XSEP vs. APRW

Last updated Jun 4, 2026

XSEP (FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - September) and APRW (AllianzIM U.S. Large Cap Buffer20 Apr ETF) are both Options Trading funds. Both are actively managed. Over the past 3 years, XSEP returned 9.79%/yr vs 10.31%/yr for APRW. A 0.79 correlation means they provide meaningful diversification when combined. XSEP charges 0.85%/yr vs 0.74%/yr for APRW.

Performance

XSEP vs. APRW - 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 AllianzIM U.S. Large Cap Buffer20 Apr ETF (APRW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XSEP achieves a 4.33% return, which is significantly lower than APRW's 6.27% return.

XSEP

• 1D: -0.02%
• 1M: 1.42%
• YTD: 4.33%
• 6M: 5.05%
• 1Y: 10.66%
• 3Y*: 9.79%
• 5Y*: —
• 10Y*: —

APRW

• 1D: -0.09%
• 1M: 1.28%
• YTD: 6.27%
• 6M: 7.02%
• 1Y: 12.59%
• 3Y*: 10.31%
• 5Y*: 7.12%
• 10Y*: —

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

XSEP vs. APRW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
XSEP FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - September	4.33%	8.94%	8.41%	16.07%	2.83%
APRW AllianzIM U.S. Large Cap Buffer20 Apr ETF	6.27%	6.18%	11.25%	12.38%	2.84%

Correlation

The correlation between XSEP and APRW is 0.84, 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	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (All Time) Calculated using the full available price history since Sep 23, 2022	0.79

The correlation between XSEP and APRW has been stable across timeframes, ranging from 0.77 to 0.84 - a consistent structural relationship.

XSEP vs. APRW - Sectors Allocation Comparison

Sectors	XSEP	APRW
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

XSEP vs. APRW — Risk / Return Rank

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

XSEP

XSEP Risk / Return Rank: 73
XSEP Sharpe Ratio Rank: 68
XSEP Sortino Ratio Rank: 71
XSEP Omega Ratio Rank: 81
XSEP Calmar Ratio Rank: 62
XSEP Martin Ratio Rank: 82

APRW

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

XSEP vs. APRW - 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 AllianzIM U.S. Large Cap Buffer20 Apr ETF (APRW). 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	APRW	Difference
Sharpe ratio: Return per unit of total volatility	2.22	4.83	-2.61
Sortino ratio: Return per unit of downside risk	3.20	8.87	-5.67
Omega ratio: Gain probability vs. loss probability	1.48	2.23	-0.75
Calmar ratio: Return relative to maximum drawdown	3.05	16.82	-13.77
Martin ratio: Return relative to average drawdown	16.34	86.04	-69.70
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. APRW - Sharpe Ratio Comparison

The current XSEP Sharpe Ratio is 2.22, which is lower than the APRW Sharpe Ratio of 4.83. The chart below compares the historical Sharpe Ratios of XSEP and APRW, 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

	XSEP	APRW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.22	4.83	-2.61
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.06	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.58	1.15	+0.42

Drawdowns

XSEP vs. APRW - Drawdown Comparison

The maximum XSEP drawdown since its inception was -9.21%, roughly equal to the maximum APRW drawdown of -9.61%. Use the drawdown chart below to compare losses from any high point for XSEP and APRW.

Drawdown Indicators

	XSEP	APRW	Difference
Max Drawdown Largest peak-to-trough decline	-9.21%	-9.61%	+0.40%
Max Drawdown (1Y) Largest decline over 1 year	-3.51%	-0.75%	-2.76%
Max Drawdown (3Y) Largest decline over 3 years	-9.21%	-9.61%	+0.40%
Max Drawdown (5Y) Largest decline over 5 years	—	-9.61%	—
Current Drawdown Current decline from peak	-0.05%	-0.09%	+0.04%
Average Drawdown Average peak-to-trough decline	-0.54%	-1.12%	+0.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.65%	0.15%	+0.50%

Volatility

XSEP vs. APRW - Volatility Comparison

The current volatility for FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - September (XSEP) is 0.53%, while AllianzIM U.S. Large Cap Buffer20 Apr ETF (APRW) has a volatility of 0.60%. This indicates that XSEP experiences smaller price fluctuations and is considered to be less risky than APRW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XSEP	APRW	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.53%	0.60%	-0.07%
Volatility (6M) Calculated over the trailing 6-month period	3.89%	1.84%	+2.05%
Volatility (1Y) Calculated over the trailing 1-year period	4.84%	2.62%	+2.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.02%	6.72%	+0.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.02%	6.41%	+0.61%

XSEP vs. APRW - Expense Ratio Comparison

XSEP has a 0.85% expense ratio, which is higher than APRW's 0.74% expense ratio.

Dividends

XSEP vs. APRW - Dividend Comparison

Neither XSEP nor APRW has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020
APRW AllianzIM U.S. Large Cap Buffer20 Apr ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.67%
XSEP FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - September	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XSEP and APRW in my portfolio?

XSEP and APRW have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XSEP or APRW?

APRW has higher volatility (0.60%) compared to XSEP (0.53%). In terms of maximum drawdown, XSEP dropped -9.21% vs APRW's -9.61%.

Which ETF is better, XSEP or APRW?

On 3-year performance, APRW leads with 10.31% vs 9.79% for XSEP. On fees, APRW is cheaper at 0.74% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XSEP or APRW?

Over the 3-year period, APRW has performed better with a 10.31% return vs 9.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XSEP or APRW?

APRW is cheaper with a 0.74% expense ratio, compared with 0.85% for XSEP.

Which ETF pays a higher dividend yield, XSEP or APRW?

XSEP and APRW have nearly identical dividend yields, around 0.00%.

What is the main difference between XSEP and APRW?

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

Which has better risk-adjusted returns?

APRW currently has the higher Sharpe Ratio (4.83 vs 2.22), 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.