YSEP vs. QCAP

Last updated Jun 24, 2026

YSEP (FT Cboe Vest International Equity Buffer ETF - September) and QCAP (FT Vest NASDAQ-100 Conservative Buffer ETF - April) are both exchange-traded funds - YSEP is a Options Trading fund actively managed by FT Vest, while QCAP is a Nasdaq-100 fund actively managed by FT Vest. Both are actively managed. Over the past year, YSEP returned 14.37% vs 9.34% for QCAP. A 0.57 correlation means they provide meaningful diversification when combined. Both charge a 0.90% expense ratio.

Performance

YSEP vs. QCAP - 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 FT Vest NASDAQ-100 Conservative Buffer ETF - April (QCAP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, YSEP achieves a 5.21% return, which is significantly higher than QCAP's 3.99% return.

YSEP

• 1D: -0.89%
• 1M: 0.47%
• YTD: 5.21%
• 6M: 5.06%
• 1Y: 14.37%
• 3Y*: 11.79%
• 5Y*: —
• 10Y*: —

QCAP

• 1D: -0.96%
• 1M: -0.56%
• YTD: 3.99%
• 6M: 4.11%
• 1Y: 9.34%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

YSEP vs. QCAP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
YSEP FT Cboe Vest International Equity Buffer ETF - September	5.21%	19.88%	4.30%
QCAP FT Vest NASDAQ-100 Conservative Buffer ETF - April	3.99%	7.13%	10.87%

Correlation

The correlation between YSEP and QCAP is 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.61
Correlation (All Time) Calculated using the full available price history since Apr 22, 2024	0.57

The correlation between YSEP and QCAP has been stable across timeframes, ranging from 0.57 to 0.61 - a consistent structural relationship.

Return for Risk

YSEP vs. QCAP — Risk / Return Rank

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

YSEP

YSEP Risk / Return Rank: 59
YSEP Sharpe Ratio Rank: 57
YSEP Sortino Ratio Rank: 59
YSEP Omega Ratio Rank: 58
YSEP Calmar Ratio Rank: 59
YSEP Martin Ratio Rank: 64

QCAP

QCAP Risk / Return Rank: 91
QCAP Sharpe Ratio Rank: 87
QCAP Sortino Ratio Rank: 89
QCAP Omega Ratio Rank: 94
QCAP Calmar Ratio Rank: 86
QCAP Martin Ratio Rank: 96

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. QCAP - 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 FT Vest NASDAQ-100 Conservative Buffer ETF - April (QCAP). 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.

	YSEP	QCAP	Difference
Sharpe ratio: Return per unit of total volatility	1.75	2.60	-0.84
Sortino ratio: Return per unit of downside risk	2.56	3.76	-1.20
Omega ratio: Gain probability vs. loss probability	1.33	1.64	-0.32
Calmar ratio: Return relative to maximum drawdown	2.66	4.46	-1.81
Martin ratio: Return relative to average drawdown	10.59	32.54	-21.95

YSEP vs. QCAP - Sharpe Ratio Comparison

The current YSEP Sharpe Ratio is 1.75, which is lower than the QCAP Sharpe Ratio of 2.60. The chart below compares the historical Sharpe Ratios of YSEP and QCAP, 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

YSEP vs. QCAP - Drawdown Comparison

The maximum YSEP drawdown since its inception was -22.58%, which is greater than QCAP's maximum drawdown of -9.17%. Use the drawdown chart below to compare losses from any high point for YSEP and QCAP.

Drawdown Indicators

	YSEP	QCAP	Difference
Max Drawdown Largest peak-to-trough decline	-22.58%	-9.17%	-13.41%
Max Drawdown (1Y) Largest decline over 1 year	-5.43%	-2.10%	-3.33%
Max Drawdown (3Y) Largest decline over 3 years	-8.75%	—	—
Current Drawdown Current decline from peak	-0.89%	-1.26%	+0.37%
Average Drawdown Average peak-to-trough decline	-4.10%	-0.53%	-3.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.36%	0.29%	+1.07%

Volatility

YSEP vs. QCAP - Volatility Comparison

The current volatility for FT Cboe Vest International Equity Buffer ETF - September (YSEP) is 2.36%, while FT Vest NASDAQ-100 Conservative Buffer ETF - April (QCAP) has a volatility of 2.66%. This indicates that YSEP experiences smaller price fluctuations and is considered to be less risky than QCAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	YSEP	QCAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.36%	2.66%	-0.30%
Volatility (6M) Calculated over the trailing 6-month period	6.45%	3.19%	+3.26%
Volatility (1Y) Calculated over the trailing 1-year period	8.24%	3.63%	+4.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.39%	8.79%	+2.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.39%	8.79%	+2.60%

YSEP vs. QCAP - Expense Ratio Comparison

Both YSEP and QCAP have an expense ratio of 0.90%.

Dividends

YSEP vs. QCAP - Dividend Comparison

Neither YSEP nor QCAP has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both YSEP and QCAP in my portfolio?

YSEP and QCAP have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, YSEP or QCAP?

QCAP has higher volatility (2.66%) compared to YSEP (2.36%). In terms of maximum drawdown, YSEP dropped -22.58% vs QCAP's -9.17%.

Which ETF is better, YSEP or QCAP?

On 1-year performance, YSEP leads with 14.37% vs 9.34% for QCAP. Both ETFs have the same 0.90% expense ratio. On volatility, YSEP has been the lower-risk option at 2.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, YSEP or QCAP?

Over the 1-year period, YSEP has performed better with a 14.37% return vs 9.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, YSEP or QCAP?

YSEP and QCAP have the same expense ratio: 0.90% per year.

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

YSEP and QCAP have nearly identical dividend yields, around 0.00%.

What is the main difference between YSEP and QCAP?

YSEP is categorized as Options Trading, while QCAP is Nasdaq-100.

Which has better risk-adjusted returns?

QCAP currently has the higher Sharpe Ratio (2.60 vs 1.75), 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.