SEPZ vs. AAPR

Last updated Jun 23, 2026

SEPZ (TrueShares Structured Outcome (September) ETF) and AAPR (Innovator Equity Defined Protection ETF - 2 Yr To April 2026) are both Options Trading funds. SEPZ is passively managed, while AAPR is actively managed. Over the past year, SEPZ returned 19.88% vs 9.11% for AAPR. Their correlation of 0.85 suggests significant overlap in exposure. SEPZ charges 0.80%/yr vs 0.79%/yr for AAPR.

Performance

SEPZ vs. AAPR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TrueShares Structured Outcome (September) ETF (SEPZ) and Innovator Equity Defined Protection ETF - 2 Yr To April 2026 (AAPR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SEPZ achieves a 7.26% return, which is significantly higher than AAPR's 3.40% return.

SEPZ

• 1D: -0.40%
• 1M: -0.02%
• YTD: 7.26%
• 6M: 7.09%
• 1Y: 19.88%
• 3Y*: 15.61%
• 5Y*: 11.30%
• 10Y*: —

AAPR

• 1D: -0.14%
• 1M: -0.25%
• YTD: 3.40%
• 6M: 3.56%
• 1Y: 9.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SEPZ vs. AAPR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SEPZ TrueShares Structured Outcome (September) ETF	7.26%	13.18%	9.40%
AAPR Innovator Equity Defined Protection ETF - 2 Yr To April 2026	3.40%	7.79%	6.33%

Correlation

The correlation between SEPZ and AAPR is 0.81, 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	0.81
Correlation (All Time) Calculated using the full available price history since Apr 1, 2024	0.85

The correlation between SEPZ and AAPR has been stable across timeframes, ranging from 0.81 to 0.85 - a consistent structural relationship.

Return for Risk

SEPZ vs. AAPR — Risk / Return Rank

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

SEPZ

SEPZ Risk / Return Rank: 59
SEPZ Sharpe Ratio Rank: 59
SEPZ Sortino Ratio Rank: 59
SEPZ Omega Ratio Rank: 56
SEPZ Calmar Ratio Rank: 57
SEPZ Martin Ratio Rank: 66

AAPR

AAPR Risk / Return Rank: 97
AAPR Sharpe Ratio Rank: 95
AAPR Sortino Ratio Rank: 97
AAPR Omega Ratio Rank: 97
AAPR Calmar Ratio Rank: 97
AAPR Martin Ratio Rank: 98

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.

SEPZ vs. AAPR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TrueShares Structured Outcome (September) ETF (SEPZ) and Innovator Equity Defined Protection ETF - 2 Yr To April 2026 (AAPR). 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.

	SEPZ	AAPR	Difference
Sharpe ratio: Return per unit of total volatility	1.91	3.69	-1.78
Sortino ratio: Return per unit of downside risk	2.68	6.03	-3.35
Omega ratio: Gain probability vs. loss probability	1.34	1.86	-0.52
Calmar ratio: Return relative to maximum drawdown	2.74	9.48	-6.75
Martin ratio: Return relative to average drawdown	11.88	47.98	-36.10

SEPZ vs. AAPR - Sharpe Ratio Comparison

The current SEPZ Sharpe Ratio is 1.91, which is lower than the AAPR Sharpe Ratio of 3.69. The chart below compares the historical Sharpe Ratios of SEPZ and AAPR, 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

SEPZ vs. AAPR - Drawdown Comparison

The maximum SEPZ drawdown since its inception was -15.22%, which is greater than AAPR's maximum drawdown of -5.99%. Use the drawdown chart below to compare losses from any high point for SEPZ and AAPR.

Drawdown Indicators

	SEPZ	AAPR	Difference
Max Drawdown Largest peak-to-trough decline	-15.22%	-5.99%	-9.23%
Max Drawdown (1Y) Largest decline over 1 year	-7.30%	-0.96%	-6.34%
Max Drawdown (3Y) Largest decline over 3 years	-14.57%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-15.22%	—	—
Current Drawdown Current decline from peak	-1.72%	-0.56%	-1.16%
Average Drawdown Average peak-to-trough decline	-2.83%	-0.45%	-2.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.68%	0.19%	+1.49%

Volatility

SEPZ vs. AAPR - Volatility Comparison

TrueShares Structured Outcome (September) ETF (SEPZ) has a higher volatility of 3.92% compared to Innovator Equity Defined Protection ETF - 2 Yr To April 2026 (AAPR) at 1.06%. This indicates that SEPZ's price experiences larger fluctuations and is considered to be riskier than AAPR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SEPZ	AAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.92%	1.06%	+2.86%
Volatility (6M) Calculated over the trailing 6-month period	8.00%	1.85%	+6.15%
Volatility (1Y) Calculated over the trailing 1-year period	10.48%	2.48%	+8.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.38%	4.80%	+7.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.49%	4.80%	+7.69%

SEPZ vs. AAPR - Expense Ratio Comparison

SEPZ has a 0.80% expense ratio, which is higher than AAPR's 0.79% expense ratio.

Dividends

SEPZ vs. AAPR - Dividend Comparison

SEPZ's dividend yield for the trailing twelve months is around 2.05%, while AAPR has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
AAPR Innovator Equity Defined Protection ETF - 2 Yr To April 2026	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SEPZ TrueShares Structured Outcome (September) ETF	2.05%	2.20%	3.62%	3.55%	0.69%	0.05%

Frequently Asked Questions

Can I hold both SEPZ and AAPR in my portfolio?

SEPZ and AAPR have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SEPZ or AAPR?

SEPZ has higher volatility (3.92%) compared to AAPR (1.06%). In terms of maximum drawdown, SEPZ dropped -15.22% vs AAPR's -5.99%.

Which ETF is better, SEPZ or AAPR?

On 1-year performance, SEPZ leads with 19.88% vs 9.11% for AAPR. On fees, AAPR is cheaper at 0.79% per year. On volatility, AAPR has been the lower-risk option at 1.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SEPZ or AAPR?

Over the 1-year period, SEPZ has performed better with a 19.88% return vs 9.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SEPZ or AAPR?

AAPR is cheaper with a 0.79% expense ratio, compared with 0.80% for SEPZ.

Which ETF pays a higher dividend yield, SEPZ or AAPR?

SEPZ has the higher dividend yield at 2.05%, compared with 0.00% for AAPR.

What is the main difference between SEPZ and AAPR?

They also come from different issuers: TrueShares and Innovator. Their fees differ too: 0.80% for SEPZ and 0.79% for AAPR.

Which has better risk-adjusted returns?

AAPR currently has the higher Sharpe Ratio (3.69 vs 1.91), 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.