TrueShares Structured Outcome (November) ETF (NOVZ) Performance
NOVZ total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +7.9% since Dec 31, 2025
- 1 year
- +9.2% total return
- 5 years
- +10.0% a year
- Since first price
- +13.0% a year since 2020
NOVZ trailing returns vs SPY, QQQ, AGG
| Period | NOVZ total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −1.1% | −1.1% | −1.0% | −5.0% | +0.9% |
| 3 months | +1.7% | +1.7% | +3.2% | +1.9% | −0.4% |
| 6 months | +4.8% | +4.8% | +7.8% | +8.4% | −1.5% |
| YTD | +7.9% | +7.9% | +12.3% | +15.1% | −1.0% |
| 1 year | +9.2% | +5.5% | +14.4% | +15.9% | −1.1% |
| 3 years | +60.0%+17.0%/yr | +46.9% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +60.8%+10.0%/yr | +46.5% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| Since inceptionNov 2, 2020 | +107.8%+13.0%/yr | +89.3% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: NOVZ vs SPY
From Nov 2, 2020: NOVZ grew to $20,778, SPY to $24,954.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
NOVZ returns by calendar year
4 of 5 full years positive. Best 2021 (+21.5%), worst 2022 (−9.6%). 2026 is year to date.
NOVZ annual returns table
| Year | NOVZ | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +7.9% | −6.7% | +12.3% | +15.1% | −1.0% |
| 2025 | +13.0% | −14.6% | +17.7% | +20.8% | +7.2% |
| 2024 | +19.1% | −7.2% | +24.9% | +25.6% | +1.3% |
| 2023 | +18.1% | −8.3% | +26.2% | +54.9% | +5.7% |
| 2022 | −9.6% | −16.6% | −18.2% | −32.6% | −13.0% |
| 2021 | +21.5% | −4.5% | +28.7% | +27.4% | −1.8% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
NOVZ largest drawdowns
Now 2.2% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Dec 29, 2021 | −16.6% | Oct 12, 2022 | Jun 15, 2023 | 9 months | 1.5 years |
| Feb 19, 2025 | −14.6% | Apr 8, 2025 | Jun 27, 2025 | 48 days | 4 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
NOVZ risk statistics
| Statistic | 3 years | 5 years | Since 2020 |
|---|---|---|---|
| Annualized return | +16.6% | +10.9% | +12.1% |
| Volatility (annualized) | 9.5% | 11.4% | 11.0% |
| Sharpe ratio | 1.22 | 0.66 | 0.82 |
| Sortino ratio | 2.39 | 1.06 | 1.35 |
| Best month | +7.7% | +7.9% | +7.9% |
| Worst month | −4.3% | −8.0% | −8.0% |
| Best 12 months | +28.9% | +28.9% | +28.9% |
| Worst 12 months | +6.1% | −9.7% | −9.7% |
| Positive months | 61% | 57% | 59% |
| Beta vs S&P 500 | 0.76 | 0.68 | — |
| Correlation with S&P 500 | 1.00 | 0.94 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
NOVZ rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 60 | −9.7% | +12.8% | +28.9% | 83% |
| 3-year (a year) | 36 | +7.5% | +11.3% | +18.9% | 100% |
| 5-year (a year) | 12 | +9.7% | +11.1% | +12.3% | 100% |
Every holding period starting at a month-end since 2020. Returns for 3 years and longer are annualized.
NOVZ performance overview
TrueShares Structured Outcome (November) ETF (NOVZ) returned +9.2% over the past year and +10.0% a year over five years, with distributions reinvested. Since its first recorded price in 2020 it has returned +13.0% a year, turning $10,000 into about $20,778. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −16.6%, from Dec 29, 2021 to Oct 12, 2022, and it took 8 months to get back to the old high. NOVZ finished 4 of its 5 full calendar years with a gain; the best year was 2021 (+21.5%) and the worst 2022 (−9.6%). Volatility has been 11.0% a year.
Related: NOVZ chart, NOVZ dividends. See the NOVZ overview for the latest quote and fund facts.
NOVZ performance FAQ
What is the NOVZ return over the past year?
NOVZ returned +9.2% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 5.5%.
What is the average annual return of NOVZ?
NOVZ has returned +10.0% a year over 5 years, +13.0% a year since November 2, 2020 (total return, distributions reinvested).
How much would $10,000 invested in NOVZ be worth?
$10,000 invested in NOVZ at its first recorded close on November 2, 2020 would be worth about $20,778 on October 23, 2026 with distributions reinvested.
What was the worst year for NOVZ?
The worst calendar year was 2022, with a total return of −9.6%. The best was 2021 at +21.5%.
What is the biggest drawdown of NOVZ?
The largest peak-to-trough decline was −16.6% between December 29, 2021 and October 12, 2022. It recovered to the old high on June 15, 2023, 8 months after the bottom.
How volatile is NOVZ?
Over the past 3 years NOVZ had an annualized volatility of 9.5% and a Sharpe ratio of 1.22 (excess return over 1–3 month T-bills per unit of risk).