GAPR vs. PHEQ

Last updated Jun 25, 2026

GAPR (FT Cboe Vest U.S. Equity Moderate Buffer ETF - April) and PHEQ (Parametric Hedged Equity ETF) are both Options Trading funds. Both are actively managed. Over the past year, GAPR returned 8.37% vs 13.85% for PHEQ. A 0.76 correlation means they provide meaningful diversification when combined. GAPR charges 0.85%/yr vs 0.29%/yr for PHEQ.

Performance

GAPR vs. PHEQ - 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 Parametric Hedged Equity ETF (PHEQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GAPR achieves a 3.32% return, which is significantly lower than PHEQ's 5.11% return.

GAPR

• 1D: -0.11%
• 1M: -0.28%
• YTD: 3.32%
• 6M: 3.30%
• 1Y: 8.37%
• 3Y*: 10.43%
• 5Y*: —
• 10Y*: —

PHEQ

• 1D: -0.10%
• 1M: -0.43%
• YTD: 5.11%
• 6M: 4.53%
• 1Y: 13.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GAPR vs. PHEQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GAPR FT Cboe Vest U.S. Equity Moderate Buffer ETF - April	3.32%	6.68%	14.53%	6.21%
PHEQ Parametric Hedged Equity ETF	5.11%	11.76%	14.94%	6.39%

Correlation

The correlation between GAPR and PHEQ is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.79
Correlation (All Time) Calculated using the full available price history since Oct 19, 2023	0.76

The correlation between GAPR and PHEQ has been stable across timeframes, ranging from 0.76 to 0.79 - a consistent structural relationship.

Return for Risk

GAPR vs. PHEQ — Risk / Return Rank

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

GAPR

GAPR Risk / Return Rank: 93
GAPR Sharpe Ratio Rank: 91
GAPR Sortino Ratio Rank: 93
GAPR Omega Ratio Rank: 95
GAPR Calmar Ratio Rank: 91
GAPR Martin Ratio Rank: 96

PHEQ

PHEQ Risk / Return Rank: 81
PHEQ Sharpe Ratio Rank: 81
PHEQ Sortino Ratio Rank: 86
PHEQ Omega Ratio Rank: 84
PHEQ Calmar Ratio Rank: 73
PHEQ Martin Ratio Rank: 83

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. PHEQ - 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 Parametric Hedged Equity ETF (PHEQ). 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	PHEQ	Difference
Sharpe ratio: Return per unit of total volatility	2.72	2.28	+0.44
Sortino ratio: Return per unit of downside risk	4.09	3.41	+0.68
Omega ratio: Gain probability vs. loss probability	1.63	1.44	+0.19
Calmar ratio: Return relative to maximum drawdown	4.97	3.26	+1.70
Martin ratio: Return relative to average drawdown	32.26	14.76	+17.50

GAPR vs. PHEQ - Sharpe Ratio Comparison

The current GAPR Sharpe Ratio is 2.72, which is comparable to the PHEQ Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of GAPR and PHEQ, 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. PHEQ - Drawdown Comparison

The maximum GAPR drawdown since its inception was -8.98%, smaller than the maximum PHEQ drawdown of -12.55%. Use the drawdown chart below to compare losses from any high point for GAPR and PHEQ.

Drawdown Indicators

	GAPR	PHEQ	Difference
Max Drawdown Largest peak-to-trough decline	-8.98%	-12.55%	+3.57%
Max Drawdown (1Y) Largest decline over 1 year	-1.69%	-4.26%	+2.57%
Max Drawdown (3Y) Largest decline over 3 years	-8.98%	—	—
Current Drawdown Current decline from peak	-1.03%	-0.78%	-0.25%
Average Drawdown Average peak-to-trough decline	-0.54%	-0.98%	+0.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.26%	0.94%	-0.68%

Volatility

GAPR vs. PHEQ - Volatility Comparison

FT Cboe Vest U.S. Equity Moderate Buffer ETF - April (GAPR) has a higher volatility of 1.97% compared to Parametric Hedged Equity ETF (PHEQ) at 1.70%. This indicates that GAPR's price experiences larger fluctuations and is considered to be riskier than PHEQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GAPR	PHEQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.97%	1.70%	+0.27%
Volatility (6M) Calculated over the trailing 6-month period	2.62%	4.79%	-2.17%
Volatility (1Y) Calculated over the trailing 1-year period	3.13%	6.13%	-3.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.04%	8.59%	-1.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.04%	8.59%	-1.55%

GAPR vs. PHEQ - Expense Ratio Comparison

GAPR has a 0.85% expense ratio, which is higher than PHEQ's 0.29% expense ratio.

Dividends

GAPR vs. PHEQ - Dividend Comparison

GAPR has not paid dividends to shareholders, while PHEQ's dividend yield for the trailing twelve months is around 0.95%.

Position	TTM	2025	2024	2023
GAPR FT Cboe Vest U.S. Equity Moderate Buffer ETF - April	0.00%	0.00%	0.00%	0.00%
PHEQ Parametric Hedged Equity ETF	0.95%	1.19%	1.39%	1.73%

Frequently Asked Questions

Can I hold both GAPR and PHEQ in my portfolio?

GAPR and PHEQ have a correlation of 0.79, 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 PHEQ?

GAPR has higher volatility (1.97%) compared to PHEQ (1.70%). In terms of maximum drawdown, GAPR dropped -8.98% vs PHEQ's -12.55%.

Which ETF is better, GAPR or PHEQ?

On 1-year performance, PHEQ leads with 13.85% vs 8.37% for GAPR. On fees, PHEQ is cheaper at 0.29% per year. On volatility, PHEQ has been the lower-risk option at 1.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GAPR or PHEQ?

Over the 1-year period, PHEQ has performed better with a 13.85% return vs 8.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GAPR or PHEQ?

PHEQ is cheaper with a 0.29% expense ratio, compared with 0.85% for GAPR.

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

PHEQ has the higher dividend yield at 0.95%, compared with 0.00% for GAPR.

What is the main difference between GAPR and PHEQ?

They also come from different issuers: FT Vest and Parametric. Their fees differ too: 0.85% for GAPR and 0.29% for PHEQ.

Which has better risk-adjusted returns?

GAPR currently has the higher Sharpe Ratio (2.72 vs 2.28), 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.