SEPZ vs. TLTW
SEPZ (TrueShares Structured Outcome (September) ETF) and TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) are both Options Trading funds - SEPZ tracks the Cboe S&P 500 Buffer Protect Index September while TLTW tracks the CBOE TLT 2% OTM Buywrite Index (USD). Both are passively managed. Over the past 3 years, SEPZ returned 16.43%/yr vs 0.74%/yr for TLTW. At a 0.18 correlation, their price movements are largely independent. SEPZ charges 0.80%/yr vs 0.35%/yr for TLTW.
Performance
SEPZ vs. TLTW - Performance Comparison
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Returns By Period
In the year-to-date period, SEPZ achieves a 8.19% return, which is significantly higher than TLTW's 1.21% return.
SEPZ
- 1D
- -0.70%
- 1M
- 4.17%
- YTD
- 8.19%
- 6M
- 8.10%
- 1Y
- 20.60%
- 3Y*
- 16.43%
- 5Y*
- 11.53%
- 10Y*
- —
TLTW
- 1D
- -0.23%
- 1M
- 0.76%
- YTD
- 1.21%
- 6M
- -0.20%
- 1Y
- 10.46%
- 3Y*
- 0.74%
- 5Y*
- —
- 10Y*
- —
SEPZ vs. TLTW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SEPZ TrueShares Structured Outcome (September) ETF | 8.19% | 13.18% | 18.23% | 17.94% | -3.59% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 1.21% | 11.36% | -2.18% | 0.73% | -11.09% |
Correlation
The correlation between SEPZ and TLTW is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.20 |
Correlation (All Time) Calculated using the full available price history since Aug 23, 2022 | 0.18 |
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Return for Risk
SEPZ vs. TLTW — Risk / Return Rank
SEPZ
TLTW
SEPZ vs. TLTW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for TrueShares Structured Outcome (September) ETF (SEPZ) and iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW). 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 | TLTW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.71 | ||
| Sortino ratioReturn per unit of downside risk | +1.00 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.24 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 2.83 | 1.76 | +1.07 |
| Martin ratioReturn relative to average drawdown | 12.83 | 5.28 | +7.56 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SEPZ | TLTW | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.08 | 1.37 | +0.71 |
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 | -0.03 | +1.08 |
Drawdowns
SEPZ vs. TLTW - Drawdown Comparison
The maximum SEPZ drawdown since its inception was -15.22%, smaller than the maximum TLTW drawdown of -18.61%. Use the drawdown chart below to compare losses from any high point for SEPZ and TLTW.
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Drawdown Indicators
| SEPZ | TLTW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.22% | -18.61% | +3.39% |
Max Drawdown (1Y)Largest decline over 1 year | -7.30% | -5.97% | -1.33% |
Max Drawdown (3Y)Largest decline over 3 years | -14.57% | -17.19% | +2.62% |
Max Drawdown (5Y)Largest decline over 5 years | -15.22% | — | — |
Current DrawdownCurrent decline from peak | -0.87% | -3.20% | +2.33% |
Average DrawdownAverage peak-to-trough decline | -2.84% | -8.25% | +5.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.61% | 1.99% | -0.38% |
Volatility
SEPZ vs. TLTW - Volatility Comparison
TrueShares Structured Outcome (September) ETF (SEPZ) has a higher volatility of 2.68% compared to iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) at 2.48%. This indicates that SEPZ's price experiences larger fluctuations and is considered to be riskier than TLTW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SEPZ | TLTW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.68% | 2.48% | +0.20% |
Volatility (6M)Calculated over the trailing 6-month period | 7.28% | 5.79% | +1.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.97% | 7.70% | +2.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.29% | 11.39% | +0.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.46% | 11.39% | +1.07% |
SEPZ vs. TLTW - Expense Ratio Comparison
SEPZ has a 0.80% expense ratio, which is higher than TLTW's 0.35% expense ratio.
Dividends
SEPZ vs. TLTW - Dividend Comparison
SEPZ's dividend yield for the trailing twelve months is around 2.03%, less than TLTW's 11.76% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
SEPZ TrueShares Structured Outcome (September) ETF | 2.03% | 2.20% | 3.62% | 3.55% | 0.69% | 0.05% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 11.76% | 14.82% | 14.47% | 19.59% | 8.71% | 0.00% |
Frequently Asked Questions
SEPZ and TLTW have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SEPZ has higher volatility (2.68%) compared to TLTW (2.48%). In terms of maximum drawdown, SEPZ dropped -15.22% vs TLTW's -18.61%.
On 3-year performance, SEPZ leads with 16.43% vs 0.74% for TLTW. On fees, TLTW is cheaper at 0.35% per year. On volatility, TLTW has been the lower-risk option at 2.48%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SEPZ has performed better with a 16.43% return vs 0.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLTW is cheaper with a 0.35% expense ratio, compared with 0.80% for SEPZ.
TLTW has the higher dividend yield at 11.76%, compared with 2.03% for SEPZ.
SEPZ tracks Cboe S&P 500 Buffer Protect Index September, while TLTW tracks CBOE TLT 2% OTM Buywrite Index (USD). They also come from different issuers: TrueShares and iShares. Their fees differ too: 0.80% for SEPZ and 0.35% for TLTW.
SEPZ currently has the higher Sharpe Ratio (2.08 vs 1.37), 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.
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