FOCT vs. BSEP

Last updated Jun 4, 2026

FOCT (FT Vest U.S. Equity Buffer ETF - October) and BSEP (Innovator U.S. Equity Buffer ETF - September) are both Defined Outcome funds. FOCT is actively managed, while BSEP is passively managed. Over the past 5 years, FOCT returned 9.14%/yr vs 10.76%/yr for BSEP. Their correlation of 0.94 suggests significant overlap in exposure. FOCT charges 0.85%/yr vs 0.79%/yr for BSEP.

Performance

FOCT vs. BSEP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest U.S. Equity Buffer ETF - October (FOCT) and Innovator U.S. Equity Buffer ETF - September (BSEP). 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 FOCT having a 6.65% return and BSEP slightly higher at 6.73%.

FOCT

• 1D: -0.23%
• 1M: 2.64%
• YTD: 6.65%
• 6M: 7.15%
• 1Y: 20.11%
• 3Y*: 12.77%
• 5Y*: 9.14%
• 10Y*: —

BSEP

• 1D: -0.13%
• 1M: 2.51%
• YTD: 6.73%
• 6M: 7.27%
• 1Y: 20.00%
• 3Y*: 16.52%
• 5Y*: 10.76%
• 10Y*: —

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

FOCT vs. BSEP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FOCT FT Vest U.S. Equity Buffer ETF - October	6.65%	14.92%	9.62%	17.81%	-7.59%	13.13%	6.38%
BSEP Innovator U.S. Equity Buffer ETF - September	6.73%	14.80%	16.96%	20.94%	-9.20%	14.64%	7.09%

Correlation

The correlation between FOCT and BSEP is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (All Time) Calculated using the full available price history since Oct 20, 2020	0.94

The correlation between FOCT and BSEP has been stable across timeframes, ranging from 0.94 to 0.97 - a consistent structural relationship.

FOCT vs. BSEP - Sectors Allocation Comparison

Sectors	FOCT	BSEP
Technology	36.2%	36.2%
Financial Services	11.9%	11.9%
Communication Services	10.9%	10.9%
Consumer Cyclical	10.1%	10.1%
Healthcare	8.4%	8.4%
Industrials	8.1%	8.1%
Consumer Defensive	4.9%	4.9%
Energy	3.5%	3.5%
Utilities	2.3%	2.3%
Real Estate	1.9%	1.9%
Basic Materials	1.8%	1.8%

Return for Risk

FOCT vs. BSEP — Risk / Return Rank

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

FOCT

FOCT Risk / Return Rank: 79
FOCT Sharpe Ratio Rank: 77
FOCT Sortino Ratio Rank: 81
FOCT Omega Ratio Rank: 81
FOCT Calmar Ratio Rank: 70
FOCT Martin Ratio Rank: 84

BSEP

BSEP Risk / Return Rank: 80
BSEP Sharpe Ratio Rank: 80
BSEP Sortino Ratio Rank: 83
BSEP Omega Ratio Rank: 83
BSEP Calmar Ratio Rank: 71
BSEP Martin Ratio Rank: 85

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.

FOCT vs. BSEP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Equity Buffer ETF - October (FOCT) and Innovator U.S. Equity Buffer ETF - September (BSEP). 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.

	FOCT	BSEP	Difference
Sharpe ratio: Return per unit of total volatility	2.53	2.58	-0.05
Sortino ratio: Return per unit of downside risk	3.64	3.70	-0.06
Omega ratio: Gain probability vs. loss probability	1.49	1.51	-0.01
Calmar ratio: Return relative to maximum drawdown	3.52	3.52	0.00
Martin ratio: Return relative to average drawdown	17.32	17.58	-0.26
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FOCT vs. BSEP - Sharpe Ratio Comparison

The current FOCT Sharpe Ratio is 2.53, which is comparable to the BSEP Sharpe Ratio of 2.58. The chart below compares the historical Sharpe Ratios of FOCT and BSEP, 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

	FOCT	BSEP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.53	2.58	-0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.83	0.93	-0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.98	0.89	+0.09

Drawdowns

FOCT vs. BSEP - Drawdown Comparison

The maximum FOCT drawdown since its inception was -14.07%, smaller than the maximum BSEP drawdown of -23.98%. Use the drawdown chart below to compare losses from any high point for FOCT and BSEP.

Drawdown Indicators

	FOCT	BSEP	Difference
Max Drawdown Largest peak-to-trough decline	-14.07%	-23.98%	+9.91%
Max Drawdown (1Y) Largest decline over 1 year	-5.74%	-5.70%	-0.04%
Max Drawdown (3Y) Largest decline over 3 years	-13.06%	-13.36%	+0.30%
Max Drawdown (5Y) Largest decline over 5 years	-14.07%	-15.02%	+0.95%
Current Drawdown Current decline from peak	-0.23%	-0.13%	-0.10%
Average Drawdown Average peak-to-trough decline	-2.25%	-2.75%	+0.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.16%	1.14%	+0.02%

Volatility

FOCT vs. BSEP - Volatility Comparison

FT Vest U.S. Equity Buffer ETF - October (FOCT) has a higher volatility of 1.22% compared to Innovator U.S. Equity Buffer ETF - September (BSEP) at 1.02%. This indicates that FOCT's price experiences larger fluctuations and is considered to be riskier than BSEP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FOCT	BSEP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.22%	1.02%	+0.20%
Volatility (6M) Calculated over the trailing 6-month period	5.94%	5.82%	+0.12%
Volatility (1Y) Calculated over the trailing 1-year period	7.99%	7.80%	+0.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.07%	11.61%	-0.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.89%	13.77%	-2.88%

FOCT vs. BSEP - Expense Ratio Comparison

FOCT has a 0.85% expense ratio, which is higher than BSEP's 0.79% expense ratio.

Dividends

FOCT vs. BSEP - Dividend Comparison

Neither FOCT nor BSEP has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
BSEP Innovator U.S. Equity Buffer ETF - September	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.39%
FOCT FT Vest U.S. Equity Buffer ETF - October	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FOCT and BSEP in my portfolio?

With a correlation of 0.97, FOCT and BSEP 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, FOCT or BSEP?

FOCT has higher volatility (1.22%) compared to BSEP (1.02%). In terms of maximum drawdown, FOCT dropped -14.07% vs BSEP's -23.98%.

Which ETF is better, FOCT or BSEP?

On 5-year performance, BSEP leads with 10.76% vs 9.14% for FOCT. On fees, BSEP is cheaper at 0.79% per year. On volatility, BSEP has been the lower-risk option at 1.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FOCT or BSEP?

Over the 5-year period, BSEP has performed better with a 10.76% return vs 9.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FOCT or BSEP?

BSEP is cheaper with a 0.79% expense ratio, compared with 0.85% for FOCT.

Which ETF pays a higher dividend yield, FOCT or BSEP?

FOCT and BSEP have nearly identical dividend yields, around 0.00%.

What is the main difference between FOCT and BSEP?

They also come from different issuers: FT Vest and Innovator. Their fees differ too: 0.85% for FOCT and 0.79% for BSEP.

Which has better risk-adjusted returns?

BSEP currently has the higher Sharpe Ratio (2.58 vs 2.53), 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.