEP vs. JANP - 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 PGIM US Large-Cap Buffer 12 ETF - January (JANP). 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 lower than JANP's 6.08% return.

DSEP

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

JANP

• 1D: -0.20%
• 1M: 2.35%
• YTD: 6.08%
• 6M: 7.23%
• 1Y: 17.69%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DSEP vs. JANP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DSEP FT Cboe Vest U.S. Equity Deep Buffer ETF - September	5.26%	10.75%	11.59%
JANP PGIM US Large-Cap Buffer 12 ETF - January	6.08%	13.33%	15.74%

Correlation

The correlation between DSEP and JANP 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 (All Time) Calculated using the full available price history since Jan 3, 2024	0.92

The correlation between DSEP and JANP has been stable across timeframes, ranging from 0.92 to 0.94 - a consistent structural relationship.

Return for Risk

DSEP vs. JANP — 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

JANP

JANP Risk / Return Rank: 81
JANP Sharpe Ratio Rank: 81
JANP Sortino Ratio Rank: 85
JANP Omega Ratio Rank: 88
JANP Calmar Ratio Rank: 68
JANP Martin Ratio Rank: 84

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. JANP - 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 PGIM US Large-Cap Buffer 12 ETF - January (JANP). 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	JANP	Difference
Sharpe ratio Return per unit of total volatility	2.45	2.63	-0.18
Sortino ratio Return per unit of downside risk	3.60	3.78	-0.18
Omega ratio Gain probability vs. loss probability	1.50	1.55	-0.05
Calmar ratio Return relative to maximum drawdown	3.17	3.34	-0.17
Martin ratio Return relative to average drawdown	15.66	17.41	-1.75
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. JANP - Sharpe Ratio Comparison

The current DSEP Sharpe Ratio is 2.45, which is comparable to the JANP Sharpe Ratio of 2.63. The chart below compares the historical Sharpe Ratios of DSEP and JANP, 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	JANP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.45	2.63	-0.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.04	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.14	1.63	-0.48

Drawdowns

DSEP vs. JANP - Drawdown Comparison

The maximum DSEP drawdown since its inception was -11.78%, roughly equal to the maximum JANP drawdown of -12.18%. Use the drawdown chart below to compare losses from any high point for DSEP and JANP.

Drawdown Indicators

	DSEP	JANP	Difference
Max Drawdown Largest peak-to-trough decline	-11.78%	-12.18%	+0.40%
Max Drawdown (1Y) Largest decline over 1 year	-4.54%	-5.32%	+0.78%
Max Drawdown (3Y) Largest decline over 3 years	-9.93%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-11.78%	—	—
Current Drawdown Current decline from peak	-0.19%	-0.20%	+0.01%
Average Drawdown Average peak-to-trough decline	-1.85%	-0.90%	-0.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.92%	1.02%	-0.10%

Volatility

DSEP vs. JANP - Volatility Comparison

The current volatility for FT Cboe Vest U.S. Equity Deep Buffer ETF - September (DSEP) is 0.93%, while PGIM US Large-Cap Buffer 12 ETF - January (JANP) has a volatility of 1.39%. This indicates that DSEP experiences smaller price fluctuations and is considered to be less risky than JANP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DSEP	JANP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.93%	1.39%	-0.46%
Volatility (6M) Calculated over the trailing 6-month period	4.55%	5.52%	-0.97%
Volatility (1Y) Calculated over the trailing 1-year period	5.88%	6.77%	-0.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.74%	9.07%	-1.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.47%	9.07%	-1.60%

DSEP vs. JANP - Expense Ratio Comparison

DSEP has a 0.85% expense ratio, which is higher than JANP's 0.50% expense ratio.

Dividends

DSEP vs. JANP - Dividend Comparison

Neither DSEP nor JANP has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both DSEP and JANP in my portfolio?

With a correlation of 0.94, DSEP and JANP 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 JANP?

JANP has higher volatility (1.39%) compared to DSEP (0.93%). In terms of maximum drawdown, DSEP dropped -11.78% vs JANP's -12.18%.

Which ETF is better, DSEP or JANP?

On 1-year performance, JANP leads with 17.69% vs 14.32% for DSEP. On fees, JANP is cheaper at 0.50% per year. On volatility, DSEP has been the lower-risk option at 0.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DSEP or JANP?

Over the 1-year period, JANP has performed better with a 17.69% return vs 14.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DSEP or JANP?

JANP is cheaper with a 0.50% expense ratio, compared with 0.85% for DSEP.

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

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

What is the main difference between DSEP and JANP?

They also come from different issuers: FT Vest and PGIM. Their fees differ too: 0.85% for DSEP and 0.50% for JANP.

Which has better risk-adjusted returns?

JANP currently has the higher Sharpe Ratio (2.63 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.