YSEP vs. ISWN

Last updated Jun 4, 2026

YSEP (FT Cboe Vest International Equity Buffer ETF - September) and ISWN (Amplify BlackSwan ISWN ETF) are both Options Trading funds. YSEP is actively managed, while ISWN is passively managed. Over the past 3 years, YSEP returned 11.45%/yr vs 8.12%/yr for ISWN. A 0.77 correlation means they provide meaningful diversification when combined. YSEP charges 0.90%/yr vs 0.49%/yr for ISWN.

Performance

YSEP vs. ISWN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Cboe Vest International Equity Buffer ETF - September (YSEP) and Amplify BlackSwan ISWN ETF (ISWN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, YSEP achieves a 4.71% return, which is significantly higher than ISWN's 4.28% return.

YSEP

• 1D: -0.48%
• 1M: 1.71%
• YTD: 4.71%
• 6M: 5.91%
• 1Y: 13.62%
• 3Y*: 11.45%
• 5Y*: —
• 10Y*: —

ISWN

• 1D: -0.80%
• 1M: 2.01%
• YTD: 4.28%
• 6M: 4.94%
• 1Y: 13.27%
• 3Y*: 8.12%
• 5Y*: -0.37%
• 10Y*: —

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

YSEP vs. ISWN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
YSEP FT Cboe Vest International Equity Buffer ETF - September	4.71%	19.88%	4.63%	15.48%	-9.75%	-0.50%
ISWN Amplify BlackSwan ISWN ETF	4.28%	23.23%	-3.96%	8.19%	-24.93%	-2.25%

Correlation

The correlation between YSEP and ISWN is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (All Time) Calculated using the full available price history since Sep 21, 2021	0.77

The correlation between YSEP and ISWN shifts across timeframes, from 0.77 (all time) to 0.91 (1 year), reflecting how their relationship changes across market environments.

YSEP vs. ISWN - Sectors Allocation Comparison

Sectors	YSEP	ISWN
Financial Services	24.2%	1.6%
Industrials	18.9%	19.8%
Healthcare	11.2%	10.6%
Technology	9.0%	10.3%
Consumer Cyclical	8.9%	7.7%
Consumer Defensive	7.8%	6.7%
Communication Services	5.8%	4.5%
Basic Materials	5.6%	5.9%
Energy	3.3%	4.0%
Utilities	3.3%	4.0%
Real Estate	2.0%	1.9%

Return for Risk

YSEP vs. ISWN — Risk / Return Rank

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

YSEP

YSEP Risk / Return Rank: 52
YSEP Sharpe Ratio Rank: 50
YSEP Sortino Ratio Rank: 51
YSEP Omega Ratio Rank: 51
YSEP Calmar Ratio Rank: 51
YSEP Martin Ratio Rank: 58

ISWN

ISWN Risk / Return Rank: 30
ISWN Sharpe Ratio Rank: 30
ISWN Sortino Ratio Rank: 29
ISWN Omega Ratio Rank: 30
ISWN Calmar Ratio Rank: 29
ISWN Martin Ratio Rank: 32

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.

YSEP vs. ISWN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Cboe Vest International Equity Buffer ETF - September (YSEP) and Amplify BlackSwan ISWN ETF (ISWN). 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.

	YSEP	ISWN	Difference
Sharpe ratio: Return per unit of total volatility	1.69	1.09	+0.60
Sortino ratio: Return per unit of downside risk	2.46	1.60	+0.86
Omega ratio: Gain probability vs. loss probability	1.31	1.20	+0.11
Calmar ratio: Return relative to maximum drawdown	2.52	1.38	+1.13
Martin ratio: Return relative to average drawdown	9.98	4.67	+5.31
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

YSEP vs. ISWN - Sharpe Ratio Comparison

The current YSEP Sharpe Ratio is 1.69, which is higher than the ISWN Sharpe Ratio of 1.09. The chart below compares the historical Sharpe Ratios of YSEP and ISWN, 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

	YSEP	ISWN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.69	1.09	+0.60
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.03	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	0.01	+0.59

Drawdowns

YSEP vs. ISWN - Drawdown Comparison

The maximum YSEP drawdown since its inception was -22.58%, smaller than the maximum ISWN drawdown of -32.35%. Use the drawdown chart below to compare losses from any high point for YSEP and ISWN.

Drawdown Indicators

	YSEP	ISWN	Difference
Max Drawdown Largest peak-to-trough decline	-22.58%	-32.35%	+9.77%
Max Drawdown (1Y) Largest decline over 1 year	-5.43%	-9.63%	+4.20%
Max Drawdown (3Y) Largest decline over 3 years	-8.75%	-13.77%	+5.02%
Max Drawdown (5Y) Largest decline over 5 years	—	-32.35%	—
Current Drawdown Current decline from peak	-0.48%	-4.03%	+3.55%
Average Drawdown Average peak-to-trough decline	-4.15%	-16.17%	+12.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.37%	2.85%	-1.48%

Volatility

YSEP vs. ISWN - Volatility Comparison

The current volatility for FT Cboe Vest International Equity Buffer ETF - September (YSEP) is 2.13%, while Amplify BlackSwan ISWN ETF (ISWN) has a volatility of 4.67%. This indicates that YSEP experiences smaller price fluctuations and is considered to be less risky than ISWN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	YSEP	ISWN	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.13%	4.67%	-2.54%
Volatility (6M) Calculated over the trailing 6-month period	6.18%	10.10%	-3.92%
Volatility (1Y) Calculated over the trailing 1-year period	8.11%	12.20%	-4.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.41%	11.67%	-0.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.41%	11.57%	-0.16%

YSEP vs. ISWN - Expense Ratio Comparison

YSEP has a 0.90% expense ratio, which is higher than ISWN's 0.49% expense ratio.

Dividends

YSEP vs. ISWN - Dividend Comparison

YSEP has not paid dividends to shareholders, while ISWN's dividend yield for the trailing twelve months is around 2.82%.

Position	TTM	2025	2024	2023	2022	2021
ISWN Amplify BlackSwan ISWN ETF	2.82%	2.89%	3.27%	2.91%	2.00%	0.76%
YSEP FT Cboe Vest International Equity Buffer ETF - September	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both YSEP and ISWN in my portfolio?

With a correlation of 0.91, YSEP and ISWN move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, YSEP or ISWN?

ISWN has higher volatility (4.67%) compared to YSEP (2.13%). In terms of maximum drawdown, YSEP dropped -22.58% vs ISWN's -32.35%.

Which ETF is better, YSEP or ISWN?

On 3-year performance, YSEP leads with 11.45% vs 8.12% for ISWN. On fees, ISWN is cheaper at 0.49% per year. On volatility, YSEP has been the lower-risk option at 2.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, YSEP or ISWN?

Over the 3-year period, YSEP has performed better with a 11.45% return vs 8.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, YSEP or ISWN?

ISWN is cheaper with a 0.49% expense ratio, compared with 0.90% for YSEP.

Which ETF pays a higher dividend yield, YSEP or ISWN?

ISWN has the higher dividend yield at 2.82%, compared with 0.00% for YSEP.

What is the main difference between YSEP and ISWN?

They also come from different issuers: FT Vest and Amplify. Their fees differ too: 0.90% for YSEP and 0.49% for ISWN.

Which has better risk-adjusted returns?

YSEP currently has the higher Sharpe Ratio (1.69 vs 1.09), 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.