APRZ vs. FEBZ

Last updated Jun 23, 2026

APRZ (TrueShares Structured Outcome (April) ETF) and FEBZ (TrueShares Structured Outcome (February) ETF) are both Defined Outcome funds from TrueShares - APRZ tracks the S&P 500 Price Return Index while FEBZ tracks the S&P 500 Price Index. Both are passively managed. Over the past 5 years, APRZ returned 10.94%/yr vs 10.98%/yr for FEBZ. With a 0.99 correlation, they move nearly in lockstep. Both charge a 0.79% expense ratio.

Performance

APRZ vs. FEBZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TrueShares Structured Outcome (April) ETF (APRZ) and TrueShares Structured Outcome (February) ETF (FEBZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, APRZ achieves a 6.47% return, which is significantly lower than FEBZ's 7.05% return.

APRZ

• 1D: -0.33%
• 1M: 0.16%
• YTD: 6.47%
• 6M: 6.08%
• 1Y: 19.26%
• 3Y*: 15.36%
• 5Y*: 10.94%
• 10Y*: —

FEBZ

• 1D: -0.26%
• 1M: 0.17%
• YTD: 7.05%
• 6M: 6.68%
• 1Y: 19.20%
• 3Y*: 14.99%
• 5Y*: 10.98%
• 10Y*: —

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

APRZ vs. FEBZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
APRZ TrueShares Structured Outcome (April) ETF	6.47%	12.97%	18.46%	22.23%	-11.43%	13.39%
FEBZ TrueShares Structured Outcome (February) ETF	7.05%	12.97%	16.88%	20.65%	-10.32%	15.64%

Correlation

The correlation between APRZ and FEBZ is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (All Time) Calculated using the full available price history since Apr 1, 2021	0.99

The correlation between APRZ and FEBZ has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

Return for Risk

APRZ vs. FEBZ — Risk / Return Rank

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

APRZ

APRZ Risk / Return Rank: 53
APRZ Sharpe Ratio Rank: 56
APRZ Sortino Ratio Rank: 54
APRZ Omega Ratio Rank: 55
APRZ Calmar Ratio Rank: 46
APRZ Martin Ratio Rank: 56

FEBZ

FEBZ Risk / Return Rank: 60
FEBZ Sharpe Ratio Rank: 62
FEBZ Sortino Ratio Rank: 59
FEBZ Omega Ratio Rank: 61
FEBZ Calmar Ratio Rank: 56
FEBZ Martin Ratio Rank: 64

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.

APRZ vs. FEBZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TrueShares Structured Outcome (April) ETF (APRZ) and TrueShares Structured Outcome (February) ETF (FEBZ). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	APRZ	FEBZ	Difference
Sharpe ratio: Return per unit of total volatility	1.82	1.99	-0.16
Sortino ratio: Return per unit of downside risk	2.53	2.73	-0.20
Omega ratio: Gain probability vs. loss probability	1.33	1.36	-0.03
Calmar ratio: Return relative to maximum drawdown	2.19	2.70	-0.52
Martin ratio: Return relative to average drawdown	9.47	11.33	-1.86

APRZ vs. FEBZ - Sharpe Ratio Comparison

The current APRZ Sharpe Ratio is 1.82, which is comparable to the FEBZ Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of APRZ and FEBZ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

APRZ vs. FEBZ - Drawdown Comparison

The maximum APRZ drawdown since its inception was -18.15%, roughly equal to the maximum FEBZ drawdown of -17.50%. Use the drawdown chart below to compare losses from any high point for APRZ and FEBZ.

Drawdown Indicators

	APRZ	FEBZ	Difference
Max Drawdown Largest peak-to-trough decline	-18.15%	-17.50%	-0.65%
Max Drawdown (1Y) Largest decline over 1 year	-8.85%	-7.14%	-1.71%
Max Drawdown (3Y) Largest decline over 3 years	-15.15%	-14.68%	-0.47%
Max Drawdown (5Y) Largest decline over 5 years	-18.15%	-17.50%	-0.65%
Current Drawdown Current decline from peak	-1.41%	-1.35%	-0.06%
Average Drawdown Average peak-to-trough decline	-3.61%	-3.31%	-0.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.04%	1.70%	+0.34%

Volatility

APRZ vs. FEBZ - Volatility Comparison

TrueShares Structured Outcome (April) ETF (APRZ) has a higher volatility of 3.57% compared to TrueShares Structured Outcome (February) ETF (FEBZ) at 3.37%. This indicates that APRZ's price experiences larger fluctuations and is considered to be riskier than FEBZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APRZ	FEBZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.57%	3.37%	+0.20%
Volatility (6M) Calculated over the trailing 6-month period	8.57%	7.60%	+0.97%
Volatility (1Y) Calculated over the trailing 1-year period	10.63%	9.72%	+0.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.59%	12.53%	+0.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.44%	12.37%	+0.07%

APRZ vs. FEBZ - Expense Ratio Comparison

Both APRZ and FEBZ have an expense ratio of 0.79%.

Dividends

APRZ vs. FEBZ - Dividend Comparison

APRZ's dividend yield for the trailing twelve months is around 3.15%, more than FEBZ's 2.99% yield.

Position	TTM	2025	2024	2023	2022
APRZ TrueShares Structured Outcome (April) ETF	3.15%	3.35%	2.78%	2.89%	0.59%
FEBZ TrueShares Structured Outcome (February) ETF	2.99%	3.20%	3.88%	6.81%	0.00%

Frequently Asked Questions

Can I hold both APRZ and FEBZ in my portfolio?

With a correlation of 0.98, APRZ and FEBZ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, APRZ or FEBZ?

APRZ has higher volatility (3.57%) compared to FEBZ (3.37%). In terms of maximum drawdown, APRZ dropped -18.15% vs FEBZ's -17.50%.

Which ETF is better, APRZ or FEBZ?

On 5-year performance, FEBZ leads with 10.98% vs 10.94% for APRZ. Both ETFs have the same 0.79% expense ratio. On volatility, FEBZ has been the lower-risk option at 3.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, APRZ or FEBZ?

Over the 5-year period, FEBZ has performed better with a 10.98% return vs 10.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, APRZ or FEBZ?

APRZ and FEBZ have the same expense ratio: 0.79% per year.

Which ETF pays a higher dividend yield, APRZ or FEBZ?

APRZ has the higher dividend yield at 3.15%, compared with 2.99% for FEBZ.

What is the main difference between APRZ and FEBZ?

APRZ tracks S&P 500 Price Return Index, while FEBZ tracks S&P 500 Price Index.

Which has better risk-adjusted returns?

FEBZ currently has the higher Sharpe Ratio (1.99 vs 1.82), 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.