APRZ vs. KFEB

Last updated Jun 25, 2026

APRZ (TrueShares Structured Outcome (April) ETF) and KFEB (Innovator U.S. Small Cap Power Buffer ETF - February) are both Defined Outcome funds. APRZ is passively managed, while KFEB is actively managed. Over the past year, APRZ returned 15.75% vs 24.21% for KFEB. Their correlation of 0.81 suggests significant overlap in exposure. Both charge a 0.79% expense ratio.

Performance

APRZ vs. KFEB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TrueShares Structured Outcome (April) ETF (APRZ) and Innovator U.S. Small Cap Power Buffer ETF - February (KFEB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, APRZ achieves a 5.08% return, which is significantly lower than KFEB's 13.09% return.

APRZ

• 1D: -0.26%
• 1M: -1.14%
• YTD: 5.08%
• 6M: 3.99%
• 1Y: 15.75%
• 3Y*: 14.86%
• 5Y*: 10.49%
• 10Y*: —

KFEB

• 1D: 0.07%
• 1M: 1.90%
• YTD: 13.09%
• 6M: 10.70%
• 1Y: 24.21%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

APRZ vs. KFEB - Yearly Performance Comparison

	2026 (YTD)	2025
APRZ TrueShares Structured Outcome (April) ETF	5.08%	10.76%
KFEB Innovator U.S. Small Cap Power Buffer ETF - February	13.09%	9.19%

Correlation

The correlation between APRZ and KFEB is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.76
Correlation (All Time) Calculated using the full available price history since Feb 3, 2025	0.81

The correlation between APRZ and KFEB has been stable across timeframes, ranging from 0.76 to 0.81 - a consistent structural relationship.

Return for Risk

APRZ vs. KFEB — Risk / Return Rank

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

APRZ

APRZ Risk / Return Rank: 47
APRZ Sharpe Ratio Rank: 49
APRZ Sortino Ratio Rank: 47
APRZ Omega Ratio Rank: 48
APRZ Calmar Ratio Rank: 40
APRZ Martin Ratio Rank: 51

KFEB

KFEB Risk / Return Rank: 81
KFEB Sharpe Ratio Rank: 79
KFEB Sortino Ratio Rank: 82
KFEB Omega Ratio Rank: 74
KFEB Calmar Ratio Rank: 86
KFEB Martin Ratio Rank: 85

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. KFEB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TrueShares Structured Outcome (April) ETF (APRZ) and Innovator U.S. Small Cap Power Buffer ETF - February (KFEB). 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	KFEB	Difference
Sharpe ratio: Return per unit of total volatility	1.49	2.20	-0.71
Sortino ratio: Return per unit of downside risk	2.09	3.18	-1.09
Omega ratio: Gain probability vs. loss probability	1.27	1.38	-0.11
Calmar ratio: Return relative to maximum drawdown	1.79	4.19	-2.41
Martin ratio: Return relative to average drawdown	7.70	15.27	-7.57

APRZ vs. KFEB - Sharpe Ratio Comparison

The current APRZ Sharpe Ratio is 1.49, which is lower than the KFEB Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of APRZ and KFEB, 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. KFEB - Drawdown Comparison

The maximum APRZ drawdown since its inception was -18.15%, which is greater than KFEB's maximum drawdown of -14.16%. Use the drawdown chart below to compare losses from any high point for APRZ and KFEB.

Drawdown Indicators

	APRZ	KFEB	Difference
Max Drawdown Largest peak-to-trough decline	-18.15%	-14.16%	-3.99%
Max Drawdown (1Y) Largest decline over 1 year	-8.85%	-5.80%	-3.05%
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	-2.69%	-0.34%	-2.35%
Average Drawdown Average peak-to-trough decline	-3.61%	-2.25%	-1.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.05%	1.59%	+0.46%

Volatility

APRZ vs. KFEB - Volatility Comparison

TrueShares Structured Outcome (April) ETF (APRZ) has a higher volatility of 3.72% compared to Innovator U.S. Small Cap Power Buffer ETF - February (KFEB) at 2.69%. This indicates that APRZ's price experiences larger fluctuations and is considered to be riskier than KFEB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APRZ	KFEB	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.72%	2.69%	+1.03%
Volatility (6M) Calculated over the trailing 6-month period	8.61%	7.72%	+0.89%
Volatility (1Y) Calculated over the trailing 1-year period	10.65%	11.06%	-0.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.60%	13.15%	-0.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.45%	13.15%	-0.70%

APRZ vs. KFEB - Expense Ratio Comparison

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

Dividends

APRZ vs. KFEB - Dividend Comparison

APRZ's dividend yield for the trailing twelve months is around 3.19%, while KFEB has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
APRZ TrueShares Structured Outcome (April) ETF	3.19%	3.35%	2.78%	2.89%	0.59%
KFEB Innovator U.S. Small Cap Power Buffer ETF - February	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both APRZ and KFEB in my portfolio?

APRZ and KFEB have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, APRZ or KFEB?

APRZ has higher volatility (3.72%) compared to KFEB (2.69%). In terms of maximum drawdown, APRZ dropped -18.15% vs KFEB's -14.16%.

Which ETF is better, APRZ or KFEB?

On 1-year performance, KFEB leads with 24.21% vs 15.75% for APRZ. Both ETFs have the same 0.79% expense ratio. On volatility, KFEB has been the lower-risk option at 2.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, APRZ or KFEB?

Over the 1-year period, KFEB has performed better with a 24.21% return vs 15.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, APRZ or KFEB?

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

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

APRZ has the higher dividend yield at 3.19%, compared with 0.00% for KFEB.

What is the main difference between APRZ and KFEB?

They also come from different issuers: TrueShares and Innovator.

Which has better risk-adjusted returns?

KFEB currently has the higher Sharpe Ratio (2.20 vs 1.49), 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.