APRZ vs. KSEP

Last updated Jun 4, 2026

APRZ (TrueShares Structured Outcome (April) ETF) and KSEP (Innovator U.S. Small Cap Power Buffer ETF - September) are both Defined Outcome funds. APRZ is passively managed, while KSEP is actively managed. Over the past year, APRZ returned 20.17% vs 20.63% for KSEP. A 0.79 correlation means they provide meaningful diversification when combined. Both charge a 0.79% expense ratio.

Performance

APRZ vs. KSEP - 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 - September (KSEP). 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 lower than KSEP's 8.77% return.

APRZ

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

KSEP

• 1D: -0.28%
• 1M: 1.76%
• YTD: 8.77%
• 6M: 8.72%
• 1Y: 20.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

APRZ vs. KSEP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
APRZ TrueShares Structured Outcome (April) ETF	7.43%	12.97%	4.75%
KSEP Innovator U.S. Small Cap Power Buffer ETF - September	8.77%	8.54%	3.08%

Correlation

The correlation between APRZ and KSEP 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 Sep 4, 2024	0.79

The correlation between APRZ and KSEP has been stable across timeframes, ranging from 0.76 to 0.79 - a consistent structural relationship.

Return for Risk

APRZ vs. KSEP — 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

KSEP

KSEP Risk / Return Rank: 71
KSEP Sharpe Ratio Rank: 62
KSEP Sortino Ratio Rank: 69
KSEP Omega Ratio Rank: 63
KSEP Calmar Ratio Rank: 83
KSEP Martin Ratio Rank: 81

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. KSEP - 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 - September (KSEP). 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	KSEP	Difference
Sharpe ratio: Return per unit of total volatility	1.98	2.04	-0.06
Sortino ratio: Return per unit of downside risk	2.77	3.10	-0.33
Omega ratio: Gain probability vs. loss probability	1.36	1.37	-0.01
Calmar ratio: Return relative to maximum drawdown	2.29	4.36	-2.07
Martin ratio: Return relative to average drawdown	10.13	15.77	-5.64
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

APRZ vs. KSEP - Sharpe Ratio Comparison

The current APRZ Sharpe Ratio is 1.98, which is comparable to the KSEP Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of APRZ and KSEP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	APRZ	KSEP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.98	2.04	-0.06
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	1.03	-0.09

Drawdowns

APRZ vs. KSEP - Drawdown Comparison

The maximum APRZ drawdown since its inception was -18.15%, which is greater than KSEP's maximum drawdown of -14.92%. Use the drawdown chart below to compare losses from any high point for APRZ and KSEP.

Drawdown Indicators

	APRZ	KSEP	Difference
Max Drawdown Largest peak-to-trough decline	-18.15%	-14.92%	-3.23%
Max Drawdown (1Y) Largest decline over 1 year	-8.85%	-4.75%	-4.10%
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%	-0.28%	-0.24%
Average Drawdown Average peak-to-trough decline	-3.63%	-2.45%	-1.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.00%	1.31%	+0.69%

Volatility

APRZ vs. KSEP - Volatility Comparison

TrueShares Structured Outcome (April) ETF (APRZ) has a higher volatility of 2.39% compared to Innovator U.S. Small Cap Power Buffer ETF - September (KSEP) at 1.63%. This indicates that APRZ's price experiences larger fluctuations and is considered to be riskier than KSEP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APRZ	KSEP	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.39%	1.63%	+0.76%
Volatility (6M) Calculated over the trailing 6-month period	8.06%	6.27%	+1.79%
Volatility (1Y) Calculated over the trailing 1-year period	10.23%	10.16%	+0.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.52%	11.65%	+0.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.42%	11.65%	+0.77%

APRZ vs. KSEP - Expense Ratio Comparison

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

Dividends

APRZ vs. KSEP - Dividend Comparison

APRZ's dividend yield for the trailing twelve months is around 3.12%, while KSEP 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%
KSEP Innovator U.S. Small Cap Power Buffer ETF - September	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both APRZ and KSEP in my portfolio?

APRZ and KSEP 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 KSEP?

APRZ has higher volatility (2.39%) compared to KSEP (1.63%). In terms of maximum drawdown, APRZ dropped -18.15% vs KSEP's -14.92%.

Which ETF is better, APRZ or KSEP?

On 1-year performance, KSEP leads with 20.63% vs 20.17% for APRZ. Both ETFs have the same 0.79% expense ratio. On volatility, KSEP has been the lower-risk option at 1.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, APRZ or KSEP?

Over the 1-year period, KSEP has performed better with a 20.63% return vs 20.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, APRZ or KSEP?

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

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

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

What is the main difference between APRZ and KSEP?

They also come from different issuers: TrueShares and Innovator.

Which has better risk-adjusted returns?

KSEP currently has the higher Sharpe Ratio (2.04 vs 1.98), 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.