Which has more room to gain, SQMX or XDEC?

From their prices on Nov 4, 2026, SQMX can gain about 2.0% before its cap and XDEC about 0.9%, so SQMX has more room left this period.

Which resets first, SQMX or XDEC?

SQMX ends its outcome period on Dec 18, 2026 and XDEC on Dec 18, 2026. A new cap is set the day after each.

Which is cheaper, SQMX or XDEC?

SQMX and XDEC 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

SQMX vs XDEC: Cap, Buffer & Days Left

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As of Nov 4, 2026 XDEC can fall 8.4% before its buffer engages and SQMX 1.0%.

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Net assets on Nov 3, 2026: $55m for FT Vest U.S. Equity Quarterly Max Buffer ETF and $208m for FT Vest U.S. Equity Enhance & Moderate Buffer ETF - December.

SQMX on its own →XDEC on its own →

At a glance

1.0%

SQMX can fall this far before its buffer

8.4%

XDEC can fall this far before its buffer

2.0%

SQMX can still gain

0.9%

XDEC can still gain

SQMX Between buffer and cap

SQMX: reference +0.7% since period start, fund +0.8%; buffer 0 to −12; cap +3.0%; Between buffer and cap. Data to Nov 4, 2026.

XDEC At its cap

XDEC: reference +12.7% since period start, fund +8.2%; buffer 0 to −15; cap +10.1%; At its cap. Data to Nov 4, 2026.

Pair scorecard

Both cost 0.85% a year; their one-year returns differ by 2.6 points; XDEC is 3.8 times larger.

Points (pts) are percentage points.

SQMX vs XDEC: Cap, Buffer & Days Left
Measure	SQMX	XDEC
Return
Measure	SQMX	XDEC
Total return, 1 year	+6.8%	+9.4%
Drawdown
Measure	SQMX	XDEC
Index fall to the buffer	0.7%	11.2%
Benchmark
Measure	SQMX	XDEC
What it tracks	SPY	SPY
Cost and size
Measure	SQMX	XDEC
Expense ratio	0.85%	0.85%
Net assets, as of Nov 3, 2026	$55m	$208m
Holdings
Measure	SQMX	XDEC
Holdings in common	not published

Method

Window by window

Window by window: SQMX vs XDEC: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	SQMX	XDEC	SQMX	XDEC
3 months	+1.2%	+1.7%	+1.6 pts	+2.1 pts
6 months	+3.3%	+4.3%	−1.2 pts	−0.1 pts
1 year	+6.8%	+9.4%	−6.8 pts	−4.1 pts
3 years	–	+31.9%	–	−44.5 pts
Since launchNot the same days: SQMX Dec 2024 · XDEC Dec 2021	+13.7%	+46.1%	−15.2 pts	−22.4 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

SQMX FT Vest U.S. Equity Quarterly Max Buffer ETF · Absorbs the first 12% of loss on SPY and caps the gain at 3.0%, over a period ending Dec 18, 2026 XDEC FT Vest U.S. Equity Enhance & Moderate Buffer ETF - December · Absorbs the first 15% of loss on SPY and caps the gain at 10.1%, over a period ending Dec 18, 2026

Issuer First Trust First Trust

Reference index SPY SPY

Buffer 12% 15%

Outcome period Sep 21, 2026 to Dec 18, 2026 Dec 22, 2025 to Dec 18, 2026

Days left 44 44

Starting cap +3.0% +10.1%

Can still gain 2.0% 0.9%

Fall before buffer 1.0% 8.4%

Protection left, index points 12.5% of 12.5% 15.0% of 15.0%

Index return this period +0.7% +12.7%

Fund return this period +0.8% +8.2%

State today Open At cap

Expense ratio 0.85% 0.85%

Net assets, as of Nov 3, 2026 $55m $208m

As of Nov 4, 2026. Source: ETFIQ.

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

XDEC is already at its cap, so more rise in the index adds nothing to it before the period ends.

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

Where each one stands today

SQMX resets first, on Dec 18, 2026, 44 days from now; XDEC runs to Dec 18, 2026, 44 days. SQMX can still gain 2.0% before its cap, XDEC 0.9%. A fall from here reaches SQMX’s buffer after 1.0% and XDEC’s after 8.4%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

SQMX

From its price on Nov 4, 2026, the fund can gain about 2.0% more before it reaches its cap. The fund's price can fall 1.0% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 0.7% from today's level to the point where the buffer begins. Protection left, in index points: 12.5% of the 12.5% buffer still sits below today's SPY level. 44 days remained on Nov 4, 2026. On Dec 18, 2026 the period ends and a new cap is set.

XDEC

SPY had already risen past this fund's cap of +10.1% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 0.9% as the period runs out. The fund's price can fall 8.4% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 11.2% from today's level to the point where the buffer begins. 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, SQMX or XDEC?: From their prices on Nov 4, 2026, SQMX can gain about 2.0% before its cap and XDEC about 0.9%, so SQMX has more room left this period.
Which resets first, SQMX or XDEC?: SQMX ends its outcome period on Dec 18, 2026 and XDEC on Dec 18, 2026. A new cap is set the day after each.
Which is cheaper, SQMX or XDEC?: SQMX and XDEC both charge 0.85% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

SQMX vs XBJA SQMX vs ZALT SQMX vs CPSD SQMX vs AJAN XDEC vs QBSV XDEC vs PQX XDEC vs FLJJ XDEC vs DDEC

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 →SQMX on its own →XDEC on its own →Method →Standards and sources →

Sources and dates

SQMX and XDEC filings on SEC EDGAR ↗

First Trust page for SQMX ↗

First Trust page for XDEC ↗

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.

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ETFIQ, SQMX against XDEC, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/sqmx-vs-xdec

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.