APRZ vs. MARZ
APRZ (TrueShares Structured Outcome (April) ETF) and MARZ (TrueShares Structured Outcome (March) ETF) are both Defined Outcome funds from TrueShares - APRZ tracks the S&P 500 Price Return Index while MARZ tracks the S&P 500 Price Index. Both are passively managed. Over the past 5 years, APRZ returned 11.19%/yr vs 10.65%/yr for MARZ. With a 0.99 correlation, they move nearly in lockstep. Both charge a 0.79% expense ratio.
Performance
APRZ vs. MARZ - Performance Comparison
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Returns By Period
In the year-to-date period, APRZ achieves a 7.43% return, which is significantly lower than MARZ's 7.95% return.
APRZ
- 1D
- -0.52%
- 1M
- 4.07%
- YTD
- 7.43%
- 6M
- 7.28%
- 1Y
- 20.17%
- 3Y*
- 16.23%
- 5Y*
- 11.19%
- 10Y*
- —
MARZ
- 1D
- -0.48%
- 1M
- 4.18%
- YTD
- 7.95%
- 6M
- 7.73%
- 1Y
- 20.32%
- 3Y*
- 16.16%
- 5Y*
- 10.65%
- 10Y*
- —
APRZ vs. MARZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
APRZ TrueShares Structured Outcome (April) ETF | 7.43% | 12.97% | 18.46% | 22.23% | -11.43% | 13.37% |
MARZ TrueShares Structured Outcome (March) ETF | 7.95% | 12.90% | 17.90% | 20.37% | -12.70% | 14.04% |
Correlation
The correlation between APRZ and MARZ 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 5, 2021 | 0.99 |
The correlation between APRZ and MARZ has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.
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Return for Risk
APRZ vs. MARZ — Risk / Return Rank
APRZ
MARZ
APRZ vs. MARZ - 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 (March) ETF (MARZ). 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 | MARZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.12 | ||
| Sortino ratioReturn per unit of downside risk | -0.14 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.38 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.29 | 2.74 | -0.45 |
| Martin ratioReturn relative to average drawdown | 10.13 | 11.85 | -1.71 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| APRZ | MARZ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.98 | 2.10 | -0.12 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.90 | 0.87 | +0.03 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.94 | 0.94 | 0.00 |
Drawdowns
APRZ vs. MARZ - Drawdown Comparison
The maximum APRZ drawdown since its inception was -18.15%, roughly equal to the maximum MARZ drawdown of -18.89%. Use the drawdown chart below to compare losses from any high point for APRZ and MARZ.
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Drawdown Indicators
| APRZ | MARZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.15% | -18.89% | +0.74% |
Max Drawdown (1Y)Largest decline over 1 year | -8.85% | -7.45% | -1.40% |
Max Drawdown (3Y)Largest decline over 3 years | -15.15% | -14.84% | -0.31% |
Max Drawdown (5Y)Largest decline over 5 years | -18.15% | -18.89% | +0.74% |
Current DrawdownCurrent decline from peak | -0.52% | -0.48% | -0.04% |
Average DrawdownAverage peak-to-trough decline | -3.63% | -4.02% | +0.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.00% | 1.72% | +0.28% |
Volatility
APRZ vs. MARZ - Volatility Comparison
TrueShares Structured Outcome (April) ETF (APRZ) and TrueShares Structured Outcome (March) ETF (MARZ) have volatilities of 2.39% and 2.33%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| APRZ | MARZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.39% | 2.33% | +0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 8.06% | 7.46% | +0.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.23% | 9.71% | +0.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.52% | 12.29% | +0.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.42% | 12.20% | +0.22% |
APRZ vs. MARZ - Expense Ratio Comparison
Both APRZ and MARZ have an expense ratio of 0.79%.
Dividends
APRZ vs. MARZ - Dividend Comparison
APRZ's dividend yield for the trailing twelve months is around 3.12%, more than MARZ's 3.06% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
APRZ TrueShares Structured Outcome (April) ETF | 3.12% | 3.35% | 2.78% | 2.89% | 0.59% | 0.00% |
MARZ TrueShares Structured Outcome (March) ETF | 3.06% | 3.30% | 4.55% | 7.33% | 0.78% | 2.43% |
Frequently Asked Questions
With a correlation of 0.98, APRZ and MARZ 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.
APRZ has higher volatility (2.39%) compared to MARZ (2.33%). In terms of maximum drawdown, APRZ dropped -18.15% vs MARZ's -18.89%.
On 5-year performance, APRZ leads with 11.19% vs 10.65% for MARZ. Both ETFs have the same 0.79% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, APRZ has performed better with a 11.19% return vs 10.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
APRZ and MARZ have the same expense ratio: 0.79% per year.
APRZ has the higher dividend yield at 3.12%, compared with 3.06% for MARZ.
APRZ tracks S&P 500 Price Return Index, while MARZ tracks S&P 500 Price Index.
MARZ currently has the higher Sharpe Ratio (2.10 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.
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