PAYH vs. JANZ

Last updated Jun 5, 2026

PAYH (TrueShares S&P Autocallable High Income ETF) and JANZ (TrueShares Structured Outcome (January) ETF) are both exchange-traded funds - PAYH is a Derivative Income fund actively managed by TrueShares, while JANZ is a Defined Outcome fund actively managed by TrueShares. Both are actively managed. At a 0.31 correlation, their price movements are largely independent. PAYH charges 0.74%/yr vs 0.79%/yr for JANZ.

Performance

PAYH vs. JANZ - 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 (January) ETF (JANZ). 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 JANZ slightly lower at 8.58%.

PAYH

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

JANZ

• 1D: 0.32%
• 1M: 3.89%
• YTD: 8.58%
• 6M: 8.38%
• 1Y: 20.83%
• 3Y*: 16.35%
• 5Y*: 10.77%
• 10Y*: —

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

PAYH vs. JANZ - Yearly Performance Comparison

	2026 (YTD)	2025
PAYH TrueShares S&P Autocallable High Income ETF	8.63%	-0.58%
JANZ TrueShares Structured Outcome (January) ETF	8.58%	-0.51%

Correlation

The correlation between PAYH and JANZ is 0.31, 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	0.31

Return for Risk

PAYH vs. JANZ — Risk / Return Rank

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

JANZ

JANZ Risk / Return Rank: 68
JANZ Sharpe Ratio Rank: 68
JANZ Sortino Ratio Rank: 69
JANZ Omega Ratio Rank: 67
JANZ Calmar Ratio Rank: 63
JANZ Martin Ratio Rank: 73

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. JANZ - 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 (January) ETF (JANZ). 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	JANZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.22	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.82	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.84	0.93	-0.09

Drawdowns

PAYH vs. JANZ - Drawdown Comparison

The maximum PAYH drawdown since its inception was -16.33%, smaller than the maximum JANZ drawdown of -18.11%. Use the drawdown chart below to compare losses from any high point for PAYH and JANZ.

Drawdown Indicators

	PAYH	JANZ	Difference
Max Drawdown Largest peak-to-trough decline	-16.33%	-18.11%	+1.78%
Max Drawdown (1Y) Largest decline over 1 year	—	-6.83%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-14.33%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-18.11%	—
Current Drawdown Current decline from peak	-1.04%	-0.23%	-0.81%
Average Drawdown Average peak-to-trough decline	-2.76%	-3.48%	+0.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.54%	—

Volatility

Volatility by Period

	PAYH	JANZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.41%	—
Volatility (6M) Calculated over the trailing 6-month period	—	7.10%	—
Volatility (1Y) Calculated over the trailing 1-year period	23.64%	9.41%	+14.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.64%	13.14%	+10.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.64%	12.97%	+10.67%

PAYH vs. JANZ - Expense Ratio Comparison

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

Dividends

PAYH vs. JANZ - Dividend Comparison

PAYH's dividend yield for the trailing twelve months is around 6.46%, more than JANZ's 1.31% yield.

Position	TTM	2025	2024	2023	2022	2021
JANZ TrueShares Structured Outcome (January) ETF	1.31%	1.42%	2.70%	2.58%	0.21%	4.52%
PAYH TrueShares S&P Autocallable High Income ETF	6.46%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PAYH and JANZ in my portfolio?

PAYH and JANZ have a correlation of 0.31, 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 JANZ?

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 JANZ?

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

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

PAYH has the higher dividend yield at 6.46%, compared with 1.31% for JANZ.

What is the main difference between PAYH and JANZ?

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