TSEP vs. APXM

Last updated Aug 1, 2026

TSEP (FT Vest Emerging Markets Buffer ETF - September) and APXM (FT Vest U.S. Equity Max Buffer ETF - April) are both Defined Outcome funds from First Trust. Both are actively managed. Over the past year, TSEP returned 18.62% vs 4.89% for APXM. Their 0.62 correlation means they have sometimes moved together and sometimes differently. TSEP charges 0.95%/yr vs 0.85%/yr for APXM.

Performance

TSEP vs. APXM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest Emerging Markets Buffer ETF - September (TSEP) and FT Vest U.S. Equity Max Buffer ETF - April (APXM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSEP achieves a 9.32% return, which is significantly higher than APXM's 2.54% return.

TSEP

• 1D: 0.31%
• 1M: 1.02%
• 6M: 5.08%
• YTD: 9.32%
• 1Y: 18.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 15.01%

APXM

• 1D: 0.14%
• 1M: 0.43%
• 6M: 2.26%
• YTD: 2.54%
• 1Y: 4.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.15%

*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)
APXM FT Vest U.S. Equity Max Buffer ETF - April	$4.81K	$22.83K	$59.08K
TSEP FT Vest Emerging Markets Buffer ETF - September	$78.97K	$65.52K	$84.25K

TSEP vs. APXM - Yearly Performance Comparison

	2026 (YTD)	2025
TSEP FT Vest Emerging Markets Buffer ETF - September	9.32%	20.53%
APXM FT Vest U.S. Equity Max Buffer ETF - April	2.54%	5.24%

Correlation

The correlation between TSEP and APXM is 0.66, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.66
Correlation (All Time) Calculated using the full available price history since Apr 21, 2025	0.62

The correlation between TSEP and APXM has been stable across timeframes, ranging from 0.62 to 0.66 - a consistent structural relationship.

Return for Risk

TSEP vs. APXM — Risk / Return Rank

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

TSEP

TSEP Risk / Return Rank: 75
TSEP Sharpe Ratio Rank: 75
TSEP Sortino Ratio Rank: 75
TSEP Omega Ratio Rank: 79
TSEP Calmar Ratio Rank: 71
TSEP Martin Ratio Rank: 78

APXM

APXM Risk / Return Rank: 98
APXM Sharpe Ratio Rank: 97
APXM Sortino Ratio Rank: 98
APXM Omega Ratio Rank: 98
APXM Calmar Ratio Rank: 97
APXM Martin Ratio Rank: 98

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.

TSEP vs. APXM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest Emerging Markets Buffer ETF - September (TSEP) and FT Vest U.S. Equity Max Buffer ETF - April (APXM). 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.

	TSEP	APXM	Difference
Sharpe ratio: Return per unit of total volatility	1.73	3.66	-1.93
Sortino ratio: Return per unit of downside risk	2.43	5.79	-3.36
Omega ratio: Gain probability vs. loss probability	1.34	1.95	-0.62
Calmar ratio: Return relative to maximum drawdown	2.49	8.14	-5.65
Martin ratio: Return relative to average drawdown	10.04	41.84	-31.80

TSEP vs. APXM - Sharpe Ratio Comparison

The current TSEP Sharpe Ratio is 1.73, which is lower than the APXM Sharpe Ratio of 3.66. The chart below compares the historical Sharpe Ratios of TSEP and APXM, 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

TSEP vs. APXM - Drawdown Comparison

The maximum TSEP drawdown since its inception was -9.83%, which is greater than APXM's maximum drawdown of -0.60%. Use the drawdown chart below to compare losses from any high point for TSEP and APXM.

Drawdown Indicators

	TSEP	APXM	Difference
Max Drawdown Largest peak-to-trough decline	-9.83%	-0.60%	-9.23%
Max Drawdown (1Y) Largest decline over 1 year	-7.25%	-0.60%	-6.65%
Current Drawdown Current decline from peak	-0.52%	-0.02%	-0.50%
Average Drawdown Average peak-to-trough decline	-1.63%	-0.05%	-1.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.79%	0.12%	+1.67%

Volatility

TSEP vs. APXM - Volatility Comparison

FT Vest Emerging Markets Buffer ETF - September (TSEP) has a higher volatility of 2.99% compared to FT Vest U.S. Equity Max Buffer ETF - April (APXM) at 0.60%. This indicates that TSEP's price experiences larger fluctuations and is considered to be riskier than APXM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSEP	APXM	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.99%	0.60%	+2.39%
Volatility (6M) Calculated over the trailing 6-month period	8.57%	1.21%	+7.36%
Volatility (1Y) Calculated over the trailing 1-year period	10.46%	1.33%	+9.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.30%	1.41%	+9.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.30%	1.41%	+9.89%

TSEP vs. APXM - Expense Ratio Comparison

TSEP has a 0.95% expense ratio, which is higher than APXM's 0.85% expense ratio.

Dividends

TSEP vs. APXM - Dividend Comparison

Neither TSEP nor APXM has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both TSEP and APXM in my portfolio?

TSEP and APXM have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSEP or APXM?

TSEP has higher volatility (2.99%) compared to APXM (0.60%). In terms of maximum drawdown, TSEP dropped -9.83% vs APXM's -0.60%.

Which ETF is better, TSEP or APXM?

On 1-year performance, TSEP leads with 18.62% vs 4.89% for APXM. On fees, APXM is cheaper at 0.85% per year. On volatility, APXM has been the lower-risk option at 0.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSEP or APXM?

Over the 1-year period, TSEP has performed better with a 18.62% return vs 4.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSEP or APXM?

APXM is cheaper with a 0.85% expense ratio, compared with 0.95% for TSEP.

Which ETF pays a higher dividend yield, TSEP or APXM?

TSEP and APXM have nearly identical dividend yields, around 0.00%.

What is the main difference between TSEP and APXM?

Their fees differ too: 0.95% for TSEP and 0.85% for APXM.

Which has better risk-adjusted returns?

APXM currently has the higher Sharpe Ratio (3.66 vs 1.73), 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.