IVVM vs. XAPR

Last updated Aug 2, 2026

IVVM (iShares Large Cap Moderate Buffer ETF) and XAPR (FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - April) are both Options Trading funds. Both are actively managed. Over the past year, IVVM returned 14.40% vs 7.90% for XAPR. Their correlation of 0.82 means they have usually moved in the same direction. IVVM charges 0.50%/yr vs 0.85%/yr for XAPR.

Performance

IVVM vs. XAPR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Large Cap Moderate Buffer ETF (IVVM) and FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - April (XAPR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IVVM achieves a 6.70% return, which is significantly higher than XAPR's 4.23% return.

IVVM

• 1D: 0.57%
• 1M: 0.51%
• 6M: 5.79%
• YTD: 6.70%
• 1Y: 14.40%
• 3Y*: 13.47%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 13.75%

XAPR

• 1D: 0.33%
• 1M: 0.63%
• 6M: 3.83%
• YTD: 4.23%
• 1Y: 7.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 11.24%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
IVVM iShares Large Cap Moderate Buffer ETF	$740.71K	$781.13K	$703.06K
XAPR FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - April	$56.25K	$52.19K	$206.39K

IVVM vs. XAPR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IVVM iShares Large Cap Moderate Buffer ETF	6.70%	14.24%	14.06%
XAPR FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - April	4.23%	12.57%	8.57%

Correlation

The correlation between IVVM and XAPR is 0.79, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.79
Correlation (All Time) Calculated using the full available price history since Apr 22, 2024	0.82

The correlation between IVVM and XAPR has been stable across timeframes, ranging from 0.79 to 0.82 - a consistent structural relationship.

Return for Risk

IVVM vs. XAPR — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

IVVM

IVVM Risk / Return Rank: 79
IVVM Sharpe Ratio Rank: 78
IVVM Sortino Ratio Rank: 79
IVVM Omega Ratio Rank: 82
IVVM Calmar Ratio Rank: 71
IVVM Martin Ratio Rank: 85

XAPR

XAPR Risk / Return Rank: 96
XAPR Sharpe Ratio Rank: 96
XAPR Sortino Ratio Rank: 96
XAPR Omega Ratio Rank: 97
XAPR Calmar Ratio Rank: 96
XAPR Martin Ratio Rank: 97

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

IVVM vs. XAPR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Large Cap Moderate Buffer ETF (IVVM) and FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - April (XAPR). 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.

	IVVM	XAPR	Difference
Sharpe ratio: Return per unit of total volatility	1.78	2.94	-1.16
Sortino ratio: Return per unit of downside risk	2.55	4.43	-1.88
Omega ratio: Gain probability vs. loss probability	1.35	1.68	-0.34
Calmar ratio: Return relative to maximum drawdown	2.49	6.05	-3.56
Martin ratio: Return relative to average drawdown	12.04	35.36	-23.32

IVVM vs. XAPR - Sharpe Ratio Comparison

The current IVVM Sharpe Ratio is 1.78, which is lower than the XAPR Sharpe Ratio of 2.94. The chart below compares the historical Sharpe Ratios of IVVM and XAPR, 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

IVVM vs. XAPR - Drawdown Comparison

The maximum IVVM drawdown since its inception was -11.62%, which is greater than XAPR's maximum drawdown of -6.18%. Use the drawdown chart below to compare losses from any high point for IVVM and XAPR.

Drawdown Indicators

	IVVM	XAPR	Difference
Max Drawdown Largest peak-to-trough decline	-11.62%	-6.18%	-5.44%
Max Drawdown (1Y) Largest decline over 1 year	-5.31%	-1.27%	-4.04%
Max Drawdown (3Y) Largest decline over 3 years	-11.62%	—	—
Current Drawdown Current decline from peak	-0.40%	0.00%	-0.40%
Average Drawdown Average peak-to-trough decline	-0.90%	-0.19%	-0.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.10%	0.22%	+0.88%

Volatility

IVVM vs. XAPR - Volatility Comparison

iShares Large Cap Moderate Buffer ETF (IVVM) has a higher volatility of 2.14% compared to FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - April (XAPR) at 1.23%. This indicates that IVVM's price experiences larger fluctuations and is considered to be riskier than XAPR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IVVM	XAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.14%	1.23%	+0.91%
Volatility (6M) Calculated over the trailing 6-month period	5.77%	2.30%	+3.47%
Volatility (1Y) Calculated over the trailing 1-year period	7.42%	2.62%	+4.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.50%	6.09%	+3.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.50%	6.09%	+3.41%

IVVM vs. XAPR - Expense Ratio Comparison

IVVM has a 0.50% expense ratio, which is lower than XAPR's 0.85% expense ratio.

Dividends

IVVM vs. XAPR - Dividend Comparison

IVVM's dividend yield for the trailing twelve months is around 0.64%, while XAPR has not paid dividends to shareholders.

Position	TTM	2025	2024
IVVM iShares Large Cap Moderate Buffer ETF	0.64%	0.68%	0.62%
XAPR FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - April	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IVVM and XAPR in my portfolio?

IVVM and XAPR 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, IVVM or XAPR?

IVVM has higher volatility (2.14%) compared to XAPR (1.23%). In terms of maximum drawdown, IVVM dropped -11.62% vs XAPR's -6.18%.

Which ETF is better, IVVM or XAPR?

On 1-year performance, IVVM leads with 14.40% vs 7.90% for XAPR. On fees, IVVM is cheaper at 0.50% per year. On volatility, XAPR has been the lower-risk option at 1.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IVVM or XAPR?

Over the 1-year period, IVVM has performed better with a 14.40% return vs 7.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IVVM or XAPR?

IVVM is cheaper with a 0.50% expense ratio, compared with 0.85% for XAPR.

Which ETF pays a higher dividend yield, IVVM or XAPR?

IVVM has the higher dividend yield at 0.64%, compared with 0.00% for XAPR.

What is the main difference between IVVM and XAPR?

They also come from different issuers: iShares and FT Vest. Their fees differ too: 0.50% for IVVM and 0.85% for XAPR.

Which has better risk-adjusted returns?

XAPR currently has the higher Sharpe Ratio (2.94 vs 1.78), 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.