APRZ vs. JANB

Last updated Jun 4, 2026

APRZ (TrueShares Structured Outcome (April) ETF) and JANB (Aptus January Buffer ETF) are both Defined Outcome funds. APRZ is passively managed, while JANB is actively managed. With a 0.95 correlation, they move nearly in lockstep. APRZ charges 0.79%/yr vs 0.25%/yr for JANB.

Performance

APRZ vs. JANB - Performance Comparison

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

Returns By Period

In the year-to-date period, APRZ achieves a 7.43% return, which is significantly higher than JANB's 6.08% return.

APRZ

• 1D: -0.52%
• 1M: 4.07%
• YTD: 7.43%
• 6M: 7.28%
• 1Y: 20.17%
• 3Y*: 16.23%
• 5Y*: 11.19%
• 10Y*: —

JANB

• 1D: -0.22%
• 1M: 2.38%
• YTD: 6.08%
• 6M: 7.10%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

APRZ vs. JANB - Yearly Performance Comparison

	2026 (YTD)	2025
APRZ TrueShares Structured Outcome (April) ETF	7.43%	2.38%
JANB Aptus January Buffer ETF	6.08%	2.69%

Correlation

The correlation between APRZ and JANB is 0.95 - 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 (All Time) Calculated using the full available price history since Oct 15, 2025	0.95

Return for Risk

APRZ vs. JANB — Risk / Return Rank

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

APRZ

APRZ Risk / Return Rank: 57
APRZ Sharpe Ratio Rank: 59
APRZ Sortino Ratio Rank: 59
APRZ Omega Ratio Rank: 60
APRZ Calmar Ratio Rank: 47
APRZ Martin Ratio Rank: 58

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. JANB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TrueShares Structured Outcome (April) ETF (APRZ) and Aptus January Buffer ETF (JANB). 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.

	APRZ	JANB	Difference
Sharpe ratio: Return per unit of total volatility	1.98	—	—
Sortino ratio: Return per unit of downside risk	2.77	—	—
Omega ratio: Gain probability vs. loss probability	1.36	—	—
Calmar ratio: Return relative to maximum drawdown	2.29	—	—
Martin ratio: Return relative to average drawdown	10.13	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	APRZ	JANB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.98	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.90	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.94	1.97	-1.03

Drawdowns

APRZ vs. JANB - Drawdown Comparison

The maximum APRZ drawdown since its inception was -18.15%, which is greater than JANB's maximum drawdown of -6.52%. Use the drawdown chart below to compare losses from any high point for APRZ and JANB.

Drawdown Indicators

	APRZ	JANB	Difference
Max Drawdown Largest peak-to-trough decline	-18.15%	-6.52%	-11.63%
Max Drawdown (1Y) Largest decline over 1 year	-8.85%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-15.15%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-18.15%	—	—
Current Drawdown Current decline from peak	-0.52%	-0.22%	-0.30%
Average Drawdown Average peak-to-trough decline	-3.63%	-1.14%	-2.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.00%	—	—

Volatility

Volatility by Period

	APRZ	JANB	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.39%	—	—
Volatility (6M) Calculated over the trailing 6-month period	8.06%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	10.23%	7.41%	+2.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.52%	7.41%	+5.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.42%	7.41%	+5.01%

APRZ vs. JANB - Expense Ratio Comparison

APRZ has a 0.79% expense ratio, which is higher than JANB's 0.25% expense ratio.

Dividends

APRZ vs. JANB - Dividend Comparison

APRZ's dividend yield for the trailing twelve months is around 3.12%, while JANB has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
APRZ TrueShares Structured Outcome (April) ETF	3.12%	3.35%	2.78%	2.89%	0.59%
JANB Aptus January Buffer ETF	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both APRZ and JANB in my portfolio?

With a correlation of 0.95, APRZ and JANB 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 ETF is better, APRZ or JANB?

On fees, JANB is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, APRZ or JANB?

JANB is cheaper with a 0.25% expense ratio, compared with 0.79% for APRZ.

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

APRZ has the higher dividend yield at 3.12%, compared with 0.00% for JANB.

What is the main difference between APRZ and JANB?

They also come from different issuers: TrueShares and Aptus Capital Advisors. Their fees differ too: 0.79% for APRZ and 0.25% for JANB.