NOVZ vs. LRNZ

Last updated Aug 2, 2026

NOVZ (TrueShares Structured Outcome (November) ETF) and LRNZ (TrueShares Technology, AI & Deep Learning ETF) are both exchange-traded funds - NOVZ is a Options Trading fund actively managed by TrueShares, while LRNZ is a Artificial Intelligence fund actively managed by TrueShares. Both are actively managed. Their 0.52 correlation means they have sometimes moved together and sometimes differently. NOVZ charges 0.79%/yr vs 0.68%/yr for LRNZ.

Performance

NOVZ vs. LRNZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TrueShares Structured Outcome (November) ETF (NOVZ) and TrueShares Technology, AI & Deep Learning ETF (LRNZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

NOVZ

• 1D: 0.65%
• 1M: 0.12%
• 6M: 6.06%
• YTD: 7.13%
• 1Y: 15.58%
• 3Y*: 14.13%
• 5Y*: 10.45%
• 10Y*: —
• ALL TIME*: 13.43%

LRNZ

• 1D: 1.01%
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
LRNZ TrueShares Technology, AI & Deep Learning ETF	$103.68K	$133.76K	$133.76K
NOVZ TrueShares Structured Outcome (November) ETF	$23.22K	$21.07K	$191.46K

NOVZ vs. LRNZ - Yearly Performance Comparison

	2026 (YTD)
NOVZ TrueShares Structured Outcome (November) ETF	-0.42%
LRNZ TrueShares Technology, AI & Deep Learning ETF	-6.20%

Correlation

The correlation between NOVZ and LRNZ is 0.52, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 10, 2026	0.52

Return for Risk

NOVZ vs. LRNZ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

NOVZ

NOVZ Risk / Return Rank: 61
NOVZ Sharpe Ratio Rank: 61
NOVZ Sortino Ratio Rank: 59
NOVZ Omega Ratio Rank: 58
NOVZ Calmar Ratio Rank: 60
NOVZ Martin Ratio Rank: 69

LRNZ

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

NOVZ vs. LRNZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TrueShares Structured Outcome (November) ETF (NOVZ) and TrueShares Technology, AI & Deep Learning ETF (LRNZ). 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	LRNZ	Difference
Sharpe ratio: Return per unit of total volatility	1.45	—	—
Sortino ratio: Return per unit of downside risk	2.03	—	—
Omega ratio: Gain probability vs. loss probability	1.26	—	—
Calmar ratio: Return relative to maximum drawdown	2.12	—	—
Martin ratio: Return relative to average drawdown	8.48	—	—

Drawdowns

NOVZ vs. LRNZ - Drawdown Comparison

The maximum NOVZ drawdown since its inception was -16.62%, which is greater than LRNZ's maximum drawdown of -11.91%. Use the drawdown chart below to compare losses from any high point for NOVZ and LRNZ.

Drawdown Indicators

	NOVZ	LRNZ	Difference
Max Drawdown Largest peak-to-trough decline	-16.62%	-11.91%	-4.71%
Max Drawdown (1Y) Largest decline over 1 year	-6.72%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-14.63%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-16.62%	—	—
Current Drawdown Current decline from peak	-1.50%	-6.20%	+4.70%
Average Drawdown Average peak-to-trough decline	-3.02%	-5.75%	+2.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.68%	—	—

Volatility

Volatility by Period

	NOVZ	LRNZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.56%	—	—
Volatility (6M) Calculated over the trailing 6-month period	7.63%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	9.87%	34.30%	-24.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.92%	34.30%	-21.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.65%	34.30%	-21.65%

NOVZ vs. LRNZ - Expense Ratio Comparison

NOVZ has a 0.79% expense ratio, which is higher than LRNZ's 0.68% expense ratio.

Dividends

NOVZ vs. LRNZ - Dividend Comparison

NOVZ's dividend yield for the trailing twelve months is around 3.35%, while LRNZ has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
LRNZ TrueShares Technology, AI & Deep Learning ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
NOVZ TrueShares Structured Outcome (November) ETF	3.35%	3.58%	2.94%	2.27%	0.25%	0.52%

Frequently Asked Questions

Can I hold both NOVZ and LRNZ in my portfolio?

NOVZ and LRNZ have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, NOVZ or LRNZ?

On fees, LRNZ is cheaper at 0.68% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, NOVZ or LRNZ?

LRNZ is cheaper with a 0.68% expense ratio, compared with 0.79% for NOVZ.

Which ETF pays a higher dividend yield, NOVZ or LRNZ?

NOVZ has the higher dividend yield at 3.35%, compared with 0.00% for LRNZ.

What is the main difference between NOVZ and LRNZ?

NOVZ is categorized as Options Trading, while LRNZ is Artificial Intelligence. Their fees differ too: 0.79% for NOVZ and 0.68% for LRNZ.