SEPZ vs. TLTW
Compare and contrast key facts about TrueShares Structured Outcome (September) ETF (SEPZ) and iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW).
SEPZ and TLTW are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SEPZ is a passively managed fund by TrueShares that tracks the performance of the Cboe S&P 500 Buffer Protect Index September. It was launched on Aug 31, 2020. TLTW is a passively managed fund by iShares that tracks the performance of the CBOE TLT 2% OTM Buywrite Index (USD). It was launched on Jun 18, 2022. Both SEPZ and TLTW are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
SEPZ vs. TLTW - Performance Comparison
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SEPZ vs. TLTW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SEPZ TrueShares Structured Outcome (September) ETF | -3.17% | 13.18% | 18.23% | 17.94% | -3.59% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 1.39% | 11.36% | -2.18% | 0.73% | -11.09% |
Returns By Period
In the year-to-date period, SEPZ achieves a -3.17% return, which is significantly lower than TLTW's 1.39% return.
SEPZ
- 1D
- 0.76%
- 1M
- -3.17%
- YTD
- -3.17%
- 6M
- -1.43%
- 1Y
- 12.95%
- 3Y*
- 13.33%
- 5Y*
- 9.98%
- 10Y*
- —
TLTW
- 1D
- -0.04%
- 1M
- -2.53%
- YTD
- 1.39%
- 6M
- 1.87%
- 1Y
- 6.62%
- 3Y*
- 0.68%
- 5Y*
- —
- 10Y*
- —
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SEPZ vs. TLTW - Expense Ratio Comparison
SEPZ has a 0.80% expense ratio, which is higher than TLTW's 0.35% expense ratio.
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 | 0.92 | 0.75 | +0.17 |
Sortino ratioReturn per unit of downside risk | 1.43 | 1.05 | +0.38 |
Omega ratioGain probability vs. loss probability | 1.20 | 1.14 | +0.06 |
Calmar ratioReturn relative to maximum drawdown | 1.41 | 1.28 | +0.13 |
Martin ratioReturn relative to average drawdown | 6.56 | 3.35 | +3.21 |
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 | 0.92 | 0.75 | +0.17 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.82 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.89 | -0.03 | +0.92 |
Correlation
The correlation between SEPZ and TLTW is 0.16, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
SEPZ vs. TLTW - Dividend Comparison
SEPZ's dividend yield for the trailing twelve months is around 2.27%, less than TLTW's 13.67% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SEPZ TrueShares Structured Outcome (September) ETF | 2.27% | 2.20% | 3.62% | 3.55% | 0.69% | 0.05% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 13.67% | 14.82% | 14.47% | 19.59% | 8.71% | 0.00% |
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 | -9.40% | -5.80% | -3.60% |
Max Drawdown (5Y)Largest decline over 5 years | -15.22% | — | — |
Current DrawdownCurrent decline from peak | -4.55% | -3.02% | -1.53% |
Average DrawdownAverage peak-to-trough decline | -2.91% | -8.49% | +5.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.02% | 2.21% | -0.19% |
Volatility
SEPZ vs. TLTW - Volatility Comparison
TrueShares Structured Outcome (September) ETF (SEPZ) has a higher volatility of 4.04% compared to iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) at 3.46%. 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 | 4.04% | 3.46% | +0.58% |
Volatility (6M)Calculated over the trailing 6-month period | 7.52% | 5.80% | +1.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.16% | 8.88% | +5.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.30% | 11.55% | +0.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.53% | 11.55% | +0.98% |