PAYH vs. SEPZ

Last updated Jun 5, 2026

PAYH (TrueShares S&P Autocallable High Income ETF) and SEPZ (TrueShares Structured Outcome (September) ETF) are both exchange-traded funds - PAYH is a Derivative Income fund actively managed by TrueShares, while SEPZ is a Options Trading fund tracking the Cboe S&P 500 Buffer Protect Index September. PAYH is actively managed, while SEPZ is passively managed. At a 0.35 correlation, their price movements are largely independent. PAYH charges 0.74%/yr vs 0.80%/yr for SEPZ.

Performance

PAYH vs. SEPZ - 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 (September) ETF (SEPZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with PAYH having a 8.63% return and SEPZ slightly higher at 8.74%.

PAYH

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

SEPZ

• 1D: 0.51%
• 1M: 4.08%
• YTD: 8.74%
• 6M: 8.67%
• 1Y: 21.27%
• 3Y*: 16.65%
• 5Y*: 11.65%
• 10Y*: —

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

PAYH vs. SEPZ - Yearly Performance Comparison

	2026 (YTD)	2025
PAYH TrueShares S&P Autocallable High Income ETF	8.63%	-0.58%
SEPZ TrueShares Structured Outcome (September) ETF	8.74%	-0.43%

Correlation

The correlation between PAYH and SEPZ is 0.35, 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	0.35

Return for Risk

PAYH vs. SEPZ — Risk / Return Rank

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

SEPZ

SEPZ Risk / Return Rank: 66
SEPZ Sharpe Ratio Rank: 65
SEPZ Sortino Ratio Rank: 67
SEPZ Omega Ratio Rank: 63
SEPZ Calmar Ratio Rank: 60
SEPZ Martin Ratio Rank: 72

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. SEPZ - 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 (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.

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

Sharpe Ratios by Period

	PAYH	SEPZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.14	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.95	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.84	1.05	-0.21

Drawdowns

PAYH vs. SEPZ - Drawdown Comparison

The maximum PAYH drawdown since its inception was -16.33%, which is greater than SEPZ's maximum drawdown of -15.22%. Use the drawdown chart below to compare losses from any high point for PAYH and SEPZ.

Drawdown Indicators

	PAYH	SEPZ	Difference
Max Drawdown Largest peak-to-trough decline	-16.33%	-15.22%	-1.11%
Max Drawdown (1Y) Largest decline over 1 year	—	-7.30%	—
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	-1.04%	-0.36%	-0.68%
Average Drawdown Average peak-to-trough decline	-2.76%	-2.84%	+0.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.61%	—

Volatility

Volatility by Period

	PAYH	SEPZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.67%	—
Volatility (6M) Calculated over the trailing 6-month period	—	7.29%	—
Volatility (1Y) Calculated over the trailing 1-year period	23.64%	9.96%	+13.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.64%	12.29%	+11.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.64%	12.45%	+11.19%

PAYH vs. SEPZ - Expense Ratio Comparison

PAYH has a 0.74% expense ratio, which is lower than SEPZ's 0.80% expense ratio.

Dividends

PAYH vs. SEPZ - Dividend Comparison

PAYH's dividend yield for the trailing twelve months is around 6.46%, more than SEPZ's 2.02% yield.

Position	TTM	2025	2024	2023	2022	2021
PAYH TrueShares S&P Autocallable High Income ETF	6.46%	0.00%	0.00%	0.00%	0.00%	0.00%
SEPZ TrueShares Structured Outcome (September) ETF	2.02%	2.20%	3.62%	3.55%	0.69%	0.05%

Frequently Asked Questions

Can I hold both PAYH and SEPZ in my portfolio?

PAYH and SEPZ have a correlation of 0.35, 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 SEPZ?

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 SEPZ?

PAYH is cheaper with a 0.74% expense ratio, compared with 0.80% for SEPZ.

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

PAYH has the higher dividend yield at 6.46%, compared with 2.02% for SEPZ.

What is the main difference between PAYH and SEPZ?

PAYH is categorized as Derivative Income, while SEPZ is Options Trading. Their fees differ too: 0.74% for PAYH and 0.80% for SEPZ.