PAYM vs. AUGZ

Last updated Jul 16, 2026

PAYM (TrueShares S&P Autocallable Defensive Income ETF) and AUGZ (TrueShares Structured Outcome (August) ETF) are both exchange-traded funds - PAYM is a Derivative Income fund tracking the S&P 500 Futures 20% Intraday VT 2% Decrement Index, while AUGZ is a Defined Outcome fund tracking the S&P 500 Index. Both are passively managed. At a 0.42 correlation, their price movements are largely independent. PAYM charges 0.74%/yr vs 0.79%/yr for AUGZ.

Performance

PAYM vs. AUGZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TrueShares S&P Autocallable Defensive Income ETF (PAYM) and TrueShares Structured Outcome (August) ETF (AUGZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

PAYM

• 1D: 0.71%
• 1M: 0.32%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

AUGZ

• 1D: 0.29%
• 1M: 0.11%
• 6M: 7.31%
• YTD: 8.18%
• 1Y: 16.43%
• 3Y*: 15.05%
• 5Y*: 10.38%
• 10Y*: —

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

PAYM vs. AUGZ - Yearly Performance Comparison

	2026 (YTD)
PAYM TrueShares S&P Autocallable Defensive Income ETF	1.39%
AUGZ TrueShares Structured Outcome (August) ETF	0.43%

Correlation

The correlation between PAYM and AUGZ is 0.42, 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 May 28, 2026	0.42

Return for Risk

PAYM vs. AUGZ — Risk / Return Rank

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

PAYM

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

AUGZ

AUGZ Risk / Return Rank: 59
AUGZ Sharpe Ratio Rank: 59
AUGZ Sortino Ratio Rank: 58
AUGZ Omega Ratio Rank: 58
AUGZ Calmar Ratio Rank: 55
AUGZ Martin Ratio Rank: 63

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.

PAYM vs. AUGZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TrueShares S&P Autocallable Defensive Income ETF (PAYM) 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.

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.

	PAYM	AUGZ	Difference
Sharpe ratio: Return per unit of total volatility	—	1.61	—
Sortino ratio: Return per unit of downside risk	—	2.25	—
Omega ratio: Gain probability vs. loss probability	—	1.29	—
Calmar ratio: Return relative to maximum drawdown	—	2.28	—
Martin ratio: Return relative to average drawdown	—	9.09	—

Drawdowns

PAYM vs. AUGZ - Drawdown Comparison

The maximum PAYM drawdown since its inception was -5.41%, smaller than the maximum AUGZ drawdown of -15.67%. Use the drawdown chart below to compare losses from any high point for PAYM and AUGZ.

Drawdown Indicators

	PAYM	AUGZ	Difference
Max Drawdown Largest peak-to-trough decline	-5.41%	-15.67%	+10.26%
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	-1.37%	-0.63%	-0.74%
Average Drawdown Average peak-to-trough decline	-2.28%	-3.09%	+0.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.81%	—

Volatility

Volatility by Period

	PAYM	AUGZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.70%	—
Volatility (6M) Calculated over the trailing 6-month period	—	8.32%	—
Volatility (1Y) Calculated over the trailing 1-year period	20.10%	10.26%	+9.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.10%	12.09%	+8.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.10%	12.13%	+7.97%

PAYM vs. AUGZ - Expense Ratio Comparison

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

Dividends

PAYM vs. AUGZ - Dividend Comparison

PAYM's dividend yield for the trailing twelve months is around 1.65%, less than AUGZ's 3.35% yield.

Position	TTM	2025	2024	2023	2022
AUGZ TrueShares Structured Outcome (August) ETF	3.35%	3.63%	4.08%	3.42%	0.41%
PAYM TrueShares S&P Autocallable Defensive Income ETF	1.65%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PAYM and AUGZ in my portfolio?

PAYM and AUGZ have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PAYM or AUGZ?

On fees, PAYM 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, PAYM or AUGZ?

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

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

AUGZ has the higher dividend yield at 3.35%, compared with 1.65% for PAYM.

What is the main difference between PAYM and AUGZ?

PAYM is categorized as Derivative Income, while AUGZ is Defined Outcome. PAYM tracks S&P 500 Futures 20% Intraday VT 2% Decrement Index, while AUGZ tracks S&P 500 Index. Their fees differ too: 0.74% for PAYM and 0.79% for AUGZ.