Which has more room to gain, MARM or XMAR?

From their prices on Nov 4, 2026, MARM can gain about 1.9% before its cap and XMAR about 2.6%, so XMAR has more room left this period.

Which resets first, MARM or XMAR?

MARM ends its outcome period on Mar 19, 2027 and XMAR on Mar 19, 2027. A new cap is set the day after each.

Which is cheaper, MARM or XMAR?

MARM and XMAR both charge 0.85% a year, so neither is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

MARM vs XMAR: Cap, Buffer & Days Left

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As of Nov 4, 2026 XMAR can fall 8.7% before its buffer engages and MARM 4.9%.

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Net assets on Nov 3, 2026: $105m for FT Vest U.S. Equity Max Buffer ETF - March and $160m for FT Vest U.S. Equity Enhance & Moderate Buffer ETF - March.

MARM on its own →XMAR on its own →

At a glance

4.9%

MARM can fall this far before its buffer

8.7%

XMAR can fall this far before its buffer

1.9%

MARM can still gain

2.6%

XMAR can still gain

MARM At its cap

MARM: reference +18.2% since period start, fund +4.2%; buffer 0 to −78; cap +7.0%; At its cap. Data to Nov 4, 2026.

XMAR At its cap

XMAR: reference +18.2% since period start, fund +8.6%; buffer 0 to −15; cap +12.2%; At its cap. Data to Nov 4, 2026.

Pair scorecard

Both cost 0.85% a year; their one-year returns differ by 5.0 points; XMAR is 1.5 times larger.

Points (pts) are percentage points.

MARM vs XMAR: Cap, Buffer & Days Left
Measure	MARM	XMAR
Return
Measure	MARM	XMAR
Total return, 1 year	+6.3%	+11.3%
Drawdown
Measure	MARM	XMAR
Index fall to the buffer	15.4%
Benchmark
Measure	MARM	XMAR
What it tracks	SPY	SPY
Cost and size
Measure	MARM	XMAR
Expense ratio	0.85%	0.85%
Net assets, as of Nov 3, 2026	$105m	$160m
Holdings
Measure	MARM	XMAR
Holdings in common	not published

Method

Risk and return

Apr 5, 2024 to Oct 30, 2026 · 134 weekly returns · each against SPY

MARM XMAR

Return

Total return edge XMAR +19.1% +30.4%

Annualized edge XMAR +7.0% +10.9%

Price return edge XMAR +19.1% +30.4%

Risk

Volatility edge MARM 2.6% 5.3%

Max drawdown edge MARM −1.5% −5.3%

Downside capture 11.4% 23.2%

Beta 0.16 0.32

Risk-adjusted

Sharpe edge XMAR 0.98 1.17

Sortino edge XMAR (slight) 1.50 1.66

Treynor 0.160 0.191

Calmar edge MARM 4.56 2.04

Against the benchmark

Alpha +0.5% a year +2.1% a year

Alpha t-stat 0.75 1.42

Information ratio −0.81 −0.63

Tracking error 12.4% 10.2%

Reading

From Apr 2024 to Oct 2026, XMAR returned more: +30.4% to +19.1%. MARM swung less: 2.6% to 5.3%. MARM fell less at its worst: −1.5% to −5.3%.

Full scorecard

19 measures, with how each is measured Open ↓

Risk and return: MARM vs XMAR: Cap, Buffer & Days Left
Measure	MARM	XMAR	SPY	Edge	How it is measured
Return
Total return	+19.1%	+30.4%		XMAR	Price change plus distributions, reinvested.
Annualized	+7.0%	+10.9%		XMAR	Total return as a yearly rate.
Price return	+19.1%	+30.4%		XMAR	Price change alone, distributions left out.
Risk
Volatility	2.6%	5.3%		MARM	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	1.7%	3.7%		MARM	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−1.5%	−5.3%		MARM	Deepest fall from a high to the low after it.
Upside capture	13.7%	24.6%	100.0%	XMAR	Share of its benchmark's rise caught in the weeks it rose.
Downside capture	11.4%	23.2%	100.0%	MARM	Share of its benchmark's fall taken in the weeks it fell. Lower is better.
Beta	0.16	0.32	1.00	MARM lower	How far it moves for each 1% its benchmark moves.
R squared	0.80	0.80	1.00	Not an edge	Share of its weekly moves its benchmark explains.
Risk-adjusted
Sharpe	0.98	1.17		XMAR	Return above Treasury bills per unit of volatility.
Sortino	1.50	1.66		XMAR (slight)	Return above Treasury bills per unit of downside deviation.
Treynor	0.160	0.191	0.125	XMAR	Return above Treasury bills per unit of beta.
Calmar	4.56	2.04		MARM	Annualized return divided by the max drawdown.
Against the benchmark
Benchmark	SPY	SPY	SPY		The ETF each fund is measured against.
Alpha	+0.5% a year	+2.1% a year	0.0%	Not significant	Yearly return beyond what its beta to the benchmark predicts.
Alpha t-stat	0.75	1.42		Not an edge	How sure the alpha is. Below 2, it could be chance.
Alpha range	−0.9% to +2.0%	−0.8% to +5.1%		Both include zero	The 95% range for the yearly alpha.
Information ratio	−0.81	−0.63		XMAR	Return against its benchmark per unit of tracking error.
Tracking error	12.4%	10.2%	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, 134 weekly returns. Cash rate: the 13-week Treasury bill.

