JULZ vs. JANZ

Last updated Jun 3, 2026

JULZ (Trueshares Structured Outcome (July) ETF) and JANZ (TrueShares Structured Outcome (January) ETF) are both exchange-traded funds - JULZ is a Options Trading fund tracking the Cboe S&P 500 Buffer Protect Index July, while JANZ is a Defined Outcome fund actively managed by TrueShares. JULZ is passively managed, while JANZ is actively managed. Over the past 5 years, JULZ returned 11.57%/yr vs 10.97%/yr for JANZ. With a 0.98 correlation, they move nearly in lockstep. Both charge a 0.79% expense ratio.

Performance

JULZ vs. JANZ - Performance Comparison

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

Returns By Period

In the year-to-date period, JULZ achieves a 9.36% return, which is significantly higher than JANZ's 8.83% return.

JULZ

• 1D: 0.09%
• 1M: 4.52%
• YTD: 9.36%
• 6M: 9.45%
• 1Y: 23.41%
• 3Y*: 17.06%
• 5Y*: 11.57%
• 10Y*: —

JANZ

• 1D: 0.13%
• 1M: 4.41%
• YTD: 8.83%
• 6M: 9.05%
• 1Y: 21.71%
• 3Y*: 16.39%
• 5Y*: 10.97%
• 10Y*: —

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

JULZ vs. JANZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
JULZ Trueshares Structured Outcome (July) ETF	9.36%	13.23%	18.76%	17.65%	-9.34%	23.02%
JANZ TrueShares Structured Outcome (January) ETF	8.83%	12.47%	18.10%	19.09%	-11.43%	21.58%

Correlation

The correlation between JULZ and JANZ 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	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (All Time) Calculated using the full available price history since Jan 5, 2021	0.98

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

Return for Risk

JULZ vs. JANZ — Risk / Return Rank

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

JULZ

JULZ Risk / Return Rank: 65
JULZ Sharpe Ratio Rank: 69
JULZ Sortino Ratio Rank: 68
JULZ Omega Ratio Rank: 68
JULZ Calmar Ratio Rank: 55
JULZ Martin Ratio Rank: 65

JANZ

JANZ Risk / Return Rank: 69
JANZ Sharpe Ratio Rank: 69
JANZ Sortino Ratio Rank: 69
JANZ Omega Ratio Rank: 67
JANZ Calmar Ratio Rank: 63
JANZ Martin Ratio Rank: 74

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. JANZ - Risk-Adjusted Trends Comparison

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

	JULZ	JANZ	Difference
Sharpe ratio Return per unit of total volatility	2.30	2.32	-0.02
Sortino ratio Return per unit of downside risk	3.20	3.23	-0.03
Omega ratio Gain probability vs. loss probability	1.41	1.42	0.00
Calmar ratio Return relative to maximum drawdown	2.78	3.21	-0.44
Martin ratio Return relative to average drawdown	12.17	14.27	-2.10
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JULZ vs. JANZ - Sharpe Ratio Comparison

The current JULZ Sharpe Ratio is 2.30, which is comparable to the JANZ Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of JULZ and JANZ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	JULZ	JANZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.30	2.32	-0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.95	0.84	+0.11
Sharpe Ratio (All Time) Calculated using the full available price history	1.16	0.94	+0.23

Drawdowns

JULZ vs. JANZ - Drawdown Comparison

The maximum JULZ drawdown since its inception was -14.71%, smaller than the maximum JANZ drawdown of -18.11%. Use the drawdown chart below to compare losses from any high point for JULZ and JANZ.

Drawdown Indicators

	JULZ	JANZ	Difference
Max Drawdown Largest peak-to-trough decline	-14.71%	-18.11%	+3.40%
Max Drawdown (1Y) Largest decline over 1 year	-8.53%	-6.83%	-1.70%
Max Drawdown (3Y) Largest decline over 3 years	-14.71%	-14.33%	-0.38%
Max Drawdown (5Y) Largest decline over 5 years	-14.71%	-18.11%	+3.40%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-2.98%	-3.49%	+0.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.95%	1.54%	+0.41%

Volatility

JULZ vs. JANZ - Volatility Comparison

Trueshares Structured Outcome (July) ETF (JULZ) has a higher volatility of 2.57% compared to TrueShares Structured Outcome (January) ETF (JANZ) at 2.38%. This indicates that JULZ's price experiences larger fluctuations and is considered to be riskier than JANZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JULZ	JANZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.57%	2.38%	+0.19%
Volatility (6M) Calculated over the trailing 6-month period	8.04%	7.09%	+0.95%
Volatility (1Y) Calculated over the trailing 1-year period	10.24%	9.40%	+0.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.19%	13.14%	-0.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.32%	12.98%	-0.66%

JULZ vs. JANZ - Expense Ratio Comparison

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

Dividends

JULZ vs. JANZ - Dividend Comparison

JULZ's dividend yield for the trailing twelve months is around 10.94%, more than JANZ's 1.31% yield.

Position	TTM	2025	2024	2023	2022	2021
JANZ TrueShares Structured Outcome (January) ETF	1.31%	1.42%	2.70%	2.58%	0.21%	4.52%
JULZ Trueshares Structured Outcome (July) ETF	10.94%	11.96%	3.30%	3.59%	0.07%	0.00%

Frequently Asked Questions

Can I hold both JULZ and JANZ in my portfolio?

With a correlation of 0.96, JULZ and JANZ 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, JULZ or JANZ?

JULZ has higher volatility (2.57%) compared to JANZ (2.38%). In terms of maximum drawdown, JULZ dropped -14.71% vs JANZ's -18.11%.

Which ETF is better, JULZ or JANZ?

On 5-year performance, JULZ leads with 11.57% vs 10.97% for JANZ. Both ETFs have the same 0.79% expense ratio. On volatility, JANZ has been the lower-risk option at 2.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JULZ or JANZ?

Over the 5-year period, JULZ has performed better with a 11.57% return vs 10.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JULZ or JANZ?

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

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

JULZ has the higher dividend yield at 10.94%, compared with 1.31% for JANZ.

What is the main difference between JULZ and JANZ?

JULZ is categorized as Options Trading, while JANZ is Defined Outcome.

Which has better risk-adjusted returns?

JANZ currently has the higher Sharpe Ratio (2.32 vs 2.30), 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.