SEPZ vs. JUNZ

Last updated Jun 4, 2026

SEPZ (TrueShares Structured Outcome (September) ETF) and JUNZ (TrueShares Structured Outcome (June) ETF) are both exchange-traded funds - SEPZ is a Options Trading fund tracking the Cboe S&P 500 Buffer Protect Index September, while JUNZ is a Defined Outcome fund tracking the S&P 500 Price Return Index. Both are passively managed. Over the past 5 years, SEPZ returned 11.53%/yr vs 9.84%/yr for JUNZ. With a 0.98 correlation, they move nearly in lockstep. SEPZ charges 0.80%/yr vs 0.79%/yr for JUNZ.

Performance

SEPZ vs. JUNZ - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with SEPZ having a 8.19% return and JUNZ slightly higher at 8.42%.

SEPZ

• 1D: -0.70%
• 1M: 4.17%
• YTD: 8.19%
• 6M: 8.10%
• 1Y: 20.60%
• 3Y*: 16.43%
• 5Y*: 11.53%
• 10Y*: —

JUNZ

• 1D: -0.40%
• 1M: 4.04%
• YTD: 8.42%
• 6M: 8.23%
• 1Y: 21.10%
• 3Y*: 16.22%
• 5Y*: 9.84%
• 10Y*: —

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

SEPZ vs. JUNZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SEPZ TrueShares Structured Outcome (September) ETF	8.19%	13.18%	18.23%	17.94%	-8.51%	11.16%
JUNZ TrueShares Structured Outcome (June) ETF	8.42%	12.83%	17.32%	17.28%	-12.97%	9.81%

Correlation

The correlation between SEPZ and JUNZ is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (All Time) Calculated using the full available price history since Jun 2, 2021	0.98

The correlation between SEPZ and JUNZ has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.

SEPZ vs. JUNZ - Sectors Allocation Comparison

Sectors	SEPZ	JUNZ
Technology	35.3%	32.7%
Financial Services	13.4%	13.7%
Consumer Cyclical	10.6%	10.7%
Communication Services	9.9%	9.5%
Healthcare	8.8%	10.7%
Industrials	7.8%	7.3%
Consumer Defensive	5.2%	5.8%
Energy	3.0%	3.2%
Utilities	2.5%	2.6%
Real Estate	2.0%	2.2%
Basic Materials	1.6%	1.8%

Return for Risk

SEPZ vs. JUNZ — Risk / Return Rank

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

SEPZ

SEPZ Risk / Return Rank: 63
SEPZ Sharpe Ratio Rank: 62
SEPZ Sortino Ratio Rank: 64
SEPZ Omega Ratio Rank: 60
SEPZ Calmar Ratio Rank: 57
SEPZ Martin Ratio Rank: 69

JUNZ

JUNZ Risk / Return Rank: 61
JUNZ Sharpe Ratio Rank: 64
JUNZ Sortino Ratio Rank: 64
JUNZ Omega Ratio Rank: 63
JUNZ Calmar Ratio Rank: 52
JUNZ Martin Ratio Rank: 63

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. JUNZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TrueShares Structured Outcome (September) ETF (SEPZ) and TrueShares Structured Outcome (June) ETF (JUNZ). 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	JUNZ	Difference
Sharpe ratio: Return per unit of total volatility	2.08	2.12	-0.04
Sortino ratio: Return per unit of downside risk	2.96	2.96	0.00
Omega ratio: Gain probability vs. loss probability	1.37	1.38	-0.01
Calmar ratio: Return relative to maximum drawdown	2.83	2.56	+0.27
Martin ratio: Return relative to average drawdown	12.83	11.27	+1.56
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. JUNZ - Sharpe Ratio Comparison

The current SEPZ Sharpe Ratio is 2.08, which is comparable to the JUNZ Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of SEPZ and JUNZ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SEPZ	JUNZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.08	2.12	-0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.94	0.84	+0.10
Sharpe Ratio (All Time) Calculated using the full available price history	1.05	0.85	+0.19

Drawdowns

SEPZ vs. JUNZ - Drawdown Comparison

The maximum SEPZ drawdown since its inception was -15.22%, smaller than the maximum JUNZ drawdown of -17.88%. Use the drawdown chart below to compare losses from any high point for SEPZ and JUNZ.

