DECZ vs. PAYH

Last updated Jul 15, 2026

DECZ (TrueShares Structured Outcome (December) ETF) and PAYH (TrueShares S&P Autocallable High Income ETF) are both exchange-traded funds - DECZ is a Defined Outcome fund tracking the S&P 500, while PAYH is a Derivative Income fund actively managed by TrueShares. DECZ is passively managed, while PAYH is actively managed. At a 0.39 correlation, their price movements are largely independent. DECZ charges 0.79%/yr vs 0.74%/yr for PAYH.

Performance

DECZ vs. PAYH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TrueShares Structured Outcome (December) ETF (DECZ) and TrueShares S&P Autocallable High Income ETF (PAYH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DECZ achieves a 7.94% return, which is significantly lower than PAYH's 10.18% return.

DECZ

• 1D: 0.39%
• 1M: 1.27%
• 6M: 6.64%
• YTD: 7.94%
• 1Y: 15.72%
• 3Y*: 14.73%
• 5Y*: 10.67%
• 10Y*: —

PAYH

• 1D: 0.64%
• 1M: 2.77%
• 6M: 8.34%
• YTD: 10.18%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DECZ vs. PAYH - Yearly Performance Comparison

	2026 (YTD)	2025
DECZ TrueShares Structured Outcome (December) ETF	7.94%	-0.60%
PAYH TrueShares S&P Autocallable High Income ETF	10.18%	-0.73%

Correlation

The correlation between DECZ and PAYH is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 30, 2025	0.39

Return for Risk

DECZ vs. PAYH — Risk / Return Rank

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

DECZ

DECZ Risk / Return Rank: 56
DECZ Sharpe Ratio Rank: 57
DECZ Sortino Ratio Rank: 57
DECZ Omega Ratio Rank: 55
DECZ Calmar Ratio Rank: 52
DECZ Martin Ratio Rank: 60

PAYH

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

DECZ vs. PAYH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TrueShares Structured Outcome (December) ETF (DECZ) and TrueShares S&P Autocallable High Income ETF (PAYH). 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.

	DECZ	PAYH	Difference
Sharpe ratio: Return per unit of total volatility	1.54	—	—
Sortino ratio: Return per unit of downside risk	2.19	—	—
Omega ratio: Gain probability vs. loss probability	1.27	—	—
Calmar ratio: Return relative to maximum drawdown	2.10	—	—
Martin ratio: Return relative to average drawdown	8.36	—	—

Drawdowns

DECZ vs. PAYH - Drawdown Comparison

The maximum DECZ drawdown since its inception was -16.57%, roughly equal to the maximum PAYH drawdown of -16.33%. Use the drawdown chart below to compare losses from any high point for DECZ and PAYH.

Drawdown Indicators

	DECZ	PAYH	Difference
Max Drawdown Largest peak-to-trough decline	-16.57%	-16.33%	-0.24%
Max Drawdown (1Y) Largest decline over 1 year	-7.53%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-14.24%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-16.57%	—	—
Current Drawdown Current decline from peak	-0.71%	-0.05%	-0.66%
Average Drawdown Average peak-to-trough decline	-3.03%	-2.57%	-0.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.88%	—	—

Volatility

Volatility by Period

	DECZ	PAYH	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.43%	—	—
Volatility (6M) Calculated over the trailing 6-month period	8.13%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	10.25%	21.95%	-11.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.70%	21.95%	-9.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.40%	21.95%	-9.55%

DECZ vs. PAYH - Expense Ratio Comparison

DECZ has a 0.79% expense ratio, which is higher than PAYH's 0.74% expense ratio.

Dividends

DECZ vs. PAYH - Dividend Comparison

DECZ's dividend yield for the trailing twelve months is around 3.04%, less than PAYH's 7.84% yield.

Position	TTM	2025	2024	2023	2022	2021
DECZ TrueShares Structured Outcome (December) ETF	3.04%	3.28%	2.55%	1.23%	1.44%	0.46%
PAYH TrueShares S&P Autocallable High Income ETF	7.84%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DECZ and PAYH in my portfolio?

DECZ and PAYH have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DECZ or PAYH?

On fees, PAYH is cheaper at 0.74% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DECZ or PAYH?

PAYH is cheaper with a 0.74% expense ratio, compared with 0.79% for DECZ.

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

PAYH has the higher dividend yield at 7.84%, compared with 3.04% for DECZ.

What is the main difference between DECZ and PAYH?

DECZ is categorized as Defined Outcome, while PAYH is Derivative Income. Their fees differ too: 0.79% for DECZ and 0.74% for PAYH.