SEPZ vs. APRZ

Last updated Jun 23, 2026

SEPZ (TrueShares Structured Outcome (September) ETF) and APRZ (TrueShares Structured Outcome (April) ETF) are both exchange-traded funds - SEPZ is a Options Trading fund tracking the Cboe S&P 500 Buffer Protect Index September, while APRZ is a Defined Outcome fund tracking the S&P 500 Price Return Index. Both are passively managed. Over the past 5 years, SEPZ returned 11.30%/yr vs 10.94%/yr for APRZ. With a 0.98 correlation, they move nearly in lockstep. SEPZ charges 0.80%/yr vs 0.79%/yr for APRZ.

Performance

SEPZ vs. APRZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TrueShares Structured Outcome (September) ETF (SEPZ) 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, SEPZ achieves a 7.26% return, which is significantly higher than APRZ's 6.47% return.

SEPZ

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

APRZ

• 1D: -0.33%
• 1M: 0.16%
• YTD: 6.47%
• 6M: 6.08%
• 1Y: 19.26%
• 3Y*: 15.36%
• 5Y*: 10.94%
• 10Y*: —

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

SEPZ vs. APRZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SEPZ TrueShares Structured Outcome (September) ETF	7.26%	13.18%	18.23%	17.94%	-8.51%	16.31%
APRZ TrueShares Structured Outcome (April) ETF	6.47%	12.97%	18.46%	22.23%	-11.43%	13.39%

Correlation

The correlation between SEPZ and APRZ is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (All Time) Calculated using the full available price history since Apr 1, 2021	0.98

The correlation between SEPZ and APRZ has been stable across timeframes, ranging from 0.95 to 0.98 - a consistent structural relationship.

Return for Risk

SEPZ vs. APRZ — 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

APRZ

APRZ Risk / Return Rank: 53
APRZ Sharpe Ratio Rank: 56
APRZ Sortino Ratio Rank: 54
APRZ Omega Ratio Rank: 55
APRZ Calmar Ratio Rank: 46
APRZ Martin Ratio Rank: 56

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. APRZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TrueShares Structured Outcome (September) ETF (SEPZ) 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.

	SEPZ	APRZ	Difference
Sharpe ratio: Return per unit of total volatility	1.91	1.82	+0.09
Sortino ratio: Return per unit of downside risk	2.68	2.53	+0.15
Omega ratio: Gain probability vs. loss probability	1.34	1.33	+0.01
Calmar ratio: Return relative to maximum drawdown	2.74	2.19	+0.55
Martin ratio: Return relative to average drawdown	11.88	9.47	+2.41

SEPZ vs. APRZ - Sharpe Ratio Comparison

The current SEPZ Sharpe Ratio is 1.91, which is comparable to the APRZ Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of SEPZ 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

SEPZ vs. APRZ - Drawdown Comparison

The maximum SEPZ drawdown since its inception was -15.22%, smaller than the maximum APRZ drawdown of -18.15%. Use the drawdown chart below to compare losses from any high point for SEPZ and APRZ.

Drawdown Indicators

	SEPZ	APRZ	Difference
Max Drawdown Largest peak-to-trough decline	-15.22%	-18.15%	+2.93%
Max Drawdown (1Y) Largest decline over 1 year	-7.30%	-8.85%	+1.55%
Max Drawdown (3Y) Largest decline over 3 years	-14.57%	-15.15%	+0.58%
Max Drawdown (5Y) Largest decline over 5 years	-15.22%	-18.15%	+2.93%
Current Drawdown Current decline from peak	-1.72%	-1.41%	-0.31%
Average Drawdown Average peak-to-trough decline	-2.83%	-3.61%	+0.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.68%	2.04%	-0.36%

Volatility

SEPZ vs. APRZ - Volatility Comparison

TrueShares Structured Outcome (September) ETF (SEPZ) has a higher volatility of 3.92% compared to TrueShares Structured Outcome (April) ETF (APRZ) at 3.57%. This indicates that SEPZ's price experiences larger fluctuations and is considered to be riskier than APRZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SEPZ	APRZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.92%	3.57%	+0.35%
Volatility (6M) Calculated over the trailing 6-month period	8.00%	8.57%	-0.57%
Volatility (1Y) Calculated over the trailing 1-year period	10.48%	10.63%	-0.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.38%	12.59%	-0.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.49%	12.44%	+0.05%

SEPZ vs. APRZ - Expense Ratio Comparison

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

Dividends

SEPZ vs. APRZ - Dividend Comparison

SEPZ's dividend yield for the trailing twelve months is around 2.05%, less than APRZ's 3.15% yield.

Position	TTM	2025	2024	2023	2022	2021
APRZ TrueShares Structured Outcome (April) ETF	3.15%	3.35%	2.78%	2.89%	0.59%	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 APRZ in my portfolio?

With a correlation of 0.95, SEPZ 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.

Which is riskier, SEPZ or APRZ?

SEPZ has higher volatility (3.92%) compared to APRZ (3.57%). In terms of maximum drawdown, SEPZ dropped -15.22% vs APRZ's -18.15%.

Which ETF is better, SEPZ or APRZ?

On 5-year performance, SEPZ leads with 11.30% vs 10.94% for APRZ. On fees, APRZ is cheaper at 0.79% per year. On volatility, APRZ has been the lower-risk option at 3.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SEPZ or APRZ?

Over the 5-year period, SEPZ has performed better with a 11.30% return vs 10.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SEPZ or APRZ?

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

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

APRZ has the higher dividend yield at 3.15%, compared with 2.05% for SEPZ.

What is the main difference between SEPZ and APRZ?

SEPZ is categorized as Options Trading, while APRZ is Defined Outcome. SEPZ tracks Cboe S&P 500 Buffer Protect Index September, while APRZ tracks S&P 500 Price Return Index. Their fees differ too: 0.80% for SEPZ and 0.79% for APRZ.

Which has better risk-adjusted returns?

SEPZ currently has the higher Sharpe Ratio (1.91 vs 1.82), 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.