XBAP vs. MARM

Last updated Jun 4, 2026

XBAP (Innovator U.S. Equity Accelerated 9 Buffer ETF - April) and MARM (FT Vest U.S. Equity Max Buffer ETF - March) are both Defined Outcome funds. Both are actively managed. Over the past year, XBAP returned 15.64% vs 7.26% for MARM. A 0.76 correlation means they provide meaningful diversification when combined. XBAP charges 0.79%/yr vs 0.85%/yr for MARM.

Performance

XBAP vs. MARM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Accelerated 9 Buffer ETF - April (XBAP) and FT Vest U.S. Equity Max Buffer ETF - March (MARM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XBAP achieves a 8.03% return, which is significantly higher than MARM's 3.24% return.

XBAP

• 1D: -0.19%
• 1M: 1.69%
• YTD: 8.03%
• 6M: 9.02%
• 1Y: 15.64%
• 3Y*: 13.76%
• 5Y*: 9.79%
• 10Y*: —

MARM

• 1D: -0.06%
• 1M: 0.60%
• YTD: 3.24%
• 6M: 3.86%
• 1Y: 7.26%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

XBAP vs. MARM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
XBAP Innovator U.S. Equity Accelerated 9 Buffer ETF - April	8.03%	13.38%	9.45%
MARM FT Vest U.S. Equity Max Buffer ETF - March	3.24%	7.04%	5.97%

Correlation

The correlation between XBAP and MARM is 0.64, 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	0.64
Correlation (All Time) Calculated using the full available price history since Mar 28, 2024	0.76

The correlation between XBAP and MARM shifts across timeframes, from 0.64 (1 year) to 0.76 (all time), reflecting how their relationship changes across market environments.

Return for Risk

XBAP vs. MARM — Risk / Return Rank

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

XBAP

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

MARM

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

XBAP vs. MARM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Accelerated 9 Buffer ETF - April (XBAP) and FT Vest U.S. Equity Max Buffer ETF - March (MARM). 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.

	XBAP	MARM	Difference
Sharpe ratio Return per unit of total volatility	4.53	4.55	-0.03
Sortino ratio Return per unit of downside risk	8.79	8.03	+0.76
Omega ratio Gain probability vs. loss probability	2.20	2.16	+0.05
Calmar ratio Return relative to maximum drawdown	16.10	11.63	+4.47
Martin ratio Return relative to average drawdown	82.15	77.52	+4.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XBAP vs. MARM - Sharpe Ratio Comparison

The current XBAP Sharpe Ratio is 4.53, which is comparable to the MARM Sharpe Ratio of 4.55. The chart below compares the historical Sharpe Ratios of XBAP and MARM, 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

	XBAP	MARM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.53	4.55	-0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.99	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.02	2.23	-1.22

Drawdowns

XBAP vs. MARM - Drawdown Comparison

The maximum XBAP drawdown since its inception was -14.57%, which is greater than MARM's maximum drawdown of -2.74%. Use the drawdown chart below to compare losses from any high point for XBAP and MARM.

Drawdown Indicators

	XBAP	MARM	Difference
Max Drawdown Largest peak-to-trough decline	-14.57%	-2.74%	-11.83%
Max Drawdown (1Y) Largest decline over 1 year	-0.98%	-0.63%	-0.35%
Max Drawdown (3Y) Largest decline over 3 years	-8.25%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-14.57%	—	—
Current Drawdown Current decline from peak	-0.19%	-0.10%	-0.09%
Average Drawdown Average peak-to-trough decline	-1.74%	-0.20%	-1.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.19%	0.09%	+0.10%

Volatility

XBAP vs. MARM - Volatility Comparison

Innovator U.S. Equity Accelerated 9 Buffer ETF - April (XBAP) has a higher volatility of 0.68% compared to FT Vest U.S. Equity Max Buffer ETF - March (MARM) at 0.41%. This indicates that XBAP's price experiences larger fluctuations and is considered to be riskier than MARM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XBAP	MARM	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.68%	0.41%	+0.27%
Volatility (6M) Calculated over the trailing 6-month period	2.53%	1.28%	+1.25%
Volatility (1Y) Calculated over the trailing 1-year period	3.47%	1.60%	+1.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.96%	3.38%	+6.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.87%	3.38%	+6.49%

XBAP vs. MARM - Expense Ratio Comparison

XBAP has a 0.79% expense ratio, which is lower than MARM's 0.85% expense ratio.

Dividends

XBAP vs. MARM - Dividend Comparison

Neither XBAP nor MARM has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both XBAP and MARM in my portfolio?

XBAP and MARM have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XBAP or MARM?

XBAP has higher volatility (0.68%) compared to MARM (0.41%). In terms of maximum drawdown, XBAP dropped -14.57% vs MARM's -2.74%.

Which ETF is better, XBAP or MARM?

On 1-year performance, XBAP leads with 15.64% vs 7.26% for MARM. On fees, XBAP is cheaper at 0.79% per year. On volatility, MARM has been the lower-risk option at 0.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XBAP or MARM?

Over the 1-year period, XBAP has performed better with a 15.64% return vs 7.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XBAP or MARM?

XBAP is cheaper with a 0.79% expense ratio, compared with 0.85% for MARM.

Which ETF pays a higher dividend yield, XBAP or MARM?

XBAP and MARM have nearly identical dividend yields, around 0.00%.

What is the main difference between XBAP and MARM?

They also come from different issuers: Innovator and First Trust. Their fees differ too: 0.79% for XBAP and 0.85% for MARM.

Which has better risk-adjusted returns?

MARM currently has the higher Sharpe Ratio (4.55 vs 4.53), 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.