MARZ vs. IAPR

Last updated Jun 4, 2026

MARZ (TrueShares Structured Outcome (March) ETF) and IAPR (Innovator International Developed Power Buffer ETF - April) are both Defined Outcome funds - MARZ tracks the S&P 500 Price Index while IAPR tracks the MSCI EAFE. Both are passively managed. Over the past 5 years, MARZ returned 10.65%/yr vs 5.03%/yr for IAPR. A 0.69 correlation means they provide meaningful diversification when combined. MARZ charges 0.79%/yr vs 0.85%/yr for IAPR.

Performance

MARZ vs. IAPR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TrueShares Structured Outcome (March) ETF (MARZ) and Innovator International Developed Power Buffer ETF - April (IAPR). 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 IAPR's 6.91% return.

MARZ

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

IAPR

• 1D: -0.33%
• 1M: 1.90%
• YTD: 6.91%
• 6M: 8.28%
• 1Y: 14.08%
• 3Y*: 10.13%
• 5Y*: 5.03%
• 10Y*: —

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

MARZ vs. IAPR - 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%
IAPR Innovator International Developed Power Buffer ETF - April	6.91%	15.51%	3.76%	7.67%	-7.61%	2.74%

Correlation

The correlation between MARZ and IAPR is 0.71, 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	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (All Time) Calculated using the full available price history since Apr 5, 2021	0.69

The correlation between MARZ and IAPR has been stable across timeframes, ranging from 0.66 to 0.71 - a consistent structural relationship.

Return for Risk

MARZ vs. IAPR — 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

IAPR

IAPR Risk / Return Rank: 78
IAPR Sharpe Ratio Rank: 64
IAPR Sortino Ratio Rank: 73
IAPR Omega Ratio Rank: 72
IAPR Calmar Ratio Rank: 90
IAPR Martin Ratio Rank: 91

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. IAPR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TrueShares Structured Outcome (March) ETF (MARZ) and Innovator International Developed Power Buffer ETF - April (IAPR). 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	IAPR	Difference
Sharpe ratio: Return per unit of total volatility	2.10	2.12	-0.01
Sortino ratio: Return per unit of downside risk	2.91	3.31	-0.39
Omega ratio: Gain probability vs. loss probability	1.38	1.43	-0.05
Calmar ratio: Return relative to maximum drawdown	2.74	5.51	-2.78
Martin ratio: Return relative to average drawdown	11.85	21.30	-9.46
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. IAPR - Sharpe Ratio Comparison

The current MARZ Sharpe Ratio is 2.10, which is comparable to the IAPR Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of MARZ and IAPR, 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	IAPR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.10	2.12	-0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.87	0.57	+0.30
Sharpe Ratio (All Time) Calculated using the full available price history	0.94	0.61	+0.33

Drawdowns

MARZ vs. IAPR - Drawdown Comparison

The maximum MARZ drawdown since its inception was -18.89%, which is greater than IAPR's maximum drawdown of -17.73%. Use the drawdown chart below to compare losses from any high point for MARZ and IAPR.

Drawdown Indicators

	MARZ	IAPR	Difference
Max Drawdown Largest peak-to-trough decline	-18.89%	-17.73%	-1.16%
Max Drawdown (1Y) Largest decline over 1 year	-7.45%	-2.56%	-4.89%
Max Drawdown (3Y) Largest decline over 3 years	-14.84%	-9.46%	-5.38%
Max Drawdown (5Y) Largest decline over 5 years	-18.89%	-17.73%	-1.16%
Current Drawdown Current decline from peak	-0.48%	-0.41%	-0.07%
Average Drawdown Average peak-to-trough decline	-4.02%	-3.88%	-0.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.72%	0.66%	+1.06%

Volatility

MARZ vs. IAPR - Volatility Comparison

The current volatility for TrueShares Structured Outcome (March) ETF (MARZ) is 2.33%, while Innovator International Developed Power Buffer ETF - April (IAPR) has a volatility of 2.73%. This indicates that MARZ experiences smaller price fluctuations and is considered to be less risky than IAPR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MARZ	IAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.33%	2.73%	-0.40%
Volatility (6M) Calculated over the trailing 6-month period	7.46%	5.38%	+2.08%
Volatility (1Y) Calculated over the trailing 1-year period	9.71%	6.68%	+3.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.29%	8.85%	+3.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.20%	8.77%	+3.43%

MARZ vs. IAPR - Expense Ratio Comparison

MARZ has a 0.79% expense ratio, which is lower than IAPR's 0.85% expense ratio.

Dividends

MARZ vs. IAPR - Dividend Comparison

MARZ's dividend yield for the trailing twelve months is around 3.06%, while IAPR has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
IAPR Innovator International Developed Power Buffer ETF - April	0.00%	0.00%	0.00%	0.00%	0.00%	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 IAPR in my portfolio?

MARZ and IAPR have a correlation of 0.71, 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 IAPR?

IAPR has higher volatility (2.73%) compared to MARZ (2.33%). In terms of maximum drawdown, MARZ dropped -18.89% vs IAPR's -17.73%.

Which ETF is better, MARZ or IAPR?

On 5-year performance, MARZ leads with 10.65% vs 5.03% for IAPR. On fees, MARZ is cheaper at 0.79% per year. On volatility, MARZ has been the lower-risk option at 2.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MARZ or IAPR?

Over the 5-year period, MARZ has performed better with a 10.65% return vs 5.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MARZ or IAPR?

MARZ is cheaper with a 0.79% expense ratio, compared with 0.85% for IAPR.

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

MARZ has the higher dividend yield at 3.06%, compared with 0.00% for IAPR.

What is the main difference between MARZ and IAPR?

MARZ tracks S&P 500 Price Index, while IAPR tracks MSCI EAFE. They also come from different issuers: TrueShares and Innovator. Their fees differ too: 0.79% for MARZ and 0.85% for IAPR.

Which has better risk-adjusted returns?

IAPR currently has the higher Sharpe Ratio (2.12 vs 2.10), 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.