DSEP vs. XAPR

Last updated Aug 2, 2026

DSEP (FT Cboe Vest U.S. Equity Deep Buffer ETF - September) and XAPR (FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - April) are both Options Trading funds from FT Vest. DSEP is passively managed, while XAPR is actively managed. Over the past year, DSEP returned 12.19% vs 7.90% for XAPR. Their correlation of 0.82 means they have usually moved in the same direction. Both charge a 0.85% expense ratio.

Performance

DSEP vs. XAPR - 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 Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - April (XAPR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DSEP achieves a 6.65% return, which is significantly higher than XAPR's 4.23% return.

DSEP

• 1D: 0.45%
• 1M: 0.92%
• 6M: 5.86%
• YTD: 6.65%
• 1Y: 12.19%
• 3Y*: 11.29%
• 5Y*: 8.21%
• 10Y*: —
• ALL TIME*: 8.57%

XAPR

• 1D: 0.33%
• 1M: 0.63%
• 6M: 3.83%
• YTD: 4.23%
• 1Y: 7.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 11.24%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DSEP FT Cboe Vest U.S. Equity Deep Buffer ETF - September	$390.97K	$377.99K	$486.45K
XAPR FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - April	$56.25K	$52.19K	$206.39K

DSEP vs. XAPR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DSEP FT Cboe Vest U.S. Equity Deep Buffer ETF - September	6.65%	10.75%	8.30%
XAPR FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - April	4.23%	12.57%	8.57%

Correlation

The correlation between DSEP and XAPR is 0.80, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.80
Correlation (All Time) Calculated using the full available price history since Apr 22, 2024	0.82

The correlation between DSEP and XAPR has been stable across timeframes, ranging from 0.80 to 0.82 - a consistent structural relationship.

Return for Risk

DSEP vs. XAPR — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DSEP

DSEP Risk / Return Rank: 81
DSEP Sharpe Ratio Rank: 81
DSEP Sortino Ratio Rank: 83
DSEP Omega Ratio Rank: 84
DSEP Calmar Ratio Rank: 71
DSEP Martin Ratio Rank: 85

XAPR

XAPR Risk / Return Rank: 96
XAPR Sharpe Ratio Rank: 96
XAPR Sortino Ratio Rank: 96
XAPR Omega Ratio Rank: 97
XAPR Calmar Ratio Rank: 96
XAPR Martin Ratio Rank: 97

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

DSEP vs. XAPR - 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 Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - April (XAPR). 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.

	DSEP	XAPR	Difference
Sharpe ratio: Return per unit of total volatility	1.88	2.94	-1.06
Sortino ratio: Return per unit of downside risk	2.75	4.43	-1.68
Omega ratio: Gain probability vs. loss probability	1.36	1.68	-0.32
Calmar ratio: Return relative to maximum drawdown	2.49	6.05	-3.56
Martin ratio: Return relative to average drawdown	12.12	35.36	-23.24

DSEP vs. XAPR - Sharpe Ratio Comparison

The current DSEP Sharpe Ratio is 1.88, which is lower than the XAPR Sharpe Ratio of 2.94. The chart below compares the historical Sharpe Ratios of DSEP and XAPR, 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

DSEP vs. XAPR - Drawdown Comparison

The maximum DSEP drawdown since its inception was -11.78%, which is greater than XAPR's maximum drawdown of -6.18%. Use the drawdown chart below to compare losses from any high point for DSEP and XAPR.

Drawdown Indicators

	DSEP	XAPR	Difference
Max Drawdown Largest peak-to-trough decline	-11.78%	-6.18%	-5.60%
Max Drawdown (1Y) Largest decline over 1 year	-4.54%	-1.27%	-3.27%
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	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-1.81%	-0.19%	-1.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.93%	0.22%	+0.71%

Volatility

DSEP vs. XAPR - Volatility Comparison

FT Cboe Vest U.S. Equity Deep Buffer ETF - September (DSEP) has a higher volatility of 1.51% compared to FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - April (XAPR) at 1.23%. This indicates that DSEP's price experiences larger fluctuations and is considered to be riskier than XAPR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DSEP	XAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.51%	1.23%	+0.28%
Volatility (6M) Calculated over the trailing 6-month period	4.80%	2.30%	+2.50%
Volatility (1Y) Calculated over the trailing 1-year period	6.03%	2.62%	+3.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.81%	6.09%	+1.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.44%	6.09%	+1.35%

DSEP vs. XAPR - Expense Ratio Comparison

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

Dividends

DSEP vs. XAPR - Dividend Comparison

Neither DSEP nor XAPR has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both DSEP and XAPR in my portfolio?

DSEP and XAPR have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DSEP or XAPR?

DSEP has higher volatility (1.51%) compared to XAPR (1.23%). In terms of maximum drawdown, DSEP dropped -11.78% vs XAPR's -6.18%.

Which ETF is better, DSEP or XAPR?

On 1-year performance, DSEP leads with 12.19% vs 7.90% for XAPR. Both ETFs have the same 0.85% expense ratio. On volatility, XAPR has been the lower-risk option at 1.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DSEP or XAPR?

Over the 1-year period, DSEP has performed better with a 12.19% return vs 7.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DSEP or XAPR?

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

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

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

Which has better risk-adjusted returns?

XAPR currently has the higher Sharpe Ratio (2.94 vs 1.88), 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.