JANZ vs. PVEX

Last updated Jul 14, 2026

JANZ (TrueShares Structured Outcome (January) ETF) and PVEX (TrueShares ConVequity ETF) are both exchange-traded funds - JANZ is a Defined Outcome fund actively managed by TrueShares, while PVEX is a Large Cap Blend Equities fund managed by TrueShares. Over the past year, JANZ returned 15.56% vs 19.91% for PVEX. Their correlation of 0.92 suggests significant overlap in exposure. JANZ charges 0.79%/yr vs 0.82%/yr for PVEX.

Performance

JANZ vs. PVEX - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with JANZ having a 7.59% return and PVEX slightly higher at 7.77%.

JANZ

• 1D: -0.68%
• 1M: 0.89%
• 6M: 6.02%
• YTD: 7.59%
• 1Y: 15.56%
• 3Y*: 14.54%
• 5Y*: 10.02%
• 10Y*: —

PVEX

• 1D: -1.00%
• 1M: 0.50%
• 6M: 6.38%
• YTD: 7.77%
• 1Y: 19.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

JANZ vs. PVEX - Yearly Performance Comparison

	2026 (YTD)	2025
JANZ TrueShares Structured Outcome (January) ETF	7.59%	8.65%
PVEX TrueShares ConVequity ETF	7.77%	13.68%

Correlation

The correlation between JANZ and PVEX is 0.92, 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	0.92
Correlation (All Time) Calculated using the full available price history since Jun 30, 2025	0.92

The correlation between JANZ and PVEX has been stable across timeframes, ranging from 0.92 to 0.92 - a consistent structural relationship.

Return for Risk

JANZ vs. PVEX — Risk / Return Rank

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

JANZ

JANZ Risk / Return Rank: 58
JANZ Sharpe Ratio Rank: 57
JANZ Sortino Ratio Rank: 56
JANZ Omega Ratio Rank: 55
JANZ Calmar Ratio Rank: 58
JANZ Martin Ratio Rank: 66

PVEX

PVEX Risk / Return Rank: 53
PVEX Sharpe Ratio Rank: 48
PVEX Sortino Ratio Rank: 48
PVEX Omega Ratio Rank: 48
PVEX Calmar Ratio Rank: 66
PVEX Martin Ratio Rank: 56

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. PVEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TrueShares Structured Outcome (January) ETF (JANZ) and TrueShares ConVequity ETF (PVEX). 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	PVEX	Difference
Sharpe ratio: Return per unit of total volatility	1.54	1.35	+0.18
Sortino ratio: Return per unit of downside risk	2.16	1.92	+0.24
Omega ratio: Gain probability vs. loss probability	1.27	1.25	+0.02
Calmar ratio: Return relative to maximum drawdown	2.29	2.62	-0.33
Martin ratio: Return relative to average drawdown	9.38	7.79	+1.59

JANZ vs. PVEX - Sharpe Ratio Comparison

The current JANZ Sharpe Ratio is 1.54, which is comparable to the PVEX Sharpe Ratio of 1.35. The chart below compares the historical Sharpe Ratios of JANZ and PVEX, 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. PVEX - Drawdown Comparison

The maximum JANZ drawdown since its inception was -18.11%, which is greater than PVEX's maximum drawdown of -7.63%. Use the drawdown chart below to compare losses from any high point for JANZ and PVEX.

Drawdown Indicators

	JANZ	PVEX	Difference
Max Drawdown Largest peak-to-trough decline	-18.11%	-7.63%	-10.48%
Max Drawdown (1Y) Largest decline over 1 year	-6.83%	-7.63%	+0.80%
Max Drawdown (3Y) Largest decline over 3 years	-14.33%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-18.11%	—	—
Current Drawdown Current decline from peak	-1.15%	-2.55%	+1.40%
Average Drawdown Average peak-to-trough decline	-3.45%	-2.00%	-1.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.66%	2.56%	-0.90%

Volatility

JANZ vs. PVEX - Volatility Comparison

The current volatility for TrueShares Structured Outcome (January) ETF (JANZ) is 3.71%, while TrueShares ConVequity ETF (PVEX) has a volatility of 4.60%. This indicates that JANZ experiences smaller price fluctuations and is considered to be less risky than PVEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JANZ	PVEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.71%	4.60%	-0.89%
Volatility (6M) Calculated over the trailing 6-month period	8.11%	8.91%	-0.80%
Volatility (1Y) Calculated over the trailing 1-year period	10.19%	14.79%	-4.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.26%	15.28%	-2.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.99%	15.28%	-2.29%

JANZ vs. PVEX - Expense Ratio Comparison

JANZ has a 0.79% expense ratio, which is lower than PVEX's 0.82% expense ratio.

Dividends

JANZ vs. PVEX - Dividend Comparison

JANZ's dividend yield for the trailing twelve months is around 1.32%, more than PVEX's 0.18% yield.

Position	TTM	2025	2024	2023	2022	2021
JANZ TrueShares Structured Outcome (January) ETF	1.32%	1.42%	2.70%	2.58%	0.21%	4.52%
PVEX TrueShares ConVequity ETF	0.18%	0.19%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JANZ and PVEX in my portfolio?

With a correlation of 0.92, JANZ and PVEX 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 PVEX?

PVEX has higher volatility (4.60%) compared to JANZ (3.71%). In terms of maximum drawdown, JANZ dropped -18.11% vs PVEX's -7.63%.

Which ETF is better, JANZ or PVEX?

On 1-year performance, PVEX leads with 19.91% vs 15.56% for JANZ. On fees, JANZ is cheaper at 0.79% per year. On volatility, JANZ has been the lower-risk option at 3.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JANZ or PVEX?

Over the 1-year period, PVEX has performed better with a 19.91% return vs 15.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JANZ or PVEX?

JANZ is cheaper with a 0.79% expense ratio, compared with 0.82% for PVEX.

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

JANZ has the higher dividend yield at 1.32%, compared with 0.18% for PVEX.

What is the main difference between JANZ and PVEX?

JANZ is categorized as Defined Outcome, while PVEX is Large Cap Blend Equities. Their fees differ too: 0.79% for JANZ and 0.82% for PVEX.

Which has better risk-adjusted returns?

JANZ currently has the higher Sharpe Ratio (1.54 vs 1.35), 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.