DECZ vs. SEPZ
DECZ (TrueShares Structured Outcome (December) ETF) and SEPZ (TrueShares Structured Outcome (September) ETF) are both exchange-traded funds - DECZ is a Defined Outcome fund tracking the S&P 500, while SEPZ is a Options Trading fund tracking the Cboe S&P 500 Buffer Protect Index September. Both are passively managed. Over the past 5 years, DECZ returned 10.64%/yr vs 10.94%/yr for SEPZ. With a 0.98 correlation, they move nearly in lockstep. DECZ charges 0.79%/yr vs 0.80%/yr for SEPZ.
Performance
DECZ vs. SEPZ - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with DECZ having a 5.98% return and SEPZ slightly higher at 6.07%.
DECZ
- 1D
- -1.06%
- 1M
- -1.05%
- YTD
- 5.98%
- 6M
- 5.37%
- 1Y
- 17.05%
- 3Y*
- 14.98%
- 5Y*
- 10.64%
- 10Y*
- —
SEPZ
- 1D
- -1.11%
- 1M
- -1.13%
- YTD
- 6.07%
- 6M
- 5.54%
- 1Y
- 17.69%
- 3Y*
- 15.18%
- 5Y*
- 10.94%
- 10Y*
- —
DECZ vs. SEPZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
DECZ TrueShares Structured Outcome (December) ETF | 5.98% | 12.34% | 18.89% | 18.32% | -8.93% | 20.15% | 1.64% |
SEPZ TrueShares Structured Outcome (September) ETF | 6.07% | 13.18% | 18.23% | 17.94% | -8.51% | 21.83% | 3.03% |
Correlation
The correlation between DECZ and SEPZ is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.94 |
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 Dec 1, 2020 | 0.98 |
The correlation between DECZ and SEPZ has been stable across timeframes, ranging from 0.94 to 0.98 - a consistent structural relationship.
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Return for Risk
DECZ vs. SEPZ — Risk / Return Rank
DECZ
SEPZ
DECZ vs. SEPZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for TrueShares Structured Outcome (December) ETF (DECZ) and TrueShares Structured Outcome (September) ETF (SEPZ). 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 | SEPZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.01 | ||
| Sortino ratioReturn per unit of downside risk | -0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.30 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.27 | 2.43 | -0.16 |
| Martin ratioReturn relative to average drawdown | 9.30 | 10.52 | -1.22 |
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Drawdowns
DECZ vs. SEPZ - Drawdown Comparison
The maximum DECZ drawdown since its inception was -16.57%, which is greater than SEPZ's maximum drawdown of -15.22%. Use the drawdown chart below to compare losses from any high point for DECZ and SEPZ.
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Drawdown Indicators
| DECZ | SEPZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.57% | -15.22% | -1.35% |
Max Drawdown (1Y)Largest decline over 1 year | -7.53% | -7.30% | -0.23% |
Max Drawdown (3Y)Largest decline over 3 years | -14.24% | -14.57% | +0.33% |
Max Drawdown (5Y)Largest decline over 5 years | -16.57% | -15.22% | -1.35% |
Current DrawdownCurrent decline from peak | -2.52% | -2.81% | +0.29% |
Average DrawdownAverage peak-to-trough decline | -3.05% | -2.83% | -0.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.84% | 1.69% | +0.15% |
Volatility
DECZ vs. SEPZ - Volatility Comparison
The current volatility for TrueShares Structured Outcome (December) ETF (DECZ) is 3.77%, while TrueShares Structured Outcome (September) ETF (SEPZ) has a volatility of 4.08%. This indicates that DECZ experiences smaller price fluctuations and is considered to be less risky than SEPZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DECZ | SEPZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.77% | 4.08% | -0.31% |
Volatility (6M)Calculated over the trailing 6-month period | 7.89% | 8.08% | -0.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.09% | 10.52% | -0.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.67% | 12.39% | +0.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.42% | 12.50% | -0.08% |
DECZ vs. SEPZ - Expense Ratio Comparison
DECZ has a 0.79% expense ratio, which is lower than SEPZ's 0.80% expense ratio.
Dividends
DECZ vs. SEPZ - Dividend Comparison
DECZ's dividend yield for the trailing twelve months is around 3.09%, more than SEPZ's 2.07% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
DECZ TrueShares Structured Outcome (December) ETF | 3.09% | 3.28% | 2.55% | 1.23% | 1.44% | 0.46% |
SEPZ TrueShares Structured Outcome (September) ETF | 2.07% | 2.20% | 3.62% | 3.55% | 0.69% | 0.05% |
Frequently Asked Questions
With a correlation of 0.94, DECZ and SEPZ 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.
SEPZ has higher volatility (4.08%) compared to DECZ (3.77%). In terms of maximum drawdown, DECZ dropped -16.57% vs SEPZ's -15.22%.
On 5-year performance, SEPZ leads with 10.94% vs 10.64% for DECZ. On fees, DECZ is cheaper at 0.79% per year. On volatility, DECZ has been the lower-risk option at 3.77%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SEPZ has performed better with a 10.94% return vs 10.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DECZ is cheaper with a 0.79% expense ratio, compared with 0.80% for SEPZ.
DECZ has the higher dividend yield at 3.09%, compared with 2.07% for SEPZ.
DECZ is categorized as Defined Outcome, while SEPZ is Options Trading. DECZ tracks S&P 500, while SEPZ tracks Cboe S&P 500 Buffer Protect Index September. Their fees differ too: 0.79% for DECZ and 0.80% for SEPZ.
DECZ currently has the higher Sharpe Ratio (1.70 vs 1.69), 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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