FSEP vs. CTIF

Last updated Aug 4, 2026

FSEP (FT Cboe Vest U.S. Equity Buffer ETF - September) and CTIF (Castellan Targeted Income ETF) are both exchange-traded funds - FSEP is a Options Trading fund tracking the Cboe S&P 500 Buffer Protect Index September, while CTIF is a Derivative Income fund actively managed by Castellan. FSEP is passively managed, while CTIF is actively managed. Over the past year, FSEP returned 15.51% vs 14.52% for CTIF. Their 0.72 correlation means they have sometimes moved together and sometimes differently. FSEP charges 0.85%/yr vs 0.45%/yr for CTIF.

Performance

FSEP vs. CTIF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Cboe Vest U.S. Equity Buffer ETF - September (FSEP) and Castellan Targeted Income ETF (CTIF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSEP achieves a 8.36% return, which is significantly lower than CTIF's 10.45% return.

FSEP

• 1D: 0.63%
• 1M: 1.42%
• 6M: 7.02%
• YTD: 8.36%
• 1Y: 15.51%
• 3Y*: 13.53%
• 5Y*: 10.20%
• 10Y*: —
• ALL TIME*: 11.55%

CTIF

• 1D: 1.03%
• 1M: 5.15%
• 6M: 7.21%
• YTD: 10.45%
• 1Y: 14.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 13.22%

*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)
CTIF Castellan Targeted Income ETF	$144.86K	$160.90K	$259.16K
FSEP FT Cboe Vest U.S. Equity Buffer ETF - September	$980.77K	$991.65K	$2.90M

FSEP vs. CTIF - Yearly Performance Comparison

	2026 (YTD)	2025
FSEP FT Cboe Vest U.S. Equity Buffer ETF - September	8.36%	8.68%
CTIF Castellan Targeted Income ETF	10.45%	3.87%

Correlation

The correlation between FSEP and CTIF is 0.71, 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.	0.71
Correlation (All Time) Calculated using the full available price history since Jun 25, 2025	0.72

The correlation between FSEP and CTIF has been stable across timeframes, ranging from 0.71 to 0.72 - a consistent structural relationship.

Return for Risk

FSEP vs. CTIF — Risk / Return Rank

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

FSEP

FSEP Risk / Return Rank: 83
FSEP Sharpe Ratio Rank: 83
FSEP Sortino Ratio Rank: 85
FSEP Omega Ratio Rank: 86
FSEP Calmar Ratio Rank: 76
FSEP Martin Ratio Rank: 88

CTIF

CTIF Risk / Return Rank: 42
CTIF Sharpe Ratio Rank: 42
CTIF Sortino Ratio Rank: 42
CTIF Omega Ratio Rank: 39
CTIF Calmar Ratio Rank: 40
CTIF Martin Ratio Rank: 46

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.

FSEP vs. CTIF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Cboe Vest U.S. Equity Buffer ETF - September (FSEP) and Castellan Targeted Income ETF (CTIF). 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.

	FSEP	CTIF	Difference
Sharpe ratio: Return per unit of total volatility	2.03	1.15	+0.88
Sortino ratio: Return per unit of downside risk	2.92	1.69	+1.23
Omega ratio: Gain probability vs. loss probability	1.39	1.20	+0.19
Calmar ratio: Return relative to maximum drawdown	2.77	1.55	+1.23
Martin ratio: Return relative to average drawdown	13.70	5.63	+8.07

FSEP vs. CTIF - Sharpe Ratio Comparison

The current FSEP Sharpe Ratio is 2.03, which is higher than the CTIF Sharpe Ratio of 1.15. The chart below compares the historical Sharpe Ratios of FSEP and CTIF, 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

FSEP vs. CTIF - Drawdown Comparison

The maximum FSEP drawdown since its inception was -13.79%, which is greater than CTIF's maximum drawdown of -9.43%. Use the drawdown chart below to compare losses from any high point for FSEP and CTIF.

Drawdown Indicators

	FSEP	CTIF	Difference
Max Drawdown Largest peak-to-trough decline	-13.79%	-9.43%	-4.36%
Max Drawdown (1Y) Largest decline over 1 year	-5.62%	-9.43%	+3.81%
Max Drawdown (3Y) Largest decline over 3 years	-12.37%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-13.79%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-2.09%	-1.75%	-0.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.13%	2.59%	-1.46%

Volatility

FSEP vs. CTIF - Volatility Comparison

The current volatility for FT Cboe Vest U.S. Equity Buffer ETF - September (FSEP) is 1.97%, while Castellan Targeted Income ETF (CTIF) has a volatility of 3.91%. This indicates that FSEP experiences smaller price fluctuations and is considered to be less risky than CTIF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSEP	CTIF	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.97%	3.91%	-1.94%
Volatility (6M) Calculated over the trailing 6-month period	6.07%	9.80%	-3.73%
Volatility (1Y) Calculated over the trailing 1-year period	7.69%	12.71%	-5.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.87%	12.63%	-1.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.46%	12.63%	-2.17%

FSEP vs. CTIF - Expense Ratio Comparison

FSEP has a 0.85% expense ratio, which is higher than CTIF's 0.45% expense ratio.

Dividends

FSEP vs. CTIF - Dividend Comparison

FSEP has not paid dividends to shareholders, while CTIF's dividend yield for the trailing twelve months is around 4.70%.

Position	TTM	2025
CTIF Castellan Targeted Income ETF	4.70%	2.55%
FSEP FT Cboe Vest U.S. Equity Buffer ETF - September	0.00%	0.00%

Frequently Asked Questions

Can I hold both FSEP and CTIF in my portfolio?

FSEP and CTIF have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FSEP or CTIF?

CTIF has higher volatility (3.91%) compared to FSEP (1.97%). In terms of maximum drawdown, FSEP dropped -13.79% vs CTIF's -9.43%.

Which ETF is better, FSEP or CTIF?

On 1-year performance, FSEP leads with 15.51% vs 14.52% for CTIF. On fees, CTIF is cheaper at 0.45% per year. On volatility, FSEP has been the lower-risk option at 1.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FSEP or CTIF?

Over the 1-year period, FSEP has performed better with a 15.51% return vs 14.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FSEP or CTIF?

CTIF is cheaper with a 0.45% expense ratio, compared with 0.85% for FSEP.

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

CTIF has the higher dividend yield at 4.70%, compared with 0.00% for FSEP.

What is the main difference between FSEP and CTIF?

FSEP is categorized as Options Trading, while CTIF is Derivative Income. They also come from different issuers: FT Vest and Castellan. Their fees differ too: 0.85% for FSEP and 0.45% for CTIF.

Which has better risk-adjusted returns?

FSEP currently has the higher Sharpe Ratio (2.03 vs 1.15), 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.