GMAY vs. APRT

Last updated Jun 4, 2026

GMAY (FT Cboe Vest U.S. Equity Moderate Buffer ETF - May) and APRT (AllianzIM U.S. Large Cap Buffer10 Apr ETF) are both Options Trading funds. Both are actively managed. Over the past 3 years, GMAY returned 12.18%/yr vs 14.42%/yr for APRT. Their correlation of 0.88 suggests significant overlap in exposure. GMAY charges 0.85%/yr vs 0.74%/yr for APRT.

Performance

GMAY vs. APRT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Cboe Vest U.S. Equity Moderate Buffer ETF - May (GMAY) and AllianzIM U.S. Large Cap Buffer10 Apr ETF (APRT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GMAY achieves a 4.42% return, which is significantly lower than APRT's 9.89% return.

GMAY

• 1D: -0.35%
• 1M: 1.29%
• YTD: 4.42%
• 6M: 5.09%
• 1Y: 12.38%
• 3Y*: 12.18%
• 5Y*: —
• 10Y*: —

APRT

• 1D: -0.20%
• 1M: 2.07%
• YTD: 9.89%
• 6M: 10.85%
• 1Y: 19.10%
• 3Y*: 14.42%
• 5Y*: 10.64%
• 10Y*: —

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

GMAY vs. APRT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GMAY FT Cboe Vest U.S. Equity Moderate Buffer ETF - May	4.42%	11.94%	12.12%	8.88%
APRT AllianzIM U.S. Large Cap Buffer10 Apr ETF	9.89%	7.99%	15.15%	11.31%

Correlation

The correlation between GMAY and APRT is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (All Time) Calculated using the full available price history since May 23, 2023	0.88

The correlation between GMAY and APRT has been stable across timeframes, ranging from 0.87 to 0.88 - a consistent structural relationship.

GMAY vs. APRT - Sectors Allocation Comparison

Sectors	GMAY	APRT
Technology	36.2%	36.2%
Financial Services	11.9%	11.9%
Communication Services	10.9%	10.9%
Consumer Cyclical	10.1%	10.1%
Healthcare	8.4%	8.4%
Industrials	8.1%	8.1%
Consumer Defensive	4.9%	4.9%
Energy	3.5%	3.5%
Utilities	2.3%	2.3%
Real Estate	1.9%	1.9%
Basic Materials	1.8%	1.8%

Return for Risk

GMAY vs. APRT — Risk / Return Rank

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

GMAY

GMAY Risk / Return Rank: 85
GMAY Sharpe Ratio Rank: 81
GMAY Sortino Ratio Rank: 87
GMAY Omega Ratio Rank: 88
GMAY Calmar Ratio Rank: 79
GMAY Martin Ratio Rank: 92

APRT

APRT Risk / Return Rank: 97
APRT Sharpe Ratio Rank: 95
APRT Sortino Ratio Rank: 98
APRT Omega Ratio Rank: 97
APRT Calmar Ratio Rank: 97
APRT 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.

GMAY vs. APRT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Cboe Vest U.S. Equity Moderate Buffer ETF - May (GMAY) and AllianzIM U.S. Large Cap Buffer10 Apr ETF (APRT). 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.

	GMAY	APRT	Difference
Sharpe ratio: Return per unit of total volatility	2.61	3.83	-1.21
Sortino ratio: Return per unit of downside risk	3.94	6.77	-2.83
Omega ratio: Gain probability vs. loss probability	1.55	1.97	-0.42
Calmar ratio: Return relative to maximum drawdown	4.00	12.06	-8.06
Martin ratio: Return relative to average drawdown	23.44	65.68	-42.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GMAY vs. APRT - Sharpe Ratio Comparison

The current GMAY Sharpe Ratio is 2.61, which is lower than the APRT Sharpe Ratio of 3.83. The chart below compares the historical Sharpe Ratios of GMAY and APRT, 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

	GMAY	APRT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.61	3.83	-1.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.99	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.60	1.11	+0.49

Drawdowns

GMAY vs. APRT - Drawdown Comparison

The maximum GMAY drawdown since its inception was -11.75%, smaller than the maximum APRT drawdown of -14.98%. Use the drawdown chart below to compare losses from any high point for GMAY and APRT.

Drawdown Indicators

	GMAY	APRT	Difference
Max Drawdown Largest peak-to-trough decline	-11.75%	-14.98%	+3.23%
Max Drawdown (1Y) Largest decline over 1 year	-3.11%	-1.59%	-1.52%
Max Drawdown (3Y) Largest decline over 3 years	-11.75%	-14.98%	+3.23%
Max Drawdown (5Y) Largest decline over 5 years	—	-14.98%	—
Current Drawdown Current decline from peak	-0.35%	-0.20%	-0.15%
Average Drawdown Average peak-to-trough decline	-0.72%	-2.05%	+1.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.53%	0.29%	+0.24%

Volatility

GMAY vs. APRT - Volatility Comparison

FT Cboe Vest U.S. Equity Moderate Buffer ETF - May (GMAY) has a higher volatility of 1.21% compared to AllianzIM U.S. Large Cap Buffer10 Apr ETF (APRT) at 1.01%. This indicates that GMAY's price experiences larger fluctuations and is considered to be riskier than APRT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GMAY	APRT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.21%	1.01%	+0.20%
Volatility (6M) Calculated over the trailing 6-month period	3.71%	3.99%	-0.28%
Volatility (1Y) Calculated over the trailing 1-year period	4.77%	5.02%	-0.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.85%	10.78%	-2.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.85%	10.29%	-2.44%

GMAY vs. APRT - Expense Ratio Comparison

GMAY has a 0.85% expense ratio, which is higher than APRT's 0.74% expense ratio.

Dividends

GMAY vs. APRT - Dividend Comparison

Neither GMAY nor APRT has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020
APRT AllianzIM U.S. Large Cap Buffer10 Apr ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	4.67%
GMAY FT Cboe Vest U.S. Equity Moderate Buffer ETF - May	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GMAY and APRT in my portfolio?

GMAY and APRT have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GMAY or APRT?

GMAY has higher volatility (1.21%) compared to APRT (1.01%). In terms of maximum drawdown, GMAY dropped -11.75% vs APRT's -14.98%.

Which ETF is better, GMAY or APRT?

On 3-year performance, APRT leads with 14.42% vs 12.18% for GMAY. On fees, APRT is cheaper at 0.74% per year. On volatility, APRT has been the lower-risk option at 1.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GMAY or APRT?

Over the 3-year period, APRT has performed better with a 14.42% return vs 12.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GMAY or APRT?

APRT is cheaper with a 0.74% expense ratio, compared with 0.85% for GMAY.

Which ETF pays a higher dividend yield, GMAY or APRT?

GMAY and APRT have nearly identical dividend yields, around 0.00%.

What is the main difference between GMAY and APRT?

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

Which has better risk-adjusted returns?

APRT currently has the higher Sharpe Ratio (3.83 vs 2.61), 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.