FSEP vs. XAPR

Last updated Aug 2, 2026

FSEP (FT Cboe Vest U.S. Equity Buffer ETF - September) and XAPR (FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - April) are both Options Trading funds from FT Vest. FSEP is passively managed, while XAPR is actively managed. Over the past year, FSEP returned 14.78% vs 7.90% for XAPR. Their correlation of 0.83 means they have usually moved in the same direction. Both charge a 0.85% expense ratio.

Performance

FSEP vs. XAPR - 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 Enhance & Moderate Buffer ETF - April (XAPR). 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 XAPR's 4.23% 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%

XAPR

• 1D: 0.33%
• 1M: 0.63%
• 6M: 3.83%
• YTD: 4.23%
• 1Y: 7.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 11.24%

*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)
FSEP FT Cboe Vest U.S. Equity Buffer ETF - September	$1.01M	$986.22K	$2.87M
XAPR FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - April	$56.25K	$52.19K	$206.39K

FSEP vs. XAPR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FSEP FT Cboe Vest U.S. Equity Buffer ETF - September	7.68%	12.83%	10.24%
XAPR FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - April	4.23%	12.57%	8.57%

Correlation

The correlation between FSEP and XAPR is 0.81, 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.	0.81
Correlation (All Time) Calculated using the full available price history since Apr 22, 2024	0.83

The correlation between FSEP and XAPR has been stable across timeframes, ranging from 0.81 to 0.83 - a consistent structural relationship.

Return for Risk

FSEP vs. XAPR — 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

XAPR

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

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. XAPR - 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 Enhance & Moderate Buffer ETF - April (XAPR). 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	XAPR	Difference
Sharpe ratio: Return per unit of total volatility	1.78	2.94	-1.16
Sortino ratio: Return per unit of downside risk	2.57	4.43	-1.86
Omega ratio: Gain probability vs. loss probability	1.34	1.68	-0.34
Calmar ratio: Return relative to maximum drawdown	2.45	6.05	-3.60
Martin ratio: Return relative to average drawdown	12.11	35.36	-23.25

FSEP vs. XAPR - Sharpe Ratio Comparison

The current FSEP Sharpe Ratio is 1.78, which is lower than the XAPR Sharpe Ratio of 2.94. The chart below compares the historical Sharpe Ratios of FSEP and XAPR, 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. XAPR - Drawdown Comparison

The maximum FSEP drawdown since its inception was -13.79%, which is greater than XAPR's maximum drawdown of -6.18%. Use the drawdown chart below to compare losses from any high point for FSEP and XAPR.

Drawdown Indicators

	FSEP	XAPR	Difference
Max Drawdown Largest peak-to-trough decline	-13.79%	-6.18%	-7.61%
Max Drawdown (1Y) Largest decline over 1 year	-5.62%	-1.27%	-4.35%
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	-0.05%	0.00%	-0.05%
Average Drawdown Average peak-to-trough decline	-2.09%	-0.19%	-1.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.14%	0.22%	+0.92%

Volatility

FSEP vs. XAPR - 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 Enhance & Moderate Buffer ETF - April (XAPR) at 1.23%. This indicates that FSEP's price experiences larger fluctuations and is considered to be riskier than XAPR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSEP	XAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.88%	1.23%	+0.65%
Volatility (6M) Calculated over the trailing 6-month period	6.06%	2.30%	+3.76%
Volatility (1Y) Calculated over the trailing 1-year period	7.72%	2.62%	+5.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.86%	6.09%	+4.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.46%	6.09%	+4.37%

FSEP vs. XAPR - Expense Ratio Comparison

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

Dividends

FSEP vs. XAPR - Dividend Comparison

Neither FSEP nor XAPR has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both FSEP and XAPR in my portfolio?

FSEP and XAPR have a correlation of 0.81, 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 XAPR?

FSEP has higher volatility (1.88%) compared to XAPR (1.23%). In terms of maximum drawdown, FSEP dropped -13.79% vs XAPR's -6.18%.

Which ETF is better, FSEP or XAPR?

On 1-year performance, FSEP leads with 14.78% vs 7.90% for XAPR. Both ETFs have the same 0.85% expense ratio. On volatility, XAPR 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 XAPR?

Over the 1-year period, FSEP has performed better with a 14.78% return vs 7.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FSEP or XAPR?

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

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

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

Which has better risk-adjusted returns?

XAPR currently has the higher Sharpe Ratio (2.94 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.