XBAP vs. DECZ

Last updated Jun 3, 2026

XBAP (Innovator U.S. Equity Accelerated 9 Buffer ETF - April) and DECZ (TrueShares Structured Outcome (December) ETF) are both Defined Outcome funds. XBAP is actively managed, while DECZ is passively managed. Over the past 5 years, XBAP returned 9.91%/yr vs 11.48%/yr for DECZ. Their correlation of 0.88 suggests significant overlap in exposure. Both charge a 0.79% expense ratio.

Performance

XBAP vs. DECZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Accelerated 9 Buffer ETF - April (XBAP) and TrueShares Structured Outcome (December) ETF (DECZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XBAP achieves a 8.24% return, which is significantly lower than DECZ's 8.72% return.

XBAP

• 1D: 0.01%
• 1M: 1.65%
• YTD: 8.24%
• 6M: 9.31%
• 1Y: 15.97%
• 3Y*: 13.83%
• 5Y*: 9.91%
• 10Y*: —

DECZ

• 1D: 0.15%
• 1M: 4.24%
• YTD: 8.72%
• 6M: 8.83%
• 1Y: 21.38%
• 3Y*: 16.49%
• 5Y*: 11.48%
• 10Y*: —

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

XBAP vs. DECZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
XBAP Innovator U.S. Equity Accelerated 9 Buffer ETF - April	8.24%	13.38%	11.55%	20.53%	-7.59%	7.48%
DECZ TrueShares Structured Outcome (December) ETF	8.72%	12.34%	18.89%	18.32%	-8.93%	13.75%

Correlation

The correlation between XBAP and DECZ is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (All Time) Calculated using the full available price history since Apr 5, 2021	0.88

The correlation between XBAP and DECZ shifts across timeframes, from 0.76 (1 year) to 0.88 (all time), reflecting how their relationship changes across market environments.

XBAP vs. DECZ - Sectors Allocation Comparison

Sectors	XBAP	DECZ
Technology	35.7%	35.3%
Financial Services	11.6%	13.4%
Communication Services	11.3%	9.9%
Consumer Cyclical	10.2%	10.6%
Healthcare	8.5%	8.8%
Industrials	8.3%	7.8%
Consumer Defensive	4.9%	5.2%
Energy	3.5%	3.0%
Utilities	2.4%	2.5%
Real Estate	1.9%	2.0%
Basic Materials	1.8%	1.6%

Return for Risk

XBAP vs. DECZ — Risk / Return Rank

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

XBAP

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

DECZ

DECZ Risk / Return Rank: 64
DECZ Sharpe Ratio Rank: 67
DECZ Sortino Ratio Rank: 67
DECZ Omega Ratio Rank: 66
DECZ Calmar Ratio Rank: 57
DECZ Martin Ratio Rank: 65

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.

XBAP vs. DECZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Accelerated 9 Buffer ETF - April (XBAP) and TrueShares Structured Outcome (December) ETF (DECZ). 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.

	XBAP	DECZ	Difference
Sharpe ratio Return per unit of total volatility	4.64	2.25	+2.39
Sortino ratio Return per unit of downside risk	9.02	3.15	+5.87
Omega ratio Gain probability vs. loss probability	2.25	1.41	+0.84
Calmar ratio Return relative to maximum drawdown	16.82	2.87	+13.94
Martin ratio Return relative to average drawdown	86.13	12.13	+74.00
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XBAP vs. DECZ - Sharpe Ratio Comparison

The current XBAP Sharpe Ratio is 4.64, which is higher than the DECZ Sharpe Ratio of 2.25. The chart below compares the historical Sharpe Ratios of XBAP and DECZ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	XBAP	DECZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.64	2.25	+2.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.00	0.92	+0.08
Sharpe Ratio (All Time) Calculated using the full available price history	1.02	1.01	+0.01

Drawdowns

XBAP vs. DECZ - Drawdown Comparison

The maximum XBAP drawdown since its inception was -14.57%, smaller than the maximum DECZ drawdown of -16.57%. Use the drawdown chart below to compare losses from any high point for XBAP and DECZ.

Drawdown Indicators

	XBAP	DECZ	Difference
Max Drawdown Largest peak-to-trough decline	-14.57%	-16.57%	+2.00%
Max Drawdown (1Y) Largest decline over 1 year	-0.98%	-7.53%	+6.55%
Max Drawdown (3Y) Largest decline over 3 years	-8.25%	-14.24%	+5.99%
Max Drawdown (5Y) Largest decline over 5 years	-14.57%	-16.57%	+2.00%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-1.75%	-3.07%	+1.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.19%	1.78%	-1.59%

Volatility

XBAP vs. DECZ - Volatility Comparison

The current volatility for Innovator U.S. Equity Accelerated 9 Buffer ETF - April (XBAP) is 0.70%, while TrueShares Structured Outcome (December) ETF (DECZ) has a volatility of 2.44%. This indicates that XBAP experiences smaller price fluctuations and is considered to be less risky than DECZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XBAP	DECZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.70%	2.44%	-1.74%
Volatility (6M) Calculated over the trailing 6-month period	2.52%	7.18%	-4.66%
Volatility (1Y) Calculated over the trailing 1-year period	3.48%	9.55%	-6.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.96%	12.59%	-2.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.87%	12.40%	-2.53%

XBAP vs. DECZ - Expense Ratio Comparison

Both XBAP and DECZ have an expense ratio of 0.79%.

Dividends

XBAP vs. DECZ - Dividend Comparison

XBAP has not paid dividends to shareholders, while DECZ's dividend yield for the trailing twelve months is around 3.01%.

Position	TTM	2025	2024	2023	2022	2021
DECZ TrueShares Structured Outcome (December) ETF	3.01%	3.28%	2.55%	1.23%	1.44%	0.46%
XBAP Innovator U.S. Equity Accelerated 9 Buffer ETF - April	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XBAP and DECZ in my portfolio?

XBAP and DECZ have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XBAP or DECZ?

DECZ has higher volatility (2.44%) compared to XBAP (0.70%). In terms of maximum drawdown, XBAP dropped -14.57% vs DECZ's -16.57%.

Which ETF is better, XBAP or DECZ?

On 5-year performance, DECZ leads with 11.48% vs 9.91% for XBAP. Both ETFs have the same 0.79% expense ratio. On volatility, XBAP has been the lower-risk option at 0.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XBAP or DECZ?

Over the 5-year period, DECZ has performed better with a 11.48% return vs 9.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XBAP or DECZ?

XBAP and DECZ have the same expense ratio: 0.79% per year.

Which ETF pays a higher dividend yield, XBAP or DECZ?

DECZ has the higher dividend yield at 3.01%, compared with 0.00% for XBAP.

What is the main difference between XBAP and DECZ?

They also come from different issuers: Innovator and TrueShares.

Which has better risk-adjusted returns?

XBAP currently has the higher Sharpe Ratio (4.64 vs 2.25), 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.