AUGZ vs. NOVZ
AUGZ (TrueShares Structured Outcome (August) ETF) and NOVZ (TrueShares Structured Outcome (November) ETF) are both exchange-traded funds - AUGZ is a Defined Outcome fund tracking the S&P 500 Index, while NOVZ is a Options Trading fund actively managed by TrueShares. AUGZ is passively managed, while NOVZ is actively managed. Over the past 5 years, AUGZ returned 10.83%/yr vs 11.35%/yr for NOVZ. With a 0.98 correlation, they move nearly in lockstep. Both charge a 0.79% expense ratio.
Performance
AUGZ vs. NOVZ - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with AUGZ having a 8.27% return and NOVZ slightly lower at 8.13%.
AUGZ
- 1D
- -0.55%
- 1M
- 4.32%
- YTD
- 8.27%
- 6M
- 8.18%
- 1Y
- 20.84%
- 3Y*
- 16.37%
- 5Y*
- 10.83%
- 10Y*
- —
NOVZ
- 1D
- -0.59%
- 1M
- 4.10%
- YTD
- 8.13%
- 6M
- 8.04%
- 1Y
- 20.61%
- 3Y*
- 16.53%
- 5Y*
- 11.35%
- 10Y*
- —
AUGZ vs. NOVZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
AUGZ TrueShares Structured Outcome (August) ETF | 8.27% | 13.49% | 17.99% | 17.32% | -10.41% | 20.74% | 10.86% |
NOVZ TrueShares Structured Outcome (November) ETF | 8.13% | 13.03% | 19.09% | 18.06% | -9.58% | 21.46% | 10.30% |
Correlation
The correlation between AUGZ and NOVZ is 0.98 - 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 | 0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Nov 3, 2020 | 0.98 |
The correlation between AUGZ and NOVZ has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.
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Return for Risk
AUGZ vs. NOVZ — Risk / Return Rank
AUGZ
NOVZ
AUGZ vs. NOVZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for TrueShares Structured Outcome (August) ETF (AUGZ) and TrueShares Structured Outcome (November) ETF (NOVZ). 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.
| AUGZ | NOVZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | 0.00 | ||
| Sortino ratioReturn per unit of downside risk | +0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.40 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.89 | 3.08 | -0.19 |
| Martin ratioReturn relative to average drawdown | 12.46 | 13.64 | -1.18 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| AUGZ | NOVZ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.21 | 2.21 | 0.00 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.91 | 0.89 | +0.02 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.08 | 1.11 | -0.03 |
Drawdowns
AUGZ vs. NOVZ - Drawdown Comparison
The maximum AUGZ drawdown since its inception was -15.67%, smaller than the maximum NOVZ drawdown of -16.62%. Use the drawdown chart below to compare losses from any high point for AUGZ and NOVZ.
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Drawdown Indicators
| AUGZ | NOVZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.67% | -16.62% | +0.95% |
Max Drawdown (1Y)Largest decline over 1 year | -7.23% | -6.72% | -0.51% |
Max Drawdown (3Y)Largest decline over 3 years | -14.52% | -14.63% | +0.11% |
Max Drawdown (5Y)Largest decline over 5 years | -15.67% | -16.62% | +0.95% |
Current DrawdownCurrent decline from peak | -0.55% | -0.59% | +0.04% |
Average DrawdownAverage peak-to-trough decline | -3.11% | -3.06% | -0.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.68% | 1.51% | +0.17% |
Volatility
AUGZ vs. NOVZ - Volatility Comparison
TrueShares Structured Outcome (August) ETF (AUGZ) has a higher volatility of 2.60% compared to TrueShares Structured Outcome (November) ETF (NOVZ) at 2.35%. This indicates that AUGZ's price experiences larger fluctuations and is considered to be riskier than NOVZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AUGZ | NOVZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.60% | 2.35% | +0.25% |
Volatility (6M)Calculated over the trailing 6-month period | 7.25% | 6.97% | +0.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.50% | 9.39% | +0.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.97% | 12.87% | -0.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.10% | 12.71% | -0.61% |
AUGZ vs. NOVZ - Expense Ratio Comparison
Both AUGZ and NOVZ have an expense ratio of 0.79%.
Dividends
AUGZ vs. NOVZ - Dividend Comparison
AUGZ's dividend yield for the trailing twelve months is around 3.35%, which matches NOVZ's 3.32% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
AUGZ TrueShares Structured Outcome (August) ETF | 3.35% | 3.63% | 4.08% | 3.42% | 0.41% | 0.00% |
NOVZ TrueShares Structured Outcome (November) ETF | 3.32% | 3.58% | 2.94% | 2.27% | 0.25% | 0.52% |
Frequently Asked Questions
With a correlation of 0.98, AUGZ and NOVZ 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.
AUGZ has higher volatility (2.60%) compared to NOVZ (2.35%). In terms of maximum drawdown, AUGZ dropped -15.67% vs NOVZ's -16.62%.
On 5-year performance, NOVZ leads with 11.35% vs 10.83% for AUGZ. Both ETFs have the same 0.79% expense ratio. On volatility, NOVZ has been the lower-risk option at 2.35%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, NOVZ has performed better with a 11.35% return vs 10.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AUGZ and NOVZ have the same expense ratio: 0.79% per year.
AUGZ has the higher dividend yield at 3.35%, compared with 3.32% for NOVZ.
AUGZ is categorized as Defined Outcome, while NOVZ is Options Trading.
AUGZ currently has the higher Sharpe Ratio (2.21 vs 2.21), 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.
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