SEPZ vs. LRNZ

Last updated Aug 2, 2026

SEPZ (TrueShares Structured Outcome (September) ETF) and LRNZ (TrueShares Technology, AI & Deep Learning ETF) are both exchange-traded funds - SEPZ is a Options Trading fund tracking the Cboe S&P 500 Buffer Protect Index September, while LRNZ is a Artificial Intelligence fund actively managed by TrueShares. SEPZ is passively managed, while LRNZ is actively managed. Their 0.52 correlation means they have sometimes moved together and sometimes differently. SEPZ charges 0.80%/yr vs 0.68%/yr for LRNZ.

Performance

SEPZ vs. LRNZ - Performance Comparison

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

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%

LRNZ

• 1D: 1.01%
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*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)
LRNZ TrueShares Technology, AI & Deep Learning ETF	$103.68K	$133.76K	$133.76K
SEPZ TrueShares Structured Outcome (September) ETF	$230.97K	$255.91K	$416.21K

SEPZ vs. LRNZ - Yearly Performance Comparison

	2026 (YTD)
SEPZ TrueShares Structured Outcome (September) ETF	-0.72%
LRNZ TrueShares Technology, AI & Deep Learning ETF	-6.20%

Correlation

The correlation between SEPZ and LRNZ is 0.52, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 10, 2026	0.52

Return for Risk

SEPZ vs. LRNZ — 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

LRNZ

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. LRNZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TrueShares Structured Outcome (September) ETF (SEPZ) and TrueShares Technology, AI & Deep Learning ETF (LRNZ). 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	LRNZ	Difference
Sharpe ratio: Return per unit of total volatility	1.29	—	—
Sortino ratio: Return per unit of downside risk	1.87	—	—
Omega ratio: Gain probability vs. loss probability	1.23	—	—
Calmar ratio: Return relative to maximum drawdown	1.95	—	—
Martin ratio: Return relative to average drawdown	7.79	—	—

Drawdowns

SEPZ vs. LRNZ - Drawdown Comparison

The maximum SEPZ drawdown since its inception was -15.22%, which is greater than LRNZ's maximum drawdown of -11.91%. Use the drawdown chart below to compare losses from any high point for SEPZ and LRNZ.

Drawdown Indicators

	SEPZ	LRNZ	Difference
Max Drawdown Largest peak-to-trough decline	-15.22%	-11.91%	-3.31%
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 Drawdown Current decline from peak	-1.89%	-6.20%	+4.31%
Average Drawdown Average peak-to-trough decline	-2.82%	-5.75%	+2.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.82%	—	—

Volatility

Volatility by Period

	SEPZ	LRNZ	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%	34.30%	-23.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.41%	34.30%	-21.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.48%	34.30%	-21.82%

SEPZ vs. LRNZ - Expense Ratio Comparison

SEPZ has a 0.80% expense ratio, which is higher than LRNZ's 0.68% expense ratio.

Dividends

SEPZ vs. LRNZ - Dividend Comparison

SEPZ's dividend yield for the trailing twelve months is around 2.05%, while LRNZ has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
LRNZ TrueShares Technology, AI & Deep Learning 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

Can I hold both SEPZ and LRNZ in my portfolio?

SEPZ and LRNZ have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SEPZ or LRNZ?

On fees, LRNZ is cheaper at 0.68% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SEPZ or LRNZ?

LRNZ is cheaper with a 0.68% expense ratio, compared with 0.80% for SEPZ.

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

SEPZ has the higher dividend yield at 2.05%, compared with 0.00% for LRNZ.

What is the main difference between SEPZ and LRNZ?

SEPZ is categorized as Options Trading, while LRNZ is Artificial Intelligence. Their fees differ too: 0.80% for SEPZ and 0.68% for LRNZ.