PVEX vs. APRZ
PVEX (TrueShares ConVequity ETF) and APRZ (TrueShares Structured Outcome (April) ETF) are both exchange-traded funds - PVEX is a Large Cap Blend Equities fund managed by TrueShares, while APRZ is a Defined Outcome fund tracking the S&P 500 Price Return Index. Their correlation of 0.93 suggests significant overlap in exposure. PVEX charges 0.82%/yr vs 0.79%/yr for APRZ.
Performance
PVEX vs. APRZ - Performance Comparison
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Returns By Period
In the year-to-date period, PVEX achieves a 7.08% return, which is significantly higher than APRZ's 5.36% return.
PVEX
- 1D
- -0.28%
- 1M
- -0.96%
- YTD
- 7.08%
- 6M
- 6.55%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
APRZ
- 1D
- -1.04%
- 1M
- -0.88%
- YTD
- 5.36%
- 6M
- 4.65%
- 1Y
- 17.09%
- 3Y*
- 14.96%
- 5Y*
- 10.61%
- 10Y*
- —
PVEX vs. APRZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
PVEX TrueShares ConVequity ETF | 7.08% | 13.68% |
APRZ TrueShares Structured Outcome (April) ETF | 5.36% | 8.99% |
Correlation
The correlation between PVEX and APRZ is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Jun 30, 2025 | 0.93 |
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Return for Risk
PVEX vs. APRZ — Risk / Return Rank
PVEX
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
APRZ
PVEX vs. APRZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for TrueShares ConVequity ETF (PVEX) 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.
| PVEX | APRZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.29 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 1.94 | — |
| Martin ratioReturn relative to average drawdown | — | 8.38 | — |
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Drawdowns
PVEX vs. APRZ - Drawdown Comparison
The maximum PVEX drawdown since its inception was -7.63%, smaller than the maximum APRZ drawdown of -18.15%. Use the drawdown chart below to compare losses from any high point for PVEX and APRZ.
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Drawdown Indicators
| PVEX | APRZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -7.63% | -18.15% | +10.52% |
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 | -3.17% | -2.43% | -0.74% |
Average DrawdownAverage peak-to-trough decline | -1.95% | -3.61% | +1.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 2.04% | — |
Volatility
PVEX vs. APRZ - Volatility Comparison
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Volatility by Period
| PVEX | APRZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 3.73% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 8.62% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 15.27% | 10.67% | +4.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.27% | 12.60% | +2.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.27% | 12.45% | +2.82% |
PVEX vs. APRZ - Expense Ratio Comparison
PVEX has a 0.82% expense ratio, which is higher than APRZ's 0.79% expense ratio.
Dividends
PVEX vs. APRZ - Dividend Comparison
PVEX's dividend yield for the trailing twelve months is around 0.18%, less than APRZ's 3.18% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
APRZ TrueShares Structured Outcome (April) ETF | 3.18% | 3.35% | 2.78% | 2.89% | 0.59% |
PVEX TrueShares ConVequity ETF | 0.18% | 0.19% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.93, PVEX and APRZ 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.
On fees, APRZ is cheaper at 0.79% per year. The better choice depends on whether you care most about return, fees, risk, or income.
APRZ is cheaper with a 0.79% expense ratio, compared with 0.82% for PVEX.
APRZ has the higher dividend yield at 3.18%, compared with 0.18% for PVEX.
PVEX is categorized as Large Cap Blend Equities, while APRZ is Defined Outcome. Their fees differ too: 0.82% for PVEX and 0.79% for APRZ.
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