APRZ vs. NVDO

Last updated Jun 4, 2026

APRZ (TrueShares Structured Outcome (April) ETF) and NVDO (Leverage Shares 2x Capped Accelerated NVDA Monthly ETF) are both Defined Outcome funds. APRZ is passively managed, while NVDO is actively managed. A 0.57 correlation means they provide meaningful diversification when combined. APRZ charges 0.79%/yr vs 0.77%/yr for NVDO.

Performance

APRZ vs. NVDO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TrueShares Structured Outcome (April) ETF (APRZ) and Leverage Shares 2x Capped Accelerated NVDA Monthly ETF (NVDO). 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 NVDO's 18.85% return.

APRZ

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

NVDO

• 1D: -2.46%
• 1M: 14.15%
• YTD: 18.85%
• 6M: 29.58%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

APRZ vs. NVDO - Yearly Performance Comparison

	2026 (YTD)	2025
APRZ TrueShares Structured Outcome (April) ETF	7.43%	4.86%
NVDO Leverage Shares 2x Capped Accelerated NVDA Monthly ETF	18.85%	11.12%

Correlation

The correlation between APRZ and NVDO is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 14, 2025	0.57

Return for Risk

APRZ vs. NVDO — 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. NVDO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TrueShares Structured Outcome (April) ETF (APRZ) and Leverage Shares 2x Capped Accelerated NVDA Monthly ETF (NVDO). 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	NVDO	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	NVDO	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	1.30	-0.36

Drawdowns

APRZ vs. NVDO - Drawdown Comparison

The maximum APRZ drawdown since its inception was -18.15%, which is greater than NVDO's maximum drawdown of -16.25%. Use the drawdown chart below to compare losses from any high point for APRZ and NVDO.

Drawdown Indicators

	APRZ	NVDO	Difference
Max Drawdown Largest peak-to-trough decline	-18.15%	-16.25%	-1.90%
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%	-2.68%	+2.16%
Average Drawdown Average peak-to-trough decline	-3.63%	-4.99%	+1.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.00%	—	—

Volatility

Volatility by Period

	APRZ	NVDO	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%	31.93%	-21.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.52%	31.93%	-19.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.42%	31.93%	-19.51%

APRZ vs. NVDO - Expense Ratio Comparison

APRZ has a 0.79% expense ratio, which is higher than NVDO's 0.77% expense ratio.

Dividends

APRZ vs. NVDO - Dividend Comparison

APRZ's dividend yield for the trailing twelve months is around 3.12%, less than NVDO's 14.02% yield.

Position	TTM	2025	2024	2023	2022
APRZ TrueShares Structured Outcome (April) ETF	3.12%	3.35%	2.78%	2.89%	0.59%
NVDO Leverage Shares 2x Capped Accelerated NVDA Monthly ETF	14.02%	16.66%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both APRZ and NVDO in my portfolio?

APRZ and NVDO have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, APRZ or NVDO?

On fees, NVDO is cheaper at 0.77% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, APRZ or NVDO?

NVDO is cheaper with a 0.77% expense ratio, compared with 0.79% for APRZ.

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

NVDO has the higher dividend yield at 14.02%, compared with 3.12% for APRZ.

What is the main difference between APRZ and NVDO?

They also come from different issuers: TrueShares and Leverage Shares. Their fees differ too: 0.79% for APRZ and 0.77% for NVDO.