JULZ vs. DIVZ

Last updated Jun 24, 2026

JULZ (Trueshares Structured Outcome (July) ETF) and DIVZ (Opal Dividend Income ETF) are both exchange-traded funds - JULZ is a Options Trading fund tracking the Cboe S&P 500 Buffer Protect Index July, while DIVZ is a Large Cap Value Equities fund actively managed by TrueShares. JULZ is passively managed, while DIVZ is actively managed. Over the past 5 years, JULZ returned 10.56%/yr vs 9.40%/yr for DIVZ. A 0.64 correlation means they provide meaningful diversification when combined. JULZ charges 0.79%/yr vs 0.65%/yr for DIVZ.

Performance

JULZ vs. DIVZ - Performance Comparison

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

Returns By Period

In the year-to-date period, JULZ achieves a 6.03% return, which is significantly higher than DIVZ's 4.86% return.

JULZ

• 1D: -1.21%
• 1M: -1.47%
• YTD: 6.03%
• 6M: 5.25%
• 1Y: 18.08%
• 3Y*: 15.38%
• 5Y*: 10.56%
• 10Y*: —

DIVZ

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

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

JULZ vs. DIVZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
JULZ Trueshares Structured Outcome (July) ETF	6.03%	13.23%	18.76%	17.65%	-9.34%	20.71%
DIVZ Opal Dividend Income ETF	4.86%	16.72%	18.44%	-0.51%	3.51%	19.03%

Correlation

The correlation between JULZ and DIVZ is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
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 JULZ and DIVZ has dropped to 0.25 - well below their long-term average of 0.64, suggesting their price drivers have been diverging.

Return for Risk

JULZ vs. DIVZ — Risk / Return Rank

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

JULZ

JULZ Risk / Return Rank: 52
JULZ Sharpe Ratio Rank: 53
JULZ Sortino Ratio Rank: 52
JULZ Omega Ratio Rank: 52
JULZ Calmar Ratio Rank: 46
JULZ Martin Ratio Rank: 55

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

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.

JULZ vs. DIVZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Trueshares Structured Outcome (July) ETF (JULZ) and Opal Dividend Income ETF (DIVZ). 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.

	JULZ	DIVZ	Difference
Sharpe ratio: Return per unit of total volatility	1.69	1.29	+0.40
Sortino ratio: Return per unit of downside risk	2.34	1.88	+0.46
Omega ratio: Gain probability vs. loss probability	1.30	1.22	+0.08
Calmar ratio: Return relative to maximum drawdown	2.13	2.10	+0.03
Martin ratio: Return relative to average drawdown	9.01	4.98	+4.03

JULZ vs. DIVZ - Sharpe Ratio Comparison

The current JULZ Sharpe Ratio is 1.69, which is higher than the DIVZ Sharpe Ratio of 1.29. The chart below compares the historical Sharpe Ratios of JULZ and DIVZ, 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

JULZ vs. DIVZ - Drawdown Comparison

The maximum JULZ drawdown since its inception was -14.71%, roughly equal to the maximum DIVZ drawdown of -15.42%. Use the drawdown chart below to compare losses from any high point for JULZ and DIVZ.

Drawdown Indicators

	JULZ	DIVZ	Difference
Max Drawdown Largest peak-to-trough decline	-14.71%	-15.42%	+0.71%
Max Drawdown (1Y) Largest decline over 1 year	-8.53%	-5.83%	-2.70%
Max Drawdown (3Y) Largest decline over 3 years	-14.71%	-9.52%	-5.19%
Max Drawdown (5Y) Largest decline over 5 years	-14.71%	-15.42%	+0.71%
Current Drawdown Current decline from peak	-3.04%	-2.87%	-0.17%
Average Drawdown Average peak-to-trough decline	-2.97%	-3.48%	+0.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.01%	2.45%	-0.44%

Volatility

JULZ vs. DIVZ - Volatility Comparison

Trueshares Structured Outcome (July) ETF (JULZ) has a higher volatility of 4.09% compared to Opal Dividend Income ETF (DIVZ) at 3.51%. This indicates that JULZ's price experiences larger fluctuations and is considered to be riskier than DIVZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JULZ	DIVZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.09%	3.51%	+0.58%
Volatility (6M) Calculated over the trailing 6-month period	8.78%	7.24%	+1.54%
Volatility (1Y) Calculated over the trailing 1-year period	10.79%	9.48%	+1.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.29%	12.63%	-0.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.36%	12.56%	-0.20%

JULZ vs. DIVZ - Expense Ratio Comparison

JULZ has a 0.79% expense ratio, which is higher than DIVZ's 0.65% expense ratio.

Dividends

JULZ vs. DIVZ - Dividend Comparison

JULZ's dividend yield for the trailing twelve months is around 11.28%, more than DIVZ's 2.55% 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%
JULZ Trueshares Structured Outcome (July) ETF	11.28%	11.96%	3.30%	3.59%	0.07%	0.00%

Frequently Asked Questions

Can I hold both JULZ and DIVZ in my portfolio?

JULZ and DIVZ have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JULZ or DIVZ?

JULZ has higher volatility (4.09%) compared to DIVZ (3.51%). In terms of maximum drawdown, JULZ dropped -14.71% vs DIVZ's -15.42%.

Which ETF is better, JULZ or DIVZ?

On 5-year performance, JULZ leads with 10.56% 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, JULZ or DIVZ?

Over the 5-year period, JULZ has performed better with a 10.56% return vs 9.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JULZ or DIVZ?

DIVZ is cheaper with a 0.65% expense ratio, compared with 0.79% for JULZ.

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

JULZ has the higher dividend yield at 11.28%, compared with 2.55% for DIVZ.

What is the main difference between JULZ and DIVZ?

JULZ is categorized as Options Trading, while DIVZ is Large Cap Value Equities. Their fees differ too: 0.79% for JULZ and 0.65% for DIVZ.

Which has better risk-adjusted returns?

JULZ 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.