SEPM vs. KNG

Last updated Jun 5, 2026

SEPM (FT Vest U.S. Equity Max Buffer ETF - September) and KNG (FT Cboe Vest S&P 500 Dividend Aristocrats Target Income ETF) are both exchange-traded funds - SEPM is a Defined Outcome fund actively managed by First Trust, while KNG is a Dividend fund tracking the Cboe S&P 500 Dividend Aristocrats Target Income Index Monthly Series. SEPM is actively managed, while KNG is passively managed. Over the past year, SEPM returned 7.70% vs 8.66% for KNG. At a 0.47 correlation, their price movements are largely independent. SEPM charges 0.85%/yr vs 0.75%/yr for KNG.

Performance

SEPM vs. KNG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest U.S. Equity Max Buffer ETF - September (SEPM) and FT Cboe Vest S&P 500 Dividend Aristocrats Target Income ETF (KNG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with SEPM having a 3.00% return and KNG slightly higher at 3.13%.

SEPM

• 1D: 0.03%
• 1M: 0.86%
• YTD: 3.00%
• 6M: 3.43%
• 1Y: 7.70%
• 3Y*: —
• 5Y*: —
• 10Y*: —

KNG

• 1D: 0.91%
• 1M: 0.83%
• YTD: 3.13%
• 6M: 3.55%
• 1Y: 8.66%
• 3Y*: 7.53%
• 5Y*: 4.50%
• 10Y*: —

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

SEPM vs. KNG - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SEPM FT Vest U.S. Equity Max Buffer ETF - September	3.00%	6.61%	0.82%
KNG FT Cboe Vest S&P 500 Dividend Aristocrats Target Income ETF	3.13%	6.63%	-5.17%

Correlation

The correlation between SEPM and KNG is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (All Time) Calculated using the full available price history since Sep 24, 2024	0.47

Return for Risk

SEPM vs. KNG — Risk / Return Rank

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

SEPM

SEPM Risk / Return Rank: 90
SEPM Sharpe Ratio Rank: 90
SEPM Sortino Ratio Rank: 94
SEPM Omega Ratio Rank: 94
SEPM Calmar Ratio Rank: 82
SEPM Martin Ratio Rank: 91

KNG

KNG Risk / Return Rank: 24
KNG Sharpe Ratio Rank: 25
KNG Sortino Ratio Rank: 25
KNG Omega Ratio Rank: 23
KNG Calmar Ratio Rank: 23
KNG Martin Ratio Rank: 22

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.

SEPM vs. KNG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Equity Max Buffer ETF - September (SEPM) and FT Cboe Vest S&P 500 Dividend Aristocrats Target Income ETF (KNG). 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.

	SEPM	KNG	Difference
Sharpe ratio: Return per unit of total volatility	3.05	0.85	+2.20
Sortino ratio: Return per unit of downside risk	4.71	1.32	+3.40
Omega ratio: Gain probability vs. loss probability	1.65	1.15	+0.50
Calmar ratio: Return relative to maximum drawdown	4.24	1.01	+3.23
Martin ratio: Return relative to average drawdown	21.53	2.61	+18.93
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SEPM vs. KNG - Sharpe Ratio Comparison

The current SEPM Sharpe Ratio is 3.05, which is higher than the KNG Sharpe Ratio of 0.85. The chart below compares the historical Sharpe Ratios of SEPM and KNG, 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

	SEPM	KNG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.05	0.85	+2.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.33	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.78	0.50	+1.28

Drawdowns

SEPM vs. KNG - Drawdown Comparison

The maximum SEPM drawdown since its inception was -3.88%, smaller than the maximum KNG drawdown of -35.12%. Use the drawdown chart below to compare losses from any high point for SEPM and KNG.

Drawdown Indicators

	SEPM	KNG	Difference
Max Drawdown Largest peak-to-trough decline	-3.88%	-35.12%	+31.24%
Max Drawdown (1Y) Largest decline over 1 year	-1.82%	-8.61%	+6.79%
Max Drawdown (3Y) Largest decline over 3 years	—	-14.24%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-18.20%	—
Current Drawdown Current decline from peak	-0.02%	-5.03%	+5.01%
Average Drawdown Average peak-to-trough decline	-0.36%	-4.13%	+3.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.36%	3.33%	-2.97%

Volatility

SEPM vs. KNG - Volatility Comparison

The current volatility for FT Vest U.S. Equity Max Buffer ETF - September (SEPM) is 0.35%, while FT Cboe Vest S&P 500 Dividend Aristocrats Target Income ETF (KNG) has a volatility of 2.26%. This indicates that SEPM experiences smaller price fluctuations and is considered to be less risky than KNG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SEPM	KNG	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.35%	2.26%	-1.91%
Volatility (6M) Calculated over the trailing 6-month period	1.98%	7.44%	-5.46%
Volatility (1Y) Calculated over the trailing 1-year period	2.54%	10.22%	-7.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.50%	13.60%	-10.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.50%	17.18%	-13.68%

SEPM vs. KNG - Expense Ratio Comparison

SEPM has a 0.85% expense ratio, which is higher than KNG's 0.75% expense ratio.

Dividends

SEPM vs. KNG - Dividend Comparison

SEPM has not paid dividends to shareholders, while KNG's dividend yield for the trailing twelve months is around 8.59%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
KNG FT Cboe Vest S&P 500 Dividend Aristocrats Target Income ETF	8.59%	8.61%	9.08%	5.91%	4.00%	3.45%	3.62%	4.09%	3.46%
SEPM FT Vest U.S. Equity Max Buffer ETF - September	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SEPM and KNG in my portfolio?

SEPM and KNG have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SEPM or KNG?

KNG has higher volatility (2.26%) compared to SEPM (0.35%). In terms of maximum drawdown, SEPM dropped -3.88% vs KNG's -35.12%.

Which ETF is better, SEPM or KNG?

On 1-year performance, KNG leads with 8.66% vs 7.70% for SEPM. On fees, KNG is cheaper at 0.75% per year. On volatility, SEPM has been the lower-risk option at 0.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SEPM or KNG?

Over the 1-year period, KNG has performed better with a 8.66% return vs 7.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SEPM or KNG?

KNG is cheaper with a 0.75% expense ratio, compared with 0.85% for SEPM.

Which ETF pays a higher dividend yield, SEPM or KNG?

KNG has the higher dividend yield at 8.59%, compared with 0.00% for SEPM.

What is the main difference between SEPM and KNG?

SEPM is categorized as Defined Outcome, while KNG is Dividend. Their fees differ too: 0.85% for SEPM and 0.75% for KNG.

Which has better risk-adjusted returns?

SEPM currently has the higher Sharpe Ratio (3.05 vs 0.85), 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.