SEPZ vs. PAYH

Last updated Jun 4, 2026

SEPZ (TrueShares Structured Outcome (September) ETF) and PAYH (TrueShares S&P Autocallable High Income ETF) are both exchange-traded funds - SEPZ is a Options Trading fund tracking the Cboe S&P 500 Buffer Protect Index September, while PAYH is a Derivative Income fund actively managed by TrueShares. SEPZ is passively managed, while PAYH is actively managed. At a 0.36 correlation, their price movements are largely independent. SEPZ charges 0.80%/yr vs 0.74%/yr for PAYH.

Performance

SEPZ vs. PAYH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TrueShares Structured Outcome (September) ETF (SEPZ) and TrueShares S&P Autocallable High Income ETF (PAYH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SEPZ achieves a 8.19% return, which is significantly lower than PAYH's 9.35% return.

SEPZ

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

PAYH

• 1D: -0.38%
• 1M: 2.24%
• YTD: 9.35%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SEPZ vs. PAYH - Yearly Performance Comparison

	2026 (YTD)	2025
SEPZ TrueShares Structured Outcome (September) ETF	8.19%	-0.43%
PAYH TrueShares S&P Autocallable High Income ETF	9.35%	-0.58%

Correlation

The correlation between SEPZ and PAYH is 0.36, 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 Dec 31, 2025	0.36

Return for Risk

SEPZ vs. PAYH — 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

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. PAYH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TrueShares Structured Outcome (September) ETF (SEPZ) and TrueShares S&P Autocallable High Income ETF (PAYH). 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	PAYH	Difference
Sharpe ratio: Return per unit of total volatility	2.08	—	—
Sortino ratio: Return per unit of downside risk	2.96	—	—
Omega ratio: Gain probability vs. loss probability	1.37	—	—
Calmar ratio: Return relative to maximum drawdown	2.83	—	—
Martin ratio: Return relative to average drawdown	12.83	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	SEPZ	PAYH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.08	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.94	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.05	0.93	+0.12

Drawdowns

SEPZ vs. PAYH - Drawdown Comparison

The maximum SEPZ drawdown since its inception was -15.22%, smaller than the maximum PAYH drawdown of -16.33%. Use the drawdown chart below to compare losses from any high point for SEPZ and PAYH.

Drawdown Indicators

	SEPZ	PAYH	Difference
Max Drawdown Largest peak-to-trough decline	-15.22%	-16.33%	+1.11%
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	-0.87%	-0.38%	-0.49%
Average Drawdown Average peak-to-trough decline	-2.84%	-2.77%	-0.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.61%	—	—

Volatility

Volatility by Period

	SEPZ	PAYH	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.68%	—	—
Volatility (6M) Calculated over the trailing 6-month period	7.28%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	9.97%	23.73%	-13.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.29%	23.73%	-11.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.46%	23.73%	-11.27%

SEPZ vs. PAYH - Expense Ratio Comparison

SEPZ has a 0.80% expense ratio, which is higher than PAYH's 0.74% expense ratio.

Dividends

SEPZ vs. PAYH - Dividend Comparison

SEPZ's dividend yield for the trailing twelve months is around 2.03%, less than PAYH's 6.42% yield.

Position	TTM	2025	2024	2023	2022	2021
PAYH TrueShares S&P Autocallable High Income ETF	6.42%	0.00%	0.00%	0.00%	0.00%	0.00%
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 PAYH in my portfolio?

SEPZ and PAYH have a correlation of 0.36, 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 PAYH?

On fees, PAYH is cheaper at 0.74% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SEPZ or PAYH?

PAYH is cheaper with a 0.74% expense ratio, compared with 0.80% for SEPZ.

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

PAYH has the higher dividend yield at 6.42%, compared with 2.03% for SEPZ.

What is the main difference between SEPZ and PAYH?

SEPZ is categorized as Options Trading, while PAYH is Derivative Income. Their fees differ too: 0.80% for SEPZ and 0.74% for PAYH.