DECZ vs. ZAPR

Last updated Jun 4, 2026

DECZ (TrueShares Structured Outcome (December) ETF) and ZAPR (Innovator Equity Defined Protection ETF - 1 Yr April) are both Defined Outcome funds. DECZ is passively managed, while ZAPR is actively managed. Over the past year, DECZ returned 20.18% vs 7.17% for ZAPR. A 0.65 correlation means they provide meaningful diversification when combined. Both charge a 0.79% expense ratio.

Performance

DECZ vs. ZAPR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TrueShares Structured Outcome (December) ETF (DECZ) and Innovator Equity Defined Protection ETF - 1 Yr April (ZAPR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DECZ achieves a 8.14% return, which is significantly higher than ZAPR's 3.25% return.

DECZ

• 1D: -0.53%
• 1M: 4.15%
• YTD: 8.14%
• 6M: 8.12%
• 1Y: 20.18%
• 3Y*: 16.28%
• 5Y*: 11.21%
• 10Y*: —

ZAPR

• 1D: 0.03%
• 1M: 0.52%
• YTD: 3.25%
• 6M: 3.73%
• 1Y: 7.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DECZ vs. ZAPR - Yearly Performance Comparison

	2026 (YTD)	2025
DECZ TrueShares Structured Outcome (December) ETF	8.14%	15.88%
ZAPR Innovator Equity Defined Protection ETF - 1 Yr April	3.25%	5.29%

Correlation

The correlation between DECZ and ZAPR is 0.61, 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	0.61
Correlation (All Time) Calculated using the full available price history since Apr 2, 2025	0.65

The correlation between DECZ and ZAPR has been stable across timeframes, ranging from 0.61 to 0.65 - a consistent structural relationship.

Return for Risk

DECZ vs. ZAPR — Risk / Return Rank

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

DECZ

DECZ Risk / Return Rank: 62
DECZ Sharpe Ratio Rank: 64
DECZ Sortino Ratio Rank: 65
DECZ Omega Ratio Rank: 64
DECZ Calmar Ratio Rank: 55
DECZ Martin Ratio Rank: 63

ZAPR

ZAPR Risk / Return Rank: 98
ZAPR Sharpe Ratio Rank: 97
ZAPR Sortino Ratio Rank: 99
ZAPR Omega Ratio Rank: 98
ZAPR Calmar Ratio Rank: 98
ZAPR Martin Ratio Rank: 99

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. ZAPR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TrueShares Structured Outcome (December) ETF (DECZ) and Innovator Equity Defined Protection ETF - 1 Yr April (ZAPR). 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.

	DECZ	ZAPR	Difference
Sharpe ratio: Return per unit of total volatility	2.12	4.93	-2.81
Sortino ratio: Return per unit of downside risk	2.98	9.13	-6.15
Omega ratio: Gain probability vs. loss probability	1.38	2.30	-0.92
Calmar ratio: Return relative to maximum drawdown	2.69	17.93	-15.24
Martin ratio: Return relative to average drawdown	11.35	92.53	-81.18
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DECZ vs. ZAPR - Sharpe Ratio Comparison

The current DECZ Sharpe Ratio is 2.12, which is lower than the ZAPR Sharpe Ratio of 4.93. The chart below compares the historical Sharpe Ratios of DECZ and ZAPR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DECZ	ZAPR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.12	4.93	-2.81
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.90	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.00	2.96	-1.96

Drawdowns

DECZ vs. ZAPR - Drawdown Comparison

The maximum DECZ drawdown since its inception was -16.57%, which is greater than ZAPR's maximum drawdown of -1.72%. Use the drawdown chart below to compare losses from any high point for DECZ and ZAPR.

Drawdown Indicators

	DECZ	ZAPR	Difference
Max Drawdown Largest peak-to-trough decline	-16.57%	-1.72%	-14.85%
Max Drawdown (1Y) Largest decline over 1 year	-7.53%	-0.40%	-7.13%
Max Drawdown (3Y) Largest decline over 3 years	-14.24%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-16.57%	—	—
Current Drawdown Current decline from peak	-0.53%	-0.03%	-0.50%
Average Drawdown Average peak-to-trough decline	-3.06%	-0.09%	-2.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.78%	0.08%	+1.70%

Volatility

DECZ vs. ZAPR - Volatility Comparison

TrueShares Structured Outcome (December) ETF (DECZ) has a higher volatility of 2.47% compared to Innovator Equity Defined Protection ETF - 1 Yr April (ZAPR) at 0.37%. This indicates that DECZ's price experiences larger fluctuations and is considered to be riskier than ZAPR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DECZ	ZAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.47%	0.37%	+2.10%
Volatility (6M) Calculated over the trailing 6-month period	7.20%	1.01%	+6.19%
Volatility (1Y) Calculated over the trailing 1-year period	9.57%	1.46%	+8.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.59%	2.51%	+10.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.39%	2.51%	+9.88%

DECZ vs. ZAPR - Expense Ratio Comparison

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

Dividends

DECZ vs. ZAPR - Dividend Comparison

DECZ's dividend yield for the trailing twelve months is around 3.03%, while ZAPR has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
DECZ TrueShares Structured Outcome (December) ETF	3.03%	3.28%	2.55%	1.23%	1.44%	0.46%
ZAPR Innovator Equity Defined Protection ETF - 1 Yr April	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DECZ and ZAPR in my portfolio?

DECZ and ZAPR have a correlation of 0.61, 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 ZAPR?

DECZ has higher volatility (2.47%) compared to ZAPR (0.37%). In terms of maximum drawdown, DECZ dropped -16.57% vs ZAPR's -1.72%.

Which ETF is better, DECZ or ZAPR?

On 1-year performance, DECZ leads with 20.18% vs 7.17% for ZAPR. Both ETFs have the same 0.79% expense ratio. On volatility, ZAPR has been the lower-risk option at 0.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DECZ or ZAPR?

Over the 1-year period, DECZ has performed better with a 20.18% return vs 7.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DECZ or ZAPR?

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

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

DECZ has the higher dividend yield at 3.03%, compared with 0.00% for ZAPR.

What is the main difference between DECZ and ZAPR?

They also come from different issuers: TrueShares and Innovator.

Which has better risk-adjusted returns?

ZAPR currently has the higher Sharpe Ratio (4.93 vs 2.12), 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.