DIVZ vs. SEPZ

Last updated Jun 24, 2026

DIVZ (Opal Dividend Income ETF) and SEPZ (TrueShares Structured Outcome (September) ETF) are both exchange-traded funds - DIVZ is a Large Cap Value Equities fund actively managed by TrueShares, while SEPZ is a Options Trading fund tracking the Cboe S&P 500 Buffer Protect Index September. DIVZ is actively managed, while SEPZ is passively managed. Over the past 5 years, DIVZ returned 9.40%/yr vs 10.94%/yr for SEPZ. A 0.64 correlation means they provide meaningful diversification when combined. DIVZ charges 0.65%/yr vs 0.80%/yr for SEPZ.

Performance

DIVZ vs. SEPZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Opal Dividend Income ETF (DIVZ) and TrueShares Structured Outcome (September) ETF (SEPZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DIVZ achieves a 4.86% return, which is significantly lower than SEPZ's 6.07% return.

DIVZ

• 1D: 1.12%
• 1M: -1.44%
• YTD: 4.86%
• 6M: 4.61%
• 1Y: 12.20%
• 3Y*: 15.51%
• 5Y*: 9.40%
• 10Y*: —

SEPZ

• 1D: -1.11%
• 1M: -1.13%
• YTD: 6.07%
• 6M: 5.54%
• 1Y: 17.69%
• 3Y*: 15.18%
• 5Y*: 10.94%
• 10Y*: —

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

DIVZ vs. SEPZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
DIVZ Opal Dividend Income ETF	4.86%	16.72%	18.44%	-0.51%	3.51%	19.03%
SEPZ TrueShares Structured Outcome (September) ETF	6.07%	13.18%	18.23%	17.94%	-8.51%	21.93%

Correlation

The correlation between DIVZ and SEPZ is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (All Time) Calculated using the full available price history since Jan 28, 2021	0.64

Over the past year, the correlation between DIVZ and SEPZ has dropped to 0.26 - well below their long-term average of 0.64, suggesting their price drivers have been diverging.

Return for Risk

DIVZ vs. SEPZ — Risk / Return Rank

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

DIVZ

DIVZ Risk / Return Rank: 38
DIVZ Sharpe Ratio Rank: 38
DIVZ Sortino Ratio Rank: 38
DIVZ Omega Ratio Rank: 35
DIVZ Calmar Ratio Rank: 44
DIVZ Martin Ratio Rank: 35

SEPZ

SEPZ Risk / Return Rank: 55
SEPZ Sharpe Ratio Rank: 53
SEPZ Sortino Ratio Rank: 53
SEPZ Omega Ratio Rank: 51
SEPZ Calmar Ratio Rank: 53
SEPZ Martin Ratio Rank: 63

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.

DIVZ vs. SEPZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Opal Dividend Income ETF (DIVZ) 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.

	DIVZ	SEPZ	Difference
Sharpe ratio: Return per unit of total volatility	1.29	1.69	-0.40
Sortino ratio: Return per unit of downside risk	1.88	2.39	-0.51
Omega ratio: Gain probability vs. loss probability	1.22	1.30	-0.08
Calmar ratio: Return relative to maximum drawdown	2.10	2.43	-0.33
Martin ratio: Return relative to average drawdown	4.98	10.52	-5.53

DIVZ vs. SEPZ - Sharpe Ratio Comparison

The current DIVZ Sharpe Ratio is 1.29, which is comparable to the SEPZ Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of DIVZ and SEPZ, 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

DIVZ vs. SEPZ - Drawdown Comparison

The maximum DIVZ drawdown since its inception was -15.42%, roughly equal to the maximum SEPZ drawdown of -15.22%. Use the drawdown chart below to compare losses from any high point for DIVZ and SEPZ.

Drawdown Indicators

	DIVZ	SEPZ	Difference
Max Drawdown Largest peak-to-trough decline	-15.42%	-15.22%	-0.20%
Max Drawdown (1Y) Largest decline over 1 year	-5.83%	-7.30%	+1.47%
Max Drawdown (3Y) Largest decline over 3 years	-9.52%	-14.57%	+5.05%
Max Drawdown (5Y) Largest decline over 5 years	-15.42%	-15.22%	-0.20%
Current Drawdown Current decline from peak	-2.87%	-2.81%	-0.06%
Average Drawdown Average peak-to-trough decline	-3.48%	-2.83%	-0.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.45%	1.69%	+0.76%

Volatility

DIVZ vs. SEPZ - Volatility Comparison

The current volatility for Opal Dividend Income ETF (DIVZ) is 3.51%, while TrueShares Structured Outcome (September) ETF (SEPZ) has a volatility of 4.08%. This indicates that DIVZ 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.

Volatility by Period

	DIVZ	SEPZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.51%	4.08%	-0.57%
Volatility (6M) Calculated over the trailing 6-month period	7.24%	8.08%	-0.84%
Volatility (1Y) Calculated over the trailing 1-year period	9.48%	10.52%	-1.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.63%	12.39%	+0.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.56%	12.50%	+0.06%

DIVZ vs. SEPZ - Expense Ratio Comparison

DIVZ has a 0.65% expense ratio, which is lower than SEPZ's 0.80% expense ratio.

Dividends

DIVZ vs. SEPZ - Dividend Comparison

DIVZ's dividend yield for the trailing twelve months is around 2.55%, more than SEPZ's 2.07% yield.

Position	TTM	2025	2024	2023	2022	2021
DIVZ Opal Dividend Income ETF	2.55%	2.60%	2.63%	3.66%	3.23%	3.83%
SEPZ TrueShares Structured Outcome (September) ETF	2.07%	2.20%	3.62%	3.55%	0.69%	0.05%

Frequently Asked Questions

Can I hold both DIVZ and SEPZ in my portfolio?

DIVZ and SEPZ have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DIVZ or SEPZ?

SEPZ has higher volatility (4.08%) compared to DIVZ (3.51%). In terms of maximum drawdown, DIVZ dropped -15.42% vs SEPZ's -15.22%.

Which ETF is better, DIVZ or SEPZ?

On 5-year performance, SEPZ leads with 10.94% vs 9.40% for DIVZ. On fees, DIVZ is cheaper at 0.65% per year. On volatility, DIVZ has been the lower-risk option at 3.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DIVZ or SEPZ?

Over the 5-year period, SEPZ has performed better with a 10.94% return vs 9.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DIVZ or SEPZ?

DIVZ is cheaper with a 0.65% expense ratio, compared with 0.80% for SEPZ.

Which ETF pays a higher dividend yield, DIVZ or SEPZ?

DIVZ has the higher dividend yield at 2.55%, compared with 2.07% for SEPZ.

What is the main difference between DIVZ and SEPZ?

DIVZ is categorized as Large Cap Value Equities, while SEPZ is Options Trading. Their fees differ too: 0.65% for DIVZ and 0.80% for SEPZ.

Which has better risk-adjusted returns?

SEPZ currently has the higher Sharpe Ratio (1.69 vs 1.29), 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.