LTTI vs. FSEP

Last updated Aug 2, 2026

LTTI (FT Vest 20+ Year Treasury & Target Income ETF) and FSEP (FT Cboe Vest U.S. Equity Buffer ETF - September) are both exchange-traded funds - LTTI is a Derivative Income fund actively managed by FT Vest, while FSEP is a Options Trading fund tracking the Cboe S&P 500 Buffer Protect Index September. LTTI is actively managed, while FSEP is passively managed. Over the past year, LTTI returned -2.61% vs 14.78% for FSEP. Their 0.15 correlation means their historical movements had little consistent relationship. LTTI charges 0.65%/yr vs 0.85%/yr for FSEP.

Performance

LTTI vs. FSEP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest 20+ Year Treasury & Target Income ETF (LTTI) and FT Cboe Vest U.S. Equity Buffer ETF - September (FSEP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LTTI achieves a -4.10% return, which is significantly lower than FSEP's 7.68% return.

LTTI

• 1D: -0.74%
• 1M: -3.51%
• 6M: -4.04%
• YTD: -4.10%
• 1Y: -2.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -1.21%

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%

*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
LTTI FT Vest 20+ Year Treasury & Target Income ETF	$120.18K	$116.89K	$129.92K

LTTI vs. FSEP - Yearly Performance Comparison

	2026 (YTD)	2025
LTTI FT Vest 20+ Year Treasury & Target Income ETF	-4.10%	2.43%
FSEP FT Cboe Vest U.S. Equity Buffer ETF - September	7.68%	10.54%

Correlation

The correlation between LTTI and FSEP is 0.19, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.19
Correlation (All Time) Calculated using the full available price history since Feb 13, 2025	0.15

Return for Risk

LTTI vs. FSEP — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

LTTI

LTTI Risk / Return Rank: 8
LTTI Sharpe Ratio Rank: 8
LTTI Sortino Ratio Rank: 8
LTTI Omega Ratio Rank: 8
LTTI Calmar Ratio Rank: 9
LTTI Martin Ratio Rank: 8

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

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.

LTTI vs. FSEP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest 20+ Year Treasury & Target Income ETF (LTTI) and FT Cboe Vest U.S. Equity Buffer ETF - September (FSEP). 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.

	LTTI	FSEP	Difference
Sharpe ratio: Return per unit of total volatility	-0.16	1.78	-1.94
Sortino ratio: Return per unit of downside risk	-0.16	2.57	-2.73
Omega ratio: Gain probability vs. loss probability	0.98	1.34	-0.36
Calmar ratio: Return relative to maximum drawdown	-0.18	2.45	-2.63
Martin ratio: Return relative to average drawdown	-0.39	12.11	-12.50

LTTI vs. FSEP - Sharpe Ratio Comparison

The current LTTI Sharpe Ratio is -0.16, which is lower than the FSEP Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of LTTI and FSEP, 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

LTTI vs. FSEP - Drawdown Comparison

The maximum LTTI drawdown since its inception was -9.02%, smaller than the maximum FSEP drawdown of -13.79%. Use the drawdown chart below to compare losses from any high point for LTTI and FSEP.

Drawdown Indicators

	LTTI	FSEP	Difference
Max Drawdown Largest peak-to-trough decline	-9.02%	-13.79%	+4.77%
Max Drawdown (1Y) Largest decline over 1 year	-7.63%	-5.62%	-2.01%
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	-7.63%	-0.05%	-7.58%
Average Drawdown Average peak-to-trough decline	-3.78%	-2.09%	-1.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.44%	1.14%	+2.30%

Volatility

LTTI vs. FSEP - Volatility Comparison

FT Vest 20+ Year Treasury & Target Income ETF (LTTI) has a higher volatility of 2.24% compared to FT Cboe Vest U.S. Equity Buffer ETF - September (FSEP) at 1.88%. This indicates that LTTI's price experiences larger fluctuations and is considered to be riskier than FSEP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LTTI	FSEP	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.24%	1.88%	+0.36%
Volatility (6M) Calculated over the trailing 6-month period	6.27%	6.06%	+0.21%
Volatility (1Y) Calculated over the trailing 1-year period	8.45%	7.72%	+0.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.05%	10.86%	-0.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.05%	10.46%	-0.41%

LTTI vs. FSEP - Expense Ratio Comparison

LTTI has a 0.65% expense ratio, which is lower than FSEP's 0.85% expense ratio.

Dividends

LTTI vs. FSEP - Dividend Comparison

LTTI's dividend yield for the trailing twelve months is around 9.55%, while FSEP has not paid dividends to shareholders.

Position	TTM	2025
FSEP FT Cboe Vest U.S. Equity Buffer ETF - September	0.00%	0.00%
LTTI FT Vest 20+ Year Treasury & Target Income ETF	8.74%	7.08%

Frequently Asked Questions

Can I hold both LTTI and FSEP in my portfolio?

LTTI and FSEP have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LTTI or FSEP?

LTTI has higher volatility (2.24%) compared to FSEP (1.88%). In terms of maximum drawdown, LTTI dropped -9.02% vs FSEP's -13.79%.

Which ETF is better, LTTI or FSEP?

On 1-year performance, FSEP leads with 14.78% vs -2.61% for LTTI. On fees, LTTI is cheaper at 0.65% per year. On volatility, FSEP has been the lower-risk option at 1.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LTTI or FSEP?

Over the 1-year period, FSEP has performed better with a 14.78% return vs -2.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LTTI or FSEP?

LTTI is cheaper with a 0.65% expense ratio, compared with 0.85% for FSEP.

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

LTTI has the higher dividend yield at 8.74%, compared with 0.00% for FSEP.

What is the main difference between LTTI and FSEP?

LTTI is categorized as Derivative Income, while FSEP is Options Trading. Their fees differ too: 0.65% for LTTI and 0.85% for FSEP.

Which has better risk-adjusted returns?

FSEP currently has the higher Sharpe Ratio (1.78 vs -0.16), 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.