SEPZ vs. APLY

Last updated Jul 17, 2026

SEPZ (TrueShares Structured Outcome (September) ETF) and APLY (YieldMax AAPL Option Income Strategy ETF) are both Options Trading funds. SEPZ is passively managed, while APLY is actively managed. Over the past 3 years, SEPZ returned 14.70%/yr vs 11.40%/yr for APLY. A 0.51 correlation means they provide meaningful diversification when combined. SEPZ charges 0.80%/yr vs 0.99%/yr for APLY.

Performance

SEPZ vs. APLY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TrueShares Structured Outcome (September) ETF (SEPZ) and YieldMax AAPL Option Income Strategy ETF (APLY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SEPZ achieves a 7.74% return, which is significantly lower than APLY's 14.78% return.

SEPZ

• 1D: -0.42%
• 1M: -0.14%
• 6M: 6.59%
• YTD: 7.74%
• 1Y: 16.03%
• 3Y*: 14.70%
• 5Y*: 11.01%
• 10Y*: —

APLY

• 1D: 1.28%
• 1M: 8.89%
• 6M: 19.82%
• YTD: 14.78%
• 1Y: 38.17%
• 3Y*: 11.40%
• 5Y*: —
• 10Y*: —

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

SEPZ vs. APLY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SEPZ TrueShares Structured Outcome (September) ETF	7.74%	13.18%	18.23%	11.62%
APLY YieldMax AAPL Option Income Strategy ETF	14.78%	4.69%	18.62%	11.43%

Correlation

The correlation between SEPZ and APLY is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (All Time) Calculated using the full available price history since Apr 18, 2023	0.51

The correlation between SEPZ and APLY has been stable across timeframes, ranging from 0.45 to 0.51 - a consistent structural relationship.

Return for Risk

SEPZ vs. APLY — Risk / Return Rank

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

SEPZ

SEPZ Risk / Return Rank: 56
SEPZ Sharpe Ratio Rank: 55
SEPZ Sortino Ratio Rank: 55
SEPZ Omega Ratio Rank: 52
SEPZ Calmar Ratio Rank: 54
SEPZ Martin Ratio Rank: 65

APLY

APLY Risk / Return Rank: 72
APLY Sharpe Ratio Rank: 75
APLY Sortino Ratio Rank: 72
APLY Omega Ratio Rank: 79
APLY Calmar Ratio Rank: 79
APLY Martin Ratio Rank: 57

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.

SEPZ vs. APLY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TrueShares Structured Outcome (September) ETF (SEPZ) and YieldMax AAPL Option Income Strategy ETF (APLY). 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.

	SEPZ	APLY	Difference
Sharpe ratio: Return per unit of total volatility	1.50	1.92	-0.42
Sortino ratio: Return per unit of downside risk	2.16	2.58	-0.42
Omega ratio: Gain probability vs. loss probability	1.26	1.37	-0.11
Calmar ratio: Return relative to maximum drawdown	2.21	3.26	-1.06
Martin ratio: Return relative to average drawdown	9.13	7.84	+1.30

SEPZ vs. APLY - Sharpe Ratio Comparison

The current SEPZ Sharpe Ratio is 1.50, which is comparable to the APLY Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of SEPZ and APLY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SEPZ vs. APLY - Drawdown Comparison

The maximum SEPZ drawdown since its inception was -15.22%, smaller than the maximum APLY drawdown of -30.41%. Use the drawdown chart below to compare losses from any high point for SEPZ and APLY.

Drawdown Indicators

	SEPZ	APLY	Difference
Max Drawdown Largest peak-to-trough decline	-15.22%	-30.41%	+15.19%
Max Drawdown (1Y) Largest decline over 1 year	-7.30%	-11.76%	+4.46%
Max Drawdown (3Y) Largest decline over 3 years	-14.57%	-30.41%	+15.84%
Max Drawdown (5Y) Largest decline over 5 years	-15.22%	—	—
Current Drawdown Current decline from peak	-1.28%	0.00%	-1.28%
Average Drawdown Average peak-to-trough decline	-2.82%	-6.81%	+3.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.76%	4.88%	-3.12%

Volatility

SEPZ vs. APLY - Volatility Comparison

The current volatility for TrueShares Structured Outcome (September) ETF (SEPZ) is 3.50%, while YieldMax AAPL Option Income Strategy ETF (APLY) has a volatility of 9.53%. This indicates that SEPZ experiences smaller price fluctuations and is considered to be less risky than APLY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SEPZ	APLY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.50%	9.53%	-6.03%
Volatility (6M) Calculated over the trailing 6-month period	8.42%	16.20%	-7.78%
Volatility (1Y) Calculated over the trailing 1-year period	10.74%	20.00%	-9.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.42%	21.36%	-8.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.48%	21.36%	-8.88%

SEPZ vs. APLY - Expense Ratio Comparison

SEPZ has a 0.80% expense ratio, which is lower than APLY's 0.99% expense ratio.

Dividends

SEPZ vs. APLY - Dividend Comparison

SEPZ's dividend yield for the trailing twelve months is around 2.04%, less than APLY's 34.80% yield.

Position	TTM	2025	2024	2023	2022	2021
APLY YieldMax AAPL Option Income Strategy ETF	34.80%	36.38%	24.95%	14.36%	0.00%	0.00%
SEPZ TrueShares Structured Outcome (September) ETF	2.04%	2.20%	3.62%	3.55%	0.69%	0.05%

Frequently Asked Questions

Can I hold both SEPZ and APLY in my portfolio?

SEPZ and APLY have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SEPZ or APLY?

APLY has higher volatility (9.53%) compared to SEPZ (3.50%). In terms of maximum drawdown, SEPZ dropped -15.22% vs APLY's -30.41%.

Which ETF is better, SEPZ or APLY?

On 3-year performance, SEPZ leads with 14.70% vs 11.40% for APLY. On fees, SEPZ is cheaper at 0.80% per year. On volatility, SEPZ has been the lower-risk option at 3.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SEPZ or APLY?

Over the 3-year period, SEPZ has performed better with a 14.70% return vs 11.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SEPZ or APLY?

SEPZ is cheaper with a 0.80% expense ratio, compared with 0.99% for APLY.

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

APLY has the higher dividend yield at 34.80%, compared with 2.04% for SEPZ.

What is the main difference between SEPZ and APLY?

They also come from different issuers: TrueShares and YieldMax. Their fees differ too: 0.80% for SEPZ and 0.99% for APLY.

Which has better risk-adjusted returns?

APLY currently has the higher Sharpe Ratio (1.92 vs 1.50), 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.