SEPZ vs. PBAP

Last updated Jul 14, 2026

SEPZ (TrueShares Structured Outcome (September) ETF) and PBAP (PGIM US Large-Cap Buffer 20 ETF - April) are both Options Trading funds. SEPZ is passively managed, while PBAP is actively managed. Over the past year, SEPZ returned 15.85% vs 11.98% for PBAP. Their correlation of 0.88 suggests significant overlap in exposure. SEPZ charges 0.80%/yr vs 0.50%/yr for PBAP.

Performance

SEPZ vs. PBAP - 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 20 ETF - April (PBAP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with SEPZ having a 7.55% return and PBAP slightly lower at 7.24%.

SEPZ

• 1D: -0.66%
• 1M: 0.81%
• 6M: 6.02%
• YTD: 7.55%
• 1Y: 15.85%
• 3Y*: 14.75%
• 5Y*: 10.75%
• 10Y*: —

PBAP

• 1D: -0.20%
• 1M: 0.69%
• 6M: 6.89%
• YTD: 7.24%
• 1Y: 11.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SEPZ vs. PBAP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SEPZ TrueShares Structured Outcome (September) ETF	7.55%	13.18%	9.40%
PBAP PGIM US Large-Cap Buffer 20 ETF - April	7.24%	6.34%	8.86%

Correlation

The correlation between SEPZ and PBAP is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.79
Correlation (All Time) Calculated using the full available price history since Apr 1, 2024	0.88

The correlation between SEPZ and PBAP has been stable across timeframes, ranging from 0.79 to 0.88 - a consistent structural relationship.

Return for Risk

SEPZ vs. PBAP — Risk / Return Rank

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

SEPZ

SEPZ Risk / Return Rank: 56
SEPZ Sharpe Ratio Rank: 55
SEPZ Sortino Ratio Rank: 56
SEPZ Omega Ratio Rank: 52
SEPZ Calmar Ratio Rank: 55
SEPZ Martin Ratio Rank: 64

PBAP

PBAP Risk / Return Rank: 98
PBAP Sharpe Ratio Rank: 97
PBAP Sortino Ratio Rank: 98
PBAP Omega Ratio Rank: 98
PBAP Calmar Ratio Rank: 98
PBAP Martin Ratio Rank: 98

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. PBAP - 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 20 ETF - April (PBAP). 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	PBAP	Difference
Sharpe ratio: Return per unit of total volatility	1.48	3.68	-2.19
Sortino ratio: Return per unit of downside risk	2.14	6.10	-3.96
Omega ratio: Gain probability vs. loss probability	1.26	1.94	-0.67
Calmar ratio: Return relative to maximum drawdown	2.18	10.27	-8.09
Martin ratio: Return relative to average drawdown	9.05	61.49	-52.45

SEPZ vs. PBAP - Sharpe Ratio Comparison

The current SEPZ Sharpe Ratio is 1.48, which is lower than the PBAP Sharpe Ratio of 3.68. The chart below compares the historical Sharpe Ratios of SEPZ and PBAP, 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. PBAP - Drawdown Comparison

The maximum SEPZ drawdown since its inception was -15.22%, which is greater than PBAP's maximum drawdown of -9.70%. Use the drawdown chart below to compare losses from any high point for SEPZ and PBAP.

Drawdown Indicators

	SEPZ	PBAP	Difference
Max Drawdown Largest peak-to-trough decline	-15.22%	-9.70%	-5.52%
Max Drawdown (1Y) Largest decline over 1 year	-7.30%	-1.17%	-6.13%
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	-1.45%	-0.20%	-1.25%
Average Drawdown Average peak-to-trough decline	-2.83%	-0.77%	-2.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.75%	0.20%	+1.55%

Volatility

SEPZ vs. PBAP - Volatility Comparison

TrueShares Structured Outcome (September) ETF (SEPZ) has a higher volatility of 3.96% compared to PGIM US Large-Cap Buffer 20 ETF - April (PBAP) at 1.23%. This indicates that SEPZ's price experiences larger fluctuations and is considered to be riskier than PBAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SEPZ	PBAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.96%	1.23%	+2.73%
Volatility (6M) Calculated over the trailing 6-month period	8.43%	2.44%	+5.99%
Volatility (1Y) Calculated over the trailing 1-year period	10.75%	3.28%	+7.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.42%	7.00%	+5.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.49%	7.00%	+5.49%

SEPZ vs. PBAP - Expense Ratio Comparison

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

Dividends

SEPZ vs. PBAP - Dividend Comparison

SEPZ's dividend yield for the trailing twelve months is around 2.04%, while PBAP has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
PBAP PGIM US Large-Cap Buffer 20 ETF - April	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SEPZ TrueShares Structured Outcome (September) ETF	2.04%	2.20%	3.62%	3.55%	0.69%	0.05%

Frequently Asked Questions

Can I hold both SEPZ and PBAP in my portfolio?

SEPZ and PBAP have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SEPZ or PBAP?

SEPZ has higher volatility (3.96%) compared to PBAP (1.23%). In terms of maximum drawdown, SEPZ dropped -15.22% vs PBAP's -9.70%.

Which ETF is better, SEPZ or PBAP?

On 1-year performance, SEPZ leads with 15.85% vs 11.98% for PBAP. On fees, PBAP is cheaper at 0.50% per year. On volatility, PBAP has been the lower-risk option at 1.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SEPZ or PBAP?

Over the 1-year period, SEPZ has performed better with a 15.85% return vs 11.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SEPZ or PBAP?

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

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

SEPZ has the higher dividend yield at 2.04%, compared with 0.00% for PBAP.

What is the main difference between SEPZ and PBAP?

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

Which has better risk-adjusted returns?

PBAP currently has the higher Sharpe Ratio (3.68 vs 1.48), 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.