JANP vs. DSEP

Last updated Jun 25, 2026

JANP (PGIM US Large-Cap Buffer 12 ETF - January) and DSEP (FT Cboe Vest U.S. Equity Deep Buffer ETF - September) are both Options Trading funds. JANP is actively managed, while DSEP is passively managed. Over the past year, JANP returned 15.16% vs 12.09% for DSEP. Their correlation of 0.92 suggests significant overlap in exposure. JANP charges 0.50%/yr vs 0.85%/yr for DSEP.

Performance

JANP vs. DSEP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM US Large-Cap Buffer 12 ETF - January (JANP) and FT Cboe Vest U.S. Equity Deep Buffer ETF - September (DSEP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JANP achieves a 5.25% return, which is significantly higher than DSEP's 4.80% return.

JANP

• 1D: -0.09%
• 1M: 0.29%
• YTD: 5.25%
• 6M: 5.30%
• 1Y: 15.16%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DSEP

• 1D: -0.08%
• 1M: 0.02%
• YTD: 4.80%
• 6M: 4.40%
• 1Y: 12.09%
• 3Y*: 11.77%
• 5Y*: 7.88%
• 10Y*: —

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

JANP vs. DSEP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
JANP PGIM US Large-Cap Buffer 12 ETF - January	5.25%	13.33%	15.74%
DSEP FT Cboe Vest U.S. Equity Deep Buffer ETF - September	4.80%	10.75%	11.29%

Correlation

The correlation between JANP and DSEP is 0.94, 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	0.94
Correlation (All Time) Calculated using the full available price history since Jan 2, 2024	0.92

The correlation between JANP and DSEP has been stable across timeframes, ranging from 0.92 to 0.94 - a consistent structural relationship.

Return for Risk

JANP vs. DSEP — Risk / Return Rank

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

JANP

JANP Risk / Return Rank: 79
JANP Sharpe Ratio Rank: 80
JANP Sortino Ratio Rank: 82
JANP Omega Ratio Rank: 85
JANP Calmar Ratio Rank: 66
JANP Martin Ratio Rank: 83

DSEP

DSEP Risk / Return Rank: 74
DSEP Sharpe Ratio Rank: 75
DSEP Sortino Ratio Rank: 78
DSEP Omega Ratio Rank: 80
DSEP Calmar Ratio Rank: 62
DSEP Martin Ratio Rank: 78

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.

JANP vs. DSEP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM US Large-Cap Buffer 12 ETF - January (JANP) and FT Cboe Vest U.S. Equity Deep Buffer ETF - September (DSEP). 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.

	JANP	DSEP	Difference
Sharpe ratio: Return per unit of total volatility	2.21	2.07	+0.14
Sortino ratio: Return per unit of downside risk	3.16	3.01	+0.15
Omega ratio: Gain probability vs. loss probability	1.45	1.41	+0.04
Calmar ratio: Return relative to maximum drawdown	2.86	2.67	+0.19
Martin ratio: Return relative to average drawdown	14.69	13.09	+1.60

JANP vs. DSEP - Sharpe Ratio Comparison

The current JANP Sharpe Ratio is 2.21, which is comparable to the DSEP Sharpe Ratio of 2.07. The chart below compares the historical Sharpe Ratios of JANP and DSEP, 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

JANP vs. DSEP - Drawdown Comparison

The maximum JANP drawdown since its inception was -12.18%, roughly equal to the maximum DSEP drawdown of -11.78%. Use the drawdown chart below to compare losses from any high point for JANP and DSEP.

Drawdown Indicators

	JANP	DSEP	Difference
Max Drawdown Largest peak-to-trough decline	-12.18%	-11.78%	-0.40%
Max Drawdown (1Y) Largest decline over 1 year	-5.32%	-4.54%	-0.78%
Max Drawdown (3Y) Largest decline over 3 years	—	-9.93%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-11.78%	—
Current Drawdown Current decline from peak	-0.99%	-0.75%	-0.24%
Average Drawdown Average peak-to-trough decline	-0.89%	-1.84%	+0.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.03%	0.93%	+0.10%

Volatility

JANP vs. DSEP - Volatility Comparison

PGIM US Large-Cap Buffer 12 ETF - January (JANP) has a higher volatility of 2.31% compared to FT Cboe Vest U.S. Equity Deep Buffer ETF - September (DSEP) at 1.76%. This indicates that JANP's price experiences larger fluctuations and is considered to be riskier than DSEP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JANP	DSEP	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.31%	1.76%	+0.55%
Volatility (6M) Calculated over the trailing 6-month period	5.86%	4.74%	+1.12%
Volatility (1Y) Calculated over the trailing 1-year period	6.92%	5.91%	+1.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.06%	7.78%	+1.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.06%	7.47%	+1.59%

JANP vs. DSEP - Expense Ratio Comparison

JANP has a 0.50% expense ratio, which is lower than DSEP's 0.85% expense ratio.

Dividends

JANP vs. DSEP - Dividend Comparison

Neither JANP nor DSEP has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both JANP and DSEP in my portfolio?

With a correlation of 0.94, JANP and DSEP 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, JANP or DSEP?

JANP has higher volatility (2.31%) compared to DSEP (1.76%). In terms of maximum drawdown, JANP dropped -12.18% vs DSEP's -11.78%.

Which ETF is better, JANP or DSEP?

On 1-year performance, JANP leads with 15.16% vs 12.09% for DSEP. On fees, JANP is cheaper at 0.50% per year. On volatility, DSEP has been the lower-risk option at 1.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JANP or DSEP?

Over the 1-year period, JANP has performed better with a 15.16% return vs 12.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JANP or DSEP?

JANP is cheaper with a 0.50% expense ratio, compared with 0.85% for DSEP.

Which ETF pays a higher dividend yield, JANP or DSEP?

JANP and DSEP have nearly identical dividend yields, around 0.00%.

What is the main difference between JANP and DSEP?

They also come from different issuers: PGIM and FT Vest. Their fees differ too: 0.50% for JANP and 0.85% for DSEP.

Which has better risk-adjusted returns?

JANP currently has the higher Sharpe Ratio (2.21 vs 2.07), 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.