SEPZ vs. CBOX
SEPZ (TrueShares Structured Outcome (September) ETF) and CBOX (Calamos Tax-Aware Collateral ETF) are both Options Trading funds. SEPZ is passively managed, while CBOX is actively managed. Their 0.07 correlation means their historical movements had little consistent relationship. SEPZ charges 0.80%/yr vs 0.14%/yr for CBOX.
Performance
SEPZ vs. CBOX - Performance Comparison
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Returns By Period
SEPZ
- 1D
- 0.59%
- 1M
- -0.07%
- 6M
- 6.07%
- YTD
- 7.08%
- 1Y
- 16.22%
- 3Y*
- 14.12%
- 5Y*
- 10.57%
- 10Y*
- —
- ALL TIME*
- 12.40%
CBOX
- 1D
- 0.00%
- 1M
- 0.37%
- 6M
- —
- YTD
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $7.89M | $8.89M | $7.14M | |
| $230.97K | $255.91K | $416.21K |
SEPZ vs. CBOX - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
SEPZ TrueShares Structured Outcome (September) ETF | 4.92% |
CBOX Calamos Tax-Aware Collateral ETF | 1.12% |
Correlation
The correlation between SEPZ and CBOX is 0.07, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Apr 17, 2026 | 0.07 |
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Return for Risk
SEPZ vs. CBOX — Risk / Return Rank
SEPZ
CBOX
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
SEPZ vs. CBOX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for TrueShares Structured Outcome (September) ETF (SEPZ) and Calamos Tax-Aware Collateral ETF (CBOX). 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 | CBOX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.23 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 1.95 | — | — |
| Martin ratioReturn relative to average drawdown | 7.79 | — | — |
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Drawdowns
SEPZ vs. CBOX - Drawdown Comparison
The maximum SEPZ drawdown since its inception was -15.22%, which is greater than CBOX's maximum drawdown of -2.90%. Use the drawdown chart below to compare losses from any high point for SEPZ and CBOX.
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Drawdown Indicators
| SEPZ | CBOX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.22% | -2.90% | -12.32% |
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 DrawdownCurrent decline from peak | -1.89% | -2.30% | +0.41% |
Average DrawdownAverage peak-to-trough decline | -2.82% | -1.47% | -1.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.82% | — | — |
Volatility
SEPZ vs. CBOX - Volatility Comparison
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Volatility by Period
| SEPZ | CBOX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.06% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 8.53% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 10.99% | 7.83% | +3.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.41% | 7.83% | +4.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.48% | 7.83% | +4.65% |
SEPZ vs. CBOX - Expense Ratio Comparison
SEPZ has a 0.80% expense ratio, which is higher than CBOX's 0.14% expense ratio.
Dividends
SEPZ vs. CBOX - Dividend Comparison
SEPZ's dividend yield for the trailing twelve months is around 2.05%, while CBOX has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
CBOX Calamos Tax-Aware Collateral ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SEPZ TrueShares Structured Outcome (September) ETF | 2.05% | 2.20% | 3.62% | 3.55% | 0.69% | 0.05% |
Frequently Asked Questions
SEPZ and CBOX have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CBOX is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CBOX is cheaper with a 0.14% expense ratio, compared with 0.80% for SEPZ.
SEPZ has the higher dividend yield at 2.05%, compared with 0.00% for CBOX.
They also come from different issuers: TrueShares and Calamos. Their fees differ too: 0.80% for SEPZ and 0.14% for CBOX.
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