MARZ vs. APRZ

Last updated Jun 4, 2026

MARZ (TrueShares Structured Outcome (March) ETF) and APRZ (TrueShares Structured Outcome (April) ETF) are both Defined Outcome funds from TrueShares - MARZ tracks the S&P 500 Price Index while APRZ tracks the S&P 500 Price Return Index. Both are passively managed. Over the past 5 years, MARZ returned 10.65%/yr vs 11.19%/yr for APRZ. With a 0.99 correlation, they move nearly in lockstep. Both charge a 0.79% expense ratio.

Performance

MARZ vs. APRZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TrueShares Structured Outcome (March) ETF (MARZ) 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, MARZ achieves a 7.95% return, which is significantly higher than APRZ's 7.43% return.

MARZ

• 1D: -0.48%
• 1M: 4.18%
• YTD: 7.95%
• 6M: 7.73%
• 1Y: 20.32%
• 3Y*: 16.16%
• 5Y*: 10.65%
• 10Y*: —

APRZ

• 1D: -0.52%
• 1M: 4.07%
• YTD: 7.43%
• 6M: 7.28%
• 1Y: 20.17%
• 3Y*: 16.23%
• 5Y*: 11.19%
• 10Y*: —

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

MARZ vs. APRZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
MARZ TrueShares Structured Outcome (March) ETF	7.95%	12.90%	17.90%	20.37%	-12.70%	14.04%
APRZ TrueShares Structured Outcome (April) ETF	7.43%	12.97%	18.46%	22.23%	-11.43%	13.37%

Correlation

The correlation between MARZ and APRZ is 0.98 - 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	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (All Time) Calculated using the full available price history since Apr 5, 2021	0.99

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

Return for Risk

MARZ vs. APRZ — Risk / Return Rank

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

MARZ

MARZ Risk / Return Rank: 62
MARZ Sharpe Ratio Rank: 63
MARZ Sortino Ratio Rank: 63
MARZ Omega Ratio Rank: 62
MARZ Calmar Ratio Rank: 56
MARZ Martin Ratio Rank: 65

APRZ

APRZ Risk / Return Rank: 57
APRZ Sharpe Ratio Rank: 59
APRZ Sortino Ratio Rank: 59
APRZ Omega Ratio Rank: 60
APRZ Calmar Ratio Rank: 47
APRZ Martin Ratio Rank: 58

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.

MARZ vs. APRZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TrueShares Structured Outcome (March) ETF (MARZ) 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.

	MARZ	APRZ	Difference
Sharpe ratio Return per unit of total volatility	2.10	1.98	+0.12
Sortino ratio Return per unit of downside risk	2.91	2.77	+0.14
Omega ratio Gain probability vs. loss probability	1.38	1.36	+0.02
Calmar ratio Return relative to maximum drawdown	2.74	2.29	+0.45
Martin ratio Return relative to average drawdown	11.85	10.13	+1.71
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MARZ vs. APRZ - Sharpe Ratio Comparison

The current MARZ Sharpe Ratio is 2.10, which is comparable to the APRZ Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of MARZ 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.

Sharpe Ratios by Period

	MARZ	APRZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.10	1.98	+0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.87	0.90	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.94	0.94	0.00

Drawdowns

MARZ vs. APRZ - Drawdown Comparison

The maximum MARZ drawdown since its inception was -18.89%, roughly equal to the maximum APRZ drawdown of -18.15%. Use the drawdown chart below to compare losses from any high point for MARZ and APRZ.

Drawdown Indicators

	MARZ	APRZ	Difference
Max Drawdown Largest peak-to-trough decline	-18.89%	-18.15%	-0.74%
Max Drawdown (1Y) Largest decline over 1 year	-7.45%	-8.85%	+1.40%
Max Drawdown (3Y) Largest decline over 3 years	-14.84%	-15.15%	+0.31%
Max Drawdown (5Y) Largest decline over 5 years	-18.89%	-18.15%	-0.74%
Current Drawdown Current decline from peak	-0.48%	-0.52%	+0.04%
Average Drawdown Average peak-to-trough decline	-4.02%	-3.63%	-0.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.72%	2.00%	-0.28%

Volatility

MARZ vs. APRZ - Volatility Comparison

TrueShares Structured Outcome (March) ETF (MARZ) and TrueShares Structured Outcome (April) ETF (APRZ) have volatilities of 2.33% and 2.39%, 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

	MARZ	APRZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.33%	2.39%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	7.46%	8.06%	-0.60%
Volatility (1Y) Calculated over the trailing 1-year period	9.71%	10.23%	-0.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.29%	12.52%	-0.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.20%	12.42%	-0.22%

MARZ vs. APRZ - Expense Ratio Comparison

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

Dividends

MARZ vs. APRZ - Dividend Comparison

MARZ's dividend yield for the trailing twelve months is around 3.06%, less than APRZ's 3.12% yield.

Position	TTM	2025	2024	2023	2022	2021
APRZ TrueShares Structured Outcome (April) ETF	3.12%	3.35%	2.78%	2.89%	0.59%	0.00%
MARZ TrueShares Structured Outcome (March) ETF	3.06%	3.30%	4.55%	7.33%	0.78%	2.43%

Frequently Asked Questions

Can I hold both MARZ and APRZ in my portfolio?

With a correlation of 0.98, MARZ 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, MARZ or APRZ?

APRZ has higher volatility (2.39%) compared to MARZ (2.33%). In terms of maximum drawdown, MARZ dropped -18.89% vs APRZ's -18.15%.

Which ETF is better, MARZ or APRZ?

On 5-year performance, APRZ leads with 11.19% vs 10.65% for MARZ. 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, MARZ or APRZ?

Over the 5-year period, APRZ has performed better with a 11.19% return vs 10.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MARZ or APRZ?

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

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

APRZ has the higher dividend yield at 3.12%, compared with 3.06% for MARZ.

What is the main difference between MARZ and APRZ?

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

Which has better risk-adjusted returns?

MARZ currently has the higher Sharpe Ratio (2.10 vs 1.98), 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.