EAPR vs. APRZ

Last updated Aug 4, 2026

EAPR (Innovator Emerging Markets Power Buffer ETF - April) and APRZ (TrueShares Structured Outcome (April) ETF) are both Defined Outcome funds - EAPR tracks the MSCI Emerging Markets while APRZ tracks the S&P 500 Price Return Index. Both are passively managed. Over the past 5 years, EAPR returned 5.30%/yr vs 10.61%/yr for APRZ. Their 0.59 correlation means they have sometimes moved together and sometimes differently. EAPR charges 0.89%/yr vs 0.79%/yr for APRZ.

Performance

EAPR vs. APRZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Emerging Markets Power Buffer ETF - April (EAPR) 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, EAPR achieves a 9.39% return, which is significantly higher than APRZ's 7.68% return.

EAPR

• 1D: 0.20%
• 1M: 0.52%
• 6M: 8.39%
• YTD: 9.39%
• 1Y: 15.98%
• 3Y*: 9.08%
• 5Y*: 5.30%
• 10Y*: —
• ALL TIME*: 4.87%

APRZ

• 1D: 1.08%
• 1M: 1.25%
• 6M: 6.15%
• YTD: 7.68%
• 1Y: 16.26%
• 3Y*: 14.94%
• 5Y*: 10.61%
• 10Y*: —
• ALL TIME*: 11.27%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
APRZ TrueShares Structured Outcome (April) ETF	$45.35K	$25.55K	$56.96K
EAPR Innovator Emerging Markets Power Buffer ETF - April	$350.08K	$258.47K	$463.39K

EAPR vs. APRZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
EAPR Innovator Emerging Markets Power Buffer ETF - April	9.39%	14.80%	2.86%	8.19%	-5.01%	-2.89%
APRZ TrueShares Structured Outcome (April) ETF	7.68%	12.97%	18.46%	22.23%	-11.43%	13.39%

Correlation

The correlation between EAPR and APRZ is 0.60, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.60
Correlation (3Y) Balances recent behavior with more history.	0.58
Correlation (5Y) Shows whether the relationship held over a longer period.	0.60
Correlation (All Time) Calculated using the full available price history since Apr 1, 2021	0.59

The correlation between EAPR and APRZ has been stable across timeframes, ranging from 0.58 to 0.60 - a consistent structural relationship.

EAPR vs. APRZ - Sectors Allocation Comparison

Sectors	EAPR	APRZ
Technology	45.2%	37.9%
Financial Services	18.5%	11.7%
Consumer Cyclical	7.5%	9.6%
Industrials	6.3%	8.4%
Communication Services	6.0%	10.0%
Basic Materials	5.5%	1.7%
Energy	3.2%	3.0%
Consumer Defensive	2.6%	4.6%
Healthcare	2.5%	9.1%
Utilities	1.8%	2.3%
Real Estate	1.0%	1.9%

Return for Risk

EAPR vs. APRZ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

EAPR

EAPR Risk / Return Rank: 78
EAPR Sharpe Ratio Rank: 69
EAPR Sortino Ratio Rank: 71
EAPR Omega Ratio Rank: 88
EAPR Calmar Ratio Rank: 80
EAPR Martin Ratio Rank: 85

APRZ

APRZ Risk / Return Rank: 56
APRZ Sharpe Ratio Rank: 58
APRZ Sortino Ratio Rank: 57
APRZ Omega Ratio Rank: 55
APRZ Calmar Ratio Rank: 48
APRZ Martin Ratio Rank: 60

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.

EAPR vs. APRZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Emerging Markets Power Buffer ETF - April (EAPR) 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.

	EAPR	APRZ	Difference
Sharpe ratio: Return per unit of total volatility	1.67	1.47	+0.19
Sortino ratio: Return per unit of downside risk	2.44	2.09	+0.35
Omega ratio: Gain probability vs. loss probability	1.41	1.26	+0.15
Calmar ratio: Return relative to maximum drawdown	3.04	1.85	+1.19
Martin ratio: Return relative to average drawdown	12.81	7.67	+5.14

EAPR vs. APRZ - Sharpe Ratio Comparison

The current EAPR Sharpe Ratio is 1.67, which is comparable to the APRZ Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of EAPR 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

EAPR vs. APRZ - Drawdown Comparison

The maximum EAPR drawdown since its inception was -17.65%, roughly equal to the maximum APRZ drawdown of -18.15%. Use the drawdown chart below to compare losses from any high point for EAPR and APRZ.

Drawdown Indicators

	EAPR	APRZ	Difference
Max Drawdown Largest peak-to-trough decline	-17.65%	-18.15%	+0.50%
Max Drawdown (1Y) Largest decline over 1 year	-5.28%	-8.85%	+3.57%
Max Drawdown (3Y) Largest decline over 3 years	-10.24%	-15.15%	+4.91%
Max Drawdown (5Y) Largest decline over 5 years	-16.34%	-18.15%	+1.81%
Current Drawdown Current decline from peak	-2.58%	-0.29%	-2.29%
Average Drawdown Average peak-to-trough decline	-4.02%	-3.56%	-0.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.25%	2.13%	-0.88%

Volatility

EAPR vs. APRZ - Volatility Comparison

Innovator Emerging Markets Power Buffer ETF - April (EAPR) has a higher volatility of 4.37% compared to TrueShares Structured Outcome (April) ETF (APRZ) at 3.13%. This indicates that EAPR's price experiences larger fluctuations and is considered to be riskier than APRZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EAPR	APRZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.37%	3.13%	+1.24%
Volatility (6M) Calculated over the trailing 6-month period	9.26%	8.92%	+0.34%
Volatility (1Y) Calculated over the trailing 1-year period	9.64%	11.10%	-1.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.41%	12.66%	-2.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.29%	12.43%	-2.14%

EAPR vs. APRZ - Expense Ratio Comparison

EAPR has a 0.89% expense ratio, which is higher than APRZ's 0.79% expense ratio.

Dividends

EAPR vs. APRZ - Dividend Comparison

EAPR has not paid dividends to shareholders, while APRZ's dividend yield for the trailing twelve months is around 3.12%.

Position	TTM	2025	2024	2023	2022
APRZ TrueShares Structured Outcome (April) ETF	3.12%	3.35%	2.78%	2.89%	0.59%
EAPR Innovator Emerging Markets Power Buffer ETF - April	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EAPR and APRZ in my portfolio?

EAPR and APRZ have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EAPR or APRZ?

EAPR has higher volatility (4.37%) compared to APRZ (3.13%). In terms of maximum drawdown, EAPR dropped -17.65% vs APRZ's -18.15%.

Which ETF is better, EAPR or APRZ?

On 5-year performance, APRZ leads with 10.61% vs 5.30% for EAPR. On fees, APRZ is cheaper at 0.79% per year. On volatility, APRZ has been the lower-risk option at 3.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EAPR or APRZ?

Over the 5-year period, APRZ has performed better with a 10.61% return vs 5.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EAPR or APRZ?

APRZ is cheaper with a 0.79% expense ratio, compared with 0.89% for EAPR.

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

APRZ has the higher dividend yield at 3.12%, compared with 0.00% for EAPR.

What is the main difference between EAPR and APRZ?

EAPR tracks MSCI Emerging Markets, while APRZ tracks S&P 500 Price Return Index. They also come from different issuers: Innovator and TrueShares. Their fees differ too: 0.89% for EAPR and 0.79% for APRZ.

Which has better risk-adjusted returns?

EAPR currently has the higher Sharpe Ratio (1.67 vs 1.47), 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.