JANZ vs. DECZ

Last updated Jun 23, 2026

JANZ (TrueShares Structured Outcome (January) ETF) and DECZ (TrueShares Structured Outcome (December) ETF) are both Defined Outcome funds from TrueShares. JANZ is actively managed, while DECZ is passively managed. Over the past 5 years, JANZ returned 10.40%/yr vs 10.97%/yr for DECZ. With a 0.98 correlation, they move nearly in lockstep. Both charge a 0.79% expense ratio.

Performance

JANZ vs. DECZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TrueShares Structured Outcome (January) ETF (JANZ) and TrueShares Structured Outcome (December) ETF (DECZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with JANZ having a 7.23% return and DECZ slightly lower at 7.12%.

JANZ

• 1D: -0.35%
• 1M: 0.06%
• YTD: 7.23%
• 6M: 6.71%
• 1Y: 19.50%
• 3Y*: 15.42%
• 5Y*: 10.40%
• 10Y*: —

DECZ

• 1D: -0.36%
• 1M: 0.01%
• YTD: 7.12%
• 6M: 6.82%
• 1Y: 19.17%
• 3Y*: 15.39%
• 5Y*: 10.97%
• 10Y*: —

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

JANZ vs. DECZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
JANZ TrueShares Structured Outcome (January) ETF	7.23%	12.47%	18.10%	19.09%	-11.43%	21.53%
DECZ TrueShares Structured Outcome (December) ETF	7.12%	12.34%	18.89%	18.32%	-8.93%	20.15%

Correlation

The correlation between JANZ and DECZ is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
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 Jan 4, 2021	0.98

The correlation between JANZ and DECZ has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.

Return for Risk

JANZ vs. DECZ — Risk / Return Rank

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

JANZ

JANZ Risk / Return Rank: 62
JANZ Sharpe Ratio Rank: 62
JANZ Sortino Ratio Rank: 59
JANZ Omega Ratio Rank: 60
JANZ Calmar Ratio Rank: 60
JANZ Martin Ratio Rank: 68

DECZ

DECZ Risk / Return Rank: 58
DECZ Sharpe Ratio Rank: 59
DECZ Sortino Ratio Rank: 58
DECZ Omega Ratio Rank: 58
DECZ Calmar Ratio Rank: 54
DECZ Martin Ratio Rank: 60

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.

JANZ vs. DECZ - Risk-Adjusted Trends Comparison

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

	JANZ	DECZ	Difference
Sharpe ratio: Return per unit of total volatility	1.97	1.92	+0.05
Sortino ratio: Return per unit of downside risk	2.71	2.67	+0.04
Omega ratio: Gain probability vs. loss probability	1.35	1.35	+0.01
Calmar ratio: Return relative to maximum drawdown	2.87	2.56	+0.31
Martin ratio: Return relative to average drawdown	12.22	10.50	+1.72

JANZ vs. DECZ - Sharpe Ratio Comparison

The current JANZ Sharpe Ratio is 1.97, which is comparable to the DECZ Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of JANZ and DECZ, 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

JANZ vs. DECZ - Drawdown Comparison

The maximum JANZ drawdown since its inception was -18.11%, which is greater than DECZ's maximum drawdown of -16.57%. Use the drawdown chart below to compare losses from any high point for JANZ and DECZ.

Drawdown Indicators

	JANZ	DECZ	Difference
Max Drawdown Largest peak-to-trough decline	-18.11%	-16.57%	-1.54%
Max Drawdown (1Y) Largest decline over 1 year	-6.83%	-7.53%	+0.70%
Max Drawdown (3Y) Largest decline over 3 years	-14.33%	-14.24%	-0.09%
Max Drawdown (5Y) Largest decline over 5 years	-18.11%	-16.57%	-1.54%
Current Drawdown Current decline from peak	-1.47%	-1.47%	0.00%
Average Drawdown Average peak-to-trough decline	-3.47%	-3.05%	-0.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.60%	1.83%	-0.23%

Volatility

JANZ vs. DECZ - Volatility Comparison

TrueShares Structured Outcome (January) ETF (JANZ) has a higher volatility of 3.83% compared to TrueShares Structured Outcome (December) ETF (DECZ) at 3.61%. This indicates that JANZ's price experiences larger fluctuations and is considered to be riskier than DECZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JANZ	DECZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.83%	3.61%	+0.22%
Volatility (6M) Calculated over the trailing 6-month period	7.80%	7.83%	-0.03%
Volatility (1Y) Calculated over the trailing 1-year period	9.95%	10.05%	-0.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.22%	12.67%	+0.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.00%	12.42%	+0.58%

JANZ vs. DECZ - Expense Ratio Comparison

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

Dividends

JANZ vs. DECZ - Dividend Comparison

JANZ's dividend yield for the trailing twelve months is around 1.32%, less than DECZ's 3.06% yield.

Position	TTM	2025	2024	2023	2022	2021
DECZ TrueShares Structured Outcome (December) ETF	3.06%	3.28%	2.55%	1.23%	1.44%	0.46%
JANZ TrueShares Structured Outcome (January) ETF	1.32%	1.42%	2.70%	2.58%	0.21%	4.52%

Frequently Asked Questions

Can I hold both JANZ and DECZ in my portfolio?

With a correlation of 0.96, JANZ and DECZ 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.

Which is riskier, JANZ or DECZ?

JANZ has higher volatility (3.83%) compared to DECZ (3.61%). In terms of maximum drawdown, JANZ dropped -18.11% vs DECZ's -16.57%.

Which ETF is better, JANZ or DECZ?

On 5-year performance, DECZ leads with 10.97% vs 10.40% for JANZ. Both ETFs have the same 0.79% expense ratio. On volatility, DECZ has been the lower-risk option at 3.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JANZ or DECZ?

Over the 5-year period, DECZ has performed better with a 10.97% return vs 10.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JANZ or DECZ?

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

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

DECZ has the higher dividend yield at 3.06%, compared with 1.32% for JANZ.

Which has better risk-adjusted returns?

JANZ currently has the higher Sharpe Ratio (1.97 vs 1.92), 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.