SEPZ vs GDL

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

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

SEPZ vs GDL - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

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

Net Assets

Winner

SEPZ

$118M

GDL

$118M

Expense Ratio

SEPZ

0.80%

GDL

N/A

Max Drawdown

Winner

SEPZ

17.07%

GDL

71.51%

Sharpe Ratio

Winner

SEPZ

1.37

GDL

0.50

5Y Beta

SEPZ

0.74

Winner

GDL

0.10

5Y Dividends CAGR

SEPZ

N/A

GDL

4.56%

SEPZ vs GDL - Historical Returns

Returns include dividend reinvestment.

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

Winner

SEPZ

+1.81%

GDL

+0.00%

Winner

SEPZ

+7.13%

GDL

+0.21%

Winner

SEPZ

+6.32%

GDL

+2.70%

Winner

SEPZ

+19.31%

GDL

+6.87%

5Y(CAGR)

Winner

SEPZ

+11.15%

GDL

+4.73%

10Y(CAGR)

SEPZ

N/A

GDL

+3.87%

Max(CAGR)

Winner

SEPZ

+12.62%

GDL

+3.25%

SEPZ vs GDL - Annual Returns (2007 - 2026)

Returns include dividend reinvestment.

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

SEPZ vs GDL Drawdown Comparison

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

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

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

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

Correlation

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

0.96

-101

Dividend Comparison (2007 - 2026)

SEPZ vs GDL dividend yield comparison.

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