SQMX vs. TWOX

Last updated Jun 5, 2026

SQMX (FT Vest U.S. Equity Quarterly Max Buffer ETF) and TWOX (iShares Large Cap Accelerated Outcome ETF) are both Defined Outcome funds. SQMX is passively managed, while TWOX is actively managed. Over the past year, SQMX returned 8.50% vs 16.04% for TWOX. Their correlation of 0.90 suggests significant overlap in exposure. SQMX charges 0.85%/yr vs 0.50%/yr for TWOX.

Performance

SQMX vs. TWOX - 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 iShares Large Cap Accelerated Outcome ETF (TWOX). 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 SQMX having a 2.15% return and TWOX slightly higher at 2.20%.

SQMX

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

TWOX

• 1D: 0.05%
• 1M: 1.29%
• YTD: 2.20%
• 6M: 3.64%
• 1Y: 16.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SQMX vs. TWOX - Yearly Performance Comparison

	2026 (YTD)	2025
SQMX FT Vest U.S. Equity Quarterly Max Buffer ETF	2.15%	8.00%
TWOX iShares Large Cap Accelerated Outcome ETF	2.20%	13.32%

Correlation

The correlation between SQMX and TWOX is 0.88, 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	0.88
Correlation (All Time) Calculated using the full available price history since Jan 17, 2025	0.90

The correlation between SQMX and TWOX has been stable across timeframes, ranging from 0.88 to 0.90 - a consistent structural relationship.

Return for Risk

SQMX vs. TWOX — 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

TWOX

TWOX Risk / Return Rank: 45
TWOX Sharpe Ratio Rank: 45
TWOX Sortino Ratio Rank: 43
TWOX Omega Ratio Rank: 52
TWOX Calmar Ratio Rank: 35
TWOX Martin Ratio Rank: 49

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. TWOX - 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 iShares Large Cap Accelerated Outcome ETF (TWOX). 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	TWOX	Difference
Sharpe ratio: Return per unit of total volatility	2.54	1.54	+1.00
Sortino ratio: Return per unit of downside risk	3.67	2.13	+1.54
Omega ratio: Gain probability vs. loss probability	1.60	1.32	+0.28
Calmar ratio: Return relative to maximum drawdown	4.19	1.69	+2.50
Martin ratio: Return relative to average drawdown	17.93	8.00	+9.94
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. TWOX - Sharpe Ratio Comparison

The current SQMX Sharpe Ratio is 2.54, which is higher than the TWOX Sharpe Ratio of 1.54. The chart below compares the historical Sharpe Ratios of SQMX and TWOX, 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	TWOX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.54	1.54	+1.00
Sharpe Ratio (All Time) Calculated using the full available price history	1.17	0.67	+0.49

Drawdowns

SQMX vs. TWOX - Drawdown Comparison

The maximum SQMX drawdown since its inception was -7.40%, smaller than the maximum TWOX drawdown of -19.35%. Use the drawdown chart below to compare losses from any high point for SQMX and TWOX.

Drawdown Indicators

	SQMX	TWOX	Difference
Max Drawdown Largest peak-to-trough decline	-7.40%	-19.35%	+11.95%
Max Drawdown (1Y) Largest decline over 1 year	-2.04%	-9.51%	+7.47%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.55%	-2.64%	+2.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.48%	2.01%	-1.53%

Volatility

SQMX vs. TWOX - Volatility Comparison

The current volatility for FT Vest U.S. Equity Quarterly Max Buffer ETF (SQMX) is 0.11%, while iShares Large Cap Accelerated Outcome ETF (TWOX) has a volatility of 0.44%. This indicates that SQMX experiences smaller price fluctuations and is considered to be less risky than TWOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SQMX	TWOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.11%	0.44%	-0.33%
Volatility (6M) Calculated over the trailing 6-month period	2.72%	8.25%	-5.53%
Volatility (1Y) Calculated over the trailing 1-year period	3.36%	10.44%	-7.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.27%	16.76%	-10.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.27%	16.76%	-10.49%

SQMX vs. TWOX - Expense Ratio Comparison

SQMX has a 0.85% expense ratio, which is higher than TWOX's 0.50% expense ratio.

Dividends

SQMX vs. TWOX - Dividend Comparison

SQMX has not paid dividends to shareholders, while TWOX's dividend yield for the trailing twelve months is around 0.55%.

Position	TTM	2025
SQMX FT Vest U.S. Equity Quarterly Max Buffer ETF	0.00%	0.00%
TWOX iShares Large Cap Accelerated Outcome ETF	0.55%	0.57%

Frequently Asked Questions

Can I hold both SQMX and TWOX in my portfolio?

SQMX and TWOX have a correlation of 0.88, 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 TWOX?

TWOX has higher volatility (0.44%) compared to SQMX (0.11%). In terms of maximum drawdown, SQMX dropped -7.40% vs TWOX's -19.35%.

Which ETF is better, SQMX or TWOX?

On 1-year performance, TWOX leads with 16.04% vs 8.50% for SQMX. On fees, TWOX is cheaper at 0.50% per year. 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 TWOX?

Over the 1-year period, TWOX has performed better with a 16.04% 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 TWOX?

TWOX is cheaper with a 0.50% expense ratio, compared with 0.85% for SQMX.

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

TWOX has the higher dividend yield at 0.55%, compared with 0.00% for SQMX.

What is the main difference between SQMX and TWOX?

They also come from different issuers: FT Vest and iShares. Their fees differ too: 0.85% for SQMX and 0.50% for TWOX.

Which has better risk-adjusted returns?

SQMX currently has the higher Sharpe Ratio (2.54 vs 1.54), 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.