APRZ vs. QBUL

Last updated Jun 5, 2026

APRZ (TrueShares Structured Outcome (April) ETF) and QBUL (TrueShares Quarterly Bull Hedge ETF) are both exchange-traded funds - APRZ is a Defined Outcome fund tracking the S&P 500 Price Return Index, while QBUL is a Options Trading fund actively managed by TrueShares. APRZ is passively managed, while QBUL is actively managed. Over the past year, APRZ returned 20.54% vs 5.75% for QBUL. A 0.68 correlation means they provide meaningful diversification when combined. Both charge a 0.79% expense ratio.

Performance

APRZ vs. QBUL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TrueShares Structured Outcome (April) ETF (APRZ) and TrueShares Quarterly Bull Hedge ETF (QBUL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, APRZ achieves a 7.75% return, which is significantly higher than QBUL's 2.45% return.

APRZ

• 1D: 0.30%
• 1M: 3.83%
• YTD: 7.75%
• 6M: 7.58%
• 1Y: 20.54%
• 3Y*: 16.38%
• 5Y*: 11.25%
• 10Y*: —

QBUL

• 1D: -0.01%
• 1M: 1.28%
• YTD: 2.45%
• 6M: 2.34%
• 1Y: 5.75%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

APRZ vs. QBUL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
APRZ TrueShares Structured Outcome (April) ETF	7.75%	12.97%	5.80%
QBUL TrueShares Quarterly Bull Hedge ETF	2.45%	4.87%	0.58%

Correlation

The correlation between APRZ and QBUL is 0.78, 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	0.78
Correlation (All Time) Calculated using the full available price history since Jul 2, 2024	0.68

The correlation between APRZ and QBUL shifts across timeframes, from 0.68 (all time) to 0.78 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

APRZ vs. QBUL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

APRZ

APRZ Risk / Return Rank: 58
APRZ Sharpe Ratio Rank: 61
APRZ Sortino Ratio Rank: 61
APRZ Omega Ratio Rank: 61
APRZ Calmar Ratio Rank: 48
APRZ Martin Ratio Rank: 59

QBUL

QBUL Risk / Return Rank: 45
QBUL Sharpe Ratio Rank: 48
QBUL Sortino Ratio Rank: 50
QBUL Omega Ratio Rank: 48
QBUL Calmar Ratio Rank: 49
QBUL Martin Ratio Rank: 32

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. QBUL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TrueShares Structured Outcome (April) ETF (APRZ) and TrueShares Quarterly Bull Hedge ETF (QBUL). 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	QBUL	Difference
Sharpe ratio: Return per unit of total volatility	2.02	1.63	+0.39
Sortino ratio: Return per unit of downside risk	2.82	2.39	+0.42
Omega ratio: Gain probability vs. loss probability	1.37	1.30	+0.07
Calmar ratio: Return relative to maximum drawdown	2.33	2.35	-0.02
Martin ratio: Return relative to average drawdown	10.32	4.65	+5.67
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. QBUL - Sharpe Ratio Comparison

The current APRZ Sharpe Ratio is 2.02, which is comparable to the QBUL Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of APRZ and QBUL, 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	QBUL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.02	1.63	+0.39
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	1.09	-0.15

Drawdowns

APRZ vs. QBUL - Drawdown Comparison

The maximum APRZ drawdown since its inception was -18.15%, which is greater than QBUL's maximum drawdown of -2.45%. Use the drawdown chart below to compare losses from any high point for APRZ and QBUL.

Drawdown Indicators

	APRZ	QBUL	Difference
Max Drawdown Largest peak-to-trough decline	-18.15%	-2.45%	-15.70%
Max Drawdown (1Y) Largest decline over 1 year	-8.85%	-2.45%	-6.40%
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	-0.22%	-0.35%	+0.13%
Average Drawdown Average peak-to-trough decline	-3.62%	-0.97%	-2.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.00%	1.24%	+0.76%

Volatility

APRZ vs. QBUL - Volatility Comparison

TrueShares Structured Outcome (April) ETF (APRZ) has a higher volatility of 2.36% compared to TrueShares Quarterly Bull Hedge ETF (QBUL) at 1.30%. This indicates that APRZ's price experiences larger fluctuations and is considered to be riskier than QBUL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APRZ	QBUL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.36%	1.30%	+1.06%
Volatility (6M) Calculated over the trailing 6-month period	8.07%	2.25%	+5.82%
Volatility (1Y) Calculated over the trailing 1-year period	10.22%	3.54%	+6.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.52%	3.78%	+8.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.42%	3.78%	+8.64%

APRZ vs. QBUL - Expense Ratio Comparison

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

Dividends

APRZ vs. QBUL - Dividend Comparison

APRZ's dividend yield for the trailing twelve months is around 3.11%, less than QBUL's 8.73% yield.

Position	TTM	2025	2024	2023	2022
APRZ TrueShares Structured Outcome (April) ETF	3.11%	3.35%	2.78%	2.89%	0.59%
QBUL TrueShares Quarterly Bull Hedge ETF	8.73%	8.94%	1.82%	0.00%	0.00%

Frequently Asked Questions

Can I hold both APRZ and QBUL in my portfolio?

APRZ and QBUL have a correlation of 0.78, 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 QBUL?

APRZ has higher volatility (2.36%) compared to QBUL (1.30%). In terms of maximum drawdown, APRZ dropped -18.15% vs QBUL's -2.45%.

Which ETF is better, APRZ or QBUL?

On 1-year performance, APRZ leads with 20.54% vs 5.75% for QBUL. Both ETFs have the same 0.79% expense ratio. On volatility, QBUL has been the lower-risk option at 1.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, APRZ or QBUL?

Over the 1-year period, APRZ has performed better with a 20.54% return vs 5.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, APRZ or QBUL?

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

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

QBUL has the higher dividend yield at 8.73%, compared with 3.11% for APRZ.

What is the main difference between APRZ and QBUL?

APRZ is categorized as Defined Outcome, while QBUL is Options Trading.

Which has better risk-adjusted returns?

APRZ currently has the higher Sharpe Ratio (2.02 vs 1.63), 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.