Which has more room to gain, DLAG or XAUG?

From their prices on Nov 4, 2026, DLAG can gain about 11.6% before its cap and XAUG about 9.1%, so DLAG has more room left this period.

Which resets first, DLAG or XAUG?

DLAG ends its outcome period on Aug 20, 2027 and XAUG on Aug 20, 2027. A new cap is set the day after each.

Which is cheaper, DLAG or XAUG?

DLAG and XAUG both charge 0.85% a year, so neither is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

DLAG vs XAUG: Cap, Buffer & Days Left

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As of Nov 4, 2026 XAUG can fall 1.9% before its buffer engages and DLAG 1.8%.

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Net assets on Nov 3, 2026: $20m for FT Vest U.S. Equity Dual Directional Buffer ETF - August and $26m for FT Vest U.S. Equity Enhance & Moderate Buffer ETF - August.

DLAG on its own →XAUG on its own →

At a glance

1.8%

DLAG can fall this far before its buffer

1.9%

XAUG can fall this far before its buffer

11.6%

DLAG can still gain

9.1%

XAUG can still gain

DLAG Between buffer and cap

DLAG: reference +0.1% since period start, fund +0.9%; buffer 0 to −10; cap +13.5%; Between buffer and cap. Data to Nov 4, 2026.

XAUG Between buffer and cap

XAUG: reference +0.1% since period start, fund +1.1%; buffer 0 to −15; cap +11.1%; Between buffer and cap. Data to Nov 4, 2026.

Pair scorecard

Both cost 0.85% a year; their one-year returns differ by 1.9 points; XAUG is 1.3 times larger.

Points (pts) are percentage points.

DLAG vs XAUG: Cap, Buffer & Days Left
Measure	DLAG	XAUG
Return
Measure	DLAG	XAUG
Total return, 1 year	+10.2%	+8.3%
Drawdown
Measure	DLAG	XAUG
Index fall to the buffer	0.1%
Benchmark
Measure	DLAG	XAUG
What it tracks	SPY	SPY
Cost and size
Measure	DLAG	XAUG
Expense ratio	0.85%	0.85%
Net assets, as of Nov 3, 2026	$20m	$26m
Holdings
Measure	DLAG	XAUG
Holdings in common	not published

Method

Risk and return

Oct 3, 2025 to Oct 30, 2026 · 56 weekly returns · each against SPY

DLAG XAUG

Return

Total return edge DLAG +9.5% +7.7%

Annualized edge DLAG +8.8% +7.2%

Price return edge DLAG +9.5% +7.7%

Risk

Volatility edge XAUG 5.5% 3.9%

Max drawdown edge XAUG −3.9% −2.7%

Downside capture 44.3% 27.8%

Beta 0.42 0.29

Risk-adjusted

Sharpe edge DLAG (slight) 0.88 0.81

Sortino edge DLAG (slight) 1.51 1.41

Treynor 0.113 0.111

Calmar edge XAUG 2.26 2.60

Against the benchmark

Alpha +0.9% a year +0.5% a year

Alpha t-stat 0.49 0.31

Information ratio −0.62 −0.68

Tracking error 7.2% 8.8%

Reading

From Oct 2025 to Oct 2026, DLAG returned more: +9.5% to +7.7%. XAUG swung less: 3.9% to 5.5%. XAUG fell less at its worst: −2.7% to −3.9%.

Full scorecard

19 measures, with how each is measured Open ↓

Risk and return: DLAG vs XAUG: Cap, Buffer & Days Left
Measure	DLAG	XAUG	SPY	Edge	How it is measured
Return
Total return	+9.5%	+7.7%		DLAG	Price change plus distributions, reinvested.
Annualized	+8.8%	+7.2%		DLAG	Total return as a yearly rate.
Price return	+9.5%	+7.7%		DLAG	Price change alone, distributions left out.
Risk
Volatility	5.5%	3.9%		XAUG	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	3.2%	2.3%		XAUG	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−3.9%	−2.7%		XAUG	Deepest fall from a high to the low after it.
Upside capture	37.5%	24.8%	100.0%	DLAG	Share of its benchmark's rise caught in the weeks it rose.
Downside capture	44.3%	27.8%	100.0%	XAUG	Share of its benchmark's fall taken in the weeks it fell. Lower is better.
Beta	0.42	0.29	1.00	XAUG lower	How far it moves for each 1% its benchmark moves.
R squared	0.89	0.78	1.00	Not an edge	Share of its weekly moves its benchmark explains.
Risk-adjusted
Sharpe	0.88	0.81		DLAG (slight)	Return above Treasury bills per unit of volatility.
Sortino	1.51	1.41		DLAG (slight)	Return above Treasury bills per unit of downside deviation.
Treynor	0.113	0.111	0.092	Tie	Return above Treasury bills per unit of beta.
Calmar	2.26	2.60		XAUG	Annualized return divided by the max drawdown.
Against the benchmark
Benchmark	SPY	SPY	SPY		The ETF each fund is measured against.
Alpha	+0.9% a year	+0.5% a year	0.0%	Not significant	Yearly return beyond what its beta to the benchmark predicts.
Alpha t-stat	0.49	0.31		Not an edge	How sure the alpha is. Below 2, it could be chance.
Alpha range	−2.7% to +4.5%	−3.0% to +4.1%		Both include zero	The 95% range for the yearly alpha.
Information ratio	−0.62	−0.68		DLAG (slight)	Return against its benchmark per unit of tracking error.
Tracking error	7.2%	8.8%	0.0%	Not an edge	How far weekly returns stray from the benchmark, annualized.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 56 weekly returns. Cash rate: the 13-week Treasury bill.

