DECZ vs. PAPR

Last updated Jun 25, 2026

DECZ (TrueShares Structured Outcome (December) ETF) and PAPR (Innovator U.S. Equity Power Buffer ETF - April) are both Defined Outcome funds - DECZ tracks the S&P 500 while PAPR tracks the Cboe S&P 500 15% Buffer Protect April Series Index. Both are passively managed. Over the past 5 years, DECZ returned 10.53%/yr vs 8.10%/yr for PAPR. Their correlation of 0.88 suggests significant overlap in exposure. Both charge a 0.79% expense ratio.

Performance

DECZ vs. PAPR - Performance Comparison

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

Returns By Period

In the year-to-date period, DECZ achieves a 5.75% return, which is significantly lower than PAPR's 7.36% return.

DECZ

• 1D: -0.21%
• 1M: -1.27%
• YTD: 5.75%
• 6M: 4.85%
• 1Y: 15.85%
• 3Y*: 14.90%
• 5Y*: 10.53%
• 10Y*: —

PAPR

• 1D: 0.12%
• 1M: -0.02%
• YTD: 7.36%
• 6M: 7.33%
• 1Y: 13.33%
• 3Y*: 11.16%
• 5Y*: 8.10%
• 10Y*: —

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

DECZ vs. PAPR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
DECZ TrueShares Structured Outcome (December) ETF	5.75%	12.34%	18.89%	18.32%	-8.93%	20.15%	1.64%
PAPR Innovator U.S. Equity Power Buffer ETF - April	7.36%	6.58%	12.28%	16.45%	-4.29%	7.51%	0.17%

Correlation

The correlation between DECZ and PAPR is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (All Time) Calculated using the full available price history since Dec 1, 2020	0.88

The correlation between DECZ and PAPR has been stable across timeframes, ranging from 0.83 to 0.91 - a consistent structural relationship.

DECZ vs. PAPR - Sectors Allocation Comparison

Sectors	DECZ	PAPR
Technology	35.3%	38.4%
Financial Services	13.4%	11.0%
Consumer Cyclical	10.6%	10.0%
Communication Services	9.9%	10.8%
Healthcare	8.8%	8.4%
Industrials	7.8%	7.9%
Consumer Defensive	5.2%	4.6%
Energy	3.0%	3.2%
Utilities	2.5%	2.1%
Real Estate	2.0%	1.8%
Basic Materials	1.6%	1.7%

Return for Risk

DECZ vs. PAPR — Risk / Return Rank

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

DECZ

DECZ Risk / Return Rank: 51
DECZ Sharpe Ratio Rank: 52
DECZ Sortino Ratio Rank: 51
DECZ Omega Ratio Rank: 51
DECZ Calmar Ratio Rank: 48
DECZ Martin Ratio Rank: 55

PAPR

PAPR Risk / Return Rank: 98
PAPR Sharpe Ratio Rank: 97
PAPR Sortino Ratio Rank: 98
PAPR Omega Ratio Rank: 97
PAPR Calmar Ratio Rank: 98
PAPR Martin Ratio Rank: 98

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. PAPR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TrueShares Structured Outcome (December) ETF (DECZ) and Innovator U.S. Equity Power Buffer ETF - April (PAPR). 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	PAPR	Difference
Sharpe ratio: Return per unit of total volatility	1.58	3.96	-2.37
Sortino ratio: Return per unit of downside risk	2.22	6.82	-4.59
Omega ratio: Gain probability vs. loss probability	1.29	1.93	-0.65
Calmar ratio: Return relative to maximum drawdown	2.11	11.54	-9.42
Martin ratio: Return relative to average drawdown	8.60	58.72	-50.11

DECZ vs. PAPR - Sharpe Ratio Comparison

The current DECZ Sharpe Ratio is 1.58, which is lower than the PAPR Sharpe Ratio of 3.96. The chart below compares the historical Sharpe Ratios of DECZ and PAPR, 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. PAPR - Drawdown Comparison

The maximum DECZ drawdown since its inception was -16.57%, which is greater than PAPR's maximum drawdown of -15.31%. Use the drawdown chart below to compare losses from any high point for DECZ and PAPR.

Drawdown Indicators

	DECZ	PAPR	Difference
Max Drawdown Largest peak-to-trough decline	-16.57%	-15.31%	-1.26%
Max Drawdown (1Y) Largest decline over 1 year	-7.53%	-1.16%	-6.37%
Max Drawdown (3Y) Largest decline over 3 years	-14.24%	-11.87%	-2.37%
Max Drawdown (5Y) Largest decline over 5 years	-16.57%	-11.87%	-4.70%
Current Drawdown Current decline from peak	-2.73%	-0.54%	-2.19%
Average Drawdown Average peak-to-trough decline	-3.05%	-1.56%	-1.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.85%	0.23%	+1.62%

Volatility

DECZ vs. PAPR - Volatility Comparison

TrueShares Structured Outcome (December) ETF (DECZ) has a higher volatility of 3.75% compared to Innovator U.S. Equity Power Buffer ETF - April (PAPR) at 1.43%. This indicates that DECZ's price experiences larger fluctuations and is considered to be riskier than PAPR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DECZ	PAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.75%	1.43%	+2.32%
Volatility (6M) Calculated over the trailing 6-month period	7.88%	2.77%	+5.11%
Volatility (1Y) Calculated over the trailing 1-year period	10.07%	3.42%	+6.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.67%	8.22%	+4.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.42%	9.42%	+3.00%

DECZ vs. PAPR - Expense Ratio Comparison

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

Dividends

DECZ vs. PAPR - Dividend Comparison

DECZ's dividend yield for the trailing twelve months is around 3.10%, while PAPR has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
DECZ TrueShares Structured Outcome (December) ETF	3.10%	3.28%	2.55%	1.23%	1.44%	0.46%	0.00%	0.00%
PAPR Innovator U.S. Equity Power Buffer ETF - April	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.07%

Frequently Asked Questions

Can I hold both DECZ and PAPR in my portfolio?

DECZ and PAPR have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DECZ or PAPR?

DECZ has higher volatility (3.75%) compared to PAPR (1.43%). In terms of maximum drawdown, DECZ dropped -16.57% vs PAPR's -15.31%.

Which ETF is better, DECZ or PAPR?

On 5-year performance, DECZ leads with 10.53% vs 8.10% for PAPR. Both ETFs have the same 0.79% expense ratio. On volatility, PAPR has been the lower-risk option at 1.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DECZ or PAPR?

Over the 5-year period, DECZ has performed better with a 10.53% return vs 8.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DECZ or PAPR?

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

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

DECZ has the higher dividend yield at 3.10%, compared with 0.00% for PAPR.

What is the main difference between DECZ and PAPR?

DECZ tracks S&P 500, while PAPR tracks Cboe S&P 500 15% Buffer Protect April Series Index. They also come from different issuers: TrueShares and Innovator.

Which has better risk-adjusted returns?

PAPR currently has the higher Sharpe Ratio (3.96 vs 1.58), 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.