PVEX vs. JANZ
PVEX (TrueShares ConVequity ETF) and JANZ (TrueShares Structured Outcome (January) ETF) are both exchange-traded funds - PVEX is a Large Cap Blend Equities fund actively managed by TrueShares, while JANZ is a Defined Outcome fund actively managed by TrueShares. Both are actively managed. Over the past year, PVEX returned 23.82% vs 16.85% for JANZ. Their correlation of 0.92 means they have usually moved in the same direction. Both charge a 0.79% expense ratio.
Performance
PVEX vs. JANZ - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with PVEX having a 8.61% return and JANZ slightly lower at 8.52%.
PVEX
- 1D
- 1.59%
- 1M
- 0.75%
- 6M
- 7.37%
- YTD
- 8.61%
- 1Y
- 23.82%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 21.28%
JANZ
- 1D
- 1.09%
- 1M
- 1.30%
- 6M
- 7.10%
- YTD
- 8.52%
- 1Y
- 16.85%
- 3Y*
- 15.00%
- 5Y*
- 10.09%
- 10Y*
- —
- ALL TIME*
- 11.64%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $203.39K | $108.59K | $148.03K | |
| $254.37K | $188.67K | $237.45K |
PVEX vs. JANZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
PVEX TrueShares ConVequity ETF | 8.61% | 13.68% |
JANZ TrueShares Structured Outcome (January) ETF | 8.52% | 8.65% |
Correlation
The correlation between PVEX and JANZ is 0.93, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.93 |
Correlation (All Time) Calculated using the full available price history since Jun 30, 2025 | 0.92 |
The correlation between PVEX and JANZ has been stable across timeframes, ranging from 0.92 to 0.93 - a consistent structural relationship.
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Return for Risk
PVEX vs. JANZ — Risk / Return Rank
PVEX
JANZ
PVEX vs. JANZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for TrueShares ConVequity ETF (PVEX) 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.
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.
| PVEX | JANZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.06 | ||
| Sortino ratioReturn per unit of downside risk | +0.13 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.29 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 3.14 | 2.48 | +0.66 |
| Martin ratioReturn relative to average drawdown | 9.23 | 9.85 | -0.62 |
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Drawdowns
PVEX vs. JANZ - Drawdown Comparison
The maximum PVEX drawdown since its inception was -7.63%, smaller than the maximum JANZ drawdown of -18.11%. Use the drawdown chart below to compare losses from any high point for PVEX and JANZ.
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Drawdown Indicators
| PVEX | JANZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -7.63% | -18.11% | +10.48% |
Max Drawdown (1Y)Largest decline over 1 year | -7.63% | -6.83% | -0.80% |
Max Drawdown (3Y)Largest decline over 3 years | — | -14.33% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -18.11% | — |
Current DrawdownCurrent decline from peak | -1.79% | -0.29% | -1.50% |
Average DrawdownAverage peak-to-trough decline | -2.08% | -3.43% | +1.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.59% | 1.71% | +0.88% |
Volatility
PVEX vs. JANZ - Volatility Comparison
TrueShares ConVequity ETF (PVEX) has a higher volatility of 4.36% compared to TrueShares Structured Outcome (January) ETF (JANZ) at 3.15%. This indicates that PVEX's price experiences larger fluctuations and is considered to be riskier than JANZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PVEX | JANZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.36% | 3.15% | +1.21% |
Volatility (6M)Calculated over the trailing 6-month period | 9.55% | 8.26% | +1.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.27% | 10.45% | +3.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.33% | 13.27% | +2.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.33% | 12.97% | +2.36% |
PVEX vs. JANZ - Expense Ratio Comparison
Both PVEX and JANZ have an expense ratio of 0.79%.
Dividends
PVEX vs. JANZ - Dividend Comparison
PVEX's dividend yield for the trailing twelve months is around 0.17%, less 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% |
PVEX TrueShares ConVequity ETF | 0.17% | 0.19% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.93, PVEX and JANZ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
PVEX has higher volatility (4.36%) compared to JANZ (3.15%). In terms of maximum drawdown, PVEX dropped -7.63% vs JANZ's -18.11%.
On 1-year performance, PVEX leads with 23.82% vs 16.85% for JANZ. Both ETFs have the same 0.79% expense ratio. On volatility, JANZ has been the lower-risk option at 3.15%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, PVEX has performed better with a 23.82% return vs 16.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PVEX and JANZ have the same expense ratio: 0.79% per year.
JANZ has the higher dividend yield at 1.31%, compared with 0.17% for PVEX.
PVEX is categorized as Large Cap Blend Equities, while JANZ is Defined Outcome.
PVEX currently has the higher Sharpe Ratio (1.68 vs 1.62), 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.
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