APRW vs. PHEQ

Last updated Apr 1, 2026

Compare and contrast key facts about AllianzIM U.S. Large Cap Buffer20 Apr ETF (APRW) and Parametric Hedged Equity ETF (PHEQ).

APRW and PHEQ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. APRW is an actively managed fund by Allianz. It was launched on May 28, 2020. PHEQ is an actively managed fund by Parametric. It was launched on Oct 16, 2023.

Performance

APRW vs. PHEQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AllianzIM U.S. Large Cap Buffer20 Apr ETF (APRW) and Parametric Hedged Equity ETF (PHEQ). The values are adjusted to include any dividend payments, if applicable.

APRW vs. PHEQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
APRW AllianzIM U.S. Large Cap Buffer20 Apr ETF	1.48%	6.18%	11.25%	5.28%
PHEQ Parametric Hedged Equity ETF	-1.79%	11.76%	14.94%	7.19%

Returns By Period

In the year-to-date period, APRW achieves a 1.48% return, which is significantly higher than PHEQ's -1.79% return.

APRW

• 1D: 0.16%
• 1M: 0.58%
• YTD: 1.48%
• 6M: 3.35%
• 1Y: 10.24%
• 3Y*: 9.39%
• 5Y*: 6.54%
• 10Y*: —

PHEQ

• 1D: 1.45%
• 1M: -1.97%
• YTD: -1.79%
• 6M: 0.42%
• 1Y: 12.96%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

APRW vs. PHEQ - Expense Ratio Comparison

APRW has a 0.74% expense ratio, which is higher than PHEQ's 0.29% expense ratio.

APRW

AllianzIM U.S. Large Cap Buffer20 Apr ETF

PHEQ

Parametric Hedged Equity ETF

Return for Risk

APRW vs. PHEQ — Risk / Return Rank

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

APRW

APRW Risk / Return Rank: 84
APRW Sharpe Ratio Rank: 78
APRW Sortino Ratio Rank: 82
APRW Omega Ratio Rank: 96
APRW Calmar Ratio Rank: 72
APRW Martin Ratio Rank: 92

PHEQ

PHEQ Risk / Return Rank: 74
PHEQ Sharpe Ratio Rank: 70
PHEQ Sortino Ratio Rank: 73
PHEQ Omega Ratio Rank: 80
PHEQ Calmar Ratio Rank: 68
PHEQ Martin Ratio Rank: 81

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.

APRW vs. PHEQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AllianzIM U.S. Large Cap Buffer20 Apr ETF (APRW) and Parametric Hedged Equity ETF (PHEQ). 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.

	APRW	PHEQ	Difference
Sharpe ratio Return per unit of total volatility	1.49	1.22	+0.26
Sortino ratio Return per unit of downside risk	2.20	1.82	+0.39
Omega ratio Gain probability vs. loss probability	1.51	1.30	+0.21
Calmar ratio Return relative to maximum drawdown	1.93	1.69	+0.24
Martin ratio Return relative to average drawdown	13.27	8.74	+4.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

APRW vs. PHEQ - Sharpe Ratio Comparison

The current APRW Sharpe Ratio is 1.49, which is comparable to the PHEQ Sharpe Ratio of 1.22. The chart below compares the historical Sharpe Ratios of APRW and PHEQ, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	APRW	PHEQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.49	1.22	+0.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.98	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.04	1.51	-0.46

Correlation

The correlation between APRW and PHEQ is 0.75, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

APRW vs. PHEQ - Dividend Comparison

APRW has not paid dividends to shareholders, while PHEQ's dividend yield for the trailing twelve months is around 1.10%.

	TTM	2025	2024	2023	2022	2021	2020
APRW AllianzIM U.S. Large Cap Buffer20 Apr ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.67%
PHEQ Parametric Hedged Equity ETF	1.10%	1.19%	1.39%	1.73%	0.00%	0.00%	0.00%

Drawdowns

APRW vs. PHEQ - Drawdown Comparison

The maximum APRW drawdown since its inception was -9.61%, smaller than the maximum PHEQ drawdown of -12.55%. Use the drawdown chart below to compare losses from any high point for APRW and PHEQ.

Drawdown Indicators

	APRW	PHEQ	Difference
Max Drawdown Largest peak-to-trough decline	-9.61%	-12.55%	+2.94%
Max Drawdown (1Y) Largest decline over 1 year	-5.62%	-7.85%	+2.23%
Max Drawdown (5Y) Largest decline over 5 years	-9.61%	—	—
Current Drawdown Current decline from peak	0.00%	-2.78%	+2.78%
Average Drawdown Average peak-to-trough decline	-1.15%	-1.02%	-0.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.82%	1.52%	-0.70%

Volatility

APRW vs. PHEQ - Volatility Comparison

The current volatility for AllianzIM U.S. Large Cap Buffer20 Apr ETF (APRW) is 0.71%, while Parametric Hedged Equity ETF (PHEQ) has a volatility of 2.86%. This indicates that APRW experiences smaller price fluctuations and is considered to be less risky than PHEQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APRW	PHEQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.71%	2.86%	-2.15%
Volatility (6M) Calculated over the trailing 6-month period	1.60%	4.82%	-3.22%
Volatility (1Y) Calculated over the trailing 1-year period	6.93%	10.65%	-3.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.73%	8.78%	-2.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.47%	8.78%	-2.31%