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DECZ vs. APRZ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

DECZ vs. APRZ

Last updated Aug 2, 2026
Documentation

DECZ (TrueShares Structured Outcome (December) ETF) and APRZ (TrueShares Structured Outcome (April) ETF) are both Defined Outcome funds from TrueShares - DECZ tracks the S&P 500 while APRZ tracks the S&P 500 Price Return Index. Both are passively managed. Over the past 5 years, DECZ returned 10.41%/yr vs 10.41%/yr for APRZ. Their 0.99 correlation means they have historically moved very closely together. Both charge a 0.79% expense ratio.

Performance

DECZ vs. APRZ - Performance Comparison

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

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Returns By Period

In the year-to-date period, DECZ achieves a 7.30% return, which is significantly higher than APRZ's 6.52% return.

DECZ

1D
0.76%
1M
0.18%
6M
6.34%
YTD
7.30%
1Y
15.44%
3Y*
14.01%
5Y*
10.41%
10Y*
—
ALL TIME*
11.85%

APRZ

1D
0.73%
1M
0.16%
6M
5.49%
YTD
6.52%
1Y
15.02%
3Y*
13.87%
5Y*
10.41%
10Y*
—
ALL TIME*
11.07%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

APRZ

TrueShares Structured Outcome (April) ETF
$23.29K$17.68K$59.73K

DECZ

TrueShares Structured Outcome (December) ETF
$149.02K$85.41K$522.02K

DECZ vs. APRZ - Yearly Performance Comparison

2026 (YTD)20252024202320222021
DECZ
TrueShares Structured Outcome (December) ETF		7.30%12.34%18.89%18.32%-8.93%14.60%
APRZ
TrueShares Structured Outcome (April) ETF		6.52%12.97%18.46%22.23%-11.43%13.39%

Correlation

The correlation between DECZ and APRZ is 0.98 - they have historically moved very closely together. At this level, their price movements offset little of one another.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.98

Correlation (3Y)
Balances recent behavior with more history.

0.98

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.99

Correlation (All Time)
Calculated using the full available price history since Apr 1, 2021

0.99

The correlation between DECZ and APRZ has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

DECZ vs. APRZ - Sectors Allocation Comparison

Sectors
DECZ
APRZ

Technology

37.9%
37.9%

Financial Services

11.7%
11.7%

Communication Services

10.0%
10.0%

Consumer Cyclical

9.6%
9.6%

Healthcare

9.1%
9.1%

Industrials

8.4%
8.4%

Consumer Defensive

4.6%
4.6%

Energy

3.0%
3.0%

Utilities

2.3%
2.3%

Real Estate

1.9%
1.9%

Basic Materials

1.7%
1.7%

Technology

DECZ
37.9%
APRZ
37.9%

Financial Services

DECZ
11.7%
APRZ
11.7%

Communication Services

DECZ
10.0%
APRZ
10.0%

Consumer Cyclical

DECZ
9.6%
APRZ
9.6%

Healthcare

DECZ
9.1%
APRZ
9.1%

Industrials

DECZ
8.4%
APRZ
8.4%

Consumer Defensive

DECZ
4.6%
APRZ
4.6%

Energy

DECZ
3.0%
APRZ
3.0%

Utilities

DECZ
2.3%
APRZ
2.3%

Real Estate

DECZ
1.9%
APRZ
1.9%

Basic Materials

DECZ
1.7%
APRZ
1.7%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

TrueShares Structured Outcome (December) ETF

TrueShares Structured Outcome (April) ETF

Often compared with DECZ:
DECZ vs. AUGZDECZ vs. SEPZDECZ vs. JUNZDECZ vs. MARZDECZ vs. OCTZDECZ vs. JANZDECZ vs. QBUL
Often compared with APRZ:
APRZ vs. EAPRAPRZ vs. JULZAPRZ vs. MMAXAPRZ vs. SEPZAPRZ vs. OCTZAPRZ vs. SPYAPRZ vs. AUGZ

