APRZ vs. SEPZ
APRZ (TrueShares Structured Outcome (April) ETF) and SEPZ (TrueShares Structured Outcome (September) ETF) are both exchange-traded funds - APRZ is a Defined Outcome fund tracking the S&P 500 Price Return Index, while SEPZ is a Options Trading fund tracking the Cboe S&P 500 Buffer Protect Index September. Both are passively managed. Over the past 5 years, APRZ returned 10.94%/yr vs 11.30%/yr for SEPZ. With a 0.98 correlation, they move nearly in lockstep. APRZ charges 0.79%/yr vs 0.80%/yr for SEPZ.
Performance
APRZ vs. SEPZ - Performance Comparison
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Returns By Period
In the year-to-date period, APRZ achieves a 6.47% return, which is significantly lower than SEPZ's 7.26% return.
APRZ
- 1D
- -0.33%
- 1M
- 0.16%
- YTD
- 6.47%
- 6M
- 6.08%
- 1Y
- 19.26%
- 3Y*
- 15.36%
- 5Y*
- 10.94%
- 10Y*
- —
SEPZ
- 1D
- -0.40%
- 1M
- -0.02%
- YTD
- 7.26%
- 6M
- 7.09%
- 1Y
- 19.88%
- 3Y*
- 15.61%
- 5Y*
- 11.30%
- 10Y*
- —
APRZ vs. SEPZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
APRZ TrueShares Structured Outcome (April) ETF | 6.47% | 12.97% | 18.46% | 22.23% | -11.43% | 13.39% |
SEPZ TrueShares Structured Outcome (September) ETF | 7.26% | 13.18% | 18.23% | 17.94% | -8.51% | 16.31% |
Correlation
The correlation between APRZ and SEPZ is 0.95 - 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 | 0.95 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Apr 1, 2021 | 0.98 |
The correlation between APRZ and SEPZ has been stable across timeframes, ranging from 0.95 to 0.98 - a consistent structural relationship.
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Return for Risk
APRZ vs. SEPZ — Risk / Return Rank
APRZ
SEPZ
APRZ vs. SEPZ - 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 (September) ETF (SEPZ). 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 | SEPZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.09 | ||
| Sortino ratioReturn per unit of downside risk | -0.15 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.34 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.19 | 2.74 | -0.55 |
| Martin ratioReturn relative to average drawdown | 9.47 | 11.88 | -2.41 |
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Drawdowns
APRZ vs. SEPZ - Drawdown Comparison
The maximum APRZ drawdown since its inception was -18.15%, which is greater than SEPZ's maximum drawdown of -15.22%. Use the drawdown chart below to compare losses from any high point for APRZ and SEPZ.
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Drawdown Indicators
| APRZ | SEPZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.15% | -15.22% | -2.93% |
Max Drawdown (1Y)Largest decline over 1 year | -8.85% | -7.30% | -1.55% |
Max Drawdown (3Y)Largest decline over 3 years | -15.15% | -14.57% | -0.58% |
Max Drawdown (5Y)Largest decline over 5 years | -18.15% | -15.22% | -2.93% |
Current DrawdownCurrent decline from peak | -1.41% | -1.72% | +0.31% |
Average DrawdownAverage peak-to-trough decline | -3.61% | -2.83% | -0.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.04% | 1.68% | +0.36% |
Volatility
APRZ vs. SEPZ - Volatility Comparison
The current volatility for TrueShares Structured Outcome (April) ETF (APRZ) is 3.57%, while TrueShares Structured Outcome (September) ETF (SEPZ) has a volatility of 3.92%. This indicates that APRZ experiences smaller price fluctuations and is considered to be less risky than SEPZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| APRZ | SEPZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.57% | 3.92% | -0.35% |
Volatility (6M)Calculated over the trailing 6-month period | 8.57% | 8.00% | +0.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.63% | 10.48% | +0.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.59% | 12.38% | +0.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.44% | 12.49% | -0.05% |
APRZ vs. SEPZ - Expense Ratio Comparison
APRZ has a 0.79% expense ratio, which is lower than SEPZ's 0.80% expense ratio.
Dividends
APRZ vs. SEPZ - Dividend Comparison
APRZ's dividend yield for the trailing twelve months is around 3.15%, more than SEPZ's 2.05% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
APRZ TrueShares Structured Outcome (April) ETF | 3.15% | 3.35% | 2.78% | 2.89% | 0.59% | 0.00% |
SEPZ TrueShares Structured Outcome (September) ETF | 2.05% | 2.20% | 3.62% | 3.55% | 0.69% | 0.05% |
Frequently Asked Questions
With a correlation of 0.95, APRZ and SEPZ 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.
SEPZ has higher volatility (3.92%) compared to APRZ (3.57%). In terms of maximum drawdown, APRZ dropped -18.15% vs SEPZ's -15.22%.
On 5-year performance, SEPZ leads with 11.30% vs 10.94% for APRZ. On fees, APRZ is cheaper at 0.79% per year. On volatility, APRZ has been the lower-risk option at 3.57%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SEPZ has performed better with a 11.30% return vs 10.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
APRZ is cheaper with a 0.79% expense ratio, compared with 0.80% for SEPZ.
APRZ has the higher dividend yield at 3.15%, compared with 2.05% for SEPZ.
APRZ is categorized as Defined Outcome, while SEPZ is Options Trading. APRZ tracks S&P 500 Price Return Index, while SEPZ tracks Cboe S&P 500 Buffer Protect Index September. Their fees differ too: 0.79% for APRZ and 0.80% for SEPZ.
SEPZ currently has the higher Sharpe Ratio (1.91 vs 1.82), 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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