FSEP vs. FAPR

Last updated Jun 3, 2026

FSEP (FT Cboe Vest U.S. Equity Buffer ETF - September) and FAPR (FT Vest U.S. Equity Buffer ETF - April) are both exchange-traded funds - FSEP is a Options Trading fund tracking the Cboe S&P 500 Buffer Protect Index September, while FAPR is a Defined Outcome fund tracking the S&P 500. Both are passively managed. Over the past 5 years, FSEP returned 10.17%/yr vs 9.11%/yr for FAPR. Their correlation of 0.91 suggests significant overlap in exposure. Both charge a 0.85% expense ratio.

Performance

FSEP vs. FAPR - 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 Vest U.S. Equity Buffer ETF - April (FAPR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSEP achieves a 6.79% return, which is significantly higher than FAPR's 5.40% return.

FSEP

• 1D: 0.07%
• 1M: 2.45%
• YTD: 6.79%
• 6M: 7.39%
• 1Y: 18.45%
• 3Y*: 14.52%
• 5Y*: 10.17%
• 10Y*: —

FAPR

• 1D: -0.03%
• 1M: 2.52%
• YTD: 5.40%
• 6M: 6.37%
• 1Y: 13.27%
• 3Y*: 13.55%
• 5Y*: 9.11%
• 10Y*: —

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

FSEP vs. FAPR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FSEP FT Cboe Vest U.S. Equity Buffer ETF - September	6.79%	12.83%	13.56%	20.23%	-7.05%	6.98%
FAPR FT Vest U.S. Equity Buffer ETF - April	5.40%	7.58%	18.14%	19.50%	-10.33%	8.65%

Correlation

The correlation between FSEP and FAPR is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (All Time) Calculated using the full available price history since Apr 20, 2021	0.91

The correlation between FSEP and FAPR has been stable across timeframes, ranging from 0.87 to 0.91 - a consistent structural relationship.

FSEP vs. FAPR - Sectors Allocation Comparison

Sectors	FSEP	FAPR
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

FSEP vs. FAPR — Risk / Return Rank

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

FSEP

FSEP Risk / Return Rank: 76
FSEP Sharpe Ratio Rank: 74
FSEP Sortino Ratio Rank: 78
FSEP Omega Ratio Rank: 80
FSEP Calmar Ratio Rank: 66
FSEP Martin Ratio Rank: 82

FAPR

FAPR Risk / Return Rank: 96
FAPR Sharpe Ratio Rank: 93
FAPR Sortino Ratio Rank: 96
FAPR Omega Ratio Rank: 96
FAPR Calmar Ratio Rank: 97
FAPR Martin Ratio Rank: 97

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.

FSEP vs. FAPR - 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 Vest U.S. Equity Buffer ETF - April (FAPR). 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.

	FSEP	FAPR	Difference
Sharpe ratio Return per unit of total volatility	2.46	3.53	-1.06
Sortino ratio Return per unit of downside risk	3.55	5.75	-2.21
Omega ratio Gain probability vs. loss probability	1.49	1.80	-0.31
Calmar ratio Return relative to maximum drawdown	3.33	11.76	-8.43
Martin ratio Return relative to average drawdown	16.83	52.07	-35.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FSEP vs. FAPR - Sharpe Ratio Comparison

The current FSEP Sharpe Ratio is 2.46, which is lower than the FAPR Sharpe Ratio of 3.53. The chart below compares the historical Sharpe Ratios of FSEP and FAPR, 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

	FSEP	FAPR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.46	3.53	-1.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.95	0.87	+0.07
Sharpe Ratio (All Time) Calculated using the full available price history	1.10	0.87	+0.23

Drawdowns

FSEP vs. FAPR - Drawdown Comparison

The maximum FSEP drawdown since its inception was -13.79%, smaller than the maximum FAPR drawdown of -15.96%. Use the drawdown chart below to compare losses from any high point for FSEP and FAPR.

Drawdown Indicators

	FSEP	FAPR	Difference
Max Drawdown Largest peak-to-trough decline	-13.79%	-15.96%	+2.17%
Max Drawdown (1Y) Largest decline over 1 year	-5.62%	-1.15%	-4.47%
Max Drawdown (3Y) Largest decline over 3 years	-12.37%	-11.64%	-0.73%
Max Drawdown (5Y) Largest decline over 5 years	-13.79%	-15.96%	+2.17%
Current Drawdown Current decline from peak	0.00%	-0.03%	+0.03%
Average Drawdown Average peak-to-trough decline	-2.14%	-2.71%	+0.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.11%	0.26%	+0.85%

Volatility

FSEP vs. FAPR - Volatility Comparison

The current volatility for FT Cboe Vest U.S. Equity Buffer ETF - September (FSEP) is 1.23%, while FT Vest U.S. Equity Buffer ETF - April (FAPR) has a volatility of 1.44%. This indicates that FSEP experiences smaller price fluctuations and is considered to be less risky than FAPR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSEP	FAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.23%	1.44%	-0.21%
Volatility (6M) Calculated over the trailing 6-month period	5.79%	2.82%	+2.97%
Volatility (1Y) Calculated over the trailing 1-year period	7.52%	3.78%	+3.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.79%	10.49%	+0.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.54%	10.44%	+0.10%

FSEP vs. FAPR - Expense Ratio Comparison

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

Dividends

FSEP vs. FAPR - Dividend Comparison

Neither FSEP nor FAPR has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both FSEP and FAPR in my portfolio?

FSEP and FAPR have a correlation of 0.87, 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 FAPR?

FAPR has higher volatility (1.44%) compared to FSEP (1.23%). In terms of maximum drawdown, FSEP dropped -13.79% vs FAPR's -15.96%.

Which ETF is better, FSEP or FAPR?

On 5-year performance, FSEP leads with 10.17% vs 9.11% for FAPR. Both ETFs have the same 0.85% expense ratio. On volatility, FSEP 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, FSEP or FAPR?

Over the 5-year period, FSEP has performed better with a 10.17% return vs 9.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FSEP or FAPR?

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

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

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

What is the main difference between FSEP and FAPR?

FSEP is categorized as Options Trading, while FAPR is Defined Outcome. FSEP tracks Cboe S&P 500 Buffer Protect Index September, while FAPR tracks S&P 500.

Which has better risk-adjusted returns?

FAPR currently has the higher Sharpe Ratio (3.53 vs 2.46), 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.