Window by window

Window by window: DLAG vs XAUG: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	DLAG	XAUG	DLAG	XAUG
3 months	+1.2%	+1.3%	+1.6 pts	+1.7 pts
6 months	+4.1%	+3.4%	−0.4 pts	−1.1 pts
1 year	+10.2%	+8.3%	−3.4 pts	−5.3 pts
3 years	–	+32.7%	–	−43.7 pts
Since launchNot the same days: DLAG Sep 2025 · XAUG Aug 2023	+10.7%	+33.9%	−4.3 pts	−40.6 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. – means no data for this window. Open this comparison in the app →

Side by side

DLAG FT Vest U.S. Equity Dual Directional Buffer ETF - August · Absorbs the first 10% of loss on SPY and caps the gain at 13.5%, over a period ending Aug 20, 2027 XAUG FT Vest U.S. Equity Enhance & Moderate Buffer ETF - August · Absorbs the first 15% of loss on SPY and caps the gain at 11.1%, over a period ending Aug 20, 2027

Issuer First Trust First Trust

Reference index SPY SPY

Buffer 10% 15%

Outcome period Aug 24, 2026 to Aug 20, 2027 Aug 24, 2026 to Aug 20, 2027

Days left 289 289

Starting cap +13.5% +11.1%

Can still gain 11.6% 9.1%

Fall before buffer 1.8% 1.9%

Protection left, index points 10.0% of 10.0% 15.0% of 15.0%

Index return this period +0.1% +0.1%

Fund return this period +0.9% +1.1%

State today Open Open

Expense ratio 0.85% 0.85%

Net assets, as of Nov 3, 2026 $20m $26m

As of Nov 4, 2026. Source: ETFIQ.

These are two different products. XAUG is a floor fund, which caps how far a holder can fall. DLAG is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.

Both are First Trust funds, so the difference between them is the terms rather than the house.

Where each one stands today

DLAG resets first, on Aug 20, 2027, 289 days from now; XAUG runs to Aug 20, 2027, 289 days. DLAG can still gain 11.6% before its cap, XAUG 9.1%. A fall from here reaches DLAG’s buffer after 1.8% and XAUG’s after 1.9%. Both track SPY, so what separates them is where each is in its own period.

Client brief:

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About each fund

DLAG

From its price on Nov 4, 2026, the fund can gain about 11.6% more before it reaches its cap. The fund's price can fall 1.8% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 0.1% from today's level to the point where the buffer begins. Protection left, in index points: 10.0% of the 10.0% buffer still sits below today's SPY level. 289 days remained on Nov 4, 2026. On Aug 20, 2027 the period ends and a new cap is set.

XAUG

From its price on Nov 4, 2026, the fund can gain about 9.1% more before it reaches its cap. The fund's price can fall 1.9% from here before the buffer starts absorbing losses, by the issuer's number. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, DLAG or XAUG?: From their prices on Nov 4, 2026, DLAG can gain about 11.6% before its cap and XAUG about 9.1%, so DLAG has more room left this period.
Which resets first, DLAG or XAUG?: DLAG ends its outcome period on Aug 20, 2027 and XAUG on Aug 20, 2027. A new cap is set the day after each.
Which is cheaper, DLAG or XAUG?: DLAG and XAUG both charge 0.85% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

DLAG vs SEPT DLAG vs CPST DLAG vs CPSA DLAG vs PBSE XAUG vs PSEP XAUG vs CPST XAUG vs CPSA XAUG vs PMSE

Where to next

State Street® SPDR® S&P 500® ETF Trust →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →DLAG on its own →XAUG on its own →Method →Standards and sources →

Sources and dates

DLAG and XAUG filings on SEC EDGAR ↗

First Trust page for DLAG ↗

First Trust page for XAUG ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

ETFIQ calculates every number from each issuer’s published outcome-period terms. Buffer ETFs hold options on an index, not shares, so there is no holdings overlap to report.

Every number is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, DLAG against XAUG, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/dlag-vs-xaug

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