NOVZ vs. ENFR
NOVZ (TrueShares Structured Outcome (November) ETF) and ENFR (Alerian Energy Infrastructure ETF) are both exchange-traded funds - NOVZ is a Options Trading fund actively managed by TrueShares, while ENFR is a Energy Equities fund tracking the Alerian Midstream Energy Select Index. NOVZ is actively managed, while ENFR is passively managed. Over the past 5 years, NOVZ returned 10.67%/yr vs 19.73%/yr for ENFR. At a 0.42 correlation, their price movements are largely independent. NOVZ charges 0.79%/yr vs 0.35%/yr for ENFR.
Performance
NOVZ vs. ENFR - Performance Comparison
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Returns By Period
In the year-to-date period, NOVZ achieves a 5.88% return, which is significantly lower than ENFR's 23.18% return.
NOVZ
- 1D
- -0.19%
- 1M
- -1.08%
- YTD
- 5.88%
- 6M
- 4.86%
- 1Y
- 16.35%
- 3Y*
- 15.22%
- 5Y*
- 10.67%
- 10Y*
- —
ENFR
- 1D
- -1.40%
- 1M
- -5.86%
- YTD
- 23.18%
- 6M
- 23.40%
- 1Y
- 25.06%
- 3Y*
- 28.30%
- 5Y*
- 19.73%
- 10Y*
- 11.82%
NOVZ vs. ENFR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
NOVZ TrueShares Structured Outcome (November) ETF | 5.88% | 13.03% | 19.09% | 18.06% | -9.58% | 21.46% | 10.26% |
ENFR Alerian Energy Infrastructure ETF | 23.18% | 5.88% | 42.17% | 15.63% | 17.48% | 39.97% | 20.73% |
Correlation
The correlation between NOVZ and ENFR is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.27 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.42 |
Correlation (All Time) Calculated using the full available price history since Nov 2, 2020 | 0.42 |
The correlation between NOVZ and ENFR shifts across timeframes, from -0.08 (1 year) to 0.42 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
NOVZ vs. ENFR — Risk / Return Rank
NOVZ
ENFR
NOVZ vs. ENFR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for TrueShares Structured Outcome (November) ETF (NOVZ) and Alerian Energy Infrastructure ETF (ENFR). 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.
| NOVZ | ENFR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | 0.00 | ||
| Sortino ratioReturn per unit of downside risk | -0.03 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.29 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.45 | 2.91 | -0.47 |
| Martin ratioReturn relative to average drawdown | 10.34 | 7.39 | +2.95 |
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Drawdowns
NOVZ vs. ENFR - Drawdown Comparison
The maximum NOVZ drawdown since its inception was -16.62%, smaller than the maximum ENFR drawdown of -68.28%. Use the drawdown chart below to compare losses from any high point for NOVZ and ENFR.
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Drawdown Indicators
| NOVZ | ENFR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.62% | -68.28% | +51.66% |
Max Drawdown (1Y)Largest decline over 1 year | -6.72% | -8.64% | +1.92% |
Max Drawdown (3Y)Largest decline over 3 years | -14.63% | -15.58% | +0.95% |
Max Drawdown (5Y)Largest decline over 5 years | -16.62% | -20.29% | +3.67% |
Max Drawdown (10Y)Largest decline over 10 years | — | -62.64% | — |
Current DrawdownCurrent decline from peak | -2.65% | -6.04% | +3.39% |
Average DrawdownAverage peak-to-trough decline | -3.04% | -15.93% | +12.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.58% | 3.40% | -1.82% |
Volatility
NOVZ vs. ENFR - Volatility Comparison
The current volatility for TrueShares Structured Outcome (November) ETF (NOVZ) is 3.47%, while Alerian Energy Infrastructure ETF (ENFR) has a volatility of 5.68%. This indicates that NOVZ experiences smaller price fluctuations and is considered to be less risky than ENFR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NOVZ | ENFR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.47% | 5.68% | -2.21% |
Volatility (6M)Calculated over the trailing 6-month period | 7.53% | 11.71% | -4.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.78% | 14.91% | -5.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.93% | 19.26% | -6.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.71% | 24.68% | -11.97% |
NOVZ vs. ENFR - Expense Ratio Comparison
NOVZ has a 0.79% expense ratio, which is higher than ENFR's 0.35% expense ratio.
Dividends
NOVZ vs. ENFR - Dividend Comparison
NOVZ's dividend yield for the trailing twelve months is around 3.39%, less than ENFR's 4.07% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ENFR Alerian Energy Infrastructure ETF | 4.07% | 4.77% | 4.41% | 5.48% | 5.23% | 7.86% | 7.57% | 5.81% | 3.98% | 2.98% | 3.31% | 3.34% |
NOVZ TrueShares Structured Outcome (November) ETF | 3.39% | 3.58% | 2.94% | 2.27% | 0.25% | 0.52% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
NOVZ and ENFR have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ENFR has higher volatility (5.68%) compared to NOVZ (3.47%). In terms of maximum drawdown, NOVZ dropped -16.62% vs ENFR's -68.28%.
On 5-year performance, ENFR leads with 19.73% vs 10.67% for NOVZ. On fees, ENFR is cheaper at 0.35% per year. On volatility, NOVZ has been the lower-risk option at 3.47%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, ENFR has performed better with a 19.73% return vs 10.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ENFR is cheaper with a 0.35% expense ratio, compared with 0.79% for NOVZ.
ENFR has the higher dividend yield at 4.07%, compared with 3.39% for NOVZ.
NOVZ is categorized as Options Trading, while ENFR is Energy Equities. They also come from different issuers: TrueShares and SS&C. Their fees differ too: 0.79% for NOVZ and 0.35% for ENFR.
ENFR currently has the higher Sharpe Ratio (1.69 vs 1.69), 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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