MMAX vs. APRZ
MMAX (iShares Large Cap Max Buffer Mar ETF) and APRZ (TrueShares Structured Outcome (April) ETF) are both Defined Outcome funds. MMAX is actively managed, while APRZ is passively managed. Over the past year, MMAX returned 7.29% vs 19.26% for APRZ. A 0.70 correlation means they provide meaningful diversification when combined. MMAX charges 0.50%/yr vs 0.79%/yr for APRZ.
Performance
MMAX vs. APRZ - Performance Comparison
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Returns By Period
In the year-to-date period, MMAX achieves a 3.01% return, which is significantly lower than APRZ's 6.47% return.
MMAX
- 1D
- -0.04%
- 1M
- 0.09%
- YTD
- 3.01%
- 6M
- 3.19%
- 1Y
- 7.29%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
APRZ
- 1D
- -0.33%
- 1M
- 0.16%
- YTD
- 6.47%
- 6M
- 6.08%
- 1Y
- 19.26%
- 3Y*
- 15.36%
- 5Y*
- 10.94%
- 10Y*
- —
MMAX vs. APRZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
MMAX iShares Large Cap Max Buffer Mar ETF | 3.01% | 6.04% |
APRZ TrueShares Structured Outcome (April) ETF | 6.47% | 17.43% |
Correlation
The correlation between MMAX and APRZ is 0.69, 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 | 0.69 |
Correlation (All Time) Calculated using the full available price history since Apr 1, 2025 | 0.70 |
The correlation between MMAX and APRZ has been stable across timeframes, ranging from 0.69 to 0.70 - a consistent structural relationship.
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Return for Risk
MMAX vs. APRZ — Risk / Return Rank
MMAX
APRZ
MMAX vs. APRZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Large Cap Max Buffer Mar ETF (MMAX) 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.
| MMAX | APRZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.33 | ||
| Sortino ratioReturn per unit of downside risk | +6.76 | ||
| Omega ratioGain probability vs. loss probability | 2.35 | 1.33 | +1.01 |
| Calmar ratioReturn relative to maximum drawdown | 15.86 | 2.19 | +13.67 |
| Martin ratioReturn relative to average drawdown | 84.16 | 9.47 | +74.68 |
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Drawdowns
MMAX vs. APRZ - Drawdown Comparison
The maximum MMAX drawdown since its inception was -1.93%, smaller than the maximum APRZ drawdown of -18.15%. Use the drawdown chart below to compare losses from any high point for MMAX and APRZ.
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Drawdown Indicators
| MMAX | APRZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.93% | -18.15% | +16.22% |
Max Drawdown (1Y)Largest decline over 1 year | -0.46% | -8.85% | +8.39% |
Max Drawdown (3Y)Largest decline over 3 years | — | -15.15% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -18.15% | — |
Current DrawdownCurrent decline from peak | -0.20% | -1.41% | +1.21% |
Average DrawdownAverage peak-to-trough decline | -0.11% | -3.61% | +3.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.09% | 2.04% | -1.95% |
Volatility
MMAX vs. APRZ - Volatility Comparison
The current volatility for iShares Large Cap Max Buffer Mar ETF (MMAX) is 0.52%, while TrueShares Structured Outcome (April) ETF (APRZ) has a volatility of 3.57%. This indicates that MMAX experiences smaller price fluctuations and is considered to be less risky than APRZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MMAX | APRZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.52% | 3.57% | -3.05% |
Volatility (6M)Calculated over the trailing 6-month period | 1.06% | 8.57% | -7.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.42% | 10.63% | -9.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.48% | 12.59% | -10.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.48% | 12.44% | -9.96% |
MMAX vs. APRZ - Expense Ratio Comparison
MMAX has a 0.50% expense ratio, which is lower than APRZ's 0.79% expense ratio.
Dividends
MMAX vs. APRZ - Dividend Comparison
MMAX's dividend yield for the trailing twelve months is around 1.28%, less than APRZ's 3.15% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
APRZ TrueShares Structured Outcome (April) ETF | 3.15% | 3.35% | 2.78% | 2.89% | 0.59% |
MMAX iShares Large Cap Max Buffer Mar ETF | 1.28% | 1.31% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MMAX and APRZ have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
APRZ has higher volatility (3.57%) compared to MMAX (0.52%). In terms of maximum drawdown, MMAX dropped -1.93% vs APRZ's -18.15%.
On 1-year performance, APRZ leads with 19.26% vs 7.29% for MMAX. On fees, MMAX is cheaper at 0.50% per year. On volatility, MMAX has been the lower-risk option at 0.52%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, APRZ has performed better with a 19.26% return vs 7.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MMAX is cheaper with a 0.50% expense ratio, compared with 0.79% for APRZ.
APRZ has the higher dividend yield at 3.15%, compared with 1.28% for MMAX.
They also come from different issuers: iShares and TrueShares. Their fees differ too: 0.50% for MMAX and 0.79% for APRZ.
MMAX currently has the higher Sharpe Ratio (5.15 vs 1.82), 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.
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