GDL vs SEPZ

Comparison between GDL Fund (GDL, ETF) and TRUESHARES STRUCTURED OUTCOME (SEPTEMBER) ETF (SEPZ, ETF).

5-Year PerformanceSEPZ has outperformed GDL, delivering a return of +11.2% compared to +4.7%

GDL vs SEPZ - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	GDL(ETF)	SEPZ(ETF)
Net Assets	$118M	$118M
Expense Ratio	N/A	0.80%
Max Drawdown	71.51%	17.07%
Sharpe Ratio	0.50	1.37
5Y Beta	0.10	0.74
5Y Dividends CAGR	4.56%	N/A

Net Assets

GDL

$118M

Winner

SEPZ

$118M

Expense Ratio

GDL

N/A

SEPZ

0.80%

Max Drawdown

GDL

71.51%

Winner

SEPZ

17.07%

Sharpe Ratio

GDL

0.50

Winner

SEPZ

1.37

5Y Beta

Winner

GDL

0.10

SEPZ

0.74

5Y Dividends CAGR

GDL

4.56%

SEPZ

N/A

GDL vs SEPZ - Historical Returns

Returns include dividend reinvestment.

Period	GDL	SEPZ
1 month	+0.00%	+1.81%
3 months	+0.21%	+7.13%
6 months	+2.70%	+6.32%
1 year	+6.87%	+19.31%
5 years(CAGR)	+4.73%	+11.15%
10 years(CAGR)	+3.87%	N/A
Max(CAGR)	+3.25%	+12.62%

GDL

+0.00%

Winner

SEPZ

+1.81%

GDL

+0.21%

Winner

SEPZ

+7.13%

GDL

+2.70%

Winner

SEPZ

+6.32%

GDL

+6.87%

Winner

SEPZ

+19.31%

5Y(CAGR)

GDL

+4.73%

Winner

SEPZ

+11.15%

10Y(CAGR)

GDL

+3.87%

SEPZ

N/A

Max(CAGR)

GDL

+3.25%

Winner

SEPZ

+12.62%

GDL vs SEPZ - Annual Returns (2007 - 2026)

Returns include dividend reinvestment.

Year	GDL	SEPZ
2026	+2.34%	+6.49%
2025	+11.53%	+13.38%
2024	+6.46%	+18.86%
2023	+8.16%	+18.23%
2022	-6.27%	-8.82%
2021	+8.15%	+23.33%
2020	-0.36%	+5.95%
2019	+6.91%	N/A
2018	-2.79%	N/A
2017	+4.29%	N/A
2016	+5.32%	N/A
2015	+4.44%	N/A
2014	+0.89%	N/A
2013	+6.69%	N/A
2012	+6.56%	N/A
2011	+5.01%	N/A
2010	+1.10%	N/A
2009	+17.35%	N/A
2008	-9.24%	N/A
2007	-13.32%	N/A

GDL vs SEPZ Drawdown Comparison

The maximum drawdown for GDL was -38.67%, occurring on Mar 18, 2020. Recovery took 261 trading sessions.

The maximum drawdown for SEPZ was -15.22%, occurring on Jun 16, 2022. Recovery took 361 trading sessions.

The current GDL drawdown is -0.76%. The current SEPZ drawdown is -2.54%.

Rank	GDL	SEPZ
#1	-38.67% Jan 15, 2020 - Jan 28, 2021	-15.22% Jan 4, 2022 - Jun 13, 2023
#2	-36.33% Jun 4, 2007 - Mar 17, 2011	-14.57% Feb 19, 2025 - Jun 26, 2025
#3	-14.35% Jun 28, 2011 - Sep 12, 2012	-7.57% Sep 2, 2020 - Nov 13, 2020
#4	-13.30% Oct 12, 2017 - Jan 8, 2020	-7.30% Jan 12, 2026 - Apr 15, 2026
#5	-9.51% Dec 17, 2021 - Dec 14, 2023	-7.03% Jul 16, 2024 - Sep 19, 2024
#6	-7.91% May 13, 2014 - May 13, 2015	-7.02% Jul 31, 2023 - Nov 22, 2023
#7	-7.01% Oct 5, 2012 - Jan 23, 2013	-4.41% Mar 28, 2024 - May 15, 2024
#8	-6.41% Jan 5, 2016 - Mar 21, 2016	-3.97% Aug 30, 2021 - Oct 21, 2021
#9	-6.00% Mar 25, 2025 - May 21, 2025	-3.90% Oct 29, 2025 - Dec 10, 2025
#10	-4.89% May 18, 2015 - Dec 22, 2015	-3.66% Feb 12, 2021 - Mar 11, 2021
#11	-4.17% May 20, 2013 - Sep 26, 2013	-3.48% Dec 6, 2024 - Jan 23, 2025
#12	-3.54% Mar 26, 2013 - May 16, 2013	-3.42% May 7, 2021 - Jun 11, 2021
#13	-3.34% Dec 26, 2023 - Mar 21, 2024	-2.94% Nov 24, 2021 - Dec 10, 2021
#14	-3.22% Sep 30, 2016 - Dec 20, 2016	-2.90% Jul 12, 2021 - Jul 23, 2021
#15	-3.22% Feb 2, 2026 - May 14, 2026	-2.83% Jan 21, 2021 - Feb 4, 2021

Correlation

Correlation between GDL and SEPZ is 0.96 which considered as a very strong positive correlation - the stocks move almost identically together.

0.96

-101

Dividend Comparison (2007 - 2026)

GDL vs SEPZ dividend yield comparison.

Year	GDL	SEPZ
2026	1.42%	0.00%
2025	5.67%	2.20%
2024	5.99%	3.62%
2023	5.97%	3.55%
2022	6.12%	0.69%
2021	5.38%	0.05%
2020	5.28%	0.00%
2019	4.30%	0.00%
2018	4.36%	0.00%
2017	5.96%	0.00%
2016	6.50%	0.00%
2015	6.39%	0.00%
2014	7.82%	0.00%
2013	11.62%	0.00%
2012	11.21%	0.00%
2011	19.85%	0.00%
2010	9.57%	0.00%
2009	8.88%	0.00%
2008	12.18%	0.00%
2007	7.50%	0.00%