AMZD vs. SPBW

Last updated Jul 14, 2026

AMZD (Direxion Daily AMZN Bear 1X Shares) and SPBW (AllianzIM Buffer20 Allocation ETF) are both exchange-traded funds - AMZD is a Inverse Equities fund tracking the Amazon.com, Inc. (-100%), while SPBW is a Defined Outcome fund actively managed by AllianzIM. AMZD is passively managed, while SPBW is actively managed. Over the past year, AMZD returned -11.94% vs 10.30% for SPBW. At a correlation of -0.63, they often move in opposite directions. AMZD charges 1.09%/yr vs 0.79%/yr for SPBW.

Performance

AMZD vs. SPBW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily AMZN Bear 1X Shares (AMZD) and AllianzIM Buffer20 Allocation ETF (SPBW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AMZD achieves a -8.31% return, which is significantly lower than SPBW's 4.94% return.

AMZD

• 1D: -0.87%
• 1M: -3.89%
• 6M: -2.11%
• YTD: -8.31%
• 1Y: -11.94%
• 3Y*: -20.45%
• 5Y*: —
• 10Y*: —

SPBW

• 1D: -0.22%
• 1M: 0.65%
• 6M: 4.29%
• YTD: 4.94%
• 1Y: 10.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

AMZD vs. SPBW - Yearly Performance Comparison

	2026 (YTD)	2025
AMZD Direxion Daily AMZN Bear 1X Shares	-8.31%	-8.65%
SPBW AllianzIM Buffer20 Allocation ETF	4.94%	9.64%

Correlation

The correlation between AMZD and SPBW is -0.62, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.62
Correlation (All Time) Calculated using the full available price history since Jan 8, 2025	-0.63

The correlation between AMZD and SPBW has been stable across timeframes, ranging from -0.63 to -0.62 - a consistent structural relationship.

Return for Risk

AMZD vs. SPBW — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AMZD

AMZD Risk / Return Rank: 6
AMZD Sharpe Ratio Rank: 6
AMZD Sortino Ratio Rank: 6
AMZD Omega Ratio Rank: 6
AMZD Calmar Ratio Rank: 6
AMZD Martin Ratio Rank: 5

SPBW

SPBW Risk / Return Rank: 91
SPBW Sharpe Ratio Rank: 92
SPBW Sortino Ratio Rank: 93
SPBW Omega Ratio Rank: 93
SPBW Calmar Ratio Rank: 84
SPBW Martin Ratio Rank: 93

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AMZD vs. SPBW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily AMZN Bear 1X Shares (AMZD) and AllianzIM Buffer20 Allocation ETF (SPBW). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	AMZD	SPBW	Difference
Sharpe ratio: Return per unit of total volatility	-0.39	2.51	-2.89
Sortino ratio: Return per unit of downside risk	-0.35	3.75	-4.10
Omega ratio: Gain probability vs. loss probability	0.96	1.52	-0.56
Calmar ratio: Return relative to maximum drawdown	-0.42	3.61	-4.04
Martin ratio: Return relative to average drawdown	-0.90	19.09	-20.00

AMZD vs. SPBW - Sharpe Ratio Comparison

The current AMZD Sharpe Ratio is -0.39, which is lower than the SPBW Sharpe Ratio of 2.51. The chart below compares the historical Sharpe Ratios of AMZD and SPBW, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AMZD vs. SPBW - Drawdown Comparison

The maximum AMZD drawdown since its inception was -73.05%, which is greater than SPBW's maximum drawdown of -8.76%. Use the drawdown chart below to compare losses from any high point for AMZD and SPBW.

Drawdown Indicators

	AMZD	SPBW	Difference
Max Drawdown Largest peak-to-trough decline	-73.05%	-8.76%	-64.29%
Max Drawdown (1Y) Largest decline over 1 year	-28.27%	-2.86%	-25.41%
Max Drawdown (3Y) Largest decline over 3 years	-59.20%	—	—
Current Drawdown Current decline from peak	-70.17%	-0.22%	-69.95%
Average Drawdown Average peak-to-trough decline	-49.60%	-0.74%	-48.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.24%	0.54%	+12.70%

Volatility

AMZD vs. SPBW - Volatility Comparison

Direxion Daily AMZN Bear 1X Shares (AMZD) has a higher volatility of 9.81% compared to AllianzIM Buffer20 Allocation ETF (SPBW) at 1.13%. This indicates that AMZD's price experiences larger fluctuations and is considered to be riskier than SPBW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AMZD	SPBW	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.81%	1.13%	+8.68%
Volatility (6M) Calculated over the trailing 6-month period	21.89%	3.34%	+18.55%
Volatility (1Y) Calculated over the trailing 1-year period	31.15%	4.13%	+27.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.38%	7.43%	+25.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.38%	7.43%	+25.95%

AMZD vs. SPBW - Expense Ratio Comparison

AMZD has a 1.09% expense ratio, which is higher than SPBW's 0.79% expense ratio.

Dividends

AMZD vs. SPBW - Dividend Comparison

AMZD's dividend yield for the trailing twelve months is around 3.38%, while SPBW has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
AMZD Direxion Daily AMZN Bear 1X Shares	3.38%	3.61%	5.15%	6.83%	2.45%
SPBW AllianzIM Buffer20 Allocation ETF	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AMZD and SPBW in my portfolio?

AMZD and SPBW have a correlation of -0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AMZD or SPBW?

AMZD has higher volatility (9.81%) compared to SPBW (1.13%). In terms of maximum drawdown, AMZD dropped -73.05% vs SPBW's -8.76%.

Which ETF is better, AMZD or SPBW?

On 1-year performance, SPBW leads with 10.30% vs -11.94% for AMZD. On fees, SPBW is cheaper at 0.79% per year. On volatility, SPBW has been the lower-risk option at 1.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AMZD or SPBW?

Over the 1-year period, SPBW has performed better with a 10.30% return vs -11.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AMZD or SPBW?

SPBW is cheaper with a 0.79% expense ratio, compared with 1.09% for AMZD.

Which ETF pays a higher dividend yield, AMZD or SPBW?

AMZD has the higher dividend yield at 3.38%, compared with 0.00% for SPBW.

What is the main difference between AMZD and SPBW?

AMZD is categorized as Inverse Equities, while SPBW is Defined Outcome. They also come from different issuers: Direxion and AllianzIM. Their fees differ too: 1.09% for AMZD and 0.79% for SPBW.

Which has better risk-adjusted returns?

SPBW currently has the higher Sharpe Ratio (2.51 vs -0.39), 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.