AUGZ vs. PVEX

Last updated Aug 2, 2026

AUGZ (TrueShares Structured Outcome (August) ETF) and PVEX (TrueShares ConVequity ETF) are both exchange-traded funds - AUGZ is a Defined Outcome fund tracking the S&P 500 Index, while PVEX is a Large Cap Blend Equities fund actively managed by TrueShares. AUGZ is passively managed, while PVEX is actively managed. Over the past year, AUGZ returned 15.39% vs 21.87% for PVEX. Their correlation of 0.92 means they have usually moved in the same direction. Both charge a 0.79% expense ratio.

Performance

AUGZ vs. PVEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TrueShares Structured Outcome (August) ETF (AUGZ) and TrueShares ConVequity ETF (PVEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with AUGZ having a 7.11% return and PVEX slightly lower at 6.90%.

AUGZ

• 1D: 0.80%
• 1M: 0.15%
• 6M: 6.16%
• YTD: 7.11%
• 1Y: 15.39%
• 3Y*: 14.20%
• 5Y*: 9.79%
• 10Y*: —
• ALL TIME*: 12.49%

PVEX

• 1D: 0.86%
• 1M: -0.83%
• 6M: 6.01%
• YTD: 6.90%
• 1Y: 21.87%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 19.70%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
AUGZ TrueShares Structured Outcome (August) ETF	$28.12K	$49.05K	$654.57K
PVEX TrueShares ConVequity ETF	$145.95K	$146.08K	$218.56K

AUGZ vs. PVEX - Yearly Performance Comparison

	2026 (YTD)	2025
AUGZ TrueShares Structured Outcome (August) ETF	7.11%	8.68%
PVEX TrueShares ConVequity ETF	6.90%	13.68%

Correlation

The correlation between AUGZ and PVEX is 0.94, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.94
Correlation (All Time) Calculated using the full available price history since Jun 30, 2025	0.92

The correlation between AUGZ and PVEX has been stable across timeframes, ranging from 0.92 to 0.94 - a consistent structural relationship.

Return for Risk

AUGZ vs. PVEX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

AUGZ

AUGZ Risk / Return Rank: 53
AUGZ Sharpe Ratio Rank: 52
AUGZ Sortino Ratio Rank: 50
AUGZ Omega Ratio Rank: 50
AUGZ Calmar Ratio Rank: 52
AUGZ Martin Ratio Rank: 60

PVEX

PVEX Risk / Return Rank: 50
PVEX Sharpe Ratio Rank: 46
PVEX Sortino Ratio Rank: 44
PVEX Omega Ratio Rank: 45
PVEX Calmar Ratio Rank: 62
PVEX Martin Ratio Rank: 54

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

AUGZ vs. PVEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TrueShares Structured Outcome (August) ETF (AUGZ) and TrueShares ConVequity ETF (PVEX). 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.

	AUGZ	PVEX	Difference
Sharpe ratio: Return per unit of total volatility	1.27	1.14	+0.13
Sortino ratio: Return per unit of downside risk	1.80	1.63	+0.17
Omega ratio: Gain probability vs. loss probability	1.22	1.21	+0.01
Calmar ratio: Return relative to maximum drawdown	1.86	2.21	-0.35
Martin ratio: Return relative to average drawdown	7.17	6.51	+0.66

AUGZ vs. PVEX - Sharpe Ratio Comparison

The current AUGZ Sharpe Ratio is 1.27, which is comparable to the PVEX Sharpe Ratio of 1.14. The chart below compares the historical Sharpe Ratios of AUGZ and PVEX, 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

AUGZ vs. PVEX - Drawdown Comparison

The maximum AUGZ drawdown since its inception was -15.67%, which is greater than PVEX's maximum drawdown of -7.63%. Use the drawdown chart below to compare losses from any high point for AUGZ and PVEX.

Drawdown Indicators

	AUGZ	PVEX	Difference
Max Drawdown Largest peak-to-trough decline	-15.67%	-7.63%	-8.04%
Max Drawdown (1Y) Largest decline over 1 year	-7.23%	-7.63%	+0.40%
Max Drawdown (3Y) Largest decline over 3 years	-14.52%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-15.67%	—	—
Current Drawdown Current decline from peak	-1.62%	-3.33%	+1.71%
Average Drawdown Average peak-to-trough decline	-3.08%	-2.08%	-1.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.88%	2.60%	-0.72%

Volatility

AUGZ vs. PVEX - Volatility Comparison

The current volatility for TrueShares Structured Outcome (August) ETF (AUGZ) is 3.20%, while TrueShares ConVequity ETF (PVEX) has a volatility of 4.06%. This indicates that AUGZ experiences smaller price fluctuations and is considered to be less risky than PVEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AUGZ	PVEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.20%	4.06%	-0.86%
Volatility (6M) Calculated over the trailing 6-month period	8.50%	9.43%	-0.93%
Volatility (1Y) Calculated over the trailing 1-year period	10.58%	14.83%	-4.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.10%	15.29%	-3.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.13%	15.29%	-3.16%

AUGZ vs. PVEX - Expense Ratio Comparison

Both AUGZ and PVEX have an expense ratio of 0.79%.

Dividends

AUGZ vs. PVEX - Dividend Comparison

AUGZ's dividend yield for the trailing twelve months is around 3.39%, more than PVEX's 0.18% yield.

Position	TTM	2025	2024	2023	2022
AUGZ TrueShares Structured Outcome (August) ETF	3.39%	3.63%	4.08%	3.42%	0.41%
PVEX TrueShares ConVequity ETF	0.18%	0.19%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AUGZ and PVEX in my portfolio?

With a correlation of 0.94, AUGZ and PVEX 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, AUGZ or PVEX?

PVEX has higher volatility (4.06%) compared to AUGZ (3.20%). In terms of maximum drawdown, AUGZ dropped -15.67% vs PVEX's -7.63%.

Which ETF is better, AUGZ or PVEX?

On 1-year performance, PVEX leads with 21.87% vs 15.39% for AUGZ. Both ETFs have the same 0.79% expense ratio. On volatility, AUGZ has been the lower-risk option at 3.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AUGZ or PVEX?

Over the 1-year period, PVEX has performed better with a 21.87% return vs 15.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AUGZ or PVEX?

AUGZ and PVEX have the same expense ratio: 0.79% per year.

Which ETF pays a higher dividend yield, AUGZ or PVEX?

AUGZ has the higher dividend yield at 3.39%, compared with 0.18% for PVEX.

What is the main difference between AUGZ and PVEX?

AUGZ is categorized as Defined Outcome, while PVEX is Large Cap Blend Equities.

Which has better risk-adjusted returns?

AUGZ currently has the higher Sharpe Ratio (1.27 vs 1.14), 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.