FAPR vs. BUFD

Last updated Jun 23, 2026

FAPR (FT Vest U.S. Equity Buffer ETF - April) and BUFD (FT Vest Laddered Deep Buffer ETF) are both Defined Outcome funds from FT Vest. FAPR is passively managed, while BUFD is actively managed. Over the past 5 years, FAPR returned 8.79%/yr vs 7.47%/yr for BUFD. Their correlation of 0.85 suggests significant overlap in exposure. FAPR charges 0.85%/yr vs 0.95%/yr for BUFD.

Performance

FAPR vs. BUFD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest U.S. Equity Buffer ETF - April (FAPR) and FT Vest Laddered Deep Buffer ETF (BUFD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with FAPR having a 4.86% return and BUFD slightly higher at 5.06%.

FAPR

• 1D: -0.19%
• 1M: 0.28%
• YTD: 4.86%
• 6M: 5.02%
• 1Y: 12.29%
• 3Y*: 12.98%
• 5Y*: 8.79%
• 10Y*: —

BUFD

• 1D: -0.07%
• 1M: 0.41%
• YTD: 5.06%
• 6M: 5.06%
• 1Y: 14.45%
• 3Y*: 11.77%
• 5Y*: 7.47%
• 10Y*: —

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

FAPR vs. BUFD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FAPR FT Vest U.S. Equity Buffer ETF - April	4.86%	7.58%	18.14%	19.50%	-10.33%	8.50%
BUFD FT Vest Laddered Deep Buffer ETF	5.06%	10.66%	12.42%	15.40%	-7.70%	3.60%

Correlation

The correlation between FAPR and BUFD is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (All Time) Calculated using the full available price history since Apr 19, 2021	0.85

The correlation between FAPR and BUFD has been stable across timeframes, ranging from 0.85 to 0.86 - a consistent structural relationship.

Return for Risk

FAPR vs. BUFD — Risk / Return Rank

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

FAPR

FAPR Risk / Return Rank: 93
FAPR Sharpe Ratio Rank: 89
FAPR Sortino Ratio Rank: 93
FAPR Omega Ratio Rank: 94
FAPR Calmar Ratio Rank: 91
FAPR Martin Ratio Rank: 96

BUFD

BUFD Risk / Return Rank: 89
BUFD Sharpe Ratio Rank: 88
BUFD Sortino Ratio Rank: 92
BUFD Omega Ratio Rank: 91
BUFD Calmar Ratio Rank: 82
BUFD Martin Ratio Rank: 93

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.

FAPR vs. BUFD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Equity Buffer ETF - April (FAPR) and FT Vest Laddered Deep Buffer ETF (BUFD). 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.

	FAPR	BUFD	Difference
Sharpe ratio: Return per unit of total volatility	2.86	2.76	+0.10
Sortino ratio: Return per unit of downside risk	4.34	4.21	+0.12
Omega ratio: Gain probability vs. loss probability	1.65	1.57	+0.08
Calmar ratio: Return relative to maximum drawdown	5.58	4.23	+1.35
Martin ratio: Return relative to average drawdown	36.56	22.74	+13.82

FAPR vs. BUFD - Sharpe Ratio Comparison

The current FAPR Sharpe Ratio is 2.86, which is comparable to the BUFD Sharpe Ratio of 2.76. The chart below compares the historical Sharpe Ratios of FAPR and BUFD, 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

FAPR vs. BUFD - Drawdown Comparison

The maximum FAPR drawdown since its inception was -15.96%, which is greater than BUFD's maximum drawdown of -10.75%. Use the drawdown chart below to compare losses from any high point for FAPR and BUFD.

Drawdown Indicators

	FAPR	BUFD	Difference
Max Drawdown Largest peak-to-trough decline	-15.96%	-10.75%	-5.21%
Max Drawdown (1Y) Largest decline over 1 year	-2.21%	-3.43%	+1.22%
Max Drawdown (3Y) Largest decline over 3 years	-11.64%	-10.15%	-1.49%
Max Drawdown (5Y) Largest decline over 5 years	-15.96%	-10.75%	-5.21%
Current Drawdown Current decline from peak	-0.55%	-0.24%	-0.31%
Average Drawdown Average peak-to-trough decline	-2.69%	-1.96%	-0.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.34%	0.64%	-0.30%

Volatility

FAPR vs. BUFD - Volatility Comparison

FT Vest U.S. Equity Buffer ETF - April (FAPR) has a higher volatility of 2.46% compared to FT Vest Laddered Deep Buffer ETF (BUFD) at 1.60%. This indicates that FAPR's price experiences larger fluctuations and is considered to be riskier than BUFD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FAPR	BUFD	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.46%	1.60%	+0.86%
Volatility (6M) Calculated over the trailing 6-month period	3.66%	4.17%	-0.51%
Volatility (1Y) Calculated over the trailing 1-year period	4.33%	5.27%	-0.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.53%	7.74%	+2.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.43%	7.54%	+2.89%

FAPR vs. BUFD - Expense Ratio Comparison

FAPR has a 0.85% expense ratio, which is lower than BUFD's 0.95% expense ratio.

Dividends

FAPR vs. BUFD - Dividend Comparison

Neither FAPR nor BUFD has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both FAPR and BUFD in my portfolio?

FAPR and BUFD have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FAPR or BUFD?

FAPR has higher volatility (2.46%) compared to BUFD (1.60%). In terms of maximum drawdown, FAPR dropped -15.96% vs BUFD's -10.75%.

Which ETF is better, FAPR or BUFD?

On 5-year performance, FAPR leads with 8.79% vs 7.47% for BUFD. On fees, FAPR is cheaper at 0.85% per year. On volatility, BUFD has been the lower-risk option at 1.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FAPR or BUFD?

Over the 5-year period, FAPR has performed better with a 8.79% return vs 7.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FAPR or BUFD?

FAPR is cheaper with a 0.85% expense ratio, compared with 0.95% for BUFD.

Which ETF pays a higher dividend yield, FAPR or BUFD?

FAPR and BUFD have nearly identical dividend yields, around 0.00%.

What is the main difference between FAPR and BUFD?

Their fees differ too: 0.85% for FAPR and 0.95% for BUFD.

Which has better risk-adjusted returns?

FAPR currently has the higher Sharpe Ratio (2.86 vs 2.76), 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.