JULZ vs. SEPZ
JULZ (Trueshares Structured Outcome (July) ETF) and SEPZ (TrueShares Structured Outcome (September) ETF) are both Options Trading funds from TrueShares - JULZ tracks the Cboe S&P 500 Buffer Protect Index July while SEPZ tracks the Cboe S&P 500 Buffer Protect Index September. Both are passively managed. Over the past 5 years, JULZ returned 11.28%/yr vs 11.53%/yr for SEPZ. With a 0.98 correlation, they move nearly in lockstep. JULZ charges 0.79%/yr vs 0.80%/yr for SEPZ.
Performance
JULZ vs. SEPZ - Performance Comparison
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Returns By Period
In the year-to-date period, JULZ achieves a 8.79% return, which is significantly higher than SEPZ's 8.19% return.
JULZ
- 1D
- -0.52%
- 1M
- 4.36%
- YTD
- 8.79%
- 6M
- 8.56%
- 1Y
- 22.07%
- 3Y*
- 16.86%
- 5Y*
- 11.28%
- 10Y*
- —
SEPZ
- 1D
- -0.70%
- 1M
- 4.17%
- YTD
- 8.19%
- 6M
- 8.10%
- 1Y
- 20.60%
- 3Y*
- 16.43%
- 5Y*
- 11.53%
- 10Y*
- —
JULZ vs. SEPZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
JULZ Trueshares Structured Outcome (July) ETF | 8.79% | 13.23% | 18.76% | 17.65% | -9.34% | 20.66% | 5.72% |
SEPZ TrueShares Structured Outcome (September) ETF | 8.19% | 13.18% | 18.23% | 17.94% | -8.51% | 21.83% | 5.95% |
Correlation
The correlation between JULZ and SEPZ is 0.94, 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 | 0.94 |
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 Sep 2, 2020 | 0.98 |
The correlation between JULZ and SEPZ has been stable across timeframes, ranging from 0.94 to 0.98 - a consistent structural relationship.
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Return for Risk
JULZ vs. SEPZ — Risk / Return Rank
JULZ
SEPZ
JULZ vs. SEPZ - 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 (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.
| JULZ | SEPZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.09 | ||
| Sortino ratioReturn per unit of downside risk | +0.07 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.37 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.60 | 2.83 | -0.23 |
| Martin ratioReturn relative to average drawdown | 11.36 | 12.83 | -1.47 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| JULZ | SEPZ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.16 | 2.08 | +0.09 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.93 | 0.94 | -0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.15 | 1.05 | +0.11 |
Drawdowns
JULZ vs. SEPZ - Drawdown Comparison
The maximum JULZ drawdown since its inception was -14.71%, roughly equal to the maximum SEPZ drawdown of -15.22%. Use the drawdown chart below to compare losses from any high point for JULZ and SEPZ.
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Drawdown Indicators
| JULZ | SEPZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.71% | -15.22% | +0.51% |
Max Drawdown (1Y)Largest decline over 1 year | -8.53% | -7.30% | -1.23% |
Max Drawdown (3Y)Largest decline over 3 years | -14.71% | -14.57% | -0.14% |
Max Drawdown (5Y)Largest decline over 5 years | -14.71% | -15.22% | +0.51% |
Current DrawdownCurrent decline from peak | -0.52% | -0.87% | +0.35% |
Average DrawdownAverage peak-to-trough decline | -2.98% | -2.84% | -0.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.95% | 1.61% | +0.34% |
Volatility
JULZ vs. SEPZ - Volatility Comparison
Trueshares Structured Outcome (July) ETF (JULZ) and TrueShares Structured Outcome (September) ETF (SEPZ) have volatilities of 2.61% and 2.68%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| JULZ | SEPZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.61% | 2.68% | -0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 8.05% | 7.28% | +0.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.25% | 9.97% | +0.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.19% | 12.29% | -0.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.32% | 12.46% | -0.14% |
JULZ vs. SEPZ - Expense Ratio Comparison
JULZ has a 0.79% expense ratio, which is lower than SEPZ's 0.80% expense ratio.
Dividends
JULZ vs. SEPZ - Dividend Comparison
JULZ's dividend yield for the trailing twelve months is around 11.00%, more than SEPZ's 2.03% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
JULZ Trueshares Structured Outcome (July) ETF | 11.00% | 11.96% | 3.30% | 3.59% | 0.07% | 0.00% |
SEPZ TrueShares Structured Outcome (September) ETF | 2.03% | 2.20% | 3.62% | 3.55% | 0.69% | 0.05% |
Frequently Asked Questions
With a correlation of 0.94, JULZ and SEPZ 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.
SEPZ has higher volatility (2.68%) compared to JULZ (2.61%). In terms of maximum drawdown, JULZ dropped -14.71% vs SEPZ's -15.22%.
On 5-year performance, SEPZ leads with 11.53% vs 11.28% for JULZ. On fees, JULZ is cheaper at 0.79% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SEPZ has performed better with a 11.53% return vs 11.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JULZ is cheaper with a 0.79% expense ratio, compared with 0.80% for SEPZ.
JULZ has the higher dividend yield at 11.00%, compared with 2.03% for SEPZ.
JULZ tracks Cboe S&P 500 Buffer Protect Index July, while SEPZ tracks Cboe S&P 500 Buffer Protect Index September. Their fees differ too: 0.79% for JULZ and 0.80% for SEPZ.
JULZ currently has the higher Sharpe Ratio (2.16 vs 2.08), 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.
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