DECZ vs. QBUL

Last updated Jun 4, 2026

DECZ (TrueShares Structured Outcome (December) ETF) and QBUL (TrueShares Quarterly Bull Hedge ETF) are both exchange-traded funds - DECZ is a Defined Outcome fund tracking the S&P 500, while QBUL is a Options Trading fund actively managed by TrueShares. DECZ is passively managed, while QBUL is actively managed. Over the past year, DECZ returned 20.18% vs 5.57% for QBUL. A 0.67 correlation means they provide meaningful diversification when combined. Both charge a 0.79% expense ratio.

Performance

DECZ vs. QBUL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TrueShares Structured Outcome (December) ETF (DECZ) 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, DECZ achieves a 8.14% return, which is significantly higher than QBUL's 2.46% return.

DECZ

• 1D: -0.53%
• 1M: 4.15%
• YTD: 8.14%
• 6M: 8.12%
• 1Y: 20.18%
• 3Y*: 16.28%
• 5Y*: 11.21%
• 10Y*: —

QBUL

• 1D: -0.34%
• 1M: 1.53%
• YTD: 2.46%
• 6M: 2.31%
• 1Y: 5.57%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DECZ vs. QBUL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DECZ TrueShares Structured Outcome (December) ETF	8.14%	12.34%	6.60%
QBUL TrueShares Quarterly Bull Hedge ETF	2.46%	4.87%	0.58%

Correlation

The correlation between DECZ and QBUL is 0.78, 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	0.78
Correlation (All Time) Calculated using the full available price history since Jul 2, 2024	0.67

The correlation between DECZ and QBUL shifts across timeframes, from 0.67 (all time) to 0.78 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

DECZ vs. QBUL — Risk / Return Rank

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

DECZ

DECZ Risk / Return Rank: 62
DECZ Sharpe Ratio Rank: 64
DECZ Sortino Ratio Rank: 65
DECZ Omega Ratio Rank: 64
DECZ Calmar Ratio Rank: 55
DECZ Martin Ratio Rank: 63

QBUL

QBUL Risk / Return Rank: 44
QBUL Sharpe Ratio Rank: 46
QBUL Sortino Ratio Rank: 47
QBUL Omega Ratio Rank: 46
QBUL Calmar Ratio Rank: 47
QBUL Martin Ratio Rank: 31

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. QBUL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TrueShares Structured Outcome (December) ETF (DECZ) 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.

	DECZ	QBUL	Difference
Sharpe ratio Return per unit of total volatility	2.12	1.58	+0.54
Sortino ratio Return per unit of downside risk	2.98	2.32	+0.67
Omega ratio Gain probability vs. loss probability	1.38	1.29	+0.09
Calmar ratio Return relative to maximum drawdown	2.69	2.28	+0.41
Martin ratio Return relative to average drawdown	11.35	4.51	+6.84
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DECZ vs. QBUL - Sharpe Ratio Comparison

The current DECZ Sharpe Ratio is 2.12, which is higher than the QBUL Sharpe Ratio of 1.58. The chart below compares the historical Sharpe Ratios of DECZ 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.

Sharpe Ratios by Period

	DECZ	QBUL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.12	1.58	+0.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.90	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.00	1.10	-0.09

Drawdowns

DECZ vs. QBUL - Drawdown Comparison

The maximum DECZ drawdown since its inception was -16.57%, which is greater than QBUL's maximum drawdown of -2.45%. Use the drawdown chart below to compare losses from any high point for DECZ and QBUL.

Drawdown Indicators

	DECZ	QBUL	Difference
Max Drawdown Largest peak-to-trough decline	-16.57%	-2.45%	-14.12%
Max Drawdown (1Y) Largest decline over 1 year	-7.53%	-2.45%	-5.08%
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	-0.53%	-0.34%	-0.19%
Average Drawdown Average peak-to-trough decline	-3.06%	-0.98%	-2.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.78%	1.24%	+0.54%

Volatility

DECZ vs. QBUL - Volatility Comparison

TrueShares Structured Outcome (December) ETF (DECZ) has a higher volatility of 2.47% compared to TrueShares Quarterly Bull Hedge ETF (QBUL) at 1.31%. This indicates that DECZ'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

	DECZ	QBUL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.47%	1.31%	+1.16%
Volatility (6M) Calculated over the trailing 6-month period	7.20%	2.25%	+4.95%
Volatility (1Y) Calculated over the trailing 1-year period	9.57%	3.55%	+6.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.59%	3.78%	+8.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.39%	3.78%	+8.61%

DECZ vs. QBUL - Expense Ratio Comparison

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

Dividends

DECZ vs. QBUL - Dividend Comparison

DECZ's dividend yield for the trailing twelve months is around 3.03%, less than QBUL's 8.73% yield.

Position	TTM	2025	2024	2023	2022	2021
DECZ TrueShares Structured Outcome (December) ETF	3.03%	3.28%	2.55%	1.23%	1.44%	0.46%
QBUL TrueShares Quarterly Bull Hedge ETF	8.73%	8.94%	1.82%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DECZ and QBUL in my portfolio?

DECZ and QBUL have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DECZ or QBUL?

DECZ has higher volatility (2.47%) compared to QBUL (1.31%). In terms of maximum drawdown, DECZ dropped -16.57% vs QBUL's -2.45%.

Which ETF is better, DECZ or QBUL?

On 1-year performance, DECZ leads with 20.18% vs 5.57% for QBUL. Both ETFs have the same 0.79% expense ratio. On volatility, QBUL has been the lower-risk option at 1.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DECZ or QBUL?

Over the 1-year period, DECZ has performed better with a 20.18% return vs 5.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DECZ or QBUL?

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

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

QBUL has the higher dividend yield at 8.73%, compared with 3.03% for DECZ.

What is the main difference between DECZ and QBUL?

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

Which has better risk-adjusted returns?

DECZ currently has the higher Sharpe Ratio (2.12 vs 1.58), 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.