MAYZ vs. SEPZ

Last updated Jun 4, 2026

MAYZ (TrueShares Structured Outcome (May) ETF) and SEPZ (TrueShares Structured Outcome (September) ETF) are both exchange-traded funds - MAYZ is a Defined Outcome fund tracking the S&P 500 Price Index, while SEPZ is a Options Trading fund tracking the Cboe S&P 500 Buffer Protect Index September. Both are passively managed. Over the past 5 years, MAYZ returned 9.61%/yr vs 11.53%/yr for SEPZ. With a 0.98 correlation, they move nearly in lockstep. MAYZ charges 0.79%/yr vs 0.80%/yr for SEPZ.

Performance

MAYZ vs. SEPZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TrueShares Structured Outcome (May) ETF (MAYZ) and TrueShares Structured Outcome (September) ETF (SEPZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with MAYZ having a 8.56% return and SEPZ slightly lower at 8.19%.

MAYZ

• 1D: -0.45%
• 1M: 4.24%
• YTD: 8.56%
• 6M: 8.43%
• 1Y: 21.69%
• 3Y*: 16.62%
• 5Y*: 9.61%
• 10Y*: —

SEPZ

• 1D: -0.70%
• 1M: 4.17%
• YTD: 8.19%
• 6M: 8.10%
• 1Y: 20.60%
• 3Y*: 16.43%
• 5Y*: 11.53%
• 10Y*: —

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

MAYZ vs. SEPZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
MAYZ TrueShares Structured Outcome (May) ETF	8.56%	13.70%	17.68%	15.90%	-13.98%	10.09%
SEPZ TrueShares Structured Outcome (September) ETF	8.19%	13.18%	18.23%	17.94%	-8.51%	11.31%

Correlation

The correlation between MAYZ and SEPZ is 0.95 - 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	0.95
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 May 4, 2021	0.98

The correlation between MAYZ and SEPZ has been stable across timeframes, ranging from 0.95 to 0.98 - a consistent structural relationship.

MAYZ vs. SEPZ - Sectors Allocation Comparison

Sectors	MAYZ	SEPZ
Technology	35.3%	35.3%
Financial Services	13.4%	13.4%
Consumer Cyclical	10.6%	10.6%
Communication Services	9.9%	9.9%
Healthcare	8.8%	8.8%
Industrials	7.8%	7.8%
Consumer Defensive	5.2%	5.2%
Energy	3.0%	3.0%
Utilities	2.5%	2.5%
Real Estate	2.0%	2.0%
Basic Materials	1.6%	1.6%

Return for Risk

MAYZ vs. SEPZ — Risk / Return Rank

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

MAYZ

MAYZ Risk / Return Rank: 62
MAYZ Sharpe Ratio Rank: 64
MAYZ Sortino Ratio Rank: 65
MAYZ Omega Ratio Rank: 64
MAYZ Calmar Ratio Rank: 51
MAYZ Martin Ratio Rank: 63

SEPZ

SEPZ Risk / Return Rank: 63
SEPZ Sharpe Ratio Rank: 62
SEPZ Sortino Ratio Rank: 64
SEPZ Omega Ratio Rank: 60
SEPZ Calmar Ratio Rank: 57
SEPZ Martin Ratio Rank: 69

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.

MAYZ vs. SEPZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TrueShares Structured Outcome (May) ETF (MAYZ) 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.

	MAYZ	SEPZ	Difference
Sharpe ratio: Return per unit of total volatility	2.10	2.08	+0.02
Sortino ratio: Return per unit of downside risk	2.95	2.96	-0.01
Omega ratio: Gain probability vs. loss probability	1.38	1.37	+0.01
Calmar ratio: Return relative to maximum drawdown	2.49	2.83	-0.34
Martin ratio: Return relative to average drawdown	11.30	12.83	-1.54
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MAYZ vs. SEPZ - Sharpe Ratio Comparison

The current MAYZ Sharpe Ratio is 2.10, which is comparable to the SEPZ Sharpe Ratio of 2.08. The chart below compares the historical Sharpe Ratios of MAYZ and SEPZ, 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

	MAYZ	SEPZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.10	2.08	+0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.80	0.94	-0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.80	1.05	-0.24

Drawdowns

MAYZ vs. SEPZ - Drawdown Comparison

The maximum MAYZ drawdown since its inception was -19.23%, which is greater than SEPZ's maximum drawdown of -15.22%. Use the drawdown chart below to compare losses from any high point for MAYZ and SEPZ.

