SEPZ vs. ONEH

Last updated Jun 24, 2026

SEPZ (TrueShares Structured Outcome (September) ETF) and ONEH (TrueShares Equity Hedge ETF) are both exchange-traded funds - SEPZ is a Options Trading fund tracking the Cboe S&P 500 Buffer Protect Index September, while ONEH is a Equity Hedged fund actively managed by TrueShares. SEPZ is passively managed, while ONEH is actively managed. At a 0.21 correlation, their price movements are largely independent. SEPZ charges 0.80%/yr vs 0.79%/yr for ONEH.

Performance

SEPZ vs. ONEH - Performance Comparison

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

Returns By Period

SEPZ

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

ONEH

• 1D: 0.14%
• 1M: 0.90%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SEPZ vs. ONEH - Yearly Performance Comparison

	2026 (YTD)
SEPZ TrueShares Structured Outcome (September) ETF	4.83%
ONEH TrueShares Equity Hedge ETF	-1.06%

Correlation

The correlation between SEPZ and ONEH is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 29, 2026	0.21

Return for Risk

SEPZ vs. ONEH — 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

ONEH

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

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. ONEH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TrueShares Structured Outcome (September) ETF (SEPZ) and TrueShares Equity Hedge ETF (ONEH). 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	ONEH	Difference
Sharpe ratio: Return per unit of total volatility	1.69	—	—
Sortino ratio: Return per unit of downside risk	2.39	—	—
Omega ratio: Gain probability vs. loss probability	1.30	—	—
Calmar ratio: Return relative to maximum drawdown	2.43	—	—
Martin ratio: Return relative to average drawdown	10.52	—	—

Drawdowns

SEPZ vs. ONEH - Drawdown Comparison

The maximum SEPZ drawdown since its inception was -15.22%, which is greater than ONEH's maximum drawdown of -3.55%. Use the drawdown chart below to compare losses from any high point for SEPZ and ONEH.

Drawdown Indicators

	SEPZ	ONEH	Difference
Max Drawdown Largest peak-to-trough decline	-15.22%	-3.55%	-11.67%
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	-2.81%	-1.06%	-1.75%
Average Drawdown Average peak-to-trough decline	-2.83%	-1.50%	-1.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.69%	—	—

Volatility

Volatility by Period

	SEPZ	ONEH	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.08%	—	—
Volatility (6M) Calculated over the trailing 6-month period	8.08%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	10.52%	5.36%	+5.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.39%	5.36%	+7.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.50%	5.36%	+7.14%

SEPZ vs. ONEH - Expense Ratio Comparison

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

Dividends

SEPZ vs. ONEH - Dividend Comparison

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

Position	TTM	2025	2024	2023	2022	2021
ONEH TrueShares Equity Hedge ETF	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 ONEH in my portfolio?

SEPZ and ONEH have a correlation of 0.21, 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 ONEH?

On fees, ONEH is cheaper at 0.79% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SEPZ or ONEH?

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

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

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

What is the main difference between SEPZ and ONEH?

SEPZ is categorized as Options Trading, while ONEH is Equity Hedged. Their fees differ too: 0.80% for SEPZ and 0.79% for ONEH.