NOVZ vs. APRQ

Last updated Jun 4, 2026

NOVZ (TrueShares Structured Outcome (November) ETF) and APRQ (Innovator Premium Income 40 Barrier ETF - April) are both Options Trading funds. Both are actively managed. Both charge a 0.79% expense ratio.

Performance

NOVZ vs. APRQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TrueShares Structured Outcome (November) ETF (NOVZ) and Innovator Premium Income 40 Barrier ETF - April (APRQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

NOVZ

• 1D: -0.59%
• 1M: 4.10%
• YTD: 8.13%
• 6M: 8.04%
• 1Y: 20.61%
• 3Y*: 16.53%
• 5Y*: 11.35%
• 10Y*: —

APRQ

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

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

NOVZ vs. APRQ - Yearly Performance Comparison

	2026 (YTD)
NOVZ TrueShares Structured Outcome (November) ETF	6.93%
APRQ Innovator Premium Income 40 Barrier ETF - April	0.00%

NOVZ vs. APRQ - Sectors Allocation Comparison

Sectors	NOVZ	APRQ
Technology	31.6%	32.0%
Financial Services	14.0%	13.7%
Healthcare	10.8%	10.5%
Consumer Cyclical	10.5%	11.6%
Communication Services	9.5%	9.9%
Industrials	7.6%	7.4%
Consumer Defensive	6.1%	5.5%
Energy	3.3%	3.2%
Utilities	2.6%	2.5%
Real Estate	2.2%	2.1%
Basic Materials	1.8%	1.7%

Return for Risk

NOVZ vs. APRQ — Risk / Return Rank

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

NOVZ

NOVZ Risk / Return Rank: 68
NOVZ Sharpe Ratio Rank: 68
NOVZ Sortino Ratio Rank: 67
NOVZ Omega Ratio Rank: 67
NOVZ Calmar Ratio Rank: 63
NOVZ Martin Ratio Rank: 73

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.

NOVZ vs. APRQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TrueShares Structured Outcome (November) ETF (NOVZ) and Innovator Premium Income 40 Barrier ETF - April (APRQ). 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.

	NOVZ	APRQ	Difference
Sharpe ratio: Return per unit of total volatility	2.21	—	—
Sortino ratio: Return per unit of downside risk	3.04	—	—
Omega ratio: Gain probability vs. loss probability	1.40	—	—
Calmar ratio: Return relative to maximum drawdown	3.08	—	—
Martin ratio: Return relative to average drawdown	13.64	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	NOVZ	APRQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.21	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.89	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.11	—	—

Drawdowns

NOVZ vs. APRQ - Drawdown Comparison

The maximum NOVZ drawdown since its inception was -16.62%, which is greater than APRQ's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for NOVZ and APRQ.

Drawdown Indicators

	NOVZ	APRQ	Difference
Max Drawdown Largest peak-to-trough decline	-16.62%	0.00%	-16.62%
Max Drawdown (1Y) Largest decline over 1 year	-6.72%	—	—
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	-0.59%	0.00%	-0.59%
Average Drawdown Average peak-to-trough decline	-3.06%	0.00%	-3.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.51%	—	—

Volatility

Volatility by Period

	NOVZ	APRQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.35%	—	—
Volatility (6M) Calculated over the trailing 6-month period	6.97%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	9.39%	0.00%	+9.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.87%	0.00%	+12.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.71%	0.00%	+12.71%

NOVZ vs. APRQ - Expense Ratio Comparison

Both NOVZ and APRQ have an expense ratio of 0.79%.

Dividends

NOVZ vs. APRQ - Dividend Comparison

NOVZ's dividend yield for the trailing twelve months is around 3.32%, while APRQ has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
APRQ Innovator Premium Income 40 Barrier ETF - April	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
NOVZ TrueShares Structured Outcome (November) ETF	3.32%	3.58%	2.94%	2.27%	0.25%	0.52%

Frequently Asked Questions

Which ETF is better, NOVZ or APRQ?

Both ETFs have the same 0.79% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, NOVZ or APRQ?

NOVZ and APRQ have the same expense ratio: 0.79% per year.

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

NOVZ has the higher dividend yield at 3.32%, compared with 0.00% for APRQ.

What is the main difference between NOVZ and APRQ?

They also come from different issuers: TrueShares and Innovator.