DECZ vs. APRZ

Last updated Jun 23, 2026

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 10.97%/yr vs 10.94%/yr for APRZ. With a 0.99 correlation, they move nearly in lockstep. 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.

Returns By Period

In the year-to-date period, DECZ achieves a 7.12% return, which is significantly higher than APRZ's 6.47% return.

DECZ

• 1D: -0.36%
• 1M: 0.01%
• YTD: 7.12%
• 6M: 6.82%
• 1Y: 19.17%
• 3Y*: 15.39%
• 5Y*: 10.97%
• 10Y*: —

APRZ

• 1D: -0.33%
• 1M: 0.16%
• YTD: 6.47%
• 6M: 6.08%
• 1Y: 19.26%
• 3Y*: 15.36%
• 5Y*: 10.94%
• 10Y*: —

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

DECZ vs. APRZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
DECZ TrueShares Structured Outcome (December) ETF	7.12%	12.34%	18.89%	18.32%	-8.93%	14.60%
APRZ TrueShares Structured Outcome (April) ETF	6.47%	12.97%	18.46%	22.23%	-11.43%	13.39%

Correlation

The correlation between DECZ and APRZ is 0.97 - 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	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year 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 0.97 to 0.99 - a consistent structural relationship.

DECZ vs. APRZ - Sectors Allocation Comparison

Sectors	DECZ	APRZ
Technology	35.3%	35.3%
Financial Services	13.4%	13.4%
Consumer Cyclical	10.6%	10.6%
Communication Services	9.9%	9.9%
Healthcare	8.8%	8.8%
Industrials	7.8%	7.8%
Consumer Defensive	5.2%	5.2%
Energy	3.0%	3.0%
Utilities	2.5%	2.5%
Real Estate	2.0%	2.0%
Basic Materials	1.6%	1.6%

Return for Risk

DECZ vs. APRZ — Risk / Return Rank

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

DECZ

DECZ Risk / Return Rank: 58
DECZ Sharpe Ratio Rank: 59
DECZ Sortino Ratio Rank: 58
DECZ Omega Ratio Rank: 58
DECZ Calmar Ratio Rank: 54
DECZ Martin Ratio Rank: 60

APRZ

APRZ Risk / Return Rank: 53
APRZ Sharpe Ratio Rank: 56
APRZ Sortino Ratio Rank: 54
APRZ Omega Ratio Rank: 55
APRZ Calmar Ratio Rank: 46
APRZ Martin Ratio Rank: 56

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.

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.

	DECZ	APRZ	Difference
Sharpe ratio: Return per unit of total volatility	1.92	1.82	+0.10
Sortino ratio: Return per unit of downside risk	2.67	2.53	+0.14
Omega ratio: Gain probability vs. loss probability	1.35	1.33	+0.02
Calmar ratio: Return relative to maximum drawdown	2.56	2.19	+0.37
Martin ratio: Return relative to average drawdown	10.50	9.47	+1.02

DECZ vs. APRZ - Sharpe Ratio Comparison

The current DECZ Sharpe Ratio is 1.92, which is comparable to the APRZ Sharpe Ratio of 1.82. 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.

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.

Drawdown Indicators

	DECZ	APRZ	Difference
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	-1.47%	-1.41%	-0.06%
Average Drawdown Average peak-to-trough decline	-3.05%	-3.61%	+0.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.83%	2.04%	-0.21%

Volatility

DECZ vs. APRZ - Volatility Comparison

TrueShares Structured Outcome (December) ETF (DECZ) and TrueShares Structured Outcome (April) ETF (APRZ) have volatilities of 3.61% and 3.57%, 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.

Volatility by Period

	DECZ	APRZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.61%	3.57%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	7.83%	8.57%	-0.74%
Volatility (1Y) Calculated over the trailing 1-year period	10.05%	10.63%	-0.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.67%	12.59%	+0.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.42%	12.44%	-0.02%

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 3.06%, less than APRZ's 3.15% 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%
DECZ TrueShares Structured Outcome (December) ETF	3.06%	3.28%	2.55%	1.23%	1.44%	0.46%

Frequently Asked Questions

Can I hold both DECZ and APRZ in my portfolio?

With a correlation of 0.97, 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.

Which is riskier, DECZ or APRZ?

DECZ has higher volatility (3.61%) compared to APRZ (3.57%). In terms of maximum drawdown, DECZ dropped -16.57% vs APRZ's -18.15%.

Which ETF is better, DECZ or APRZ?

On 5-year performance, DECZ leads with 10.97% vs 10.94% for APRZ. 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.

Which ETF has performed better, DECZ or APRZ?

Over the 5-year period, DECZ has performed better with a 10.97% return vs 10.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DECZ or APRZ?

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

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

APRZ has the higher dividend yield at 3.15%, compared with 3.06% for DECZ.

What is the main difference between DECZ and APRZ?

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

Which has better risk-adjusted returns?

DECZ currently has the higher Sharpe Ratio (1.92 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.