GSEP vs. GSY

Last updated Jun 24, 2026

GSEP (FT Cboe Vest U.S. Equity Moderate Buffer ETF – September) and GSY (Invesco Ultra Short Duration ETF) are both exchange-traded funds - GSEP is a Options Trading fund actively managed by FT Vest, while GSY is a Ultrashort Bond fund actively managed by Invesco. Both are actively managed. Over the past year, GSEP returned 12.75% vs 4.45% for GSY. At a 0.17 correlation, their price movements are largely independent. GSEP charges 0.85%/yr vs 0.22%/yr for GSY.

Performance

GSEP vs. GSY - 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 Invesco Ultra Short Duration ETF (GSY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GSEP achieves a 5.01% return, which is significantly higher than GSY's 1.81% return.

GSEP

• 1D: -0.45%
• 1M: 0.17%
• YTD: 5.01%
• 6M: 4.55%
• 1Y: 12.75%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GSY

• 1D: 0.02%
• 1M: 0.37%
• YTD: 1.81%
• 6M: 1.91%
• 1Y: 4.45%
• 3Y*: 5.42%
• 5Y*: 3.70%
• 10Y*: 2.86%

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

GSEP vs. GSY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GSEP FT Cboe Vest U.S. Equity Moderate Buffer ETF – September	5.01%	10.56%	10.85%	4.70%
GSY Invesco Ultra Short Duration ETF	1.81%	4.96%	5.95%	2.18%

Correlation

The correlation between GSEP and GSY is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (All Time) Calculated using the full available price history since Sep 18, 2023	0.17

Return for Risk

GSEP vs. GSY — 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: 73
GSEP Sortino Ratio Rank: 75
GSEP Omega Ratio Rank: 80
GSEP Calmar Ratio Rank: 63
GSEP Martin Ratio Rank: 80

GSY

GSY Risk / Return Rank: 99
GSY Sharpe Ratio Rank: 99
GSY Sortino Ratio Rank: 99
GSY Omega Ratio Rank: 99
GSY Calmar Ratio Rank: 100
GSY Martin Ratio Rank: 100

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. GSY - 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 Invesco Ultra Short Duration ETF (GSY). 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.

	GSEP	GSY	Difference
Sharpe ratio: Return per unit of total volatility	2.13	10.83	-8.70
Sortino ratio: Return per unit of downside risk	3.04	25.27	-22.23
Omega ratio: Gain probability vs. loss probability	1.43	6.07	-4.64
Calmar ratio: Return relative to maximum drawdown	2.88	74.55	-71.67
Martin ratio: Return relative to average drawdown	14.51	349.91	-335.41

GSEP vs. GSY - Sharpe Ratio Comparison

The current GSEP Sharpe Ratio is 2.13, which is lower than the GSY Sharpe Ratio of 10.83. The chart below compares the historical Sharpe Ratios of GSEP and GSY, 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

GSEP vs. GSY - Drawdown Comparison

The maximum GSEP drawdown since its inception was -10.09%, smaller than the maximum GSY drawdown of -12.14%. Use the drawdown chart below to compare losses from any high point for GSEP and GSY.

Drawdown Indicators

	GSEP	GSY	Difference
Max Drawdown Largest peak-to-trough decline	-10.09%	-12.14%	+2.05%
Max Drawdown (1Y) Largest decline over 1 year	-4.44%	-0.06%	-4.38%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.18%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-1.48%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-5.25%	—
Current Drawdown Current decline from peak	-0.54%	0.00%	-0.54%
Average Drawdown Average peak-to-trough decline	-0.73%	-2.38%	+1.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.88%	0.01%	+0.87%

Volatility

GSEP vs. GSY - Volatility Comparison

FT Cboe Vest U.S. Equity Moderate Buffer ETF – September (GSEP) has a higher volatility of 1.63% compared to Invesco Ultra Short Duration ETF (GSY) at 0.15%. This indicates that GSEP's price experiences larger fluctuations and is considered to be riskier than GSY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GSEP	GSY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.63%	0.15%	+1.48%
Volatility (6M) Calculated over the trailing 6-month period	4.84%	0.31%	+4.53%
Volatility (1Y) Calculated over the trailing 1-year period	6.02%	0.41%	+5.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.58%	0.58%	+7.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.58%	1.22%	+6.36%

GSEP vs. GSY - Expense Ratio Comparison

GSEP has a 0.85% expense ratio, which is higher than GSY's 0.22% expense ratio.

Dividends

GSEP vs. GSY - Dividend Comparison

GSEP has not paid dividends to shareholders, while GSY's dividend yield for the trailing twelve months is around 4.30%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GSEP FT Cboe Vest U.S. Equity Moderate Buffer ETF – September	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
GSY Invesco Ultra Short Duration ETF	4.30%	4.56%	5.31%	4.95%	1.70%	0.58%	1.45%	2.71%	2.30%	1.80%	1.21%	1.17%

Frequently Asked Questions

Can I hold both GSEP and GSY in my portfolio?

GSEP and GSY have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GSEP or GSY?

GSEP has higher volatility (1.63%) compared to GSY (0.15%). In terms of maximum drawdown, GSEP dropped -10.09% vs GSY's -12.14%.

Which ETF is better, GSEP or GSY?

On 1-year performance, GSEP leads with 12.75% vs 4.45% for GSY. On fees, GSY is cheaper at 0.22% per year. On volatility, GSY has been the lower-risk option at 0.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GSEP or GSY?

Over the 1-year period, GSEP has performed better with a 12.75% return vs 4.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GSEP or GSY?

GSY is cheaper with a 0.22% expense ratio, compared with 0.85% for GSEP.

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

GSY has the higher dividend yield at 4.30%, compared with 0.00% for GSEP.

What is the main difference between GSEP and GSY?

GSEP is categorized as Options Trading, while GSY is Ultrashort Bond. They also come from different issuers: FT Vest and Invesco. Their fees differ too: 0.85% for GSEP and 0.22% for GSY.

Which has better risk-adjusted returns?

GSY currently has the higher Sharpe Ratio (10.83 vs 2.13), 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.