GSEP vs. DNOV

Last updated Jun 4, 2026

GSEP (FT Cboe Vest U.S. Equity Moderate Buffer ETF – September) and DNOV (FT Vest U.S. Equity Deep Buffer ETF - November) are both exchange-traded funds - GSEP is a Options Trading fund actively managed by FT Vest, while DNOV is a Defined Outcome fund tracking the S&P 500. GSEP is actively managed, while DNOV is passively managed. Over the past year, GSEP returned 13.92% vs 17.37% for DNOV. Their correlation of 0.91 suggests significant overlap in exposure. Both charge a 0.85% expense ratio.

Performance

GSEP vs. DNOV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Cboe Vest U.S. Equity Moderate Buffer ETF – September (GSEP) and FT Vest U.S. Equity Deep Buffer ETF - November (DNOV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GSEP achieves a 5.39% return, which is significantly higher than DNOV's 4.78% return.

GSEP

• 1D: -0.07%
• 1M: 1.97%
• YTD: 5.39%
• 6M: 5.72%
• 1Y: 13.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DNOV

• 1D: -0.18%
• 1M: 1.78%
• YTD: 4.78%
• 6M: 5.27%
• 1Y: 17.37%
• 3Y*: 13.14%
• 5Y*: 8.14%
• 10Y*: —

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

GSEP vs. DNOV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GSEP FT Cboe Vest U.S. Equity Moderate Buffer ETF – September	5.39%	10.56%	10.85%	4.70%
DNOV FT Vest U.S. Equity Deep Buffer ETF - November	4.78%	13.93%	10.71%	5.62%

Correlation

The correlation between GSEP and DNOV is 0.93, 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	0.93
Correlation (All Time) Calculated using the full available price history since Sep 19, 2023	0.91

The correlation between GSEP and DNOV has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.

GSEP vs. DNOV - Sectors Allocation Comparison

Sectors	GSEP	DNOV
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

GSEP vs. DNOV — Risk / Return Rank

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

GSEP

GSEP Risk / Return Rank: 74
GSEP Sharpe Ratio Rank: 72
GSEP Sortino Ratio Rank: 75
GSEP Omega Ratio Rank: 80
GSEP Calmar Ratio Rank: 64
GSEP Martin Ratio Rank: 81

DNOV

DNOV Risk / Return Rank: 89
DNOV Sharpe Ratio Rank: 89
DNOV Sortino Ratio Rank: 93
DNOV Omega Ratio Rank: 93
DNOV Calmar Ratio Rank: 80
DNOV Martin Ratio Rank: 91

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.

GSEP vs. DNOV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Cboe Vest U.S. Equity Moderate Buffer ETF – September (GSEP) and FT Vest U.S. Equity Deep Buffer ETF - November (DNOV). 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.

	GSEP	DNOV	Difference
Sharpe ratio: Return per unit of total volatility	2.35	3.05	-0.70
Sortino ratio: Return per unit of downside risk	3.37	4.61	-1.24
Omega ratio: Gain probability vs. loss probability	1.48	1.64	-0.16
Calmar ratio: Return relative to maximum drawdown	3.15	4.17	-1.02
Martin ratio: Return relative to average drawdown	15.98	22.39	-6.41
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GSEP vs. DNOV - Sharpe Ratio Comparison

The current GSEP Sharpe Ratio is 2.35, which is comparable to the DNOV Sharpe Ratio of 3.05. The chart below compares the historical Sharpe Ratios of GSEP and DNOV, 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

	GSEP	DNOV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.35	3.05	-0.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.07	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.56	0.91	+0.65

Drawdowns

GSEP vs. DNOV - Drawdown Comparison

The maximum GSEP drawdown since its inception was -10.09%, smaller than the maximum DNOV drawdown of -15.03%. Use the drawdown chart below to compare losses from any high point for GSEP and DNOV.

Drawdown Indicators

	GSEP	DNOV	Difference
Max Drawdown Largest peak-to-trough decline	-10.09%	-15.03%	+4.94%
Max Drawdown (1Y) Largest decline over 1 year	-4.44%	-4.18%	-0.26%
Max Drawdown (3Y) Largest decline over 3 years	—	-9.98%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-9.98%	—
Current Drawdown Current decline from peak	-0.09%	-0.18%	+0.09%
Average Drawdown Average peak-to-trough decline	-0.74%	-2.01%	+1.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.87%	0.78%	+0.09%

Volatility

GSEP vs. DNOV - Volatility Comparison

FT Cboe Vest U.S. Equity Moderate Buffer ETF – September (GSEP) has a higher volatility of 0.95% compared to FT Vest U.S. Equity Deep Buffer ETF - November (DNOV) at 0.84%. This indicates that GSEP's price experiences larger fluctuations and is considered to be riskier than DNOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GSEP	DNOV	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.95%	0.84%	+0.11%
Volatility (6M) Calculated over the trailing 6-month period	4.74%	4.22%	+0.52%
Volatility (1Y) Calculated over the trailing 1-year period	5.96%	5.73%	+0.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.59%	7.61%	-0.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.59%	9.04%	-1.45%

GSEP vs. DNOV - Expense Ratio Comparison

Both GSEP and DNOV have an expense ratio of 0.85%.

Dividends

GSEP vs. DNOV - Dividend Comparison

Neither GSEP nor DNOV has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both GSEP and DNOV in my portfolio?

With a correlation of 0.93, GSEP and DNOV 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, GSEP or DNOV?

GSEP has higher volatility (0.95%) compared to DNOV (0.84%). In terms of maximum drawdown, GSEP dropped -10.09% vs DNOV's -15.03%.

Which ETF is better, GSEP or DNOV?

On 1-year performance, DNOV leads with 17.37% vs 13.92% for GSEP. Both ETFs have the same 0.85% expense ratio. On volatility, DNOV has been the lower-risk option at 0.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GSEP or DNOV?

Over the 1-year period, DNOV has performed better with a 17.37% return vs 13.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GSEP or DNOV?

GSEP and DNOV have the same expense ratio: 0.85% per year.

Which ETF pays a higher dividend yield, GSEP or DNOV?

GSEP and DNOV have nearly identical dividend yields, around 0.00%.

What is the main difference between GSEP and DNOV?

GSEP is categorized as Options Trading, while DNOV is Defined Outcome.

Which has better risk-adjusted returns?

DNOV currently has the higher Sharpe Ratio (3.05 vs 2.35), 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.