JUNZ vs. PAYH

Last updated Jun 24, 2026

JUNZ (TrueShares Structured Outcome (June) ETF) and PAYH (TrueShares S&P Autocallable High Income ETF) are both exchange-traded funds - JUNZ is a Defined Outcome fund tracking the S&P 500 Price Return Index, while PAYH is a Derivative Income fund actively managed by TrueShares. JUNZ is passively managed, while PAYH is actively managed. At a 0.39 correlation, their price movements are largely independent. JUNZ charges 0.79%/yr vs 0.74%/yr for PAYH.

Performance

JUNZ vs. PAYH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TrueShares Structured Outcome (June) ETF (JUNZ) and TrueShares S&P Autocallable High Income ETF (PAYH). 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 JUNZ having a 6.52% return and PAYH slightly higher at 6.84%.

JUNZ

• 1D: -0.96%
• 1M: -0.48%
• YTD: 6.52%
• 6M: 5.75%
• 1Y: 18.18%
• 3Y*: 15.04%
• 5Y*: 9.35%
• 10Y*: —

PAYH

• 1D: -1.53%
• 1M: -2.08%
• YTD: 6.84%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

JUNZ vs. PAYH - Yearly Performance Comparison

	2026 (YTD)	2025
JUNZ TrueShares Structured Outcome (June) ETF	6.52%	-0.72%
PAYH TrueShares S&P Autocallable High Income ETF	6.84%	-0.73%

Correlation

The correlation between JUNZ and PAYH is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 30, 2025	0.39

Return for Risk

JUNZ vs. PAYH — Risk / Return Rank

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

JUNZ

JUNZ Risk / Return Rank: 55
JUNZ Sharpe Ratio Rank: 57
JUNZ Sortino Ratio Rank: 56
JUNZ Omega Ratio Rank: 56
JUNZ Calmar Ratio Rank: 48
JUNZ Martin Ratio Rank: 58

PAYH

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

JUNZ vs. PAYH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TrueShares Structured Outcome (June) ETF (JUNZ) and TrueShares S&P Autocallable High Income ETF (PAYH). 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.

	JUNZ	PAYH	Difference
Sharpe ratio: Return per unit of total volatility	1.77	—	—
Sortino ratio: Return per unit of downside risk	2.47	—	—
Omega ratio: Gain probability vs. loss probability	1.32	—	—
Calmar ratio: Return relative to maximum drawdown	2.21	—	—
Martin ratio: Return relative to average drawdown	9.51	—	—

Drawdowns

JUNZ vs. PAYH - Drawdown Comparison

The maximum JUNZ drawdown since its inception was -17.88%, which is greater than PAYH's maximum drawdown of -16.33%. Use the drawdown chart below to compare losses from any high point for JUNZ and PAYH.

Drawdown Indicators

	JUNZ	PAYH	Difference
Max Drawdown Largest peak-to-trough decline	-17.88%	-16.33%	-1.55%
Max Drawdown (1Y) Largest decline over 1 year	-8.27%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-14.06%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-17.88%	—	—
Current Drawdown Current decline from peak	-2.14%	-2.67%	+0.53%
Average Drawdown Average peak-to-trough decline	-4.24%	-2.70%	-1.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.92%	—	—

Volatility

Volatility by Period

	JUNZ	PAYH	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.39%	—	—
Volatility (6M) Calculated over the trailing 6-month period	8.29%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	10.33%	22.83%	-12.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.81%	22.83%	-11.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.75%	22.83%	-11.08%

JUNZ vs. PAYH - Expense Ratio Comparison

JUNZ has a 0.79% expense ratio, which is higher than PAYH's 0.74% expense ratio.

Dividends

JUNZ vs. PAYH - Dividend Comparison

JUNZ's dividend yield for the trailing twelve months is around 2.16%, less than PAYH's 6.57% yield.

Position	TTM	2025	2024	2023	2022	2021
JUNZ TrueShares Structured Outcome (June) ETF	2.16%	2.30%	3.97%	6.03%	0.56%	0.32%
PAYH TrueShares S&P Autocallable High Income ETF	6.57%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JUNZ and PAYH in my portfolio?

JUNZ and PAYH have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, JUNZ or PAYH?

On fees, PAYH is cheaper at 0.74% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, JUNZ or PAYH?

PAYH is cheaper with a 0.74% expense ratio, compared with 0.79% for JUNZ.

Which ETF pays a higher dividend yield, JUNZ or PAYH?

PAYH has the higher dividend yield at 6.57%, compared with 2.16% for JUNZ.

What is the main difference between JUNZ and PAYH?

JUNZ is categorized as Defined Outcome, while PAYH is Derivative Income. Their fees differ too: 0.79% for JUNZ and 0.74% for PAYH.