APRP vs. GSEP

Last updated Apr 1, 2026

Compare and contrast key facts about PGIM US Large-Cap Buffer 12 ETF - April (APRP) and FT Cboe Vest U.S. Equity Moderate Buffer ETF – September (GSEP).

APRP and GSEP are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. APRP is an actively managed fund by PGIM. It was launched on Mar 28, 2024. GSEP is an actively managed fund by FT Vest. It was launched on Sep 15, 2023.

Performance

APRP vs. GSEP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM US Large-Cap Buffer 12 ETF - April (APRP) and FT Cboe Vest U.S. Equity Moderate Buffer ETF – September (GSEP). The values are adjusted to include any dividend payments, if applicable.

APRP vs. GSEP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
APRP PGIM US Large-Cap Buffer 12 ETF - April	1.89%	7.80%	10.28%
GSEP FT Cboe Vest U.S. Equity Moderate Buffer ETF – September	-1.63%	10.56%	6.25%

Returns By Period

In the year-to-date period, APRP achieves a 1.89% return, which is significantly higher than GSEP's -1.63% return.

APRP

• 1D: 1.32%
• 1M: 0.92%
• YTD: 1.89%
• 6M: 4.25%
• 1Y: 13.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GSEP

• 1D: 1.74%
• 1M: -2.28%
• YTD: -1.63%
• 6M: 0.08%
• 1Y: 10.35%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

APRP vs. GSEP - Expense Ratio Comparison

APRP has a 0.50% expense ratio, which is lower than GSEP's 0.85% expense ratio.

GSEP

FT Cboe Vest U.S. Equity Moderate Buffer ETF – September

APRP

PGIM US Large-Cap Buffer 12 ETF - April

Return for Risk

APRP vs. GSEP — Risk / Return Rank

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

APRP

APRP Risk / Return Rank: 81
APRP Sharpe Ratio Rank: 75
APRP Sortino Ratio Rank: 79
APRP Omega Ratio Rank: 94
APRP Calmar Ratio Rank: 67
APRP Martin Ratio Rank: 89

GSEP

GSEP Risk / Return Rank: 64
GSEP Sharpe Ratio Rank: 58
GSEP Sortino Ratio Rank: 60
GSEP Omega Ratio Rank: 69
GSEP Calmar Ratio Rank: 59
GSEP Martin Ratio Rank: 76

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.

APRP vs. GSEP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM US Large-Cap Buffer 12 ETF - April (APRP) and FT Cboe Vest U.S. Equity Moderate Buffer ETF – September (GSEP). 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.

	APRP	GSEP	Difference
Sharpe ratio Return per unit of total volatility	1.39	1.04	+0.35
Sortino ratio Return per unit of downside risk	2.10	1.56	+0.54
Omega ratio Gain probability vs. loss probability	1.45	1.26	+0.20
Calmar ratio Return relative to maximum drawdown	1.75	1.51	+0.24
Martin ratio Return relative to average drawdown	11.80	8.14	+3.66
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

APRP vs. GSEP - Sharpe Ratio Comparison

The current APRP Sharpe Ratio is 1.39, which is higher than the GSEP Sharpe Ratio of 1.04. The chart below compares the historical Sharpe Ratios of APRP and GSEP, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	APRP	GSEP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.39	1.04	+0.35
Sharpe Ratio (All Time) Calculated using the full available price history	1.04	1.25	-0.22

Correlation

The correlation between APRP and GSEP is 0.88, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

APRP vs. GSEP - Dividend Comparison

Neither APRP nor GSEP has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

APRP vs. GSEP - Drawdown Comparison

The maximum APRP drawdown since its inception was -13.66%, which is greater than GSEP's maximum drawdown of -10.09%. Use the drawdown chart below to compare losses from any high point for APRP and GSEP.

Drawdown Indicators

	APRP	GSEP	Difference
Max Drawdown Largest peak-to-trough decline	-13.66%	-10.09%	-3.57%
Max Drawdown (1Y) Largest decline over 1 year	-8.24%	-7.09%	-1.15%
Current Drawdown Current decline from peak	0.00%	-2.78%	+2.78%
Average Drawdown Average peak-to-trough decline	-1.33%	-0.77%	-0.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.22%	1.32%	-0.10%

Volatility

APRP vs. GSEP - Volatility Comparison

The current volatility for PGIM US Large-Cap Buffer 12 ETF - April (APRP) is 1.98%, while FT Cboe Vest U.S. Equity Moderate Buffer ETF – September (GSEP) has a volatility of 3.15%. This indicates that APRP experiences smaller price fluctuations and is considered to be less risky than GSEP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APRP	GSEP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.98%	3.15%	-1.17%
Volatility (6M) Calculated over the trailing 6-month period	2.97%	5.05%	-2.08%
Volatility (1Y) Calculated over the trailing 1-year period	9.96%	10.01%	-0.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.76%	7.73%	+2.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.76%	7.73%	+2.03%