SQMX vs. FSEP

Last updated Jun 5, 2026

SQMX (FT Vest U.S. Equity Quarterly Max Buffer ETF) and FSEP (FT Cboe Vest U.S. Equity Buffer ETF - September) are both exchange-traded funds - SQMX is a Defined Outcome fund tracking the S&P 500, while FSEP is a Options Trading fund tracking the Cboe S&P 500 Buffer Protect Index September. Both are passively managed. Over the past year, SQMX returned 8.50% vs 17.80% for FSEP. Their correlation of 0.89 suggests significant overlap in exposure. Both charge a 0.85% expense ratio.

Performance

SQMX vs. FSEP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest U.S. Equity Quarterly Max Buffer ETF (SQMX) 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, SQMX achieves a 2.15% return, which is significantly lower than FSEP's 6.77% return.

SQMX

• 1D: 0.01%
• 1M: 0.50%
• YTD: 2.15%
• 6M: 2.98%
• 1Y: 8.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FSEP

• 1D: 0.20%
• 1M: 2.27%
• YTD: 6.77%
• 6M: 7.10%
• 1Y: 17.80%
• 3Y*: 14.60%
• 5Y*: 10.11%
• 10Y*: —

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

SQMX vs. FSEP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SQMX FT Vest U.S. Equity Quarterly Max Buffer ETF	2.15%	8.58%	-0.27%
FSEP FT Cboe Vest U.S. Equity Buffer ETF - September	6.77%	12.83%	-0.81%

Correlation

The correlation between SQMX and FSEP is 0.86, 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	0.86
Correlation (All Time) Calculated using the full available price history since Dec 24, 2024	0.89

The correlation between SQMX and FSEP has been stable across timeframes, ranging from 0.86 to 0.89 - a consistent structural relationship.

Return for Risk

SQMX vs. FSEP — Risk / Return Rank

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

SQMX

SQMX Risk / Return Rank: 85
SQMX Sharpe Ratio Rank: 80
SQMX Sortino Ratio Rank: 83
SQMX Omega Ratio Rank: 92
SQMX Calmar Ratio Rank: 82
SQMX Martin Ratio Rank: 86

FSEP

FSEP Risk / Return Rank: 76
FSEP Sharpe Ratio Rank: 74
FSEP Sortino Ratio Rank: 78
FSEP Omega Ratio Rank: 80
FSEP Calmar Ratio Rank: 65
FSEP Martin Ratio Rank: 82

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.

SQMX vs. FSEP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Equity Quarterly Max Buffer ETF (SQMX) 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.

	SQMX	FSEP	Difference
Sharpe ratio: Return per unit of total volatility	2.54	2.38	+0.16
Sortino ratio: Return per unit of downside risk	3.67	3.43	+0.24
Omega ratio: Gain probability vs. loss probability	1.60	1.47	+0.13
Calmar ratio: Return relative to maximum drawdown	4.19	3.18	+1.01
Martin ratio: Return relative to average drawdown	17.93	16.07	+1.86
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SQMX vs. FSEP - Sharpe Ratio Comparison

The current SQMX Sharpe Ratio is 2.54, which is comparable to the FSEP Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of SQMX 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.

Sharpe Ratios by Period

	SQMX	FSEP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.54	2.38	+0.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.94	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.17	1.10	+0.06

Drawdowns

SQMX vs. FSEP - Drawdown Comparison

The maximum SQMX drawdown since its inception was -7.40%, smaller than the maximum FSEP drawdown of -13.79%. Use the drawdown chart below to compare losses from any high point for SQMX and FSEP.

Drawdown Indicators

	SQMX	FSEP	Difference
Max Drawdown Largest peak-to-trough decline	-7.40%	-13.79%	+6.39%
Max Drawdown (1Y) Largest decline over 1 year	-2.04%	-5.62%	+3.58%
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	0.00%	-0.02%	+0.02%
Average Drawdown Average peak-to-trough decline	-0.55%	-2.13%	+1.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.48%	1.11%	-0.63%

Volatility

SQMX vs. FSEP - Volatility Comparison

The current volatility for FT Vest U.S. Equity Quarterly Max Buffer ETF (SQMX) is 0.11%, while FT Cboe Vest U.S. Equity Buffer ETF - September (FSEP) has a volatility of 1.13%. This indicates that SQMX experiences smaller price fluctuations and is considered to be less risky than FSEP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SQMX	FSEP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.11%	1.13%	-1.02%
Volatility (6M) Calculated over the trailing 6-month period	2.72%	5.79%	-3.07%
Volatility (1Y) Calculated over the trailing 1-year period	3.36%	7.51%	-4.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.27%	10.79%	-4.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.27%	10.54%	-4.27%

SQMX vs. FSEP - Expense Ratio Comparison

Both SQMX and FSEP have an expense ratio of 0.85%.

Dividends

SQMX vs. FSEP - Dividend Comparison

Neither SQMX nor FSEP has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SQMX and FSEP in my portfolio?

SQMX and FSEP have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SQMX or FSEP?

FSEP has higher volatility (1.13%) compared to SQMX (0.11%). In terms of maximum drawdown, SQMX dropped -7.40% vs FSEP's -13.79%.

Which ETF is better, SQMX or FSEP?

On 1-year performance, FSEP leads with 17.80% vs 8.50% for SQMX. Both ETFs have the same 0.85% expense ratio. On volatility, SQMX has been the lower-risk option at 0.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SQMX or FSEP?

Over the 1-year period, FSEP has performed better with a 17.80% return vs 8.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SQMX or FSEP?

SQMX and FSEP have the same expense ratio: 0.85% per year.

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

SQMX and FSEP have nearly identical dividend yields, around 0.00%.

What is the main difference between SQMX and FSEP?

SQMX is categorized as Defined Outcome, while FSEP is Options Trading. SQMX tracks S&P 500, while FSEP tracks Cboe S&P 500 Buffer Protect Index September.

Which has better risk-adjusted returns?

SQMX currently has the higher Sharpe Ratio (2.54 vs 2.38), 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.