PSFM vs. APRZ

Last updated Jun 24, 2026

PSFM (Pacer Swan SOS Flex (April) ETF) and APRZ (TrueShares Structured Outcome (April) ETF) are both Defined Outcome funds. PSFM is actively managed, while APRZ is passively managed. Over the past 5 years, PSFM returned 9.70%/yr vs 10.61%/yr for APRZ. Their correlation of 0.93 suggests significant overlap in exposure. PSFM charges 0.61%/yr vs 0.79%/yr for APRZ.

Performance

PSFM vs. APRZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pacer Swan SOS Flex (April) ETF (PSFM) and TrueShares Structured Outcome (April) ETF (APRZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PSFM achieves a 8.72% return, which is significantly higher than APRZ's 5.36% return.

PSFM

• 1D: -0.42%
• 1M: 0.09%
• YTD: 8.72%
• 6M: 8.75%
• 1Y: 16.21%
• 3Y*: 12.82%
• 5Y*: 9.70%
• 10Y*: —

APRZ

• 1D: -1.04%
• 1M: -0.88%
• YTD: 5.36%
• 6M: 4.65%
• 1Y: 17.09%
• 3Y*: 14.96%
• 5Y*: 10.61%
• 10Y*: —

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

PSFM vs. APRZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
PSFM Pacer Swan SOS Flex (April) ETF	8.72%	7.28%	14.18%	18.32%	-5.23%	11.47%
APRZ TrueShares Structured Outcome (April) ETF	5.36%	12.97%	18.46%	22.23%	-11.43%	13.39%

Correlation

The correlation between PSFM and APRZ is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (All Time) Calculated using the full available price history since Apr 1, 2021	0.93

The correlation between PSFM and APRZ has been stable across timeframes, ranging from 0.84 to 0.93 - a consistent structural relationship.

Return for Risk

PSFM vs. APRZ — Risk / Return Rank

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

PSFM

PSFM Risk / Return Rank: 97
PSFM Sharpe Ratio Rank: 96
PSFM Sortino Ratio Rank: 98
PSFM Omega Ratio Rank: 97
PSFM Calmar Ratio Rank: 98
PSFM Martin Ratio Rank: 98

APRZ

APRZ Risk / Return Rank: 49
APRZ Sharpe Ratio Rank: 51
APRZ Sortino Ratio Rank: 49
APRZ Omega Ratio Rank: 50
APRZ Calmar Ratio Rank: 42
APRZ Martin Ratio Rank: 53

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.

PSFM vs. APRZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pacer Swan SOS Flex (April) ETF (PSFM) 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.

	PSFM	APRZ	Difference
Sharpe ratio: Return per unit of total volatility	3.94	1.61	+2.33
Sortino ratio: Return per unit of downside risk	6.70	2.25	+4.45
Omega ratio: Gain probability vs. loss probability	1.91	1.29	+0.62
Calmar ratio: Return relative to maximum drawdown	11.01	1.94	+9.07
Martin ratio: Return relative to average drawdown	55.56	8.38	+47.17

PSFM vs. APRZ - Sharpe Ratio Comparison

The current PSFM Sharpe Ratio is 3.94, which is higher than the APRZ Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of PSFM and APRZ, 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

PSFM vs. APRZ - Drawdown Comparison

The maximum PSFM drawdown since its inception was -14.33%, smaller than the maximum APRZ drawdown of -18.15%. Use the drawdown chart below to compare losses from any high point for PSFM and APRZ.

Drawdown Indicators

	PSFM	APRZ	Difference
Max Drawdown Largest peak-to-trough decline	-14.33%	-18.15%	+3.82%
Max Drawdown (1Y) Largest decline over 1 year	-1.48%	-8.85%	+7.37%
Max Drawdown (3Y) Largest decline over 3 years	-14.12%	-15.15%	+1.03%
Max Drawdown (5Y) Largest decline over 5 years	-14.33%	-18.15%	+3.82%
Current Drawdown Current decline from peak	-0.75%	-2.43%	+1.68%
Average Drawdown Average peak-to-trough decline	-2.25%	-3.61%	+1.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.29%	2.04%	-1.75%

Volatility

PSFM vs. APRZ - Volatility Comparison

The current volatility for Pacer Swan SOS Flex (April) ETF (PSFM) is 1.74%, while TrueShares Structured Outcome (April) ETF (APRZ) has a volatility of 3.73%. This indicates that PSFM 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.

Volatility by Period

	PSFM	APRZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.74%	3.73%	-1.99%
Volatility (6M) Calculated over the trailing 6-month period	3.29%	8.62%	-5.33%
Volatility (1Y) Calculated over the trailing 1-year period	4.15%	10.67%	-6.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.58%	12.60%	-2.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.48%	12.45%	-1.97%

PSFM vs. APRZ - Expense Ratio Comparison

PSFM has a 0.61% expense ratio, which is lower than APRZ's 0.79% expense ratio.

Dividends

PSFM vs. APRZ - Dividend Comparison

PSFM has not paid dividends to shareholders, while APRZ's dividend yield for the trailing twelve months is around 3.18%.

Position	TTM	2025	2024	2023	2022
APRZ TrueShares Structured Outcome (April) ETF	3.18%	3.35%	2.78%	2.89%	0.59%
PSFM Pacer Swan SOS Flex (April) ETF	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PSFM and APRZ in my portfolio?

PSFM and APRZ have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PSFM or APRZ?

APRZ has higher volatility (3.73%) compared to PSFM (1.74%). In terms of maximum drawdown, PSFM dropped -14.33% vs APRZ's -18.15%.

Which ETF is better, PSFM or APRZ?

On 5-year performance, APRZ leads with 10.61% vs 9.70% for PSFM. On fees, PSFM is cheaper at 0.61% per year. On volatility, PSFM has been the lower-risk option at 1.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PSFM or APRZ?

Over the 5-year period, APRZ has performed better with a 10.61% return vs 9.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PSFM or APRZ?

PSFM is cheaper with a 0.61% expense ratio, compared with 0.79% for APRZ.

Which ETF pays a higher dividend yield, PSFM or APRZ?

APRZ has the higher dividend yield at 3.18%, compared with 0.00% for PSFM.

What is the main difference between PSFM and APRZ?

They also come from different issuers: Pacer and TrueShares. Their fees differ too: 0.61% for PSFM and 0.79% for APRZ.

Which has better risk-adjusted returns?

PSFM currently has the higher Sharpe Ratio (3.94 vs 1.61), 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.