NOVZ vs. XLRI

Last updated Aug 2, 2026

NOVZ (TrueShares Structured Outcome (November) ETF) and XLRI (State Street Real Estate Select Sector SPDR Premium Income ETF) are both exchange-traded funds - NOVZ is a Options Trading fund actively managed by TrueShares, while XLRI is a Derivative Income fund actively managed by State Street. Both are actively managed. Over the past year, NOVZ returned 15.58% vs 10.59% for XLRI. Their 0.19 correlation means their historical movements had little consistent relationship. NOVZ charges 0.79%/yr vs 0.35%/yr for XLRI.

Performance

NOVZ vs. XLRI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TrueShares Structured Outcome (November) ETF (NOVZ) and State Street Real Estate Select Sector SPDR Premium Income ETF (XLRI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NOVZ achieves a 7.13% return, which is significantly lower than XLRI's 8.45% return.

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%

XLRI

• 1D: 0.16%
• 1M: 1.35%
• 6M: 6.08%
• YTD: 8.45%
• 1Y: 10.59%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 7.81%

*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)
NOVZ TrueShares Structured Outcome (November) ETF	$23.22K	$21.07K	$191.46K
XLRI State Street Real Estate Select Sector SPDR Premium Income ETF	$84.19K	$69.65K	$65.16K

NOVZ vs. XLRI - Yearly Performance Comparison

	2026 (YTD)	2025
NOVZ TrueShares Structured Outcome (November) ETF	7.13%	6.15%
XLRI State Street Real Estate Select Sector SPDR Premium Income ETF	8.45%	-0.57%

Correlation

The correlation between NOVZ and XLRI is 0.19, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.19
Correlation (All Time) Calculated using the full available price history since Jul 30, 2025	0.19

Return for Risk

NOVZ vs. XLRI — 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

XLRI

XLRI Risk / Return Rank: 40
XLRI Sharpe Ratio Rank: 38
XLRI Sortino Ratio Rank: 36
XLRI Omega Ratio Rank: 37
XLRI Calmar Ratio Rank: 42
XLRI Martin Ratio Rank: 46

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. XLRI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TrueShares Structured Outcome (November) ETF (NOVZ) and State Street Real Estate Select Sector SPDR Premium Income ETF (XLRI). 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	XLRI	Difference
Sharpe ratio: Return per unit of total volatility	1.45	0.96	+0.49
Sortino ratio: Return per unit of downside risk	2.03	1.34	+0.69
Omega ratio: Gain probability vs. loss probability	1.26	1.18	+0.08
Calmar ratio: Return relative to maximum drawdown	2.12	1.48	+0.64
Martin ratio: Return relative to average drawdown	8.48	5.18	+3.30

NOVZ vs. XLRI - Sharpe Ratio Comparison

The current NOVZ Sharpe Ratio is 1.45, which is higher than the XLRI Sharpe Ratio of 0.96. The chart below compares the historical Sharpe Ratios of NOVZ and XLRI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

NOVZ vs. XLRI - Drawdown Comparison

The maximum NOVZ drawdown since its inception was -16.62%, which is greater than XLRI's maximum drawdown of -7.12%. Use the drawdown chart below to compare losses from any high point for NOVZ and XLRI.

Drawdown Indicators

	NOVZ	XLRI	Difference
Max Drawdown Largest peak-to-trough decline	-16.62%	-7.12%	-9.50%
Max Drawdown (1Y) Largest decline over 1 year	-6.72%	-7.12%	+0.40%
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%	-0.62%	-0.88%
Average Drawdown Average peak-to-trough decline	-3.02%	-1.54%	-1.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.68%	2.03%	-0.35%

Volatility

NOVZ vs. XLRI - Volatility Comparison

The current volatility for TrueShares Structured Outcome (November) ETF (NOVZ) is 2.56%, while State Street Real Estate Select Sector SPDR Premium Income ETF (XLRI) has a volatility of 3.42%. This indicates that NOVZ experiences smaller price fluctuations and is considered to be less risky than XLRI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NOVZ	XLRI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.56%	3.42%	-0.86%
Volatility (6M) Calculated over the trailing 6-month period	7.63%	8.72%	-1.09%
Volatility (1Y) Calculated over the trailing 1-year period	9.87%	11.09%	-1.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.92%	11.11%	+1.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.65%	11.11%	+1.54%

NOVZ vs. XLRI - Expense Ratio Comparison

NOVZ has a 0.79% expense ratio, which is higher than XLRI's 0.35% expense ratio.

Dividends

NOVZ vs. XLRI - Dividend Comparison

NOVZ's dividend yield for the trailing twelve months is around 3.35%, less than XLRI's 13.52% yield.

Position	TTM	2025	2024	2023	2022	2021
NOVZ TrueShares Structured Outcome (November) ETF	3.35%	3.58%	2.94%	2.27%	0.25%	0.52%
XLRI State Street Real Estate Select Sector SPDR Premium Income ETF	13.52%	6.85%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NOVZ and XLRI in my portfolio?

NOVZ and XLRI have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NOVZ or XLRI?

XLRI has higher volatility (3.42%) compared to NOVZ (2.56%). In terms of maximum drawdown, NOVZ dropped -16.62% vs XLRI's -7.12%.

Which ETF is better, NOVZ or XLRI?

On 1-year performance, NOVZ leads with 15.58% vs 10.59% for XLRI. On fees, XLRI is cheaper at 0.35% per year. On volatility, NOVZ has been the lower-risk option at 2.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NOVZ or XLRI?

Over the 1-year period, NOVZ has performed better with a 15.58% return vs 10.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NOVZ or XLRI?

XLRI is cheaper with a 0.35% expense ratio, compared with 0.79% for NOVZ.

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

XLRI has the higher dividend yield at 13.52%, compared with 3.35% for NOVZ.

What is the main difference between NOVZ and XLRI?

NOVZ is categorized as Options Trading, while XLRI is Derivative Income. They also come from different issuers: TrueShares and State Street. Their fees differ too: 0.79% for NOVZ and 0.35% for XLRI.

Which has better risk-adjusted returns?

NOVZ currently has the higher Sharpe Ratio (1.45 vs 0.96), 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.