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JULZ vs. SPY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

JULZ vs. SPY

Last updated Jun 3, 2026

JULZ (Trueshares Structured Outcome (July) ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - JULZ is a Options Trading fund tracking the Cboe S&P 500 Buffer Protect Index July, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, JULZ returned 11.57%/yr vs 14.20%/yr for SPY. With a 0.98 correlation, they move nearly in lockstep. JULZ charges 0.79%/yr vs 0.09%/yr for SPY.

Performance

JULZ vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Trueshares Structured Outcome (July) ETF (JULZ) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, JULZ achieves a 9.36% return, which is significantly lower than SPY's 11.69% return.

JULZ

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

SPY

1D
0.14%
1M
5.40%
YTD
11.69%
6M
12.09%
1Y
29.62%
3Y*
22.64%
5Y*
14.20%
10Y*
15.57%
*Multi-year figures are annualized to reflect compound growth (CAGR)

JULZ vs. SPY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
JULZ
Trueshares Structured Outcome (July) ETF		9.36%13.23%18.76%17.65%-9.34%20.66%16.20%
SPY
State Street SPDR S&P 500 ETF		11.69%17.72%24.89%26.18%-18.18%28.73%21.40%

Correlation

The correlation between JULZ and SPY is 0.98 - 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

0.98

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 Jul 2, 2020

0.98

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

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Trueshares Structured Outcome (July) ETF

State Street SPDR S&P 500 ETF

Often compared with JULZ:
JULZ vs. SVOLJULZ vs. APRZJULZ vs. ERNZJULZ vs. ONEVJULZ vs. JUNZJULZ vs. JANZJULZ vs. MARZ
Often compared with SPY:
SPY vs. QQQSPY vs. VOOSPY vs. BRK-BSPY vs. RSPSPY vs. VTISPY vs. SCHDSPY vs. GLD

Return for Risk

JULZ vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
JULZ
JULZ Risk / Return Rank: 6565
Overall Rank
JULZ Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
JULZ Sortino Ratio Rank: 6868
Sortino Ratio Rank
JULZ Omega Ratio Rank: 6868
Omega Ratio Rank
JULZ Calmar Ratio Rank: 5555
Calmar Ratio Rank
JULZ Martin Ratio Rank: 6565
Martin Ratio Rank
SPY
SPY Risk / Return Rank: 7575
Overall Rank
SPY Sharpe Ratio Rank: 7777
Sharpe Ratio Rank
SPY Sortino Ratio Rank: 7575
Sortino Ratio Rank
SPY Omega Ratio Rank: 7676
Omega Ratio Rank
SPY Calmar Ratio Rank: 6868
Calmar Ratio Rank
SPY Martin Ratio Rank: 8080
Martin Ratio Rank
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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Trueshares Structured Outcome (July) ETF (JULZ) and State Street SPDR S&P 500 ETF (SPY). 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.

JULZSPYDifference

Sharpe ratio

Return per unit of total volatility

2.30

2.52

-0.22

Sortino ratio

Return per unit of downside risk

3.20

3.42

-0.22

Omega ratio

Gain probability vs. loss probability

1.41

1.46

-0.04

Calmar ratio

Return relative to maximum drawdown

2.78

3.42

-0.64

Martin ratio

Return relative to average drawdown

12.17

15.93

-3.76

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. SPY - Sharpe Ratio Comparison

The current JULZ Sharpe Ratio is 2.30, which is comparable to the SPY Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of JULZ and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

JULZSPYDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.30

2.52

-0.22

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.95

0.84

+0.12

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.87

—

Sharpe Ratio (All Time)

Calculated using the full available price history

1.16

0.59

+0.57

Drawdowns

JULZ vs. SPY - Drawdown Comparison

The maximum JULZ drawdown since its inception was -14.71%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for JULZ and SPY.

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Drawdown Indicators

JULZSPYDifference

Max Drawdown

Largest peak-to-trough decline

-14.71%

-55.19%

+40.48%

Max Drawdown (1Y)

Largest decline over 1 year

-8.53%

-8.88%

+0.35%

Max Drawdown (3Y)

Largest decline over 3 years

-14.71%

-18.76%

+4.05%

Max Drawdown (5Y)

Largest decline over 5 years

-14.71%

-24.50%

+9.79%

Max Drawdown (10Y)

Largest decline over 10 years

—

-33.72%

—

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-2.98%

-9.05%

+6.07%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.95%

1.91%

+0.04%

Volatility

JULZ vs. SPY - Volatility Comparison

The current volatility for Trueshares Structured Outcome (July) ETF (JULZ) is 2.57%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 2.75%. This indicates that JULZ experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

JULZSPYDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.57%

2.75%

-0.18%

Volatility (6M)

Calculated over the trailing 6-month period

8.04%

8.89%

-0.85%

Volatility (1Y)

Calculated over the trailing 1-year period

10.24%

11.81%

-1.57%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.19%

17.05%

-4.86%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

12.32%

17.94%

-5.62%

JULZ vs. SPY - Expense Ratio Comparison

JULZ has a 0.79% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

JULZ vs. SPY - Dividend Comparison

JULZ's dividend yield for the trailing twelve months is around 10.94%, more than SPY's 0.97% yield.

PositionTTM20252024202320222021202020192018201720162015
JULZ
Trueshares Structured Outcome (July) ETF		10.94%11.96%3.30%3.59%0.07%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
SPY
State Street SPDR S&P 500 ETF		0.97%1.07%1.21%1.40%1.65%1.20%1.52%1.75%2.04%1.80%2.03%2.06%

Frequently Asked Questions

With a correlation of 0.98, JULZ and SPY 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.

SPY has higher volatility (2.75%) compared to JULZ (2.57%). In terms of maximum drawdown, JULZ dropped -14.71% vs SPY's -55.19%.

On 5-year performance, SPY leads with 14.20% vs 11.57% for JULZ. On fees, SPY is cheaper at 0.09% per year. On volatility, JULZ has been the lower-risk option at 2.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, SPY has performed better with a 14.20% return vs 11.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPY is cheaper with a 0.09% expense ratio, compared with 0.79% for JULZ.

JULZ has the higher dividend yield at 10.94%, compared with 0.97% for SPY.

JULZ is categorized as Options Trading, while SPY is S&P 500. JULZ tracks Cboe S&P 500 Buffer Protect Index July, while SPY tracks S&P 500 Index. They also come from different issuers: TrueShares and State Street. Their fees differ too: 0.79% for JULZ and 0.09% for SPY.

SPY currently has the higher Sharpe Ratio (2.52 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.

Portfolio Optimizer

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