AUGZ vs. QBUL

Last updated Jun 23, 2026

AUGZ (TrueShares Structured Outcome (August) ETF) and QBUL (TrueShares Quarterly Bull Hedge ETF) are both exchange-traded funds - AUGZ is a Defined Outcome fund tracking the S&P 500 Index, while QBUL is a Options Trading fund actively managed by TrueShares. AUGZ is passively managed, while QBUL is actively managed. Over the past year, AUGZ returned 19.59% vs 4.70% for QBUL. A 0.70 correlation means they provide meaningful diversification when combined. Both charge a 0.79% expense ratio.

Performance

AUGZ vs. QBUL - Performance Comparison

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

Returns By Period

In the year-to-date period, AUGZ achieves a 7.08% return, which is significantly higher than QBUL's 1.54% return.

AUGZ

• 1D: -0.39%
• 1M: 0.08%
• YTD: 7.08%
• 6M: 6.74%
• 1Y: 19.59%
• 3Y*: 15.58%
• 5Y*: 10.53%
• 10Y*: —

QBUL

• 1D: -0.05%
• 1M: -0.54%
• YTD: 1.54%
• 6M: 1.75%
• 1Y: 4.70%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AUGZ vs. QBUL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AUGZ TrueShares Structured Outcome (August) ETF	7.08%	13.49%	5.70%
QBUL TrueShares Quarterly Bull Hedge ETF	1.54%	4.87%	0.58%

Correlation

The correlation between AUGZ and QBUL is 0.79, 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	0.79
Correlation (All Time) Calculated using the full available price history since Jul 1, 2024	0.70

The correlation between AUGZ and QBUL has been stable across timeframes, ranging from 0.70 to 0.79 - a consistent structural relationship.

Return for Risk

AUGZ vs. QBUL — Risk / Return Rank

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

AUGZ

AUGZ Risk / Return Rank: 60
AUGZ Sharpe Ratio Rank: 61
AUGZ Sortino Ratio Rank: 59
AUGZ Omega Ratio Rank: 60
AUGZ Calmar Ratio Rank: 57
AUGZ Martin Ratio Rank: 64

QBUL

QBUL Risk / Return Rank: 34
QBUL Sharpe Ratio Rank: 35
QBUL Sortino Ratio Rank: 33
QBUL Omega Ratio Rank: 35
QBUL Calmar Ratio Rank: 40
QBUL Martin Ratio Rank: 28

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.

AUGZ vs. QBUL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TrueShares Structured Outcome (August) ETF (AUGZ) and TrueShares Quarterly Bull Hedge ETF (QBUL). 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	QBUL	Difference
Sharpe ratio: Return per unit of total volatility	1.97	1.21	+0.75
Sortino ratio: Return per unit of downside risk	2.69	1.70	+0.99
Omega ratio: Gain probability vs. loss probability	1.35	1.23	+0.13
Calmar ratio: Return relative to maximum drawdown	2.72	1.93	+0.79
Martin ratio: Return relative to average drawdown	11.29	3.71	+7.58

AUGZ vs. QBUL - Sharpe Ratio Comparison

The current AUGZ Sharpe Ratio is 1.97, which is higher than the QBUL Sharpe Ratio of 1.21. The chart below compares the historical Sharpe Ratios of AUGZ and QBUL, 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. QBUL - Drawdown Comparison

The maximum AUGZ drawdown since its inception was -15.67%, which is greater than QBUL's maximum drawdown of -2.45%. Use the drawdown chart below to compare losses from any high point for AUGZ and QBUL.

Drawdown Indicators

	AUGZ	QBUL	Difference
Max Drawdown Largest peak-to-trough decline	-15.67%	-2.45%	-13.22%
Max Drawdown (1Y) Largest decline over 1 year	-7.23%	-2.45%	-4.78%
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	-1.64%	-1.24%	-0.40%
Average Drawdown Average peak-to-trough decline	-3.10%	-0.98%	-2.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.74%	1.27%	+0.47%

Volatility

AUGZ vs. QBUL - Volatility Comparison

TrueShares Structured Outcome (August) ETF (AUGZ) has a higher volatility of 3.84% compared to TrueShares Quarterly Bull Hedge ETF (QBUL) at 1.80%. This indicates that AUGZ's price experiences larger fluctuations and is considered to be riskier than QBUL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AUGZ	QBUL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.84%	1.80%	+2.04%
Volatility (6M) Calculated over the trailing 6-month period	7.95%	2.79%	+5.16%
Volatility (1Y) Calculated over the trailing 1-year period	10.02%	3.90%	+6.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.05%	3.92%	+8.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.14%	3.92%	+8.22%

AUGZ vs. QBUL - Expense Ratio Comparison

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

Dividends

AUGZ vs. QBUL - Dividend Comparison

AUGZ's dividend yield for the trailing twelve months is around 3.39%, less than QBUL's 8.81% yield.

Position	TTM	2025	2024	2023	2022
AUGZ TrueShares Structured Outcome (August) ETF	3.39%	3.63%	4.08%	3.42%	0.41%
QBUL TrueShares Quarterly Bull Hedge ETF	8.81%	8.94%	1.82%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AUGZ and QBUL in my portfolio?

AUGZ and QBUL have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AUGZ or QBUL?

AUGZ has higher volatility (3.84%) compared to QBUL (1.80%). In terms of maximum drawdown, AUGZ dropped -15.67% vs QBUL's -2.45%.

Which ETF is better, AUGZ or QBUL?

On 1-year performance, AUGZ leads with 19.59% vs 4.70% for QBUL. Both ETFs have the same 0.79% expense ratio. On volatility, QBUL has been the lower-risk option at 1.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AUGZ or QBUL?

Over the 1-year period, AUGZ has performed better with a 19.59% return vs 4.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AUGZ or QBUL?

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

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

QBUL has the higher dividend yield at 8.81%, compared with 3.39% for AUGZ.

What is the main difference between AUGZ and QBUL?

AUGZ is categorized as Defined Outcome, while QBUL is Options Trading.

Which has better risk-adjusted returns?

AUGZ currently has the higher Sharpe Ratio (1.97 vs 1.21), 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.