SEPZ vs. JANP

Last updated Jun 24, 2026

SEPZ (TrueShares Structured Outcome (September) ETF) and JANP (PGIM US Large-Cap Buffer 12 ETF - January) are both Options Trading funds. SEPZ is passively managed, while JANP is actively managed. Over the past year, SEPZ returned 17.69% vs 16.14% for JANP. Their correlation of 0.93 suggests significant overlap in exposure. SEPZ charges 0.80%/yr vs 0.50%/yr for JANP.

Performance

SEPZ vs. JANP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TrueShares Structured Outcome (September) ETF (SEPZ) and PGIM US Large-Cap Buffer 12 ETF - January (JANP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SEPZ achieves a 6.07% return, which is significantly higher than JANP's 5.34% return.

SEPZ

• 1D: -1.11%
• 1M: -1.13%
• YTD: 6.07%
• 6M: 5.54%
• 1Y: 17.69%
• 3Y*: 15.18%
• 5Y*: 10.94%
• 10Y*: —

JANP

• 1D: -0.60%
• 1M: 0.38%
• YTD: 5.34%
• 6M: 5.50%
• 1Y: 16.14%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SEPZ vs. JANP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SEPZ TrueShares Structured Outcome (September) ETF	6.07%	13.18%	18.23%
JANP PGIM US Large-Cap Buffer 12 ETF - January	5.34%	13.33%	15.74%

Correlation

The correlation between SEPZ and JANP is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (All Time) Calculated using the full available price history since Jan 2, 2024	0.93

The correlation between SEPZ and JANP has been stable across timeframes, ranging from 0.93 to 0.93 - a consistent structural relationship.

Return for Risk

SEPZ vs. JANP — Risk / Return Rank

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

SEPZ

SEPZ Risk / Return Rank: 55
SEPZ Sharpe Ratio Rank: 53
SEPZ Sortino Ratio Rank: 53
SEPZ Omega Ratio Rank: 51
SEPZ Calmar Ratio Rank: 53
SEPZ Martin Ratio Rank: 63

JANP

JANP Risk / Return Rank: 80
JANP Sharpe Ratio Rank: 81
JANP Sortino Ratio Rank: 83
JANP Omega Ratio Rank: 86
JANP Calmar Ratio Rank: 67
JANP Martin Ratio Rank: 84

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. JANP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TrueShares Structured Outcome (September) ETF (SEPZ) and PGIM US Large-Cap Buffer 12 ETF - January (JANP). 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	JANP	Difference
Sharpe ratio: Return per unit of total volatility	1.69	2.34	-0.65
Sortino ratio: Return per unit of downside risk	2.39	3.34	-0.96
Omega ratio: Gain probability vs. loss probability	1.30	1.48	-0.18
Calmar ratio: Return relative to maximum drawdown	2.43	3.05	-0.61
Martin ratio: Return relative to average drawdown	10.52	15.67	-5.15

SEPZ vs. JANP - Sharpe Ratio Comparison

The current SEPZ Sharpe Ratio is 1.69, which is comparable to the JANP Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of SEPZ and JANP, 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. JANP - Drawdown Comparison

The maximum SEPZ drawdown since its inception was -15.22%, which is greater than JANP's maximum drawdown of -12.18%. Use the drawdown chart below to compare losses from any high point for SEPZ and JANP.

Drawdown Indicators

	SEPZ	JANP	Difference
Max Drawdown Largest peak-to-trough decline	-15.22%	-12.18%	-3.04%
Max Drawdown (1Y) Largest decline over 1 year	-7.30%	-5.32%	-1.98%
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	-2.81%	-0.90%	-1.91%
Average Drawdown Average peak-to-trough decline	-2.83%	-0.89%	-1.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.69%	1.03%	+0.66%

Volatility

SEPZ vs. JANP - Volatility Comparison

TrueShares Structured Outcome (September) ETF (SEPZ) has a higher volatility of 4.08% compared to PGIM US Large-Cap Buffer 12 ETF - January (JANP) at 2.33%. This indicates that SEPZ's price experiences larger fluctuations and is considered to be riskier than JANP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SEPZ	JANP	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.08%	2.33%	+1.75%
Volatility (6M) Calculated over the trailing 6-month period	8.08%	5.86%	+2.22%
Volatility (1Y) Calculated over the trailing 1-year period	10.52%	6.94%	+3.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.39%	9.07%	+3.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.50%	9.07%	+3.43%

SEPZ vs. JANP - Expense Ratio Comparison

SEPZ has a 0.80% expense ratio, which is higher than JANP's 0.50% expense ratio.

Dividends

SEPZ vs. JANP - Dividend Comparison

SEPZ's dividend yield for the trailing twelve months is around 2.07%, while JANP has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
JANP PGIM US Large-Cap Buffer 12 ETF - January	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SEPZ TrueShares Structured Outcome (September) ETF	2.07%	2.20%	3.62%	3.55%	0.69%	0.05%

Frequently Asked Questions

Can I hold both SEPZ and JANP in my portfolio?

With a correlation of 0.93, SEPZ and JANP move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, SEPZ or JANP?

SEPZ has higher volatility (4.08%) compared to JANP (2.33%). In terms of maximum drawdown, SEPZ dropped -15.22% vs JANP's -12.18%.

Which ETF is better, SEPZ or JANP?

On 1-year performance, SEPZ leads with 17.69% vs 16.14% for JANP. On fees, JANP is cheaper at 0.50% per year. On volatility, JANP has been the lower-risk option at 2.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SEPZ or JANP?

Over the 1-year period, SEPZ has performed better with a 17.69% return vs 16.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SEPZ or JANP?

JANP is cheaper with a 0.50% expense ratio, compared with 0.80% for SEPZ.

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

SEPZ has the higher dividend yield at 2.07%, compared with 0.00% for JANP.

What is the main difference between SEPZ and JANP?

They also come from different issuers: TrueShares and PGIM. Their fees differ too: 0.80% for SEPZ and 0.50% for JANP.

Which has better risk-adjusted returns?

JANP currently has the higher Sharpe Ratio (2.34 vs 1.69), 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.