GAPR vs. APRW

Last updated Jun 24, 2026

GAPR (FT Cboe Vest U.S. Equity Moderate Buffer ETF - April) and APRW (AllianzIM U.S. Large Cap Buffer20 Apr ETF) are both Options Trading funds. Both are actively managed. Over the past 3 years, GAPR returned 10.47%/yr vs 9.84%/yr for APRW. Their correlation of 0.85 suggests significant overlap in exposure. GAPR charges 0.85%/yr vs 0.74%/yr for APRW.

Performance

GAPR vs. APRW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Cboe Vest U.S. Equity Moderate Buffer ETF - April (GAPR) and AllianzIM U.S. Large Cap Buffer20 Apr ETF (APRW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GAPR achieves a 3.43% return, which is significantly lower than APRW's 5.94% return.

GAPR

• 1D: -0.47%
• 1M: -0.17%
• YTD: 3.43%
• 6M: 3.52%
• 1Y: 9.06%
• 3Y*: 10.47%
• 5Y*: —
• 10Y*: —

APRW

• 1D: -0.30%
• 1M: 0.01%
• YTD: 5.94%
• 6M: 6.07%
• 1Y: 11.57%
• 3Y*: 9.84%
• 5Y*: 6.97%
• 10Y*: —

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

GAPR vs. APRW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GAPR FT Cboe Vest U.S. Equity Moderate Buffer ETF - April	3.43%	6.68%	14.53%	10.11%
APRW AllianzIM U.S. Large Cap Buffer20 Apr ETF	5.94%	6.18%	11.25%	8.79%

Correlation

The correlation between GAPR and APRW is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (All Time) Calculated using the full available price history since Apr 24, 2023	0.85

The correlation between GAPR and APRW has been stable across timeframes, ranging from 0.80 to 0.85 - a consistent structural relationship.

Return for Risk

GAPR vs. APRW — Risk / Return Rank

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

GAPR

GAPR Risk / Return Rank: 94
GAPR Sharpe Ratio Rank: 92
GAPR Sortino Ratio Rank: 94
GAPR Omega Ratio Rank: 95
GAPR Calmar Ratio Rank: 91
GAPR Martin Ratio Rank: 97

APRW

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

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.

GAPR vs. APRW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Cboe Vest U.S. Equity Moderate Buffer ETF - April (GAPR) and AllianzIM U.S. Large Cap Buffer20 Apr ETF (APRW). 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.

	GAPR	APRW	Difference
Sharpe ratio: Return per unit of total volatility	2.91	4.35	-1.44
Sortino ratio: Return per unit of downside risk	4.42	7.57	-3.16
Omega ratio: Gain probability vs. loss probability	1.68	2.07	-0.38
Calmar ratio: Return relative to maximum drawdown	5.38	13.01	-7.63
Martin ratio: Return relative to average drawdown	36.06	68.66	-32.60

GAPR vs. APRW - Sharpe Ratio Comparison

The current GAPR Sharpe Ratio is 2.91, which is lower than the APRW Sharpe Ratio of 4.35. The chart below compares the historical Sharpe Ratios of GAPR and APRW, 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

GAPR vs. APRW - Drawdown Comparison

The maximum GAPR drawdown since its inception was -8.98%, smaller than the maximum APRW drawdown of -9.61%. Use the drawdown chart below to compare losses from any high point for GAPR and APRW.

Drawdown Indicators

	GAPR	APRW	Difference
Max Drawdown Largest peak-to-trough decline	-8.98%	-9.61%	+0.63%
Max Drawdown (1Y) Largest decline over 1 year	-1.69%	-0.89%	-0.80%
Max Drawdown (3Y) Largest decline over 3 years	-8.98%	-9.61%	+0.63%
Max Drawdown (5Y) Largest decline over 5 years	—	-9.61%	—
Current Drawdown Current decline from peak	-0.92%	-0.46%	-0.46%
Average Drawdown Average peak-to-trough decline	-0.54%	-1.11%	+0.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.25%	0.17%	+0.08%

Volatility

GAPR vs. APRW - Volatility Comparison

FT Cboe Vest U.S. Equity Moderate Buffer ETF - April (GAPR) has a higher volatility of 1.98% compared to AllianzIM U.S. Large Cap Buffer20 Apr ETF (APRW) at 1.14%. This indicates that GAPR's price experiences larger fluctuations and is considered to be riskier than APRW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GAPR	APRW	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.98%	1.14%	+0.84%
Volatility (6M) Calculated over the trailing 6-month period	2.62%	2.13%	+0.49%
Volatility (1Y) Calculated over the trailing 1-year period	3.14%	2.71%	+0.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.05%	6.73%	+0.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.05%	6.40%	+0.65%

GAPR vs. APRW - Expense Ratio Comparison

GAPR has a 0.85% expense ratio, which is higher than APRW's 0.74% expense ratio.

Dividends

GAPR vs. APRW - Dividend Comparison

Neither GAPR nor APRW has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020
APRW AllianzIM U.S. Large Cap Buffer20 Apr ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.67%
GAPR FT Cboe Vest U.S. Equity Moderate Buffer ETF - April	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GAPR and APRW in my portfolio?

GAPR and APRW have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GAPR or APRW?

GAPR has higher volatility (1.98%) compared to APRW (1.14%). In terms of maximum drawdown, GAPR dropped -8.98% vs APRW's -9.61%.

Which ETF is better, GAPR or APRW?

On 3-year performance, GAPR leads with 10.47% vs 9.84% for APRW. On fees, APRW is cheaper at 0.74% per year. On volatility, APRW has been the lower-risk option at 1.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GAPR or APRW?

Over the 3-year period, GAPR has performed better with a 10.47% return vs 9.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GAPR or APRW?

APRW is cheaper with a 0.74% expense ratio, compared with 0.85% for GAPR.

Which ETF pays a higher dividend yield, GAPR or APRW?

GAPR and APRW have nearly identical dividend yields, around 0.00%.

What is the main difference between GAPR and APRW?

They also come from different issuers: FT Vest and Allianz. Their fees differ too: 0.85% for GAPR and 0.74% for APRW.

Which has better risk-adjusted returns?

APRW currently has the higher Sharpe Ratio (4.35 vs 2.91), 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.