APRZ vs. PAPR

Last updated Jun 25, 2026

APRZ (TrueShares Structured Outcome (April) ETF) and PAPR (Innovator U.S. Equity Power Buffer ETF - April) are both Defined Outcome funds - APRZ tracks the S&P 500 Price Return Index while PAPR tracks the Cboe S&P 500 15% Buffer Protect April Series Index. Both are passively managed. Over the past 5 years, APRZ returned 10.49%/yr vs 8.10%/yr for PAPR. Their correlation of 0.90 suggests significant overlap in exposure. Both charge a 0.79% expense ratio.

Performance

APRZ vs. PAPR - 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. Equity Power Buffer ETF - April (PAPR). 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 PAPR's 7.36% return.

APRZ

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

PAPR

• 1D: 0.12%
• 1M: -0.02%
• YTD: 7.36%
• 6M: 7.33%
• 1Y: 13.33%
• 3Y*: 11.16%
• 5Y*: 8.10%
• 10Y*: —

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

APRZ vs. PAPR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
APRZ TrueShares Structured Outcome (April) ETF	5.08%	12.97%	18.46%	22.23%	-11.43%	13.39%
PAPR Innovator U.S. Equity Power Buffer ETF - April	7.36%	6.58%	12.28%	16.45%	-4.29%	6.46%

Correlation

The correlation between APRZ and PAPR is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (All Time) Calculated using the full available price history since Apr 1, 2021	0.90

The correlation between APRZ and PAPR has been stable across timeframes, ranging from 0.83 to 0.90 - a consistent structural relationship.

APRZ vs. PAPR - Sectors Allocation Comparison

Sectors	APRZ	PAPR
Technology	35.3%	38.4%
Financial Services	13.4%	11.0%
Consumer Cyclical	10.6%	10.0%
Communication Services	9.9%	10.8%
Healthcare	8.8%	8.4%
Industrials	7.8%	7.9%
Consumer Defensive	5.2%	4.6%
Energy	3.0%	3.2%
Utilities	2.5%	2.1%
Real Estate	2.0%	1.8%
Basic Materials	1.6%	1.7%

Return for Risk

APRZ vs. PAPR — 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

PAPR

PAPR Risk / Return Rank: 98
PAPR Sharpe Ratio Rank: 97
PAPR Sortino Ratio Rank: 98
PAPR Omega Ratio Rank: 97
PAPR Calmar Ratio Rank: 98
PAPR Martin Ratio Rank: 98

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. PAPR - 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. Equity Power Buffer ETF - April (PAPR). 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	PAPR	Difference
Sharpe ratio: Return per unit of total volatility	1.49	3.96	-2.46
Sortino ratio: Return per unit of downside risk	2.09	6.82	-4.73
Omega ratio: Gain probability vs. loss probability	1.27	1.93	-0.66
Calmar ratio: Return relative to maximum drawdown	1.79	11.54	-9.75
Martin ratio: Return relative to average drawdown	7.70	58.72	-51.02

APRZ vs. PAPR - Sharpe Ratio Comparison

The current APRZ Sharpe Ratio is 1.49, which is lower than the PAPR Sharpe Ratio of 3.96. The chart below compares the historical Sharpe Ratios of APRZ and PAPR, 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. PAPR - Drawdown Comparison

The maximum APRZ drawdown since its inception was -18.15%, which is greater than PAPR's maximum drawdown of -15.31%. Use the drawdown chart below to compare losses from any high point for APRZ and PAPR.

Drawdown Indicators

	APRZ	PAPR	Difference
Max Drawdown Largest peak-to-trough decline	-18.15%	-15.31%	-2.84%
Max Drawdown (1Y) Largest decline over 1 year	-8.85%	-1.16%	-7.69%
Max Drawdown (3Y) Largest decline over 3 years	-15.15%	-11.87%	-3.28%
Max Drawdown (5Y) Largest decline over 5 years	-18.15%	-11.87%	-6.28%
Current Drawdown Current decline from peak	-2.69%	-0.54%	-2.15%
Average Drawdown Average peak-to-trough decline	-3.61%	-1.56%	-2.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.05%	0.23%	+1.82%

Volatility

APRZ vs. PAPR - Volatility Comparison

TrueShares Structured Outcome (April) ETF (APRZ) has a higher volatility of 3.72% compared to Innovator U.S. Equity Power Buffer ETF - April (PAPR) at 1.43%. This indicates that APRZ's price experiences larger fluctuations and is considered to be riskier than PAPR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APRZ	PAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.72%	1.43%	+2.29%
Volatility (6M) Calculated over the trailing 6-month period	8.61%	2.77%	+5.84%
Volatility (1Y) Calculated over the trailing 1-year period	10.65%	3.42%	+7.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.60%	8.22%	+4.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.45%	9.42%	+3.03%

APRZ vs. PAPR - Expense Ratio Comparison

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

Dividends

APRZ vs. PAPR - Dividend Comparison

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

Position	TTM	2025	2024	2023	2022	2021	2020	2019
APRZ TrueShares Structured Outcome (April) ETF	3.19%	3.35%	2.78%	2.89%	0.59%	0.00%	0.00%	0.00%
PAPR Innovator U.S. Equity Power Buffer ETF - April	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.07%

Frequently Asked Questions

Can I hold both APRZ and PAPR in my portfolio?

APRZ and PAPR have a correlation of 0.83, 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 PAPR?

APRZ has higher volatility (3.72%) compared to PAPR (1.43%). In terms of maximum drawdown, APRZ dropped -18.15% vs PAPR's -15.31%.

Which ETF is better, APRZ or PAPR?

On 5-year performance, APRZ leads with 10.49% vs 8.10% for PAPR. Both ETFs have the same 0.79% expense ratio. On volatility, PAPR has been the lower-risk option at 1.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, APRZ or PAPR?

Over the 5-year period, APRZ has performed better with a 10.49% return vs 8.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, APRZ or PAPR?

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

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

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

What is the main difference between APRZ and PAPR?

APRZ tracks S&P 500 Price Return Index, while PAPR tracks Cboe S&P 500 15% Buffer Protect April Series Index. They also come from different issuers: TrueShares and Innovator.

Which has better risk-adjusted returns?

PAPR currently has the higher Sharpe Ratio (3.96 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.