ONEZ vs. SEPZ

Last updated Jun 4, 2026

ONEZ (TrueShares Seasonality Laddered Buffered ETF) and SEPZ (TrueShares Structured Outcome (September) ETF) are both exchange-traded funds - ONEZ is a Defined Outcome fund actively managed by TrueShares, while SEPZ is a Options Trading fund tracking the Cboe S&P 500 Buffer Protect Index September. ONEZ is actively managed, while SEPZ is passively managed. Over the past year, ONEZ returned 17.56% vs 20.60% for SEPZ. Their correlation of 0.89 suggests significant overlap in exposure. ONEZ charges 0.98%/yr vs 0.80%/yr for SEPZ.

Performance

ONEZ vs. SEPZ - Performance Comparison

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

Returns By Period

In the year-to-date period, ONEZ achieves a 7.27% return, which is significantly lower than SEPZ's 8.19% return.

ONEZ

• 1D: -0.47%
• 1M: 3.77%
• YTD: 7.27%
• 6M: 7.15%
• 1Y: 17.56%
• 3Y*: —
• 5Y*: —
• 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)

ONEZ vs. SEPZ - Yearly Performance Comparison

	2026 (YTD)	2025
ONEZ TrueShares Seasonality Laddered Buffered ETF	7.27%	8.99%
SEPZ TrueShares Structured Outcome (September) ETF	8.19%	11.38%

Correlation

The correlation between ONEZ and SEPZ is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.88
Correlation (All Time) Calculated using the full available price history since Jan 28, 2025	0.89

The correlation between ONEZ and SEPZ has been stable across timeframes, ranging from 0.88 to 0.89 - a consistent structural relationship.

Return for Risk

ONEZ vs. SEPZ — Risk / Return Rank

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

ONEZ

ONEZ Risk / Return Rank: 58
ONEZ Sharpe Ratio Rank: 58
ONEZ Sortino Ratio Rank: 59
ONEZ Omega Ratio Rank: 56
ONEZ Calmar Ratio Rank: 55
ONEZ 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.

ONEZ vs. SEPZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TrueShares Seasonality Laddered Buffered ETF (ONEZ) 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.

	ONEZ	SEPZ	Difference
Sharpe ratio: Return per unit of total volatility	1.91	2.08	-0.17
Sortino ratio: Return per unit of downside risk	2.76	2.96	-0.20
Omega ratio: Gain probability vs. loss probability	1.34	1.37	-0.03
Calmar ratio: Return relative to maximum drawdown	2.67	2.83	-0.16
Martin ratio: Return relative to average drawdown	11.14	12.83	-1.69
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ONEZ vs. SEPZ - Sharpe Ratio Comparison

The current ONEZ Sharpe Ratio is 1.91, which is comparable to the SEPZ Sharpe Ratio of 2.08. The chart below compares the historical Sharpe Ratios of ONEZ 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

	ONEZ	SEPZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.91	2.08	-0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.94	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.04	1.05	-0.01

Drawdowns

ONEZ vs. SEPZ - Drawdown Comparison

The maximum ONEZ drawdown since its inception was -13.24%, smaller than the maximum SEPZ drawdown of -15.22%. Use the drawdown chart below to compare losses from any high point for ONEZ and SEPZ.

Drawdown Indicators

	ONEZ	SEPZ	Difference
Max Drawdown Largest peak-to-trough decline	-13.24%	-15.22%	+1.98%
Max Drawdown (1Y) Largest decline over 1 year	-6.60%	-7.30%	+0.70%
Max Drawdown (3Y) Largest decline over 3 years	—	-14.57%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-15.22%	—
Current Drawdown Current decline from peak	-0.61%	-0.87%	+0.26%
Average Drawdown Average peak-to-trough decline	-2.07%	-2.84%	+0.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.58%	1.61%	-0.03%

Volatility

ONEZ vs. SEPZ - Volatility Comparison

The current volatility for TrueShares Seasonality Laddered Buffered ETF (ONEZ) is 2.54%, while TrueShares Structured Outcome (September) ETF (SEPZ) has a volatility of 2.68%. This indicates that ONEZ 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

	ONEZ	SEPZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.54%	2.68%	-0.14%
Volatility (6M) Calculated over the trailing 6-month period	7.03%	7.28%	-0.25%
Volatility (1Y) Calculated over the trailing 1-year period	9.23%	9.97%	-0.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.88%	12.29%	-0.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.88%	12.46%	-0.58%

ONEZ vs. SEPZ - Expense Ratio Comparison

ONEZ has a 0.98% expense ratio, which is higher than SEPZ's 0.80% expense ratio.

Dividends

ONEZ vs. SEPZ - Dividend Comparison

ONEZ's dividend yield for the trailing twelve months is around 3.70%, more than SEPZ's 2.03% yield.

Position	TTM	2025	2024	2023	2022	2021
ONEZ TrueShares Seasonality Laddered Buffered ETF	3.70%	3.97%	0.00%	0.00%	0.00%	0.00%
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 ONEZ and SEPZ in my portfolio?

ONEZ and SEPZ have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ONEZ or SEPZ?

SEPZ has higher volatility (2.68%) compared to ONEZ (2.54%). In terms of maximum drawdown, ONEZ dropped -13.24% vs SEPZ's -15.22%.

Which ETF is better, ONEZ or SEPZ?

On 1-year performance, SEPZ leads with 20.60% vs 17.56% for ONEZ. On fees, SEPZ is cheaper at 0.80% per year. On volatility, ONEZ has been the lower-risk option at 2.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ONEZ or SEPZ?

Over the 1-year period, SEPZ has performed better with a 20.60% return vs 17.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ONEZ or SEPZ?

SEPZ is cheaper with a 0.80% expense ratio, compared with 0.98% for ONEZ.

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

ONEZ has the higher dividend yield at 3.70%, compared with 2.03% for SEPZ.

What is the main difference between ONEZ and SEPZ?

ONEZ is categorized as Defined Outcome, while SEPZ is Options Trading. Their fees differ too: 0.98% for ONEZ and 0.80% for SEPZ.

Which has better risk-adjusted returns?

SEPZ currently has the higher Sharpe Ratio (2.08 vs 1.91), 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.