FSEP vs. DJUL

Last updated Aug 2, 2026

FSEP (FT Cboe Vest U.S. Equity Buffer ETF - September) and DJUL (FT Cboe Vest U.S. Equity Deep Buffer ETF - July) are both Options Trading funds from FT Vest - FSEP tracks the Cboe S&P 500 Buffer Protect Index September while DJUL tracks the Cboe S&P 500 30% (-5% to -35%) Buffer Protect July Series Index. Both are passively managed. Over the past 5 years, FSEP returned 10.08%/yr vs 9.04%/yr for DJUL. Their correlation of 0.92 means they have usually moved in the same direction. Both charge a 0.85% expense ratio.

Performance

FSEP vs. DJUL - 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 FT Cboe Vest U.S. Equity Deep Buffer ETF - July (DJUL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSEP achieves a 7.68% return, which is significantly higher than DJUL's 6.22% return.

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%

DJUL

• 1D: 0.35%
• 1M: 0.67%
• 6M: 5.45%
• YTD: 6.22%
• 1Y: 11.98%
• 3Y*: 12.72%
• 5Y*: 9.04%
• 10Y*: —
• ALL TIME*: 8.78%

*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)
DJUL FT Cboe Vest U.S. Equity Deep Buffer ETF - July	$2.52M	$2.31M	$1.04M
FSEP FT Cboe Vest U.S. Equity Buffer ETF - September	$1.01M	$986.22K	$2.87M

FSEP vs. DJUL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FSEP FT Cboe Vest U.S. Equity Buffer ETF - September	7.68%	12.83%	13.56%	20.23%	-7.05%	11.61%	9.64%
DJUL FT Cboe Vest U.S. Equity Deep Buffer ETF - July	6.22%	13.31%	15.02%	18.08%	-8.28%	6.18%	3.94%

Correlation

The correlation between FSEP and DJUL is 0.93, 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.	0.93
Correlation (3Y) Balances recent behavior with more history.	0.93
Correlation (5Y) Shows whether the relationship held over a longer period.	0.93
Correlation (All Time) Calculated using the full available price history since Sep 21, 2020	0.92

The correlation between FSEP and DJUL has been stable across timeframes, ranging from 0.92 to 0.93 - a consistent structural relationship.

Return for Risk

FSEP vs. DJUL — Risk / Return Rank

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

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

DJUL

DJUL Risk / Return Rank: 86
DJUL Sharpe Ratio Rank: 87
DJUL Sortino Ratio Rank: 89
DJUL Omega Ratio Rank: 91
DJUL Calmar Ratio Rank: 75
DJUL Martin Ratio Rank: 90

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. DJUL - 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 FT Cboe Vest U.S. Equity Deep Buffer ETF - July (DJUL). 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	DJUL	Difference
Sharpe ratio: Return per unit of total volatility	1.78	2.11	-0.32
Sortino ratio: Return per unit of downside risk	2.57	3.13	-0.56
Omega ratio: Gain probability vs. loss probability	1.34	1.44	-0.10
Calmar ratio: Return relative to maximum drawdown	2.45	2.65	-0.20
Martin ratio: Return relative to average drawdown	12.11	14.36	-2.25

FSEP vs. DJUL - Sharpe Ratio Comparison

The current FSEP Sharpe Ratio is 1.78, which is comparable to the DJUL Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of FSEP and DJUL, 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. DJUL - Drawdown Comparison

The maximum FSEP drawdown since its inception was -13.79%, which is greater than DJUL's maximum drawdown of -12.54%. Use the drawdown chart below to compare losses from any high point for FSEP and DJUL.

Drawdown Indicators

	FSEP	DJUL	Difference
Max Drawdown Largest peak-to-trough decline	-13.79%	-12.54%	-1.25%
Max Drawdown (1Y) Largest decline over 1 year	-5.62%	-4.25%	-1.37%
Max Drawdown (3Y) Largest decline over 3 years	-12.37%	-11.29%	-1.08%
Max Drawdown (5Y) Largest decline over 5 years	-13.79%	-12.54%	-1.25%
Current Drawdown Current decline from peak	-0.05%	0.00%	-0.05%
Average Drawdown Average peak-to-trough decline	-2.09%	-1.95%	-0.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.14%	0.78%	+0.36%

Volatility

FSEP vs. DJUL - Volatility Comparison

FT Cboe Vest U.S. Equity Buffer ETF - September (FSEP) has a higher volatility of 1.88% compared to FT Cboe Vest U.S. Equity Deep Buffer ETF - July (DJUL) at 1.51%. This indicates that FSEP's price experiences larger fluctuations and is considered to be riskier than DJUL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSEP	DJUL	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.88%	1.51%	+0.37%
Volatility (6M) Calculated over the trailing 6-month period	6.06%	4.24%	+1.82%
Volatility (1Y) Calculated over the trailing 1-year period	7.72%	5.35%	+2.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.86%	8.41%	+2.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.46%	7.86%	+2.60%

FSEP vs. DJUL - Expense Ratio Comparison

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

Dividends

FSEP vs. DJUL - Dividend Comparison

Neither FSEP nor DJUL has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both FSEP and DJUL in my portfolio?

With a correlation of 0.93, FSEP and DJUL 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, FSEP or DJUL?

FSEP has higher volatility (1.88%) compared to DJUL (1.51%). In terms of maximum drawdown, FSEP dropped -13.79% vs DJUL's -12.54%.

Which ETF is better, FSEP or DJUL?

On 5-year performance, FSEP leads with 10.08% vs 9.04% for DJUL. Both ETFs have the same 0.85% expense ratio. On volatility, DJUL has been the lower-risk option at 1.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FSEP or DJUL?

Over the 5-year period, FSEP has performed better with a 10.08% return vs 9.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FSEP or DJUL?

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

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

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

What is the main difference between FSEP and DJUL?

FSEP tracks Cboe S&P 500 Buffer Protect Index September, while DJUL tracks Cboe S&P 500 30% (-5% to -35%) Buffer Protect July Series Index.

Which has better risk-adjusted returns?

DJUL currently has the higher Sharpe Ratio (2.11 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.