Window by window

Window by window: MARM vs XMAR: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	MARM	XMAR	MARM	XMAR
3 months	+1.0%	+1.5%	+1.4 pts	+1.9 pts
6 months	+2.2%	+3.8%	−2.3 pts	−0.7 pts
1 year	+6.3%	+11.3%	−7.3 pts	−2.3 pts
3 years	–	+36.9%	–	−39.5 pts
Since launchNot the same days: MARM Mar 2024 · XMAR Mar 2023	+19.2%	+47.1%	−27.4 pts	−47.6 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. – means no data for this window. Open this comparison in the app →

Side by side

MARM FT Vest U.S. Equity Max Buffer ETF - March · Absorbs the first 78% of loss on SPY and caps the gain at 7.0%, over a period ending Mar 19, 2027 XMAR FT Vest U.S. Equity Enhance & Moderate Buffer ETF - March · Absorbs the first 15% of loss on SPY and caps the gain at 12.2%, over a period ending Mar 19, 2027

Issuer First Trust First Trust

Reference index SPY SPY

Buffer 78% 15%

Outcome period Mar 23, 2026 to Mar 19, 2027 Mar 23, 2026 to Mar 19, 2027

Days left 135 135

Starting cap +7.0% +12.2%

Can still gain 1.9% 2.6%

Fall before buffer 4.9% 8.7%

Protection left, index points 77.8% of 77.8% 15.0% of 15.0%

Index return this period +18.2% +18.2%

Fund return this period +4.2% +8.6%

State today At cap At cap

Expense ratio 0.85% 0.85%

Net assets, as of Nov 3, 2026 $105m $160m

As of Nov 4, 2026. Source: ETFIQ.

These are two different products. XMAR is a floor fund, which caps how far a holder can fall. MARM is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.

Both are already at their cap, so neither gains from more rise in the index before the period ends.

Both are First Trust funds, so the difference between them is the terms rather than the house.

Where each one stands today

MARM resets first, on Mar 19, 2027, 135 days from now; XMAR runs to Mar 19, 2027, 135 days. MARM can still gain 1.9% before its cap, XMAR 2.6%. A fall from here reaches MARM’s buffer after 4.9% and XMAR’s after 8.7%. Both track SPY, so what separates them is where each is in its own period.

Client brief:

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About each fund

MARM

SPY had already risen past this fund's cap of +7.0% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 1.9% as the period runs out. The fund's price can fall 4.9% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 15.4% from today's level to the point where the buffer begins. Protection left, in index points: 77.8% of the 77.8% buffer still sits below today's SPY level. 135 days remained on Nov 4, 2026. On Mar 19, 2027 the period ends and a new cap is set.

XMAR

SPY had already risen past this fund's cap of +12.2% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 2.6% as the period runs out. The fund's price can fall 8.7% from here before the buffer starts absorbing losses, by the issuer's number. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, MARM or XMAR?: From their prices on Nov 4, 2026, MARM can gain about 1.9% before its cap and XMAR about 2.6%, so XMAR has more room left this period.
Which resets first, MARM or XMAR?: MARM ends its outcome period on Mar 19, 2027 and XMAR on Mar 19, 2027. A new cap is set the day after each.
Which is cheaper, MARM or XMAR?: MARM and XMAR both charge 0.85% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

MARM vs UAPR MARM vs XBAP MARM vs APRW MARM vs APOC XMAR vs SIXO XMAR vs APOC XMAR vs AAPR XMAR vs APRT

Where to next

State Street® SPDR® S&P 500® ETF Trust →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →MARM on its own →XMAR on its own →Method →Standards and sources →

Sources and dates

MARM and XMAR filings on SEC EDGAR ↗

First Trust page for MARM ↗

First Trust page for XMAR ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

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.

Cite this pageCitation, APA and Markdown

ETFIQ, MARM against XMAR, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/marm-vs-xmar

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.