XSEP vs. APRP

Last updated Apr 1, 2026

Compare and contrast key facts about FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - September (XSEP) and PGIM US Large-Cap Buffer 12 ETF - April (APRP).

XSEP and APRP are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. XSEP is an actively managed fund by FT Vest. It was launched on Sep 20, 2022. APRP is an actively managed fund by PGIM. It was launched on Mar 28, 2024.

Performance

XSEP vs. APRP - Performance Comparison

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

XSEP vs. APRP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
XSEP FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - September	-1.18%	8.94%	5.06%
APRP PGIM US Large-Cap Buffer 12 ETF - April	1.89%	7.80%	10.28%

Returns By Period

In the year-to-date period, XSEP achieves a -1.18% return, which is significantly lower than APRP's 1.89% return.

XSEP

• 1D: 1.48%
• 1M: -1.72%
• YTD: -1.18%
• 6M: 0.70%
• 1Y: 8.32%
• 3Y*: 8.91%
• 5Y*: —
• 10Y*: —

APRP

• 1D: 1.32%
• 1M: 0.92%
• YTD: 1.89%
• 6M: 4.25%
• 1Y: 13.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

XSEP vs. APRP - Expense Ratio Comparison

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

XSEP

FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - September

APRP

PGIM US Large-Cap Buffer 12 ETF - April

Return for Risk

XSEP vs. APRP — Risk / Return Rank

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

XSEP

XSEP Risk / Return Rank: 55
XSEP Sharpe Ratio Rank: 47
XSEP Sortino Ratio Rank: 49
XSEP Omega Ratio Rank: 65
XSEP Calmar Ratio Rank: 45
XSEP Martin Ratio Rank: 70

APRP

APRP Risk / Return Rank: 81
APRP Sharpe Ratio Rank: 75
APRP Sortino Ratio Rank: 79
APRP Omega Ratio Rank: 94
APRP Calmar Ratio Rank: 67
APRP Martin Ratio Rank: 89

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.

XSEP vs. APRP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - September (XSEP) 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.

	XSEP	APRP	Difference
Sharpe ratio Return per unit of total volatility	0.89	1.39	-0.50
Sortino ratio Return per unit of downside risk	1.36	2.10	-0.73
Omega ratio Gain probability vs. loss probability	1.25	1.45	-0.21
Calmar ratio Return relative to maximum drawdown	1.21	1.75	-0.54
Martin ratio Return relative to average drawdown	7.38	11.80	-4.42
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XSEP vs. APRP - Sharpe Ratio Comparison

The current XSEP Sharpe Ratio is 0.89, which is lower than the APRP Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of XSEP and APRP, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	XSEP	APRP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.89	1.39	-0.50
Sharpe Ratio (All Time) Calculated using the full available price history	1.39	1.04	+0.35

Correlation

The correlation between XSEP and APRP is 0.84, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

XSEP vs. APRP - Dividend Comparison

Neither XSEP nor APRP has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

XSEP vs. APRP - Drawdown Comparison

The maximum XSEP drawdown since its inception was -9.21%, smaller than the maximum APRP drawdown of -13.66%. Use the drawdown chart below to compare losses from any high point for XSEP and APRP.

Drawdown Indicators

	XSEP	APRP	Difference
Max Drawdown Largest peak-to-trough decline	-9.21%	-13.66%	+4.45%
Max Drawdown (1Y) Largest decline over 1 year	-7.16%	-8.24%	+1.08%
Current Drawdown Current decline from peak	-2.08%	0.00%	-2.08%
Average Drawdown Average peak-to-trough decline	-0.56%	-1.33%	+0.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.17%	1.22%	-0.05%

Volatility

XSEP vs. APRP - Volatility Comparison

FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - September (XSEP) has a higher volatility of 2.77% compared to PGIM US Large-Cap Buffer 12 ETF - April (APRP) at 1.98%. This indicates that XSEP's price experiences larger fluctuations and is considered to be riskier than APRP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XSEP	APRP	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.77%	1.98%	+0.79%
Volatility (6M) Calculated over the trailing 6-month period	4.27%	2.97%	+1.30%
Volatility (1Y) Calculated over the trailing 1-year period	9.39%	9.96%	-0.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.14%	9.76%	-2.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.14%	9.76%	-2.62%