GSEP vs. APRP

Last updated Jun 23, 2026

GSEP (FT Cboe Vest U.S. Equity Moderate Buffer ETF – September) and APRP (PGIM US Large-Cap Buffer 12 ETF - April) are both Options Trading funds. Both are actively managed. Over the past year, GSEP returned 13.77% vs 17.66% for APRP. Their correlation of 0.89 suggests significant overlap in exposure. GSEP charges 0.85%/yr vs 0.50%/yr for APRP.

Performance

GSEP vs. APRP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Cboe Vest U.S. Equity Moderate Buffer ETF – September (GSEP) and PGIM US Large-Cap Buffer 12 ETF - April (APRP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GSEP achieves a 5.49% return, which is significantly lower than APRP's 9.31% return.

GSEP

• 1D: -0.01%
• 1M: 0.63%
• YTD: 5.49%
• 6M: 5.34%
• 1Y: 13.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —

APRP

• 1D: -0.08%
• 1M: 0.89%
• YTD: 9.31%
• 6M: 9.51%
• 1Y: 17.66%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GSEP vs. APRP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GSEP FT Cboe Vest U.S. Equity Moderate Buffer ETF – September	5.49%	10.56%	6.13%
APRP PGIM US Large-Cap Buffer 12 ETF - April	9.31%	7.80%	10.06%

Correlation

The correlation between GSEP and APRP is 0.91, 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	0.91
Correlation (All Time) Calculated using the full available price history since Apr 1, 2024	0.89

The correlation between GSEP and APRP has been stable across timeframes, ranging from 0.89 to 0.91 - a consistent structural relationship.

Return for Risk

GSEP vs. APRP — Risk / Return Rank

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

GSEP

GSEP Risk / Return Rank: 76
GSEP Sharpe Ratio Rank: 75
GSEP Sortino Ratio Rank: 78
GSEP Omega Ratio Rank: 82
GSEP Calmar Ratio Rank: 65
GSEP Martin Ratio Rank: 81

APRP

APRP Risk / Return Rank: 97
APRP Sharpe Ratio Rank: 96
APRP Sortino Ratio Rank: 97
APRP Omega Ratio Rank: 97
APRP Calmar Ratio Rank: 98
APRP 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.

GSEP vs. APRP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Cboe Vest U.S. Equity Moderate Buffer ETF – September (GSEP) and PGIM US Large-Cap Buffer 12 ETF - April (APRP). 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.

	GSEP	APRP	Difference
Sharpe ratio: Return per unit of total volatility	2.30	3.98	-1.68
Sortino ratio: Return per unit of downside risk	3.29	6.63	-3.34
Omega ratio: Gain probability vs. loss probability	1.47	1.98	-0.51
Calmar ratio: Return relative to maximum drawdown	3.11	12.58	-9.46
Martin ratio: Return relative to average drawdown	15.68	64.06	-48.38

GSEP vs. APRP - Sharpe Ratio Comparison

The current GSEP Sharpe Ratio is 2.30, which is lower than the APRP Sharpe Ratio of 3.98. The chart below compares the historical Sharpe Ratios of GSEP and APRP, 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

GSEP vs. APRP - Drawdown Comparison

The maximum GSEP drawdown since its inception was -10.09%, smaller than the maximum APRP drawdown of -13.66%. Use the drawdown chart below to compare losses from any high point for GSEP and APRP.

Drawdown Indicators

	GSEP	APRP	Difference
Max Drawdown Largest peak-to-trough decline	-10.09%	-13.66%	+3.57%
Max Drawdown (1Y) Largest decline over 1 year	-4.44%	-1.41%	-3.03%
Current Drawdown Current decline from peak	-0.09%	-0.25%	+0.16%
Average Drawdown Average peak-to-trough decline	-0.73%	-1.22%	+0.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.88%	0.28%	+0.60%

Volatility

GSEP vs. APRP - Volatility Comparison

The current volatility for FT Cboe Vest U.S. Equity Moderate Buffer ETF – September (GSEP) is 1.56%, while PGIM US Large-Cap Buffer 12 ETF - April (APRP) has a volatility of 1.81%. This indicates that GSEP experiences smaller price fluctuations and is considered to be less risky than APRP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GSEP	APRP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.56%	1.81%	-0.25%
Volatility (6M) Calculated over the trailing 6-month period	4.85%	3.70%	+1.15%
Volatility (1Y) Calculated over the trailing 1-year period	6.01%	4.46%	+1.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.57%	9.44%	-1.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.57%	9.44%	-1.87%

GSEP vs. APRP - Expense Ratio Comparison

GSEP has a 0.85% expense ratio, which is higher than APRP's 0.50% expense ratio.

Dividends

GSEP vs. APRP - Dividend Comparison

Neither GSEP nor APRP has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both GSEP and APRP in my portfolio?

With a correlation of 0.91, GSEP and APRP move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, GSEP or APRP?

APRP has higher volatility (1.81%) compared to GSEP (1.56%). In terms of maximum drawdown, GSEP dropped -10.09% vs APRP's -13.66%.

Which ETF is better, GSEP or APRP?

On 1-year performance, APRP leads with 17.66% vs 13.77% for GSEP. On fees, APRP is cheaper at 0.50% per year. On volatility, GSEP has been the lower-risk option at 1.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GSEP or APRP?

Over the 1-year period, APRP has performed better with a 17.66% return vs 13.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GSEP or APRP?

APRP is cheaper with a 0.50% expense ratio, compared with 0.85% for GSEP.

Which ETF pays a higher dividend yield, GSEP or APRP?

GSEP and APRP have nearly identical dividend yields, around 0.00%.

What is the main difference between GSEP and APRP?

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

Which has better risk-adjusted returns?

APRP currently has the higher Sharpe Ratio (3.98 vs 2.30), 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.