SEPZ vs. DIVN

Last updated Aug 2, 2026

SEPZ (TrueShares Structured Outcome (September) ETF) and DIVN (Horizon Dividend Income ETF) are both exchange-traded funds - SEPZ is a Options Trading fund tracking the Cboe S&P 500 Buffer Protect Index September, while DIVN is a Large Cap Value Equities fund actively managed by Horizon. SEPZ is passively managed, while DIVN is actively managed. Over the past year, SEPZ returned 16.22% vs 22.54% for DIVN. Their 0.39 correlation means their historical movements had little consistent relationship. SEPZ charges 0.80%/yr vs 0.70%/yr for DIVN.

Performance

SEPZ vs. DIVN - Performance Comparison

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

Returns By Period

In the year-to-date period, SEPZ achieves a 7.08% return, which is significantly lower than DIVN's 14.80% return.

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%

DIVN

• 1D: 0.20%
• 1M: 1.14%
• 6M: 8.07%
• YTD: 14.80%
• 1Y: 22.54%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 21.81%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DIVN Horizon Dividend Income ETF	$10.90M	$5.41M	$2.61M
SEPZ TrueShares Structured Outcome (September) ETF	$230.97K	$255.91K	$416.21K

SEPZ vs. DIVN - Yearly Performance Comparison

	2026 (YTD)	2025
SEPZ TrueShares Structured Outcome (September) ETF	7.08%	10.03%
DIVN Horizon Dividend Income ETF	14.80%	8.11%

Correlation

The correlation between SEPZ and DIVN is 0.40, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.40
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025	0.39

Return for Risk

SEPZ vs. DIVN — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SEPZ

SEPZ Risk / Return Rank: 55
SEPZ Sharpe Ratio Rank: 53
SEPZ Sortino Ratio Rank: 52
SEPZ Omega Ratio Rank: 50
SEPZ Calmar Ratio Rank: 55
SEPZ Martin Ratio Rank: 64

DIVN

DIVN Risk / Return Rank: 88
DIVN Sharpe Ratio Rank: 89
DIVN Sortino Ratio Rank: 92
DIVN Omega Ratio Rank: 87
DIVN Calmar Ratio Rank: 91
DIVN Martin Ratio Rank: 84

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SEPZ vs. DIVN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TrueShares Structured Outcome (September) ETF (SEPZ) and Horizon Dividend Income ETF (DIVN). 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	DIVN	Difference
Sharpe ratio: Return per unit of total volatility	1.29	2.19	-0.90
Sortino ratio: Return per unit of downside risk	1.87	3.36	-1.49
Omega ratio: Gain probability vs. loss probability	1.23	1.39	-0.16
Calmar ratio: Return relative to maximum drawdown	1.95	4.08	-2.14
Martin ratio: Return relative to average drawdown	7.79	11.49	-3.70

SEPZ vs. DIVN - Sharpe Ratio Comparison

The current SEPZ Sharpe Ratio is 1.29, which is lower than the DIVN Sharpe Ratio of 2.19. The chart below compares the historical Sharpe Ratios of SEPZ and DIVN, 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. DIVN - Drawdown Comparison

The maximum SEPZ drawdown since its inception was -15.22%, which is greater than DIVN's maximum drawdown of -5.55%. Use the drawdown chart below to compare losses from any high point for SEPZ and DIVN.

Drawdown Indicators

	SEPZ	DIVN	Difference
Max Drawdown Largest peak-to-trough decline	-15.22%	-5.55%	-9.67%
Max Drawdown (1Y) Largest decline over 1 year	-7.30%	-5.55%	-1.75%
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	-1.89%	-1.39%	-0.50%
Average Drawdown Average peak-to-trough decline	-2.82%	-1.35%	-1.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.82%	1.97%	-0.15%

Volatility

SEPZ vs. DIVN - Volatility Comparison

TrueShares Structured Outcome (September) ETF (SEPZ) and Horizon Dividend Income ETF (DIVN) have volatilities of 3.06% and 3.15%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SEPZ	DIVN	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.06%	3.15%	-0.09%
Volatility (6M) Calculated over the trailing 6-month period	8.53%	7.55%	+0.98%
Volatility (1Y) Calculated over the trailing 1-year period	10.99%	10.52%	+0.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.41%	10.53%	+1.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.48%	10.53%	+1.95%

SEPZ vs. DIVN - Expense Ratio Comparison

SEPZ has a 0.80% expense ratio, which is higher than DIVN's 0.70% expense ratio.

Dividends

SEPZ vs. DIVN - Dividend Comparison

SEPZ's dividend yield for the trailing twelve months is around 2.05%, less than DIVN's 3.70% yield.

Position	TTM	2025	2024	2023	2022	2021
DIVN Horizon Dividend Income ETF	3.70%	1.47%	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

Can I hold both SEPZ and DIVN in my portfolio?

SEPZ and DIVN have a correlation of 0.40, 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 DIVN?

DIVN has higher volatility (3.15%) compared to SEPZ (3.06%). In terms of maximum drawdown, SEPZ dropped -15.22% vs DIVN's -5.55%.

Which ETF is better, SEPZ or DIVN?

On 1-year performance, DIVN leads with 22.54% vs 16.22% for SEPZ. On fees, DIVN is cheaper at 0.70% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SEPZ or DIVN?

Over the 1-year period, DIVN has performed better with a 22.54% return vs 16.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SEPZ or DIVN?

DIVN is cheaper with a 0.70% expense ratio, compared with 0.80% for SEPZ.

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

DIVN has the higher dividend yield at 3.70%, compared with 2.05% for SEPZ.

What is the main difference between SEPZ and DIVN?

SEPZ is categorized as Options Trading, while DIVN is Large Cap Value Equities. They also come from different issuers: TrueShares and Horizon. Their fees differ too: 0.80% for SEPZ and 0.70% for DIVN.

Which has better risk-adjusted returns?

DIVN currently has the higher Sharpe Ratio (2.19 vs 1.29), 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.