NOVZ vs. APRP

Last updated Aug 2, 2026

NOVZ (TrueShares Structured Outcome (November) ETF) and APRP (PGIM US Large-Cap Buffer 12 ETF - April) are both Options Trading funds. Both are actively managed. Over the past year, NOVZ returned 15.58% vs 16.03% for APRP. Their correlation of 0.94 means they have usually moved in the same direction. NOVZ charges 0.79%/yr vs 0.50%/yr for APRP.

Performance

NOVZ vs. APRP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TrueShares Structured Outcome (November) ETF (NOVZ) and PGIM US Large-Cap Buffer 12 ETF - April (APRP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NOVZ achieves a 7.13% return, which is significantly lower than APRP's 10.37% return.

NOVZ

• 1D: 0.65%
• 1M: 0.12%
• 6M: 6.06%
• YTD: 7.13%
• 1Y: 15.58%
• 3Y*: 14.13%
• 5Y*: 10.45%
• 10Y*: —
• ALL TIME*: 13.43%

APRP

• 1D: 0.40%
• 1M: 0.80%
• 6M: 9.79%
• YTD: 10.37%
• 1Y: 16.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.27%

*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)
APRP PGIM US Large-Cap Buffer 12 ETF - April	$91.31K	$121.65K	$127.34K
NOVZ TrueShares Structured Outcome (November) ETF	$23.22K	$21.07K	$191.46K

NOVZ vs. APRP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NOVZ TrueShares Structured Outcome (November) ETF	7.13%	13.03%	9.77%
APRP PGIM US Large-Cap Buffer 12 ETF - April	10.37%	7.80%	10.06%

Correlation

The correlation between NOVZ and APRP is 0.92, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.92
Correlation (All Time) Calculated using the full available price history since Apr 1, 2024	0.94

The correlation between NOVZ and APRP has been stable across timeframes, ranging from 0.92 to 0.94 - a consistent structural relationship.

Return for Risk

NOVZ vs. APRP — Risk / Return Rank

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

NOVZ

NOVZ Risk / Return Rank: 61
NOVZ Sharpe Ratio Rank: 61
NOVZ Sortino Ratio Rank: 59
NOVZ Omega Ratio Rank: 58
NOVZ Calmar Ratio Rank: 60
NOVZ Martin Ratio Rank: 69

APRP

APRP Risk / Return Rank: 82
APRP Sharpe Ratio Rank: 71
APRP Sortino Ratio Rank: 76
APRP Omega Ratio Rank: 96
APRP Calmar Ratio Rank: 72
APRP Martin Ratio Rank: 97

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.

NOVZ vs. APRP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TrueShares Structured Outcome (November) ETF (NOVZ) and PGIM US Large-Cap Buffer 12 ETF - April (APRP). 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.

	NOVZ	APRP	Difference
Sharpe ratio: Return per unit of total volatility	1.45	1.65	-0.20
Sortino ratio: Return per unit of downside risk	2.03	2.48	-0.45
Omega ratio: Gain probability vs. loss probability	1.26	1.61	-0.36
Calmar ratio: Return relative to maximum drawdown	2.12	2.54	-0.42
Martin ratio: Return relative to average drawdown	8.48	31.67	-23.19

NOVZ vs. APRP - Sharpe Ratio Comparison

The current NOVZ Sharpe Ratio is 1.45, which is comparable to the APRP Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of NOVZ and APRP, 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

NOVZ vs. APRP - Drawdown Comparison

The maximum NOVZ drawdown since its inception was -16.62%, which is greater than APRP's maximum drawdown of -13.66%. Use the drawdown chart below to compare losses from any high point for NOVZ and APRP.

Drawdown Indicators

	NOVZ	APRP	Difference
Max Drawdown Largest peak-to-trough decline	-16.62%	-13.66%	-2.96%
Max Drawdown (1Y) Largest decline over 1 year	-6.72%	-6.07%	-0.65%
Max Drawdown (3Y) Largest decline over 3 years	-14.63%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-16.62%	—	—
Current Drawdown Current decline from peak	-1.50%	0.00%	-1.50%
Average Drawdown Average peak-to-trough decline	-3.02%	-1.19%	-1.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.68%	0.49%	+1.19%

Volatility

NOVZ vs. APRP - Volatility Comparison

TrueShares Structured Outcome (November) ETF (NOVZ) has a higher volatility of 2.56% compared to PGIM US Large-Cap Buffer 12 ETF - April (APRP) at 1.38%. This indicates that NOVZ's price experiences larger fluctuations and is considered to be riskier than APRP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NOVZ	APRP	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.56%	1.38%	+1.18%
Volatility (6M) Calculated over the trailing 6-month period	7.63%	9.06%	-1.43%
Volatility (1Y) Calculated over the trailing 1-year period	9.87%	9.38%	+0.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.92%	10.70%	+2.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.65%	10.70%	+1.95%

NOVZ vs. APRP - Expense Ratio Comparison

NOVZ has a 0.79% expense ratio, which is higher than APRP's 0.50% expense ratio.

Dividends

NOVZ vs. APRP - Dividend Comparison

NOVZ's dividend yield for the trailing twelve months is around 3.35%, while APRP has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
APRP PGIM US Large-Cap Buffer 12 ETF - April	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
NOVZ TrueShares Structured Outcome (November) ETF	3.35%	3.58%	2.94%	2.27%	0.25%	0.52%

Frequently Asked Questions

Can I hold both NOVZ and APRP in my portfolio?

With a correlation of 0.92, NOVZ and APRP 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, NOVZ or APRP?

NOVZ has higher volatility (2.56%) compared to APRP (1.38%). In terms of maximum drawdown, NOVZ dropped -16.62% vs APRP's -13.66%.

Which ETF is better, NOVZ or APRP?

On 1-year performance, APRP leads with 16.03% vs 15.58% for NOVZ. On fees, APRP is cheaper at 0.50% per year. On volatility, APRP has been the lower-risk option at 1.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NOVZ or APRP?

Over the 1-year period, APRP has performed better with a 16.03% return vs 15.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NOVZ or APRP?

APRP is cheaper with a 0.50% expense ratio, compared with 0.79% for NOVZ.

Which ETF pays a higher dividend yield, NOVZ or APRP?

NOVZ has the higher dividend yield at 3.35%, compared with 0.00% for APRP.

What is the main difference between NOVZ and APRP?

They also come from different issuers: TrueShares and PGIM. Their fees differ too: 0.79% for NOVZ and 0.50% for APRP.

Which has better risk-adjusted returns?

APRP currently has the higher Sharpe Ratio (1.65 vs 1.45), 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.