Drawdown Indicators

	SEPZ	JUNZ	Difference
Max Drawdown Largest peak-to-trough decline	-15.22%	-17.88%	+2.66%
Max Drawdown (1Y) Largest decline over 1 year	-7.30%	-8.27%	+0.97%
Max Drawdown (3Y) Largest decline over 3 years	-14.57%	-14.06%	-0.51%
Max Drawdown (5Y) Largest decline over 5 years	-15.22%	-17.88%	+2.66%
Current Drawdown Current decline from peak	-0.87%	-0.40%	-0.47%
Average Drawdown Average peak-to-trough decline	-2.84%	-4.27%	+1.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.61%	1.88%	-0.27%

Volatility

SEPZ vs. JUNZ - Volatility Comparison

TrueShares Structured Outcome (September) ETF (SEPZ) has a higher volatility of 2.68% compared to TrueShares Structured Outcome (June) ETF (JUNZ) at 2.45%. This indicates that SEPZ's price experiences larger fluctuations and is considered to be riskier than JUNZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SEPZ	JUNZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.68%	2.45%	+0.23%
Volatility (6M) Calculated over the trailing 6-month period	7.28%	7.85%	-0.57%
Volatility (1Y) Calculated over the trailing 1-year period	9.97%	10.01%	-0.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.29%	11.74%	+0.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.46%	11.73%	+0.73%

SEPZ vs. JUNZ - Expense Ratio Comparison

SEPZ has a 0.80% expense ratio, which is higher than JUNZ's 0.79% expense ratio.

Dividends

SEPZ vs. JUNZ - Dividend Comparison

SEPZ's dividend yield for the trailing twelve months is around 2.03%, less than JUNZ's 2.12% yield.

Position	TTM	2025	2024	2023	2022	2021
JUNZ TrueShares Structured Outcome (June) ETF	2.12%	2.30%	3.97%	6.03%	0.56%	0.32%
SEPZ TrueShares Structured Outcome (September) ETF	2.03%	2.20%	3.62%	3.55%	0.69%	0.05%

Frequently Asked Questions

Can I hold both SEPZ and JUNZ in my portfolio?

With a correlation of 0.96, SEPZ and JUNZ 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 JUNZ?

SEPZ has higher volatility (2.68%) compared to JUNZ (2.45%). In terms of maximum drawdown, SEPZ dropped -15.22% vs JUNZ's -17.88%.

Which ETF is better, SEPZ or JUNZ?

On 5-year performance, SEPZ leads with 11.53% vs 9.84% for JUNZ. On fees, JUNZ is cheaper at 0.79% per year. On volatility, JUNZ has been the lower-risk option at 2.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SEPZ or JUNZ?

Over the 5-year period, SEPZ has performed better with a 11.53% return vs 9.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SEPZ or JUNZ?

JUNZ is cheaper with a 0.79% expense ratio, compared with 0.80% for SEPZ.

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

JUNZ has the higher dividend yield at 2.12%, compared with 2.03% for SEPZ.

What is the main difference between SEPZ and JUNZ?

SEPZ is categorized as Options Trading, while JUNZ is Defined Outcome. SEPZ tracks Cboe S&P 500 Buffer Protect Index September, while JUNZ tracks S&P 500 Price Return Index. Their fees differ too: 0.80% for SEPZ and 0.79% for JUNZ.

Which has better risk-adjusted returns?

JUNZ currently has the higher Sharpe Ratio (2.12 vs 2.08), 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.