SETH vs. DSEP
SETH (ProShares Short Ether Strategy ETF) and DSEP (FT Cboe Vest U.S. Equity Deep Buffer ETF - September) are both exchange-traded funds - SETH is a Cryptocurrency fund tracking the Bloomberg Galaxy Ethereum (--100%), while DSEP is a Options Trading fund tracking the Cboe S&P 500 30% (-5% to -35%) Buffer Protect September Series Index. Both are passively managed. Over the past year, SETH returned 26.49% vs 12.31% for DSEP. Their -0.44 correlation means they have often moved in opposite directions in the past. SETH charges 0.95%/yr vs 0.85%/yr for DSEP.
Performance
SETH vs. DSEP - Performance Comparison
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Returns By Period
In the year-to-date period, SETH achieves a 26.20% return, which is significantly higher than DSEP's 7.41% return.
SETH
- 1D
- -2.16%
- 1M
- -7.29%
- 6M
- -3.53%
- YTD
- 26.20%
- 1Y
- 26.49%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -31.71%
DSEP
- 1D
- 0.03%
- 1M
- 1.28%
- 6M
- 7.06%
- YTD
- 7.41%
- 1Y
- 12.31%
- 3Y*
- 11.89%
- 5Y*
- 8.35%
- 10Y*
- —
- ALL TIME*
- 8.68%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $286.84K | $359.57K | $473.33K | |
| $1.00M | $1.08M | $1.82M |
SETH vs. DSEP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
SETH ProShares Short Ether Strategy ETF | 26.20% | -29.41% | -49.59% | -22.19% |
DSEP FT Cboe Vest U.S. Equity Deep Buffer ETF - September | 7.41% | 10.75% | 11.29% | 7.58% |
Correlation
The correlation between SETH and DSEP is -0.53, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.53 |
Correlation (All Time) Calculated using the full available price history since Nov 2, 2023 | -0.44 |
The correlation between SETH and DSEP has been stable across timeframes, ranging from -0.53 to -0.44 - a consistent structural relationship.
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Return for Risk
SETH vs. DSEP — Risk / Return Rank
SETH
DSEP
SETH vs. DSEP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short Ether Strategy ETF (SETH) 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.
| SETH | DSEP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.69 | ||
| Sortino ratioReturn per unit of downside risk | -2.07 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.41 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | 0.91 | 2.72 | -1.81 |
| Martin ratioReturn relative to average drawdown | 1.60 | 13.23 | -11.63 |
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Drawdowns
SETH vs. DSEP - Drawdown Comparison
The maximum SETH drawdown since its inception was -80.74%, which is greater than DSEP's maximum drawdown of -11.78%. Use the drawdown chart below to compare losses from any high point for SETH and DSEP.
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Drawdown Indicators
| SETH | DSEP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.74% | -11.78% | -68.96% |
Max Drawdown (1Y)Largest decline over 1 year | -29.18% | -4.54% | -24.64% |
Max Drawdown (3Y)Largest decline over 3 years | — | -9.93% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -11.78% | — |
Current DrawdownCurrent decline from peak | -65.33% | 0.00% | -65.33% |
Average DrawdownAverage peak-to-trough decline | -55.14% | -1.81% | -53.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.35% | 0.93% | +16.42% |
Volatility
SETH vs. DSEP - Volatility Comparison
ProShares Short Ether Strategy ETF (SETH) has a higher volatility of 11.51% compared to FT Cboe Vest U.S. Equity Deep Buffer ETF - September (DSEP) at 1.52%. This indicates that SETH'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.
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Volatility by Period
| SETH | DSEP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.51% | 1.52% | +9.99% |
Volatility (6M)Calculated over the trailing 6-month period | 43.93% | 4.79% | +39.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 66.80% | 5.92% | +60.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 68.75% | 7.82% | +60.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 68.75% | 7.43% | +61.32% |
SETH vs. DSEP - Expense Ratio Comparison
SETH has a 0.95% expense ratio, which is higher than DSEP's 0.85% expense ratio.
Dividends
SETH vs. DSEP - Dividend Comparison
SETH's dividend yield for the trailing twelve months is around 22.68%, while DSEP has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
DSEP FT Cboe Vest U.S. Equity Deep Buffer ETF - September | 0.00% | 0.00% | 0.00% | 0.00% |
SETH ProShares Short Ether Strategy ETF | 22.68% | 7.01% | 3.44% | 0.38% |
Frequently Asked Questions
SETH and DSEP have a correlation of -0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SETH has higher volatility (11.51%) compared to DSEP (1.52%). In terms of maximum drawdown, SETH dropped -80.74% vs DSEP's -11.78%.
On 1-year performance, SETH leads with 26.49% vs 12.31% for DSEP. On fees, DSEP is cheaper at 0.85% per year. On volatility, DSEP has been the lower-risk option at 1.52%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SETH has performed better with a 26.49% return vs 12.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DSEP is cheaper with a 0.85% expense ratio, compared with 0.95% for SETH.
SETH has the higher dividend yield at 22.68%, compared with 0.00% for DSEP.
SETH is categorized as Cryptocurrency, while DSEP is Options Trading. SETH tracks Bloomberg Galaxy Ethereum (--100%), while DSEP tracks Cboe S&P 500 30% (-5% to -35%) Buffer Protect September Series Index. They also come from different issuers: ProShares and FT Vest. Their fees differ too: 0.95% for SETH and 0.85% for DSEP.
DSEP currently has the higher Sharpe Ratio (2.09 vs 0.40), 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.
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