ARLU vs. SPY

Last updated Jun 23, 2026

ARLU (Allianzim U.S. Equity Buffer15 Uncapped Apr ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - ARLU is a Options Trading fund actively managed by Allianz, while SPY is a S&P 500 fund tracking the S&P 500 Index. ARLU is actively managed, while SPY is passively managed. Over the past year, ARLU returned 18.18% vs 26.65% for SPY. With a 0.98 correlation, they move nearly in lockstep. ARLU charges 0.74%/yr vs 0.09%/yr for SPY.

Performance

ARLU vs. SPY - 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 State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ARLU achieves a 5.16% return, which is significantly lower than SPY's 9.74% return.

ARLU

• 1D: -0.40%
• 1M: -0.05%
• YTD: 5.16%
• 6M: 4.76%
• 1Y: 18.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPY

• 1D: -0.31%
• 1M: 0.09%
• YTD: 9.74%
• 6M: 9.27%
• 1Y: 26.65%
• 3Y*: 21.27%
• 5Y*: 13.51%
• 10Y*: 15.70%

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

ARLU vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ARLU Allianzim U.S. Equity Buffer15 Uncapped Apr ETF	5.16%	11.27%	8.80%
SPY State Street SPDR S&P 500 ETF	9.74%	17.72%	13.13%

Correlation

The correlation between ARLU and SPY is 0.99 - 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	0.99
Correlation (All Time) Calculated using the full available price history since Apr 1, 2024	0.98

The correlation between ARLU and SPY has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

Return for Risk

ARLU vs. SPY — Risk / Return Rank

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

ARLU

ARLU Risk / Return Rank: 45
ARLU Sharpe Ratio Rank: 47
ARLU Sortino Ratio Rank: 44
ARLU Omega Ratio Rank: 46
ARLU Calmar Ratio Rank: 39
ARLU Martin Ratio Rank: 50

SPY

SPY Risk / Return Rank: 68
SPY Sharpe Ratio Rank: 69
SPY Sortino Ratio Rank: 66
SPY Omega Ratio Rank: 68
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 74

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. SPY - 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 State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.58	2.16	-0.58
Sortino ratio: Return per unit of downside risk	2.16	2.91	-0.75
Omega ratio: Gain probability vs. loss probability	1.29	1.39	-0.11
Calmar ratio: Return relative to maximum drawdown	1.89	3.01	-1.12
Martin ratio: Return relative to average drawdown	8.27	13.54	-5.27

ARLU vs. SPY - Sharpe Ratio Comparison

The current ARLU Sharpe Ratio is 1.58, which is comparable to the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of ARLU and SPY, 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. SPY - Drawdown Comparison

The maximum ARLU drawdown since its inception was -15.38%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for ARLU and SPY.

Drawdown Indicators

	ARLU	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-15.38%	-55.19%	+39.81%
Max Drawdown (1Y) Largest decline over 1 year	-9.66%	-8.88%	-0.78%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.76%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-1.70%	-1.75%	+0.05%
Average Drawdown Average peak-to-trough decline	-2.23%	-9.04%	+6.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.20%	1.97%	+0.23%

Volatility

ARLU vs. SPY - Volatility Comparison

The current volatility for Allianzim U.S. Equity Buffer15 Uncapped Apr ETF (ARLU) is 3.79%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.64%. This indicates that ARLU experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ARLU	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.79%	4.64%	-0.85%
Volatility (6M) Calculated over the trailing 6-month period	9.22%	9.75%	-0.53%
Volatility (1Y) Calculated over the trailing 1-year period	11.58%	12.43%	-0.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.64%	17.14%	-4.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.64%	17.99%	-5.35%

ARLU vs. SPY - Expense Ratio Comparison

ARLU has a 0.74% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

ARLU vs. SPY - Dividend Comparison

ARLU has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 1.01%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ARLU Allianzim U.S. Equity Buffer15 Uncapped Apr ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both ARLU and SPY in my portfolio?

With a correlation of 0.99, ARLU and SPY 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 SPY?

SPY has higher volatility (4.64%) compared to ARLU (3.79%). In terms of maximum drawdown, ARLU dropped -15.38% vs SPY's -55.19%.

Which ETF is better, ARLU or SPY?

On 1-year performance, SPY leads with 26.65% vs 18.18% for ARLU. On fees, SPY is cheaper at 0.09% per year. On volatility, ARLU has been the lower-risk option at 3.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ARLU or SPY?

Over the 1-year period, SPY has performed better with a 26.65% return vs 18.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ARLU or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.74% for ARLU.

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

SPY has the higher dividend yield at 1.01%, compared with 0.00% for ARLU.

What is the main difference between ARLU and SPY?

ARLU is categorized as Options Trading, while SPY is S&P 500. They also come from different issuers: Allianz and State Street. Their fees differ too: 0.74% for ARLU and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.16 vs 1.58), 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.