APRZ vs. SEPZ
Compare and contrast key facts about TrueShares Structured Outcome (April) ETF (APRZ) and TrueShares Structured Outcome (September) ETF (SEPZ).
APRZ and SEPZ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. APRZ is a passively managed fund by TrueShares that tracks the performance of the S&P 500 Price Return Index. It was launched on Mar 31, 2021. SEPZ is a passively managed fund by TrueShares that tracks the performance of the Cboe S&P 500 Buffer Protect Index September. It was launched on Aug 31, 2020. Both APRZ and SEPZ are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
APRZ vs. SEPZ - Performance Comparison
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APRZ vs. SEPZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
APRZ TrueShares Structured Outcome (April) ETF | -4.60% | 12.97% | 18.46% | 22.23% | -11.43% | 13.37% |
SEPZ TrueShares Structured Outcome (September) ETF | -3.90% | 13.18% | 18.23% | 17.94% | -8.51% | 15.10% |
Returns By Period
In the year-to-date period, APRZ achieves a -4.60% return, which is significantly lower than SEPZ's -3.90% return.
APRZ
- 1D
- 2.70%
- 1M
- -4.50%
- YTD
- -4.60%
- 6M
- -2.90%
- 1Y
- 12.03%
- 3Y*
- 12.89%
- 5Y*
- —
- 10Y*
- —
SEPZ
- 1D
- 2.19%
- 1M
- -3.68%
- YTD
- -3.90%
- 6M
- -1.98%
- 1Y
- 12.38%
- 3Y*
- 13.04%
- 5Y*
- 9.81%
- 10Y*
- —
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APRZ vs. SEPZ - Expense Ratio Comparison
APRZ has a 0.79% expense ratio, which is lower than SEPZ's 0.80% expense ratio.
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.
| APRZ | SEPZ | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.81 | 0.88 | -0.07 |
Sortino ratioReturn per unit of downside risk | 1.26 | 1.37 | -0.11 |
Omega ratioGain probability vs. loss probability | 1.18 | 1.19 | -0.01 |
Calmar ratioReturn relative to maximum drawdown | 1.29 | 1.35 | -0.06 |
Martin ratioReturn relative to average drawdown | 5.37 | 6.37 | -1.00 |
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 | SEPZ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.81 | 0.88 | -0.07 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.80 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.76 | 0.88 | -0.13 |
Correlation
The correlation between APRZ and SEPZ is 0.98, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
APRZ vs. SEPZ - Dividend Comparison
APRZ's dividend yield for the trailing twelve months is around 3.52%, more than SEPZ's 2.28% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
APRZ TrueShares Structured Outcome (April) ETF | 3.52% | 3.35% | 2.78% | 2.89% | 0.59% | 0.00% |
SEPZ TrueShares Structured Outcome (September) ETF | 2.28% | 2.20% | 3.62% | 3.55% | 0.69% | 0.05% |
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 | -9.65% | -9.40% | -0.25% |
Max Drawdown (5Y)Largest decline over 5 years | — | -15.22% | — |
Current DrawdownCurrent decline from peak | -6.39% | -5.27% | -1.12% |
Average DrawdownAverage peak-to-trough decline | -3.72% | -2.91% | -0.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.32% | 2.00% | +0.32% |
Volatility
APRZ vs. SEPZ - Volatility Comparison
TrueShares Structured Outcome (April) ETF (APRZ) has a higher volatility of 4.85% compared to TrueShares Structured Outcome (September) ETF (SEPZ) at 3.95%. This indicates that APRZ's price experiences larger fluctuations and is considered to be riskier 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 | 4.85% | 3.95% | +0.90% |
Volatility (6M)Calculated over the trailing 6-month period | 8.46% | 7.48% | +0.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.85% | 14.14% | +0.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.51% | 12.30% | +0.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.51% | 12.53% | -0.02% |