DLAG vs. APXM

Last updated Aug 1, 2026

DLAG (FT Vest U.S. Equity Dual Directional Buffer ETF - August) and APXM (FT Vest U.S. Equity Max Buffer ETF - April) are both Defined Outcome funds from First Trust. Both are actively managed. Their 0.74 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.85% expense ratio.

Performance

DLAG vs. APXM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest U.S. Equity Dual Directional Buffer ETF - August (DLAG) and FT Vest U.S. Equity Max Buffer ETF - April (APXM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DLAG achieves a 6.56% return, which is significantly higher than APXM's 2.54% return.

DLAG

• 1D: 0.34%
• 1M: 0.81%
• 6M: 5.75%
• YTD: 6.56%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

APXM

• 1D: 0.14%
• 1M: 0.43%
• 6M: 2.26%
• YTD: 2.54%
• 1Y: 4.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.15%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
APXM FT Vest U.S. Equity Max Buffer ETF - April	$4.81K	$22.83K	$59.08K
DLAG FT Vest U.S. Equity Dual Directional Buffer ETF - August	$11.62K	$80.34K	$219.50K

DLAG vs. APXM - Yearly Performance Comparison

	2026 (YTD)	2025
DLAG FT Vest U.S. Equity Dual Directional Buffer ETF - August	6.56%	2.31%
APXM FT Vest U.S. Equity Max Buffer ETF - April	2.54%	1.34%

Correlation

The correlation between DLAG and APXM is 0.74, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 22, 2025	0.74

Return for Risk

DLAG vs. APXM — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DLAG

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

APXM

APXM Risk / Return Rank: 98
APXM Sharpe Ratio Rank: 97
APXM Sortino Ratio Rank: 98
APXM Omega Ratio Rank: 98
APXM Calmar Ratio Rank: 97
APXM Martin Ratio Rank: 98

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

DLAG vs. APXM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Equity Dual Directional Buffer ETF - August (DLAG) and FT Vest U.S. Equity Max Buffer ETF - April (APXM). 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.

	DLAG	APXM	Difference
Sharpe ratio: Return per unit of total volatility	—	3.66	—
Sortino ratio: Return per unit of downside risk	—	5.79	—
Omega ratio: Gain probability vs. loss probability	—	1.95	—
Calmar ratio: Return relative to maximum drawdown	—	8.14	—
Martin ratio: Return relative to average drawdown	—	41.84	—

Drawdowns

DLAG vs. APXM - Drawdown Comparison

The maximum DLAG drawdown since its inception was -4.23%, which is greater than APXM's maximum drawdown of -0.60%. Use the drawdown chart below to compare losses from any high point for DLAG and APXM.

Drawdown Indicators

	DLAG	APXM	Difference
Max Drawdown Largest peak-to-trough decline	-4.23%	-0.60%	-3.63%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.60%	—
Current Drawdown Current decline from peak	0.00%	-0.02%	+0.02%
Average Drawdown Average peak-to-trough decline	-0.51%	-0.05%	-0.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.12%	—

Volatility

Volatility by Period

	DLAG	APXM	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.60%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.21%	—
Volatility (1Y) Calculated over the trailing 1-year period	6.22%	1.33%	+4.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.22%	1.41%	+4.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.22%	1.41%	+4.81%

DLAG vs. APXM - Expense Ratio Comparison

Both DLAG and APXM have an expense ratio of 0.85%.

Dividends

DLAG vs. APXM - Dividend Comparison

Neither DLAG nor APXM has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both DLAG and APXM in my portfolio?

DLAG and APXM have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DLAG or APXM?

Both ETFs have the same 0.85% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DLAG or APXM?

DLAG and APXM have the same expense ratio: 0.85% per year.

Which ETF pays a higher dividend yield, DLAG or APXM?

DLAG and APXM have nearly identical dividend yields, around 0.00%.