TMAR vs. MARZ

Last updated Jun 25, 2026

TMAR (FT Vest Emerging Markets Buffer ETF - March) and MARZ (TrueShares Structured Outcome (March) ETF) are both Defined Outcome funds - TMAR tracks the iShares MSCI Emerging Markets ETF (EEM) Price Return while MARZ tracks the S&P 500 Price Index. Both are passively managed. Over the past year, TMAR returned 22.71% vs 15.94% for MARZ. A 0.65 correlation means they provide meaningful diversification when combined. TMAR charges 0.95%/yr vs 0.79%/yr for MARZ.

Performance

TMAR vs. MARZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest Emerging Markets Buffer ETF - March (TMAR) and TrueShares Structured Outcome (March) ETF (MARZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TMAR achieves a 12.21% return, which is significantly higher than MARZ's 5.69% return.

TMAR

• 1D: -0.23%
• 1M: -0.17%
• YTD: 12.21%
• 6M: 12.43%
• 1Y: 22.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MARZ

• 1D: -0.24%
• 1M: -1.05%
• YTD: 5.69%
• 6M: 4.53%
• 1Y: 15.94%
• 3Y*: 14.85%
• 5Y*: 9.98%
• 10Y*: —

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

TMAR vs. MARZ - Yearly Performance Comparison

	2026 (YTD)	2025
TMAR FT Vest Emerging Markets Buffer ETF - March	12.21%	15.97%
MARZ TrueShares Structured Outcome (March) ETF	5.69%	15.83%

Correlation

The correlation between TMAR and MARZ is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.67
Correlation (All Time) Calculated using the full available price history since Mar 24, 2025	0.65

The correlation between TMAR and MARZ has been stable across timeframes, ranging from 0.65 to 0.67 - a consistent structural relationship.

Return for Risk

TMAR vs. MARZ — Risk / Return Rank

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

TMAR

TMAR Risk / Return Rank: 86
TMAR Sharpe Ratio Rank: 76
TMAR Sortino Ratio Rank: 77
TMAR Omega Ratio Rank: 91
TMAR Calmar Ratio Rank: 90
TMAR Martin Ratio Rank: 94

MARZ

MARZ Risk / Return Rank: 52
MARZ Sharpe Ratio Rank: 53
MARZ Sortino Ratio Rank: 51
MARZ Omega Ratio Rank: 50
MARZ Calmar Ratio Rank: 49
MARZ Martin Ratio Rank: 58

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.

TMAR vs. MARZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest Emerging Markets Buffer ETF - March (TMAR) and TrueShares Structured Outcome (March) ETF (MARZ). 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.

	TMAR	MARZ	Difference
Sharpe ratio: Return per unit of total volatility	2.11	1.59	+0.52
Sortino ratio: Return per unit of downside risk	2.99	2.20	+0.79
Omega ratio: Gain probability vs. loss probability	1.53	1.28	+0.24
Calmar ratio: Return relative to maximum drawdown	4.86	2.15	+2.71
Martin ratio: Return relative to average drawdown	23.50	8.98	+14.52

TMAR vs. MARZ - Sharpe Ratio Comparison

The current TMAR Sharpe Ratio is 2.11, which is higher than the MARZ Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of TMAR and MARZ, 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

TMAR vs. MARZ - Drawdown Comparison

The maximum TMAR drawdown since its inception was -9.93%, smaller than the maximum MARZ drawdown of -18.89%. Use the drawdown chart below to compare losses from any high point for TMAR and MARZ.

Drawdown Indicators

	TMAR	MARZ	Difference
Max Drawdown Largest peak-to-trough decline	-9.93%	-18.89%	+8.96%
Max Drawdown (1Y) Largest decline over 1 year	-4.69%	-7.45%	+2.76%
Max Drawdown (3Y) Largest decline over 3 years	—	-14.84%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-18.89%	—
Current Drawdown Current decline from peak	-2.96%	-2.55%	-0.41%
Average Drawdown Average peak-to-trough decline	-0.73%	-3.99%	+3.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.97%	1.78%	-0.81%

Volatility

TMAR vs. MARZ - Volatility Comparison

FT Vest Emerging Markets Buffer ETF - March (TMAR) has a higher volatility of 6.23% compared to TrueShares Structured Outcome (March) ETF (MARZ) at 3.60%. This indicates that TMAR's price experiences larger fluctuations and is considered to be riskier than MARZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TMAR	MARZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.23%	3.60%	+2.63%
Volatility (6M) Calculated over the trailing 6-month period	9.98%	8.01%	+1.97%
Volatility (1Y) Calculated over the trailing 1-year period	10.88%	10.13%	+0.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.31%	12.36%	-0.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.31%	12.23%	+0.08%

TMAR vs. MARZ - Expense Ratio Comparison

TMAR has a 0.95% expense ratio, which is higher than MARZ's 0.79% expense ratio.

Dividends

TMAR vs. MARZ - Dividend Comparison

TMAR has not paid dividends to shareholders, while MARZ's dividend yield for the trailing twelve months is around 3.12%.

Position	TTM	2025	2024	2023	2022	2021
MARZ TrueShares Structured Outcome (March) ETF	3.12%	3.30%	4.55%	7.33%	0.78%	2.43%
TMAR FT Vest Emerging Markets Buffer ETF - March	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TMAR and MARZ in my portfolio?

TMAR and MARZ have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TMAR or MARZ?

TMAR has higher volatility (6.23%) compared to MARZ (3.60%). In terms of maximum drawdown, TMAR dropped -9.93% vs MARZ's -18.89%.

Which ETF is better, TMAR or MARZ?

On 1-year performance, TMAR leads with 22.71% vs 15.94% for MARZ. On fees, MARZ is cheaper at 0.79% per year. On volatility, MARZ has been the lower-risk option at 3.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TMAR or MARZ?

Over the 1-year period, TMAR has performed better with a 22.71% return vs 15.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TMAR or MARZ?

MARZ is cheaper with a 0.79% expense ratio, compared with 0.95% for TMAR.

Which ETF pays a higher dividend yield, TMAR or MARZ?

MARZ has the higher dividend yield at 3.12%, compared with 0.00% for TMAR.

What is the main difference between TMAR and MARZ?

TMAR tracks iShares MSCI Emerging Markets ETF (EEM) Price Return, while MARZ tracks S&P 500 Price Index. They also come from different issuers: First Trust and TrueShares. Their fees differ too: 0.95% for TMAR and 0.79% for MARZ.

Which has better risk-adjusted returns?

TMAR currently has the higher Sharpe Ratio (2.11 vs 1.59), 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.