Data as of Nov 4, 2026.
GAPR vs PMAY: Cap, Buffer & Days Left
As of Nov 4, 2026 GAPR can fall 5.9% before its buffer engages and PMAY 5.1%, and GAPR resets 14 days sooner.
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Net assets: $293m on Nov 3, 2026 for FT Vest U.S. Equity Moderate Buffer ETF - April, and $788m on Nov 4, 2026 for Innovator U.S. Equity Power Buffer ETF - May.
GAPR: reference +8.0% since period start, fund +5.4%; buffer 0 to −15; cap +12.3%; Between buffer and cap. Data to Nov 4, 2026.
GAPR: reference +8.0% since period start, fund +5.4%; buffer 0 to −15; cap +12.3%; Between buffer and cap. Data to Nov 4, 2026.PMAY: reference +6.7% since period start, fund +5.0%; buffer 0 to −15; cap +13.0%; Between buffer and cap. Data to Nov 4, 2026.
Data to Nov 4, 2026.Pair scorecard
PMAY costs 0.06 points a year less; their one-year returns differ by 0.4 points; PMAY is 2.7 times larger.
Points (pts) are percentage points.
| Measure | GAPR | PMAY |
|---|---|---|
| Return | ||
| Total return, 1 year | +8.7% | +9.1% |
| Drawdown | ||
| Index fall to the buffer | 7.4% | 6.2% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.85% | 0.79% |
| Net assets, as of Nov 3, 2026 | $293m | $781m |
| Holdings | ||
| Holdings in common | not published | |
How much of a bear-market fall the buffer would absorb from today's level, ranked against 292 buffer ETFs on stocks with a live outcome period. 100 is best. How it is computed
Today's position against one 20% fall; it ignores smaller falls, and stock buffers are never ranked against bond or commodity ones. All buffer ETFs ranked by it →
Risk and return
May 5, 2023 to Oct 30, 2026 · 182 weekly returns · each against SPYFrom May 2023 to Oct 2026, PMAY returned slightly more: +47.4% to +42.8%. GAPR swung slightly less: 6.4% to 6.8%. GAPR fell slightly less at its worst: −8.2% to −8.4%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | GAPR | PMAY | SPY | Edge | How it is measured |
|---|---|---|---|---|---|
| Return | |||||
| Total return | +42.8% | +47.4% | PMAY (slight) | Price change plus distributions, reinvested. | |
| Annualized | +10.7% | +11.7% | PMAY (slight) | Total return as a yearly rate. | |
| Price return | +42.8% | +47.4% | PMAY (slight) | Price change alone, distributions left out. | |
| Risk | |||||
| Volatility | 6.4% | 6.8% | GAPR (slight) | Spread of weekly returns, annualized. Lower is steadier. | |
| Downside deviation | 4.5% | 4.5% | Tie | Like volatility, counting only weeks below the Treasury bill rate. | |
| Max drawdown | −8.2% | −8.4% | GAPR (slight) | Deepest fall from a high to the low after it. | |
| Upside capture | 30.4% | 33.2% | 100.0% | PMAY (slight) | Share of its benchmark's rise caught in the weeks it rose. |
| Downside capture | 37.9% | 40.1% | 100.0% | GAPR (slight) | Share of its benchmark's fall taken in the weeks it fell. Lower is better. |
| Beta | 0.40 | 0.44 | 1.00 | GAPR lower | How far it moves for each 1% its benchmark moves. |
| R squared | 0.78 | 0.80 | 1.00 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | |||||
| Sharpe | 0.91 | 0.99 | PMAY (slight) | Return above Treasury bills per unit of volatility. | |
| Sortino | 1.30 | 1.49 | PMAY | Return above Treasury bills per unit of downside deviation. | |
| Treynor | 0.144 | 0.154 | 0.149 | PMAY (slight) | Return above Treasury bills per unit of beta. |
| Calmar | 1.31 | 1.40 | PMAY (slight) | Annualized return divided by the max drawdown. | |
| Against the benchmark | |||||
| Benchmark | SPY | SPY | SPY | The ETF each fund is measured against. | |
| Alpha | −0.2% a year | +0.2% a year | 0.0% | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | −0.14 | 0.12 | Not an edge | How sure the alpha is. Below 2, it could be chance. | |
| Alpha range | −3.4% to +2.9% | −3.1% to +3.5% | Both include zero | The 95% range for the yearly alpha. | |
| Information ratio | −1.04 | −0.98 | PMAY (slight) | Return against its benchmark per unit of tracking error. | |
| Tracking error | 8.8% | 8.4% | 0.0% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 182 weekly returns. Cash rate: the 13-week Treasury bill.
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | GAPR | PMAY | GAPR | PMAY |
| 3 months | +1.2% | +1.2% | +1.6 pts | +1.6 pts |
| 6 months | +4.2% | +3.9% | −0.3 pts | −0.6 pts |
| 1 year | +8.7% | +9.1% | −4.8 pts | −4.5 pts |
| 3 years | +37.8% | +42.1% | −38.6 pts | −34.3 pts |
| Since launchNot the same days: GAPR Apr 2023 · PMAY May 2020 | +44.1% | +67.9% | −41.8 pts | −103.3 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Open this comparison in the app →
Side by side
As of Nov 4, 2026. Source: ETFIQ.
Where each one stands today
GAPR resets first, on Apr 16, 2027, 163 days from now; PMAY runs to Apr 30, 2027, 177 days. GAPR can still gain 5.8% before its cap, PMAY 7.3%. A fall from here reaches GAPR’s buffer after 5.9% and PMAY’s after 5.1%. Both track SPY, so what separates them is where each is in its own period.
Client brief:
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GAPR
From its price on Nov 4, 2026, the fund can gain about 5.8% more before it reaches its cap. The fund's price can fall 5.9% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 7.4% from today's level to the point where the buffer begins. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level. 163 days remained on Nov 4, 2026. On Apr 16, 2027 the period ends and a new cap is set.
PMAY
From its price on Nov 4, 2026, the fund can gain about 7.3% more before it reaches its cap. The fund's price can fall 5.1% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 6.2% from today's level to the point where the buffer begins. 177 days remained on Nov 4, 2026. On Apr 30, 2027 the period ends and a new cap is set.
Questions people ask
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
It is a place in a set, not a rating or a recommendation.
ETFIQ calculates every number from each issuer’s published outcome-period terms. Buffer ETFs hold options on an index, not shares, so there is no holdings overlap to report.
Every number is an ETFIQ calculation with distributions reinvested.
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ETFIQ, GAPR against PMAY, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/gapr-vs-pmay
ETFIQ. (Nov 4, 2026). GAPR against PMAY. Retrieved from https://etfiq.com/compare/buffer/gapr-vs-pmay
[GAPR against PMAY (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/gapr-vs-pmay)
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