PAYH vs. AUGZ

Last updated Jun 5, 2026

PAYH (TrueShares S&P Autocallable High Income ETF) and AUGZ (TrueShares Structured Outcome (August) ETF) are both exchange-traded funds - PAYH is a Derivative Income fund actively managed by TrueShares, while AUGZ is a Defined Outcome fund tracking the S&P 500 Index. PAYH is actively managed, while AUGZ is passively managed. At a 0.28 correlation, their price movements are largely independent. PAYH charges 0.74%/yr vs 0.79%/yr for AUGZ.

Performance

PAYH vs. AUGZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TrueShares S&P Autocallable High Income ETF (PAYH) and TrueShares Structured Outcome (August) ETF (AUGZ). 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 PAYH having a 8.63% return and AUGZ slightly lower at 8.51%.

PAYH

• 1D: -0.66%
• 1M: 0.43%
• YTD: 8.63%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

AUGZ

• 1D: 0.22%
• 1M: 3.89%
• YTD: 8.51%
• 6M: 8.48%
• 1Y: 21.10%
• 3Y*: 16.51%
• 5Y*: 10.88%
• 10Y*: —

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

PAYH vs. AUGZ - Yearly Performance Comparison

	2026 (YTD)	2025
PAYH TrueShares S&P Autocallable High Income ETF	8.63%	-0.58%
AUGZ TrueShares Structured Outcome (August) ETF	8.51%	-0.58%

Correlation

The correlation between PAYH and AUGZ is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 31, 2025	0.28

Return for Risk

PAYH vs. AUGZ — Risk / Return Rank

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

AUGZ

AUGZ Risk / Return Rank: 67
AUGZ Sharpe Ratio Rank: 69
AUGZ Sortino Ratio Rank: 68
AUGZ Omega Ratio Rank: 68
AUGZ Calmar Ratio Rank: 60
AUGZ 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.

PAYH vs. AUGZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TrueShares S&P Autocallable High Income ETF (PAYH) and TrueShares Structured Outcome (August) ETF (AUGZ). 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.

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

Sharpe Ratios by Period

	PAYH	AUGZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.23	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.91	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.84	1.09	-0.24

Drawdowns

PAYH vs. AUGZ - Drawdown Comparison

The maximum PAYH drawdown since its inception was -16.33%, roughly equal to the maximum AUGZ drawdown of -15.67%. Use the drawdown chart below to compare losses from any high point for PAYH and AUGZ.

Drawdown Indicators

	PAYH	AUGZ	Difference
Max Drawdown Largest peak-to-trough decline	-16.33%	-15.67%	-0.66%
Max Drawdown (1Y) Largest decline over 1 year	—	-7.23%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-14.52%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-15.67%	—
Current Drawdown Current decline from peak	-1.04%	-0.33%	-0.71%
Average Drawdown Average peak-to-trough decline	-2.76%	-3.11%	+0.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.68%	—

Volatility

Volatility by Period

	PAYH	AUGZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.56%	—
Volatility (6M) Calculated over the trailing 6-month period	—	7.25%	—
Volatility (1Y) Calculated over the trailing 1-year period	23.64%	9.49%	+14.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.64%	11.96%	+11.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.64%	12.10%	+11.54%

PAYH vs. AUGZ - Expense Ratio Comparison

PAYH has a 0.74% expense ratio, which is lower than AUGZ's 0.79% expense ratio.

Dividends

PAYH vs. AUGZ - Dividend Comparison

PAYH's dividend yield for the trailing twelve months is around 6.46%, more than AUGZ's 3.34% yield.

Position	TTM	2025	2024	2023	2022
AUGZ TrueShares Structured Outcome (August) ETF	3.34%	3.63%	4.08%	3.42%	0.41%
PAYH TrueShares S&P Autocallable High Income ETF	6.46%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PAYH and AUGZ in my portfolio?

PAYH and AUGZ have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PAYH or AUGZ?

On fees, PAYH is cheaper at 0.74% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PAYH or AUGZ?

PAYH is cheaper with a 0.74% expense ratio, compared with 0.79% for AUGZ.

Which ETF pays a higher dividend yield, PAYH or AUGZ?

PAYH has the higher dividend yield at 6.46%, compared with 3.34% for AUGZ.

What is the main difference between PAYH and AUGZ?

PAYH is categorized as Derivative Income, while AUGZ is Defined Outcome. Their fees differ too: 0.74% for PAYH and 0.79% for AUGZ.