GAPR vs. QCAP

Last updated Jun 4, 2026

GAPR (FT Cboe Vest U.S. Equity Moderate Buffer ETF - April) and QCAP (FT Vest NASDAQ-100 Conservative Buffer ETF - April) are both exchange-traded funds - GAPR is a Options Trading fund actively managed by FT Vest, while QCAP is a Nasdaq-100 fund actively managed by FT Vest. Both are actively managed. Over the past year, GAPR returned 10.42% vs 11.06% for QCAP. Their correlation of 0.85 suggests significant overlap in exposure. GAPR charges 0.85%/yr vs 0.90%/yr for QCAP.

Performance

GAPR vs. QCAP - 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 FT Vest NASDAQ-100 Conservative Buffer ETF - April (QCAP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GAPR achieves a 4.16% return, which is significantly lower than QCAP's 5.23% return.

GAPR

• 1D: -0.13%
• 1M: 2.03%
• YTD: 4.16%
• 6M: 4.90%
• 1Y: 10.42%
• 3Y*: 11.06%
• 5Y*: —
• 10Y*: —

QCAP

• 1D: -0.08%
• 1M: 2.34%
• YTD: 5.23%
• 6M: 5.92%
• 1Y: 11.06%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GAPR vs. QCAP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GAPR FT Cboe Vest U.S. Equity Moderate Buffer ETF - April	4.16%	6.68%	10.23%
QCAP FT Vest NASDAQ-100 Conservative Buffer ETF - April	5.23%	7.13%	10.40%

Correlation

The correlation between GAPR and QCAP is 0.81, 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	0.81
Correlation (All Time) Calculated using the full available price history since Apr 23, 2024	0.85

The correlation between GAPR and QCAP has been stable across timeframes, ranging from 0.81 to 0.85 - a consistent structural relationship.

Return for Risk

GAPR vs. QCAP — Risk / Return Rank

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

GAPR

GAPR Risk / Return Rank: 97
GAPR Sharpe Ratio Rank: 95
GAPR Sortino Ratio Rank: 98
GAPR Omega Ratio Rank: 97
GAPR Calmar Ratio Rank: 97
GAPR Martin Ratio Rank: 98

QCAP

QCAP Risk / Return Rank: 97
QCAP Sharpe Ratio Rank: 96
QCAP Sortino Ratio Rank: 98
QCAP Omega Ratio Rank: 98
QCAP Calmar Ratio Rank: 98
QCAP 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. QCAP - 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 FT Vest NASDAQ-100 Conservative Buffer ETF - April (QCAP). 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.

	GAPR	QCAP	Difference
Sharpe ratio: Return per unit of total volatility	3.97	4.17	-0.19
Sortino ratio: Return per unit of downside risk	6.89	7.37	-0.48
Omega ratio: Gain probability vs. loss probability	1.94	1.99	-0.04
Calmar ratio: Return relative to maximum drawdown	11.94	13.50	-1.56
Martin ratio: Return relative to average drawdown	62.55	67.84	-5.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GAPR vs. QCAP - Sharpe Ratio Comparison

The current GAPR Sharpe Ratio is 3.97, which is comparable to the QCAP Sharpe Ratio of 4.17. The chart below compares the historical Sharpe Ratios of GAPR and QCAP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	GAPR	QCAP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.97	4.17	-0.19
Sharpe Ratio (All Time) Calculated using the full available price history	1.64	1.26	+0.38

Drawdowns

GAPR vs. QCAP - Drawdown Comparison

The maximum GAPR drawdown since its inception was -8.98%, roughly equal to the maximum QCAP drawdown of -9.17%. Use the drawdown chart below to compare losses from any high point for GAPR and QCAP.

Drawdown Indicators

	GAPR	QCAP	Difference
Max Drawdown Largest peak-to-trough decline	-8.98%	-9.17%	+0.19%
Max Drawdown (1Y) Largest decline over 1 year	-0.88%	-0.82%	-0.06%
Max Drawdown (3Y) Largest decline over 3 years	-8.98%	—	—
Current Drawdown Current decline from peak	-0.22%	-0.08%	-0.14%
Average Drawdown Average peak-to-trough decline	-0.53%	-0.52%	-0.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.17%	0.16%	+0.01%

Volatility

GAPR vs. QCAP - Volatility Comparison

The current volatility for FT Cboe Vest U.S. Equity Moderate Buffer ETF - April (GAPR) is 0.93%, while FT Vest NASDAQ-100 Conservative Buffer ETF - April (QCAP) has a volatility of 0.99%. This indicates that GAPR experiences smaller price fluctuations and is considered to be less risky than QCAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GAPR	QCAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.93%	0.99%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	1.84%	1.93%	-0.09%
Volatility (1Y) Calculated over the trailing 1-year period	2.63%	2.69%	-0.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.03%	8.73%	-1.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.03%	8.73%	-1.70%

GAPR vs. QCAP - Expense Ratio Comparison

GAPR has a 0.85% expense ratio, which is lower than QCAP's 0.90% expense ratio.

Dividends

GAPR vs. QCAP - Dividend Comparison

Neither GAPR nor QCAP has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both GAPR and QCAP in my portfolio?

GAPR and QCAP have a correlation of 0.81, 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 QCAP?

QCAP has higher volatility (0.99%) compared to GAPR (0.93%). In terms of maximum drawdown, GAPR dropped -8.98% vs QCAP's -9.17%.

Which ETF is better, GAPR or QCAP?

On 1-year performance, QCAP leads with 11.06% vs 10.42% for GAPR. On fees, GAPR is cheaper at 0.85% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GAPR or QCAP?

Over the 1-year period, QCAP has performed better with a 11.06% return vs 10.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GAPR or QCAP?

GAPR is cheaper with a 0.85% expense ratio, compared with 0.90% for QCAP.

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

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

What is the main difference between GAPR and QCAP?

GAPR is categorized as Options Trading, while QCAP is Nasdaq-100. Their fees differ too: 0.85% for GAPR and 0.90% for QCAP.

Which has better risk-adjusted returns?

QCAP currently has the higher Sharpe Ratio (4.17 vs 3.97), 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.