SEPZ vs. GMAR

Last updated Apr 1, 2026

Compare and contrast key facts about TrueShares Structured Outcome (September) ETF (SEPZ) and FT Cboe Vest U.S. Equity Moderate Buffer ETF - March (GMAR).

SEPZ and GMAR are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SEPZ is a passively managed fund by TrueShares that tracks the performance of the Cboe S&P 500 Buffer Protect Index September. It was launched on Aug 31, 2020. GMAR is an actively managed fund by FT Vest. It was launched on Mar 16, 2023.

Performance

SEPZ vs. GMAR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TrueShares Structured Outcome (September) ETF (SEPZ) and FT Cboe Vest U.S. Equity Moderate Buffer ETF - March (GMAR). The values are adjusted to include any dividend payments, if applicable.

SEPZ vs. GMAR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SEPZ TrueShares Structured Outcome (September) ETF	-3.90%	13.18%	18.23%	15.37%
GMAR FT Cboe Vest U.S. Equity Moderate Buffer ETF - March	1.83%	9.29%	12.14%	11.95%

Returns By Period

In the year-to-date period, SEPZ achieves a -3.90% return, which is significantly lower than GMAR's 1.83% return.

SEPZ

• 1D: 2.19%
• 1M: -3.68%
• YTD: -3.90%
• 6M: -1.98%
• 1Y: 12.38%
• 3Y*: 13.04%
• 5Y*: 9.81%
• 10Y*: —

GMAR

• 1D: 1.56%
• 1M: 0.87%
• YTD: 1.83%
• 6M: 3.97%
• 1Y: 12.07%
• 3Y*: 11.13%
• 5Y*: —
• 10Y*: —

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

SEPZ vs. GMAR - Expense Ratio Comparison

SEPZ has a 0.80% expense ratio, which is lower than GMAR's 0.85% expense ratio.

GMAR

FT Cboe Vest U.S. Equity Moderate Buffer ETF - March

SEPZ

TrueShares Structured Outcome (September) ETF

Return for Risk

SEPZ vs. GMAR — Risk / Return Rank

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

SEPZ

SEPZ Risk / Return Rank: 52
SEPZ Sharpe Ratio Rank: 47
SEPZ Sortino Ratio Rank: 50
SEPZ Omega Ratio Rank: 50
SEPZ Calmar Ratio Rank: 52
SEPZ Martin Ratio Rank: 63

GMAR

GMAR Risk / Return Rank: 82
GMAR Sharpe Ratio Rank: 77
GMAR Sortino Ratio Rank: 80
GMAR Omega Ratio Rank: 94
GMAR Calmar Ratio Rank: 71
GMAR Martin Ratio Rank: 90

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. GMAR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TrueShares Structured Outcome (September) ETF (SEPZ) and FT Cboe Vest U.S. Equity Moderate Buffer ETF - March (GMAR). 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.

	SEPZ	GMAR	Difference
Sharpe ratio Return per unit of total volatility	0.88	1.43	-0.55
Sortino ratio Return per unit of downside risk	1.37	2.09	-0.72
Omega ratio Gain probability vs. loss probability	1.19	1.45	-0.25
Calmar ratio Return relative to maximum drawdown	1.35	1.83	-0.48
Martin ratio Return relative to average drawdown	6.37	11.88	-5.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SEPZ vs. GMAR - Sharpe Ratio Comparison

The current SEPZ Sharpe Ratio is 0.88, which is lower than the GMAR Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of SEPZ and GMAR, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SEPZ	GMAR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.88	1.43	-0.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.80	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.88	1.69	-0.80

Correlation

The correlation between SEPZ and GMAR is 0.87, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

SEPZ vs. GMAR - Dividend Comparison

SEPZ's dividend yield for the trailing twelve months is around 2.28%, while GMAR has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021
SEPZ TrueShares Structured Outcome (September) ETF	2.28%	2.20%	3.62%	3.55%	0.69%	0.05%
GMAR FT Cboe Vest U.S. Equity Moderate Buffer ETF - March	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

SEPZ vs. GMAR - Drawdown Comparison

The maximum SEPZ drawdown since its inception was -15.22%, which is greater than GMAR's maximum drawdown of -9.11%. Use the drawdown chart below to compare losses from any high point for SEPZ and GMAR.

Drawdown Indicators

	SEPZ	GMAR	Difference
Max Drawdown Largest peak-to-trough decline	-15.22%	-9.11%	-6.11%
Max Drawdown (1Y) Largest decline over 1 year	-9.40%	-6.85%	-2.55%
Max Drawdown (5Y) Largest decline over 5 years	-15.22%	—	—
Current Drawdown Current decline from peak	-5.27%	-0.26%	-5.01%
Average Drawdown Average peak-to-trough decline	-2.91%	-0.57%	-2.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.00%	1.05%	+0.95%

Volatility

SEPZ vs. GMAR - Volatility Comparison

TrueShares Structured Outcome (September) ETF (SEPZ) has a higher volatility of 3.95% compared to FT Cboe Vest U.S. Equity Moderate Buffer ETF - March (GMAR) at 2.18%. This indicates that SEPZ's price experiences larger fluctuations and is considered to be riskier than GMAR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SEPZ	GMAR	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.95%	2.18%	+1.77%
Volatility (6M) Calculated over the trailing 6-month period	7.48%	2.84%	+4.64%
Volatility (1Y) Calculated over the trailing 1-year period	14.14%	8.50%	+5.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.30%	6.96%	+5.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.53%	6.96%	+5.57%