Return for Risk

DECZ vs. APRZ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
DECZ
DECZ Risk / Return Rank: 5656
Overall Rank
DECZ Sharpe Ratio Rank: 5757
Sharpe Ratio Rank
DECZ Sortino Ratio Rank: 5656
Sortino Ratio Rank
DECZ Omega Ratio Rank: 5454
Omega Ratio Rank
DECZ Calmar Ratio Rank: 5353
Calmar Ratio Rank
DECZ Martin Ratio Rank: 6161
Martin Ratio Rank
APRZ
APRZ Risk / Return Rank: 4949
Overall Rank
APRZ Sharpe Ratio Rank: 5151
Sharpe Ratio Rank
APRZ Sortino Ratio Rank: 5050
Sortino Ratio Rank
APRZ Omega Ratio Rank: 4848
Omega Ratio Rank
APRZ Calmar Ratio Rank: 4444
Calmar Ratio Rank
APRZ Martin Ratio Rank: 5555
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

DECZ vs. APRZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TrueShares Structured Outcome (December) ETF (DECZ) and TrueShares Structured Outcome (April) ETF (APRZ). 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.

DECZAPRZDifference
Sharpe ratioReturn per unit of total volatility
1.36
1.25

+0.11

Sortino ratioReturn per unit of downside risk
1.94
1.78

+0.16

Omega ratioGain probability vs. loss probability

1.24

1.22

+0.02

Calmar ratioReturn relative to maximum drawdown

1.90

1.56

+0.33

Martin ratioReturn relative to average drawdown

7.39

6.49

+0.90

DECZ vs. APRZ - Sharpe Ratio Comparison

The current DECZ Sharpe Ratio is 1.36, which is comparable to the APRZ Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of DECZ and APRZ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

DECZ vs. APRZ - Drawdown Comparison

The maximum DECZ drawdown since its inception was -16.57%, smaller than the maximum APRZ drawdown of -18.15%. Use the drawdown chart below to compare losses from any high point for DECZ and APRZ.

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Drawdown Indicators

DECZAPRZDifference

Max Drawdown

Largest peak-to-trough decline

-16.57%

-18.15%

+1.58%

Max Drawdown (1Y)

Largest decline over 1 year

-7.53%

-8.85%

+1.32%

Max Drawdown (3Y)

Largest decline over 3 years

-14.24%

-15.15%

+0.91%

Max Drawdown (5Y)

Largest decline over 5 years

-16.57%

-18.15%

+1.58%

Current Drawdown

Current decline from peak

-1.30%

-1.35%

+0.05%

Average Drawdown

Average peak-to-trough decline

-3.02%

-3.57%

+0.55%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.93%

2.13%

-0.20%

Volatility

DECZ vs. APRZ - Volatility Comparison

TrueShares Structured Outcome (December) ETF (DECZ) and TrueShares Structured Outcome (April) ETF (APRZ) have volatilities of 2.87% and 2.94%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

DECZAPRZDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.87%

2.94%

-0.07%

Volatility (6M)

Calculated over the trailing 6-month period

8.14%

8.87%

-0.73%

Volatility (1Y)

Calculated over the trailing 1-year period

10.51%

11.10%

-0.59%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.70%

12.65%

+0.05%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

12.39%

12.42%

-0.03%

DECZ vs. APRZ - Expense Ratio Comparison

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

Dividends

DECZ vs. APRZ - Dividend Comparison

DECZ's dividend yield for the trailing twelve months is around 3.05%, less than APRZ's 3.15% yield.

PositionTTM20252024202320222021
APRZ
TrueShares Structured Outcome (April) ETF		3.15%3.35%2.78%2.89%0.59%0.00%
DECZ
TrueShares Structured Outcome (December) ETF		3.05%3.28%2.55%1.23%1.44%0.46%

Frequently Asked Questions

With a correlation of 0.98, DECZ and APRZ 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.

APRZ has higher volatility (2.94%) compared to DECZ (2.87%). In terms of maximum drawdown, DECZ dropped -16.57% vs APRZ's -18.15%.

On 5-year performance, APRZ leads with 10.41% vs 10.41% for DECZ. Both ETFs have the same 0.79% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, APRZ has performed better with a 10.41% return vs 10.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

APRZ has the higher dividend yield at 3.15%, compared with 3.05% for DECZ.

DECZ tracks S&P 500, while APRZ tracks S&P 500 Price Return Index.

DECZ currently has the higher Sharpe Ratio (1.36 vs 1.25), 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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