ARLU vs. SPBU

Last updated Jun 24, 2026

ARLU (Allianzim U.S. Equity Buffer15 Uncapped Apr ETF) and SPBU (AllianzIM Buffer15 Uncapped Allocation ETF) are both exchange-traded funds - ARLU is a Options Trading fund actively managed by Allianz, while SPBU is a Defined Outcome fund actively managed by Allianz. Both are actively managed. Over the past year, ARLU returned 16.01% vs 17.39% for SPBU. With a 0.97 correlation, they move nearly in lockstep. ARLU charges 0.74%/yr vs 0.79%/yr for SPBU.

Performance

ARLU vs. SPBU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Allianzim U.S. Equity Buffer15 Uncapped Apr ETF (ARLU) and AllianzIM Buffer15 Uncapped Allocation ETF (SPBU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ARLU achieves a 4.03% return, which is significantly lower than SPBU's 5.93% return.

ARLU

• 1D: -1.07%
• 1M: -1.12%
• YTD: 4.03%
• 6M: 3.19%
• 1Y: 16.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPBU

• 1D: -1.16%
• 1M: -1.29%
• YTD: 5.93%
• 6M: 4.96%
• 1Y: 17.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ARLU vs. SPBU - Yearly Performance Comparison

	2026 (YTD)	2025
ARLU Allianzim U.S. Equity Buffer15 Uncapped Apr ETF	4.03%	12.39%
SPBU AllianzIM Buffer15 Uncapped Allocation ETF	5.93%	13.01%

Correlation

The correlation between ARLU and SPBU is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (All Time) Calculated using the full available price history since Mar 6, 2025	0.97

The correlation between ARLU and SPBU has been stable across timeframes, ranging from 0.97 to 0.97 - a consistent structural relationship.

Return for Risk

ARLU vs. SPBU — Risk / Return Rank

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

ARLU

ARLU Risk / Return Rank: 41
ARLU Sharpe Ratio Rank: 42
ARLU Sortino Ratio Rank: 40
ARLU Omega Ratio Rank: 41
ARLU Calmar Ratio Rank: 35
ARLU Martin Ratio Rank: 47

SPBU

SPBU Risk / Return Rank: 57
SPBU Sharpe Ratio Rank: 57
SPBU Sortino Ratio Rank: 57
SPBU Omega Ratio Rank: 55
SPBU Calmar Ratio Rank: 55
SPBU Martin Ratio Rank: 63

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.

ARLU vs. SPBU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Allianzim U.S. Equity Buffer15 Uncapped Apr ETF (ARLU) and AllianzIM Buffer15 Uncapped Allocation ETF (SPBU). 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.

	ARLU	SPBU	Difference
Sharpe ratio: Return per unit of total volatility	1.39	1.74	-0.35
Sortino ratio: Return per unit of downside risk	1.92	2.48	-0.56
Omega ratio: Gain probability vs. loss probability	1.25	1.31	-0.06
Calmar ratio: Return relative to maximum drawdown	1.66	2.46	-0.80
Martin ratio: Return relative to average drawdown	7.26	10.31	-3.05

ARLU vs. SPBU - Sharpe Ratio Comparison

The current ARLU Sharpe Ratio is 1.39, which is comparable to the SPBU Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of ARLU and SPBU, 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

ARLU vs. SPBU - Drawdown Comparison

The maximum ARLU drawdown since its inception was -15.38%, which is greater than SPBU's maximum drawdown of -8.61%. Use the drawdown chart below to compare losses from any high point for ARLU and SPBU.

Drawdown Indicators

	ARLU	SPBU	Difference
Max Drawdown Largest peak-to-trough decline	-15.38%	-8.61%	-6.77%
Max Drawdown (1Y) Largest decline over 1 year	-9.66%	-7.10%	-2.56%
Current Drawdown Current decline from peak	-2.76%	-2.77%	+0.01%
Average Drawdown Average peak-to-trough decline	-2.23%	-1.32%	-0.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.21%	1.69%	+0.52%

Volatility

ARLU vs. SPBU - Volatility Comparison

Allianzim U.S. Equity Buffer15 Uncapped Apr ETF (ARLU) and AllianzIM Buffer15 Uncapped Allocation ETF (SPBU) have volatilities of 3.95% and 3.99%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ARLU	SPBU	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.95%	3.99%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	9.27%	7.72%	+1.55%
Volatility (1Y) Calculated over the trailing 1-year period	11.61%	10.05%	+1.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.66%	11.88%	+0.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.66%	11.88%	+0.78%

ARLU vs. SPBU - Expense Ratio Comparison

ARLU has a 0.74% expense ratio, which is lower than SPBU's 0.79% expense ratio.

Dividends

ARLU vs. SPBU - Dividend Comparison

Neither ARLU nor SPBU has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both ARLU and SPBU in my portfolio?

With a correlation of 0.97, ARLU and SPBU move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, ARLU or SPBU?

SPBU has higher volatility (3.99%) compared to ARLU (3.95%). In terms of maximum drawdown, ARLU dropped -15.38% vs SPBU's -8.61%.

Which ETF is better, ARLU or SPBU?

On 1-year performance, SPBU leads with 17.39% vs 16.01% for ARLU. On fees, ARLU is cheaper at 0.74% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ARLU or SPBU?

Over the 1-year period, SPBU has performed better with a 17.39% return vs 16.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ARLU or SPBU?

ARLU is cheaper with a 0.74% expense ratio, compared with 0.79% for SPBU.

Which ETF pays a higher dividend yield, ARLU or SPBU?

ARLU and SPBU have nearly identical dividend yields, around 0.00%.

What is the main difference between ARLU and SPBU?

ARLU is categorized as Options Trading, while SPBU is Defined Outcome. Their fees differ too: 0.74% for ARLU and 0.79% for SPBU.

Which has better risk-adjusted returns?

SPBU currently has the higher Sharpe Ratio (1.74 vs 1.39), 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.