FJUL vs. FSEP

Last updated Aug 2, 2026

FJUL (FT Cboe Vest U.S. Equity Buffer ETF - July) and FSEP (FT Cboe Vest U.S. Equity Buffer ETF - September) are both Options Trading funds from FT Vest - FJUL tracks the Cboe S&P 500 Buffer Protect Index July while FSEP tracks the Cboe S&P 500 Buffer Protect Index September. Both are passively managed. Over the past 5 years, FJUL returned 11.47%/yr vs 10.08%/yr for FSEP. Their correlation of 0.94 means they have usually moved in the same direction. Both charge a 0.85% expense ratio.

Performance

FJUL vs. FSEP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Cboe Vest U.S. Equity Buffer ETF - July (FJUL) 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

The year-to-date returns for both investments are quite close, with FJUL having a 7.54% return and FSEP slightly higher at 7.68%.

FJUL

• 1D: 0.47%
• 1M: 0.86%
• 6M: 6.71%
• YTD: 7.54%
• 1Y: 14.82%
• 3Y*: 14.53%
• 5Y*: 11.47%
• 10Y*: —
• ALL TIME*: 11.97%

FSEP

• 1D: 0.48%
• 1M: 0.78%
• 6M: 6.71%
• YTD: 7.68%
• 1Y: 14.78%
• 3Y*: 12.54%
• 5Y*: 10.08%
• 10Y*: —
• ALL TIME*: 11.45%

*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)
FJUL FT Cboe Vest U.S. Equity Buffer ETF - July	$4.22M	$3.10M	$2.24M
FSEP FT Cboe Vest U.S. Equity Buffer ETF - September	$1.01M	$986.22K	$2.87M

FJUL vs. FSEP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FJUL FT Cboe Vest U.S. Equity Buffer ETF - July	7.54%	14.19%	17.65%	21.33%	-6.25%	10.80%	7.29%
FSEP FT Cboe Vest U.S. Equity Buffer ETF - September	7.68%	12.83%	13.56%	20.23%	-7.05%	11.61%	9.64%

Correlation

The correlation between FJUL and FSEP is 0.95, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.95
Correlation (3Y) Balances recent behavior with more history.	0.94
Correlation (5Y) Shows whether the relationship held over a longer period.	0.95
Correlation (All Time) Calculated using the full available price history since Sep 21, 2020	0.94

The correlation between FJUL and FSEP has been stable across timeframes, ranging from 0.94 to 0.95 - a consistent structural relationship.

Return for Risk

FJUL vs. FSEP — Risk / Return Rank

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

FJUL

FJUL Risk / Return Rank: 85
FJUL Sharpe Ratio Rank: 85
FJUL Sortino Ratio Rank: 86
FJUL Omega Ratio Rank: 89
FJUL Calmar Ratio Rank: 76
FJUL Martin Ratio Rank: 90

FSEP

FSEP Risk / Return Rank: 79
FSEP Sharpe Ratio Rank: 78
FSEP Sortino Ratio Rank: 79
FSEP Omega Ratio Rank: 81
FSEP Calmar Ratio Rank: 70
FSEP Martin Ratio Rank: 85

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.

FJUL vs. FSEP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Cboe Vest U.S. Equity Buffer ETF - July (FJUL) 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.

	FJUL	FSEP	Difference
Sharpe ratio: Return per unit of total volatility	2.01	1.78	+0.23
Sortino ratio: Return per unit of downside risk	2.89	2.57	+0.32
Omega ratio: Gain probability vs. loss probability	1.40	1.34	+0.06
Calmar ratio: Return relative to maximum drawdown	2.71	2.45	+0.26
Martin ratio: Return relative to average drawdown	14.19	12.11	+2.08

FJUL vs. FSEP - Sharpe Ratio Comparison

The current FJUL Sharpe Ratio is 2.01, which is comparable to the FSEP Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of FJUL 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

FJUL vs. FSEP - Drawdown Comparison

The maximum FJUL drawdown since its inception was -13.08%, smaller than the maximum FSEP drawdown of -13.79%. Use the drawdown chart below to compare losses from any high point for FJUL and FSEP.

Drawdown Indicators

	FJUL	FSEP	Difference
Max Drawdown Largest peak-to-trough decline	-13.08%	-13.79%	+0.71%
Max Drawdown (1Y) Largest decline over 1 year	-5.10%	-5.62%	+0.52%
Max Drawdown (3Y) Largest decline over 3 years	-13.08%	-12.37%	-0.71%
Max Drawdown (5Y) Largest decline over 5 years	-13.08%	-13.79%	+0.71%
Current Drawdown Current decline from peak	0.00%	-0.05%	+0.05%
Average Drawdown Average peak-to-trough decline	-1.83%	-2.09%	+0.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.97%	1.14%	-0.17%

Volatility

FJUL vs. FSEP - Volatility Comparison

FT Cboe Vest U.S. Equity Buffer ETF - July (FJUL) and FT Cboe Vest U.S. Equity Buffer ETF - September (FSEP) have volatilities of 1.92% and 1.88%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FJUL	FSEP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.92%	1.88%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	5.26%	6.06%	-0.80%
Volatility (1Y) Calculated over the trailing 1-year period	6.87%	7.72%	-0.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.97%	10.86%	+0.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.47%	10.46%	+0.01%

FJUL vs. FSEP - Expense Ratio Comparison

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

Dividends

FJUL vs. FSEP - Dividend Comparison

Neither FJUL nor FSEP has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both FJUL and FSEP in my portfolio?

With a correlation of 0.95, FJUL 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, FJUL or FSEP?

FJUL has higher volatility (1.92%) compared to FSEP (1.88%). In terms of maximum drawdown, FJUL dropped -13.08% vs FSEP's -13.79%.

Which ETF is better, FJUL or FSEP?

On 5-year performance, FJUL leads with 11.47% vs 10.08% for FSEP. 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, FJUL or FSEP?

Over the 5-year period, FJUL has performed better with a 11.47% return vs 10.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FJUL or FSEP?

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

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

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

What is the main difference between FJUL and FSEP?

FJUL tracks Cboe S&P 500 Buffer Protect Index July, while FSEP tracks Cboe S&P 500 Buffer Protect Index September.

Which has better risk-adjusted returns?

FJUL currently has the higher Sharpe Ratio (2.01 vs 1.78), 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.