APRZ vs. TMAR
APRZ (TrueShares Structured Outcome (April) ETF) and TMAR (FT Vest Emerging Markets Buffer ETF - March) are both Defined Outcome funds - APRZ tracks the S&P 500 Price Return Index while TMAR tracks the iShares MSCI Emerging Markets ETF (EEM) Price Return. Both are passively managed. Over the past year, APRZ returned 20.17% vs 28.83% for TMAR. A 0.62 correlation means they provide meaningful diversification when combined. APRZ charges 0.79%/yr vs 0.95%/yr for TMAR.
Performance
APRZ vs. TMAR - Performance Comparison
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Returns By Period
In the year-to-date period, APRZ achieves a 7.43% return, which is significantly lower than TMAR's 14.45% return.
APRZ
- 1D
- -0.52%
- 1M
- 4.07%
- YTD
- 7.43%
- 6M
- 7.28%
- 1Y
- 20.17%
- 3Y*
- 16.23%
- 5Y*
- 11.19%
- 10Y*
- —
TMAR
- 1D
- -0.72%
- 1M
- 2.73%
- YTD
- 14.45%
- 6M
- 15.92%
- 1Y
- 28.83%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
APRZ vs. TMAR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
APRZ TrueShares Structured Outcome (April) ETF | 7.43% | 14.94% |
TMAR FT Vest Emerging Markets Buffer ETF - March | 14.45% | 14.71% |
Correlation
The correlation between APRZ and TMAR is 0.64, 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 | 0.64 |
Correlation (All Time) Calculated using the full available price history since Mar 25, 2025 | 0.62 |
The correlation between APRZ and TMAR has been stable across timeframes, ranging from 0.62 to 0.64 - a consistent structural relationship.
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Return for Risk
APRZ vs. TMAR — Risk / Return Rank
APRZ
TMAR
APRZ vs. TMAR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for TrueShares Structured Outcome (April) ETF (APRZ) and FT Vest Emerging Markets Buffer ETF - March (TMAR). 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 | TMAR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.08 | ||
| Sortino ratioReturn per unit of downside risk | -1.86 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.77 | -0.41 |
| Calmar ratioReturn relative to maximum drawdown | 2.29 | 7.95 | -5.66 |
| Martin ratioReturn relative to average drawdown | 10.13 | 38.42 | -28.29 |
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 | TMAR | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.98 | 3.06 | -1.08 |
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 | 2.25 | -1.32 |
Drawdowns
APRZ vs. TMAR - Drawdown Comparison
The maximum APRZ drawdown since its inception was -18.15%, which is greater than TMAR's maximum drawdown of -9.93%. Use the drawdown chart below to compare losses from any high point for APRZ and TMAR.
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Drawdown Indicators
| APRZ | TMAR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.15% | -9.93% | -8.22% |
Max Drawdown (1Y)Largest decline over 1 year | -8.85% | -3.64% | -5.21% |
Max Drawdown (3Y)Largest decline over 3 years | -15.15% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -18.15% | — | — |
Current DrawdownCurrent decline from peak | -0.52% | -0.72% | +0.20% |
Average DrawdownAverage peak-to-trough decline | -3.63% | -0.66% | -2.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.00% | 0.75% | +1.25% |
Volatility
APRZ vs. TMAR - Volatility Comparison
The current volatility for TrueShares Structured Outcome (April) ETF (APRZ) is 2.39%, while FT Vest Emerging Markets Buffer ETF - March (TMAR) has a volatility of 4.53%. This indicates that APRZ experiences smaller price fluctuations and is considered to be less risky than TMAR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| APRZ | TMAR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.39% | 4.53% | -2.14% |
Volatility (6M)Calculated over the trailing 6-month period | 8.06% | 8.17% | -0.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.23% | 9.47% | +0.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.52% | 11.42% | +1.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.42% | 11.42% | +1.00% |
APRZ vs. TMAR - Expense Ratio Comparison
APRZ has a 0.79% expense ratio, which is lower than TMAR's 0.95% expense ratio.
Dividends
APRZ vs. TMAR - Dividend Comparison
APRZ's dividend yield for the trailing twelve months is around 3.12%, while TMAR has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
APRZ TrueShares Structured Outcome (April) ETF | 3.12% | 3.35% | 2.78% | 2.89% | 0.59% |
TMAR FT Vest Emerging Markets Buffer ETF - March | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
APRZ and TMAR have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TMAR has higher volatility (4.53%) compared to APRZ (2.39%). In terms of maximum drawdown, APRZ dropped -18.15% vs TMAR's -9.93%.
On 1-year performance, TMAR leads with 28.83% vs 20.17% for APRZ. On fees, APRZ is cheaper at 0.79% per year. On volatility, APRZ has been the lower-risk option at 2.39%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, TMAR has performed better with a 28.83% return vs 20.17%. 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 0.95% for TMAR.
APRZ has the higher dividend yield at 3.12%, compared with 0.00% for TMAR.
APRZ tracks S&P 500 Price Return Index, while TMAR tracks iShares MSCI Emerging Markets ETF (EEM) Price Return. They also come from different issuers: TrueShares and First Trust. Their fees differ too: 0.79% for APRZ and 0.95% for TMAR.
TMAR currently has the higher Sharpe Ratio (3.06 vs 1.98), 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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