APRZ vs. KSEP

Last updated Apr 1, 2026

Compare and contrast key facts about TrueShares Structured Outcome (April) ETF (APRZ) and Innovator U.S. Small Cap Power Buffer ETF - September (KSEP).

APRZ and KSEP are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. APRZ is a passively managed fund by TrueShares that tracks the performance of the S&P 500 Price Return Index. It was launched on Mar 31, 2021. KSEP is an actively managed fund by Innovator. It was launched on Aug 30, 2024.

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.

APRZ vs. KSEP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
APRZ TrueShares Structured Outcome (April) ETF	-4.60%	12.97%	4.75%
KSEP Innovator U.S. Small Cap Power Buffer ETF - September	1.13%	8.54%	3.08%

Returns By Period

In the year-to-date period, APRZ achieves a -4.60% return, which is significantly lower than KSEP's 1.13% return.

APRZ

• 1D: 2.70%
• 1M: -4.50%
• YTD: -4.60%
• 6M: -2.90%
• 1Y: 12.03%
• 3Y*: 12.89%
• 5Y*: —
• 10Y*: —

KSEP

• 1D: 2.01%
• 1M: -2.00%
• YTD: 1.13%
• 6M: 2.94%
• 1Y: 14.69%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

APRZ vs. KSEP - Expense Ratio Comparison

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

APRZ

TrueShares Structured Outcome (April) ETF

KSEP

Innovator U.S. Small Cap Power Buffer ETF - September

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: 48
APRZ Sharpe Ratio Rank: 44
APRZ Sortino Ratio Rank: 46
APRZ Omega Ratio Rank: 47
APRZ Calmar Ratio Rank: 50
APRZ Martin Ratio Rank: 55

KSEP

KSEP Risk / Return Rank: 66
KSEP Sharpe Ratio Rank: 62
KSEP Sortino Ratio Rank: 66
KSEP Omega Ratio Rank: 58
KSEP Calmar Ratio Rank: 67
KSEP Martin Ratio Rank: 75

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	0.81	1.12	-0.31
Sortino ratio Return per unit of downside risk	1.26	1.71	-0.44
Omega ratio Gain probability vs. loss probability	1.18	1.22	-0.04
Calmar ratio Return relative to maximum drawdown	1.29	1.76	-0.47
Martin ratio Return relative to average drawdown	5.37	8.12	-2.76
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 0.81, which is comparable to the KSEP Sharpe Ratio of 1.12. The chart below compares the historical Sharpe Ratios of APRZ and KSEP, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	APRZ	KSEP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.81	1.12	-0.31
Sharpe Ratio (All Time) Calculated using the full available price history	0.76	0.68	+0.07

Correlation

The correlation between APRZ and KSEP is 0.78, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

APRZ vs. KSEP - Dividend Comparison

APRZ's dividend yield for the trailing twelve months is around 3.52%, while KSEP has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022
APRZ TrueShares Structured Outcome (April) ETF	3.52%	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%

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	-9.65%	-8.33%	-1.32%
Current Drawdown Current decline from peak	-6.39%	-2.84%	-3.55%
Average Drawdown Average peak-to-trough decline	-3.72%	-2.69%	-1.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.32%	1.80%	+0.52%

Volatility

APRZ vs. KSEP - Volatility Comparison

TrueShares Structured Outcome (April) ETF (APRZ) has a higher volatility of 4.85% compared to Innovator U.S. Small Cap Power Buffer ETF - September (KSEP) at 4.07%. 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	4.85%	4.07%	+0.78%
Volatility (6M) Calculated over the trailing 6-month period	8.46%	7.37%	+1.09%
Volatility (1Y) Calculated over the trailing 1-year period	14.85%	13.15%	+1.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.51%	12.09%	+0.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.51%	12.09%	+0.42%