GAPR vs. PBMR

Last updated Jun 24, 2026

GAPR (FT Cboe Vest U.S. Equity Moderate Buffer ETF - April) and PBMR (PGIM US Large-Cap Buffer 20 ETF - March) are both Options Trading funds. Both are actively managed. Over the past year, GAPR returned 9.06% vs 12.02% for PBMR. Their correlation of 0.86 suggests significant overlap in exposure. GAPR charges 0.85%/yr vs 0.50%/yr for PBMR.

Performance

GAPR vs. PBMR - 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 PGIM US Large-Cap Buffer 20 ETF - March (PBMR). 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 PBMR's 4.60% return.

GAPR

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

PBMR

• 1D: -0.36%
• 1M: -0.10%
• YTD: 4.60%
• 6M: 4.72%
• 1Y: 12.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GAPR vs. PBMR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GAPR FT Cboe Vest U.S. Equity Moderate Buffer ETF - April	3.43%	6.68%	11.94%
PBMR PGIM US Large-Cap Buffer 20 ETF - March	4.60%	10.89%	9.62%

Correlation

The correlation between GAPR and PBMR is 0.85, 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	0.85
Correlation (All Time) Calculated using the full available price history since Mar 1, 2024	0.86

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

Return for Risk

GAPR vs. PBMR — 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

PBMR

PBMR Risk / Return Rank: 89
PBMR Sharpe Ratio Rank: 90
PBMR Sortino Ratio Rank: 93
PBMR Omega Ratio Rank: 93
PBMR Calmar Ratio Rank: 76
PBMR Martin Ratio Rank: 92

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. PBMR - 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 PGIM US Large-Cap Buffer 20 ETF - March (PBMR). 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	PBMR	Difference
Sharpe ratio: Return per unit of total volatility	2.91	2.76	+0.15
Sortino ratio: Return per unit of downside risk	4.42	4.16	+0.26
Omega ratio: Gain probability vs. loss probability	1.68	1.60	+0.09
Calmar ratio: Return relative to maximum drawdown	5.38	3.63	+1.75
Martin ratio: Return relative to average drawdown	36.06	20.81	+15.25

GAPR vs. PBMR - Sharpe Ratio Comparison

The current GAPR Sharpe Ratio is 2.91, which is comparable to the PBMR Sharpe Ratio of 2.76. The chart below compares the historical Sharpe Ratios of GAPR and PBMR, 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. PBMR - Drawdown Comparison

The maximum GAPR drawdown since its inception was -8.98%, which is greater than PBMR's maximum drawdown of -7.64%. Use the drawdown chart below to compare losses from any high point for GAPR and PBMR.

Drawdown Indicators

	GAPR	PBMR	Difference
Max Drawdown Largest peak-to-trough decline	-8.98%	-7.64%	-1.34%
Max Drawdown (1Y) Largest decline over 1 year	-1.69%	-3.33%	+1.64%
Max Drawdown (3Y) Largest decline over 3 years	-8.98%	—	—
Current Drawdown Current decline from peak	-0.92%	-0.61%	-0.31%
Average Drawdown Average peak-to-trough decline	-0.54%	-0.50%	-0.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.25%	0.58%	-0.33%

Volatility

GAPR vs. PBMR - Volatility Comparison

FT Cboe Vest U.S. Equity Moderate Buffer ETF - April (GAPR) has a higher volatility of 1.98% compared to PGIM US Large-Cap Buffer 20 ETF - March (PBMR) at 1.41%. This indicates that GAPR's price experiences larger fluctuations and is considered to be riskier than PBMR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GAPR	PBMR	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.98%	1.41%	+0.57%
Volatility (6M) Calculated over the trailing 6-month period	2.62%	3.62%	-1.00%
Volatility (1Y) Calculated over the trailing 1-year period	3.14%	4.39%	-1.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.05%	6.58%	+0.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.05%	6.58%	+0.47%

GAPR vs. PBMR - Expense Ratio Comparison

GAPR has a 0.85% expense ratio, which is higher than PBMR's 0.50% expense ratio.

Dividends

GAPR vs. PBMR - Dividend Comparison

Neither GAPR nor PBMR has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both GAPR and PBMR in my portfolio?

GAPR and PBMR have a correlation of 0.85, 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 PBMR?

GAPR has higher volatility (1.98%) compared to PBMR (1.41%). In terms of maximum drawdown, GAPR dropped -8.98% vs PBMR's -7.64%.

Which ETF is better, GAPR or PBMR?

On 1-year performance, PBMR leads with 12.02% vs 9.06% for GAPR. On fees, PBMR is cheaper at 0.50% per year. On volatility, PBMR has been the lower-risk option at 1.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GAPR or PBMR?

Over the 1-year period, PBMR has performed better with a 12.02% return vs 9.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GAPR or PBMR?

PBMR is cheaper with a 0.50% expense ratio, compared with 0.85% for GAPR.

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

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

What is the main difference between GAPR and PBMR?

They also come from different issuers: FT Vest and PGIM. Their fees differ too: 0.85% for GAPR and 0.50% for PBMR.

Which has better risk-adjusted returns?

GAPR currently has the higher Sharpe Ratio (2.91 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.