PAYH vs. APRZ
PAYH (TrueShares S&P Autocallable High Income ETF) and APRZ (TrueShares Structured Outcome (April) ETF) are both exchange-traded funds - PAYH is a Derivative Income fund actively managed by TrueShares, while APRZ is a Defined Outcome fund tracking the S&P 500 Price Return Index. PAYH is actively managed, while APRZ is passively managed. At a 0.41 correlation, their price movements are largely independent. PAYH charges 0.74%/yr vs 0.79%/yr for APRZ.
Performance
PAYH vs. APRZ - Performance Comparison
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Returns By Period
In the year-to-date period, PAYH achieves a 9.58% return, which is significantly higher than APRZ's 6.91% return.
PAYH
- 1D
- -0.15%
- 1M
- 1.80%
- 6M
- 7.88%
- YTD
- 9.58%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
APRZ
- 1D
- -0.44%
- 1M
- 0.00%
- 6M
- 5.74%
- YTD
- 6.91%
- 1Y
- 15.14%
- 3Y*
- 14.39%
- 5Y*
- 10.72%
- 10Y*
- —
PAYH vs. APRZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
PAYH TrueShares S&P Autocallable High Income ETF | 9.58% | -0.73% |
APRZ TrueShares Structured Outcome (April) ETF | 6.91% | -0.72% |
Correlation
The correlation between PAYH and APRZ is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Dec 30, 2025 | 0.41 |
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Return for Risk
PAYH vs. APRZ — Risk / Return Rank
PAYH
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
APRZ
PAYH vs. APRZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for TrueShares S&P Autocallable High Income ETF (PAYH) 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.
| PAYH | APRZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.25 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 1.72 | — |
| Martin ratioReturn relative to average drawdown | — | 7.27 | — |
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Drawdowns
PAYH vs. APRZ - Drawdown Comparison
The maximum PAYH drawdown since its inception was -16.33%, smaller than the maximum APRZ drawdown of -18.15%. Use the drawdown chart below to compare losses from any high point for PAYH and APRZ.
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Drawdown Indicators
| PAYH | APRZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.33% | -18.15% | +1.82% |
Max Drawdown (1Y)Largest decline over 1 year | — | -8.85% | — |
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 | -0.59% | -1.00% | +0.41% |
Average DrawdownAverage peak-to-trough decline | -2.54% | -3.58% | +1.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 2.09% | — |
Volatility
PAYH vs. APRZ - Volatility Comparison
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Volatility by Period
| PAYH | APRZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 3.31% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 8.89% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 21.79% | 10.86% | +10.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.79% | 12.64% | +9.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.79% | 12.43% | +9.36% |
PAYH vs. APRZ - Expense Ratio Comparison
PAYH has a 0.74% expense ratio, which is lower than APRZ's 0.79% expense ratio.
Dividends
PAYH vs. APRZ - Dividend Comparison
PAYH's dividend yield for the trailing twelve months is around 7.88%, more than APRZ's 3.14% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
APRZ TrueShares Structured Outcome (April) ETF | 3.14% | 3.35% | 2.78% | 2.89% | 0.59% |
PAYH TrueShares S&P Autocallable High Income ETF | 7.88% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PAYH and APRZ have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, PAYH is cheaper at 0.74% per year. The better choice depends on whether you care most about return, fees, risk, or income.
PAYH is cheaper with a 0.74% expense ratio, compared with 0.79% for APRZ.
PAYH has the higher dividend yield at 7.88%, compared with 3.14% for APRZ.
PAYH is categorized as Derivative Income, while APRZ is Defined Outcome. Their fees differ too: 0.74% for PAYH and 0.79% for APRZ.
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