Drawdown Indicators

	MAYZ	SEPZ	Difference
Max Drawdown Largest peak-to-trough decline	-19.23%	-15.22%	-4.01%
Max Drawdown (1Y) Largest decline over 1 year	-8.73%	-7.30%	-1.43%
Max Drawdown (3Y) Largest decline over 3 years	-13.88%	-14.57%	+0.69%
Max Drawdown (5Y) Largest decline over 5 years	-19.23%	-15.22%	-4.01%
Current Drawdown Current decline from peak	-0.45%	-0.87%	+0.42%
Average Drawdown Average peak-to-trough decline	-4.77%	-2.84%	-1.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.92%	1.61%	+0.31%

Volatility

MAYZ vs. SEPZ - Volatility Comparison

The current volatility for TrueShares Structured Outcome (May) ETF (MAYZ) is 2.38%, while TrueShares Structured Outcome (September) ETF (SEPZ) has a volatility of 2.68%. This indicates that MAYZ experiences smaller price fluctuations and is considered to be less risky than SEPZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MAYZ	SEPZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.38%	2.68%	-0.30%
Volatility (6M) Calculated over the trailing 6-month period	8.28%	7.28%	+1.00%
Volatility (1Y) Calculated over the trailing 1-year period	10.37%	9.97%	+0.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.07%	12.29%	-0.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.04%	12.46%	-0.42%

MAYZ vs. SEPZ - Expense Ratio Comparison

MAYZ has a 0.79% expense ratio, which is lower than SEPZ's 0.80% expense ratio.

Dividends

MAYZ vs. SEPZ - Dividend Comparison

MAYZ's dividend yield for the trailing twelve months is around 1.98%, less than SEPZ's 2.03% yield.

Position	TTM	2025	2024	2023	2022	2021
MAYZ TrueShares Structured Outcome (May) ETF	1.98%	2.15%	1.95%	2.75%	0.69%	1.90%
SEPZ TrueShares Structured Outcome (September) ETF	2.03%	2.20%	3.62%	3.55%	0.69%	0.05%

Frequently Asked Questions

Can I hold both MAYZ and SEPZ in my portfolio?

With a correlation of 0.95, MAYZ 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.

Which is riskier, MAYZ or SEPZ?

SEPZ has higher volatility (2.68%) compared to MAYZ (2.38%). In terms of maximum drawdown, MAYZ dropped -19.23% vs SEPZ's -15.22%.

Which ETF is better, MAYZ or SEPZ?

On 5-year performance, SEPZ leads with 11.53% vs 9.61% for MAYZ. On fees, MAYZ is cheaper at 0.79% per year. On volatility, MAYZ 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, MAYZ or SEPZ?

Over the 5-year period, SEPZ has performed better with a 11.53% return vs 9.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MAYZ or SEPZ?

MAYZ is cheaper with a 0.79% expense ratio, compared with 0.80% for SEPZ.

Which ETF pays a higher dividend yield, MAYZ or SEPZ?

SEPZ has the higher dividend yield at 2.03%, compared with 1.98% for MAYZ.

What is the main difference between MAYZ and SEPZ?

MAYZ is categorized as Defined Outcome, while SEPZ is Options Trading. MAYZ tracks S&P 500 Price Index, while SEPZ tracks Cboe S&P 500 Buffer Protect Index September. Their fees differ too: 0.79% for MAYZ and 0.80% for SEPZ.

Which has better risk-adjusted returns?

MAYZ currently has the higher Sharpe Ratio (2.10 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.