MARZ vs. ERNZ

Last updated Jun 3, 2026

MARZ (TrueShares Structured Outcome (March) ETF) and ERNZ (TrueShares Active Yield ETF) are both exchange-traded funds - MARZ is a Defined Outcome fund tracking the S&P 500 Price Index, while ERNZ is a Large Cap Blend Equities fund actively managed by TrueShares. MARZ is passively managed, while ERNZ is actively managed. Over the past year, MARZ returned 21.45% vs 3.06% for ERNZ. A 0.56 correlation means they provide meaningful diversification when combined. MARZ charges 0.79%/yr vs 0.75%/yr for ERNZ.

Performance

MARZ vs. ERNZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TrueShares Structured Outcome (March) ETF (MARZ) and TrueShares Active Yield ETF (ERNZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MARZ achieves a 8.46% return, which is significantly higher than ERNZ's 4.89% return.

MARZ

• 1D: 0.07%
• 1M: 4.24%
• YTD: 8.46%
• 6M: 8.58%
• 1Y: 21.45%
• 3Y*: 16.35%
• 5Y*: 10.91%
• 10Y*: —

ERNZ

• 1D: 0.00%
• 1M: 0.00%
• YTD: 4.89%
• 6M: 4.48%
• 1Y: 3.06%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MARZ vs. ERNZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MARZ TrueShares Structured Outcome (March) ETF	8.46%	12.90%	12.37%
ERNZ TrueShares Active Yield ETF	4.89%	-6.50%	3.43%

Correlation

The correlation between MARZ and ERNZ is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (All Time) Calculated using the full available price history since May 2, 2024	0.56

The correlation between MARZ and ERNZ shifts across timeframes, from 0.42 (1 year) to 0.56 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MARZ vs. ERNZ — Risk / Return Rank

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

MARZ

MARZ Risk / Return Rank: 64
MARZ Sharpe Ratio Rank: 66
MARZ Sortino Ratio Rank: 65
MARZ Omega Ratio Rank: 65
MARZ Calmar Ratio Rank: 58
MARZ Martin Ratio Rank: 67

ERNZ

ERNZ Risk / Return Rank: 12
ERNZ Sharpe Ratio Rank: 13
ERNZ Sortino Ratio Rank: 13
ERNZ Omega Ratio Rank: 13
ERNZ Calmar Ratio Rank: 11
ERNZ Martin Ratio Rank: 11

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. ERNZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TrueShares Structured Outcome (March) ETF (MARZ) and TrueShares Active Yield ETF (ERNZ). 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	ERNZ	Difference
Sharpe ratio Return per unit of total volatility	2.22	0.32	+1.91
Sortino ratio Return per unit of downside risk	3.06	0.53	+2.53
Omega ratio Gain probability vs. loss probability	1.40	1.07	+0.33
Calmar ratio Return relative to maximum drawdown	2.92	0.24	+2.68
Martin ratio Return relative to average drawdown	12.65	0.52	+12.13
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. ERNZ - Sharpe Ratio Comparison

The current MARZ Sharpe Ratio is 2.22, which is higher than the ERNZ Sharpe Ratio of 0.32. The chart below compares the historical Sharpe Ratios of MARZ and ERNZ, 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	ERNZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.22	0.32	+1.91
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.89	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.95	0.06	+0.89

Drawdowns

MARZ vs. ERNZ - Drawdown Comparison

The maximum MARZ drawdown since its inception was -18.89%, which is greater than ERNZ's maximum drawdown of -14.16%. Use the drawdown chart below to compare losses from any high point for MARZ and ERNZ.

Drawdown Indicators

	MARZ	ERNZ	Difference
Max Drawdown Largest peak-to-trough decline	-18.89%	-14.16%	-4.73%
Max Drawdown (1Y) Largest decline over 1 year	-7.45%	-10.61%	+3.16%
Max Drawdown (3Y) Largest decline over 3 years	-14.84%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-18.89%	—	—
Current Drawdown Current decline from peak	0.00%	-5.59%	+5.59%
Average Drawdown Average peak-to-trough decline	-4.02%	-4.58%	+0.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.72%	4.87%	-3.15%

Volatility

MARZ vs. ERNZ - Volatility Comparison

TrueShares Structured Outcome (March) ETF (MARZ) has a higher volatility of 2.31% compared to TrueShares Active Yield ETF (ERNZ) at 0.00%. This indicates that MARZ's price experiences larger fluctuations and is considered to be riskier than ERNZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MARZ	ERNZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.31%	0.00%	+2.31%
Volatility (6M) Calculated over the trailing 6-month period	7.45%	4.46%	+2.99%
Volatility (1Y) Calculated over the trailing 1-year period	9.69%	9.77%	-0.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.29%	11.78%	+0.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.21%	11.78%	+0.43%

MARZ vs. ERNZ - Expense Ratio Comparison

MARZ has a 0.79% expense ratio, which is higher than ERNZ's 0.75% expense ratio.

Dividends

MARZ vs. ERNZ - Dividend Comparison

MARZ's dividend yield for the trailing twelve months is around 3.04%, less than ERNZ's 6.37% yield.

Position	TTM	2025	2024	2023	2022	2021
ERNZ TrueShares Active Yield ETF	6.37%	9.90%	5.51%	0.00%	0.00%	0.00%
MARZ TrueShares Structured Outcome (March) ETF	3.04%	3.30%	4.55%	7.33%	0.78%	2.43%

Frequently Asked Questions

Can I hold both MARZ and ERNZ in my portfolio?

MARZ and ERNZ have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MARZ or ERNZ?

MARZ has higher volatility (2.31%) compared to ERNZ (0.00%). In terms of maximum drawdown, MARZ dropped -18.89% vs ERNZ's -14.16%.

Which ETF is better, MARZ or ERNZ?

On 1-year performance, MARZ leads with 21.45% vs 3.06% for ERNZ. On fees, ERNZ is cheaper at 0.75% per year. On volatility, ERNZ has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MARZ or ERNZ?

Over the 1-year period, MARZ has performed better with a 21.45% return vs 3.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MARZ or ERNZ?

ERNZ is cheaper with a 0.75% expense ratio, compared with 0.79% for MARZ.

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

ERNZ has the higher dividend yield at 6.37%, compared with 3.04% for MARZ.

What is the main difference between MARZ and ERNZ?

MARZ is categorized as Defined Outcome, while ERNZ is Large Cap Blend Equities. Their fees differ too: 0.79% for MARZ and 0.75% for ERNZ.

Which has better risk-adjusted returns?

MARZ currently has the higher Sharpe Ratio (2.22 vs 0.32), 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.