FMAY vs. APRB

Last updated Aug 2, 2026

FMAY (FT Cboe Vest U.S. Equity Buffer ETF - May) and APRB (Aptus April Buffer ETF) are both Defined Outcome funds. FMAY is passively managed, while APRB is actively managed. Their correlation of 0.88 means they have usually moved in the same direction. FMAY charges 0.85%/yr vs 0.25%/yr for APRB.

Performance

FMAY vs. APRB - Performance Comparison

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

Returns By Period

In the year-to-date period, FMAY achieves a 5.43% return, which is significantly lower than APRB's 5.78% return.

FMAY

• 1D: 0.48%
• 1M: 0.39%
• 6M: 4.78%
• YTD: 5.43%
• 1Y: 12.00%
• 3Y*: 12.48%
• 5Y*: 9.00%
• 10Y*: —
• ALL TIME*: 10.05%

APRB

• 1D: 0.30%
• 1M: 0.71%
• 6M: 4.72%
• YTD: 5.78%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*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)
APRB Aptus April Buffer ETF	$24.58K	$46.66K	$43.31K
FMAY FT Cboe Vest U.S. Equity Buffer ETF - May	$1.41M	$1.35M	$5.09M

FMAY vs. APRB - Yearly Performance Comparison

	2026 (YTD)	2025
FMAY FT Cboe Vest U.S. Equity Buffer ETF - May	5.43%	2.58%
APRB Aptus April Buffer ETF	5.78%	2.48%

Correlation

The correlation between FMAY and APRB is 0.88, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 14, 2025	0.88

Return for Risk

FMAY vs. APRB — Risk / Return Rank

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

FMAY

FMAY Risk / Return Rank: 77
FMAY Sharpe Ratio Rank: 71
FMAY Sortino Ratio Rank: 72
FMAY Omega Ratio Rank: 79
FMAY Calmar Ratio Rank: 75
FMAY Martin Ratio Rank: 88

APRB

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

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.

FMAY vs. APRB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Cboe Vest U.S. Equity Buffer ETF - May (FMAY) and Aptus April Buffer ETF (APRB). 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.

	FMAY	APRB	Difference
Sharpe ratio: Return per unit of total volatility	1.63	—	—
Sortino ratio: Return per unit of downside risk	2.33	—	—
Omega ratio: Gain probability vs. loss probability	1.33	—	—
Calmar ratio: Return relative to maximum drawdown	2.65	—	—
Martin ratio: Return relative to average drawdown	13.18	—	—

Drawdowns

FMAY vs. APRB - Drawdown Comparison

The maximum FMAY drawdown since its inception was -13.60%, which is greater than APRB's maximum drawdown of -4.59%. Use the drawdown chart below to compare losses from any high point for FMAY and APRB.

Drawdown Indicators

	FMAY	APRB	Difference
Max Drawdown Largest peak-to-trough decline	-13.60%	-4.59%	-9.01%
Max Drawdown (1Y) Largest decline over 1 year	-4.22%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-13.12%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-13.60%	—	—
Current Drawdown Current decline from peak	-0.48%	0.00%	-0.48%
Average Drawdown Average peak-to-trough decline	-1.98%	-0.65%	-1.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.85%	—	—

Volatility

Volatility by Period

	FMAY	APRB	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.40%	—	—
Volatility (6M) Calculated over the trailing 6-month period	5.85%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	6.86%	5.72%	+1.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.68%	5.72%	+4.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.14%	5.72%	+4.42%

FMAY vs. APRB - Expense Ratio Comparison

FMAY has a 0.85% expense ratio, which is higher than APRB's 0.25% expense ratio.

Dividends

FMAY vs. APRB - Dividend Comparison

Neither FMAY nor APRB has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both FMAY and APRB in my portfolio?

FMAY and APRB have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FMAY or APRB?

On fees, APRB is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FMAY or APRB?

APRB is cheaper with a 0.25% expense ratio, compared with 0.85% for FMAY.

Which ETF pays a higher dividend yield, FMAY or APRB?

FMAY and APRB have nearly identical dividend yields, around 0.00%.

What is the main difference between FMAY and APRB?

They also come from different issuers: First Trust and Aptus. Their fees differ too: 0.85% for FMAY and 0.25% for APRB.