QBUL vs. SEPZ

Last updated Jun 3, 2026

QBUL (TrueShares Quarterly Bull Hedge ETF) and SEPZ (TrueShares Structured Outcome (September) ETF) are both Options Trading funds from TrueShares. QBUL is actively managed, while SEPZ is passively managed. Over the past year, QBUL returned 6.05% vs 22.26% for SEPZ. A 0.68 correlation means they provide meaningful diversification when combined. QBUL charges 0.79%/yr vs 0.80%/yr for SEPZ.

Performance

QBUL vs. SEPZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TrueShares Quarterly Bull Hedge ETF (QBUL) and TrueShares Structured Outcome (September) ETF (SEPZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QBUL achieves a 2.81% return, which is significantly lower than SEPZ's 8.94% return.

QBUL

• 1D: 0.12%
• 1M: 1.73%
• YTD: 2.81%
• 6M: 2.73%
• 1Y: 6.05%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SEPZ

• 1D: -0.17%
• 1M: 4.35%
• YTD: 8.94%
• 6M: 9.15%
• 1Y: 22.26%
• 3Y*: 16.71%
• 5Y*: 11.86%
• 10Y*: —

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

QBUL vs. SEPZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
QBUL TrueShares Quarterly Bull Hedge ETF	2.81%	4.87%	0.58%
SEPZ TrueShares Structured Outcome (September) ETF	8.94%	13.18%	5.71%

Correlation

The correlation between QBUL and SEPZ is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.77
Correlation (All Time) Calculated using the full available price history since Jul 2, 2024	0.68

The correlation between QBUL and SEPZ has been stable across timeframes, ranging from 0.68 to 0.77 - a consistent structural relationship.

Return for Risk

QBUL vs. SEPZ — Risk / Return Rank

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

QBUL

QBUL Risk / Return Rank: 47
QBUL Sharpe Ratio Rank: 49
QBUL Sortino Ratio Rank: 51
QBUL Omega Ratio Rank: 50
QBUL Calmar Ratio Rank: 50
QBUL Martin Ratio Rank: 33

SEPZ

SEPZ Risk / Return Rank: 67
SEPZ Sharpe Ratio Rank: 66
SEPZ Sortino Ratio Rank: 68
SEPZ Omega Ratio Rank: 65
SEPZ Calmar Ratio Rank: 61
SEPZ 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.

QBUL vs. SEPZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TrueShares Quarterly Bull Hedge ETF (QBUL) 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.

	QBUL	SEPZ	Difference
Sharpe ratio Return per unit of total volatility	1.72	2.25	-0.53
Sortino ratio Return per unit of downside risk	2.53	3.19	-0.66
Omega ratio Gain probability vs. loss probability	1.32	1.40	-0.08
Calmar ratio Return relative to maximum drawdown	2.53	3.09	-0.55
Martin ratio Return relative to average drawdown	5.02	14.02	-9.00
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QBUL vs. SEPZ - Sharpe Ratio Comparison

The current QBUL Sharpe Ratio is 1.72, which is comparable to the SEPZ Sharpe Ratio of 2.25. The chart below compares the historical Sharpe Ratios of QBUL and SEPZ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	QBUL	SEPZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.72	2.25	-0.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.97	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.15	1.06	+0.09

Drawdowns

QBUL vs. SEPZ - Drawdown Comparison

The maximum QBUL drawdown since its inception was -2.45%, smaller than the maximum SEPZ drawdown of -15.22%. Use the drawdown chart below to compare losses from any high point for QBUL and SEPZ.

Drawdown Indicators

	QBUL	SEPZ	Difference
Max Drawdown Largest peak-to-trough decline	-2.45%	-15.22%	+12.77%
Max Drawdown (1Y) Largest decline over 1 year	-2.45%	-7.30%	+4.85%
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	0.00%	-0.17%	+0.17%
Average Drawdown Average peak-to-trough decline	-0.98%	-2.84%	+1.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.24%	1.61%	-0.37%

Volatility

QBUL vs. SEPZ - Volatility Comparison

The current volatility for TrueShares Quarterly Bull Hedge ETF (QBUL) is 1.26%, while TrueShares Structured Outcome (September) ETF (SEPZ) has a volatility of 2.63%. This indicates that QBUL experiences smaller price fluctuations and is considered to be less risky than SEPZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QBUL	SEPZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.26%	2.63%	-1.37%
Volatility (6M) Calculated over the trailing 6-month period	2.23%	7.25%	-5.02%
Volatility (1Y) Calculated over the trailing 1-year period	3.53%	9.94%	-6.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.78%	12.29%	-8.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.78%	12.46%	-8.68%

QBUL vs. SEPZ - Expense Ratio Comparison

QBUL has a 0.79% expense ratio, which is lower than SEPZ's 0.80% expense ratio.

Dividends

QBUL vs. SEPZ - Dividend Comparison

QBUL's dividend yield for the trailing twelve months is around 8.70%, more than SEPZ's 2.02% yield.

Position	TTM	2025	2024	2023	2022	2021
QBUL TrueShares Quarterly Bull Hedge ETF	8.70%	8.94%	1.82%	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 QBUL and SEPZ in my portfolio?

QBUL and SEPZ have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QBUL or SEPZ?

SEPZ has higher volatility (2.63%) compared to QBUL (1.26%). In terms of maximum drawdown, QBUL dropped -2.45% vs SEPZ's -15.22%.

Which ETF is better, QBUL or SEPZ?

On 1-year performance, SEPZ leads with 22.26% vs 6.05% for QBUL. On fees, QBUL is cheaper at 0.79% per year. On volatility, QBUL has been the lower-risk option at 1.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QBUL or SEPZ?

Over the 1-year period, SEPZ has performed better with a 22.26% return vs 6.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QBUL or SEPZ?

QBUL is cheaper with a 0.79% expense ratio, compared with 0.80% for SEPZ.

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

QBUL has the higher dividend yield at 8.70%, compared with 2.02% for SEPZ.

What is the main difference between QBUL and SEPZ?

Their fees differ too: 0.79% for QBUL and 0.80% for SEPZ.

Which has better risk-adjusted returns?

SEPZ currently has the higher Sharpe Ratio (2.25 vs 1.72), 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.