ZMAR vs. APRZ

Last updated Apr 1, 2026

Compare and contrast key facts about Innovator Equity Defined Protection ETF - 1 Yr March (ZMAR) and TrueShares Structured Outcome (April) ETF (APRZ).

ZMAR and APRZ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ZMAR is an actively managed fund by Innovator. It was launched on Mar 3, 2025. APRZ is a passively managed fund by TrueShares that tracks the performance of the S&P 500 Price Return Index. It was launched on Mar 31, 2021.

Performance

ZMAR vs. APRZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Defined Protection ETF - 1 Yr March (ZMAR) and TrueShares Structured Outcome (April) ETF (APRZ). The values are adjusted to include any dividend payments, if applicable.

ZMAR vs. APRZ - Yearly Performance Comparison

	2026 (YTD)	2025
ZMAR Innovator Equity Defined Protection ETF - 1 Yr March	0.33%	5.95%
APRZ TrueShares Structured Outcome (April) ETF	-4.60%	13.27%

Returns By Period

In the year-to-date period, ZMAR achieves a 0.33% return, which is significantly higher than APRZ's -4.60% return.

ZMAR

• 1D: 0.68%
• 1M: -0.70%
• YTD: 0.33%
• 6M: 1.87%
• 1Y: 7.05%
• 3Y*: —
• 5Y*: —
• 10Y*: —

APRZ

• 1D: 2.70%
• 1M: -4.50%
• YTD: -4.60%
• 6M: -2.90%
• 1Y: 12.03%
• 3Y*: 12.89%
• 5Y*: —
• 10Y*: —

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

ZMAR vs. APRZ - Expense Ratio Comparison

Both ZMAR and APRZ have an expense ratio of 0.79%.

ZMAR

Innovator Equity Defined Protection ETF - 1 Yr March

APRZ

TrueShares Structured Outcome (April) ETF

Return for Risk

ZMAR vs. APRZ — Risk / Return Rank

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

ZMAR

ZMAR Risk / Return Rank: 96
ZMAR Sharpe Ratio Rank: 94
ZMAR Sortino Ratio Rank: 97
ZMAR Omega Ratio Rank: 97
ZMAR Calmar Ratio Rank: 94
ZMAR Martin Ratio Rank: 97

APRZ

APRZ Risk / Return Rank: 48
APRZ Sharpe Ratio Rank: 44
APRZ Sortino Ratio Rank: 46
APRZ Omega Ratio Rank: 47
APRZ Calmar Ratio Rank: 50
APRZ Martin Ratio Rank: 55

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.

ZMAR vs. APRZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Defined Protection ETF - 1 Yr March (ZMAR) 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.

	ZMAR	APRZ	Difference
Sharpe ratio Return per unit of total volatility	2.28	0.81	+1.46
Sortino ratio Return per unit of downside risk	3.60	1.26	+2.34
Omega ratio Gain probability vs. loss probability	1.54	1.18	+0.36
Calmar ratio Return relative to maximum drawdown	3.79	1.29	+2.50
Martin ratio Return relative to average drawdown	19.05	5.37	+13.69
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZMAR vs. APRZ - Sharpe Ratio Comparison

The current ZMAR Sharpe Ratio is 2.28, which is higher than the APRZ Sharpe Ratio of 0.81. The chart below compares the historical Sharpe Ratios of ZMAR and APRZ, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ZMAR	APRZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.28	0.81	+1.46
Sharpe Ratio (All Time) Calculated using the full available price history	1.83	0.76	+1.07

Correlation

The correlation between ZMAR and APRZ is 0.82, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

ZMAR vs. APRZ - Dividend Comparison

ZMAR has not paid dividends to shareholders, while APRZ's dividend yield for the trailing twelve months is around 3.52%.

	TTM	2025	2024	2023	2022
ZMAR Innovator Equity Defined Protection ETF - 1 Yr March	0.00%	0.00%	0.00%	0.00%	0.00%
APRZ TrueShares Structured Outcome (April) ETF	3.52%	3.35%	2.78%	2.89%	0.59%

Drawdowns

ZMAR vs. APRZ - Drawdown Comparison

The maximum ZMAR drawdown since its inception was -2.30%, smaller than the maximum APRZ drawdown of -18.15%. Use the drawdown chart below to compare losses from any high point for ZMAR and APRZ.

Drawdown Indicators

	ZMAR	APRZ	Difference
Max Drawdown Largest peak-to-trough decline	-2.30%	-18.15%	+15.85%
Max Drawdown (1Y) Largest decline over 1 year	-1.92%	-9.65%	+7.73%
Current Drawdown Current decline from peak	-0.77%	-6.39%	+5.62%
Average Drawdown Average peak-to-trough decline	-0.25%	-3.72%	+3.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.38%	2.32%	-1.94%

Volatility

ZMAR vs. APRZ - Volatility Comparison

The current volatility for Innovator Equity Defined Protection ETF - 1 Yr March (ZMAR) is 1.19%, while TrueShares Structured Outcome (April) ETF (APRZ) has a volatility of 4.85%. This indicates that ZMAR experiences smaller price fluctuations and is considered to be less risky than APRZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZMAR	APRZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.19%	4.85%	-3.66%
Volatility (6M) Calculated over the trailing 6-month period	1.67%	8.46%	-6.79%
Volatility (1Y) Calculated over the trailing 1-year period	3.11%	14.85%	-11.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.21%	12.51%	-9.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.21%	12.51%	-9.30%