DECW vs. APRW

Last updated Jun 23, 2026

DECW (Allianzim U.S. Large Cap Buffer20 Dec ETF) and APRW (AllianzIM U.S. Large Cap Buffer20 Apr ETF) are both Options Trading funds from Allianz. Both are actively managed. Over the past 3 years, DECW returned 10.82%/yr vs 9.95%/yr for APRW. Their correlation of 0.80 suggests significant overlap in exposure. Both charge a 0.74% expense ratio.

Performance

DECW vs. APRW - Performance Comparison

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

Returns By Period

In the year-to-date period, DECW achieves a 4.92% return, which is significantly lower than APRW's 6.25% return.

DECW

• 1D: 0.04%
• 1M: 0.45%
• YTD: 4.92%
• 6M: 4.64%
• 1Y: 15.19%
• 3Y*: 10.82%
• 5Y*: —
• 10Y*: —

APRW

• 1D: -0.07%
• 1M: 0.31%
• YTD: 6.25%
• 6M: 6.43%
• 1Y: 12.48%
• 3Y*: 9.95%
• 5Y*: 7.04%
• 10Y*: —

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

DECW vs. APRW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
DECW Allianzim U.S. Large Cap Buffer20 Dec ETF	4.92%	11.57%	8.64%	16.16%	-2.55%
APRW AllianzIM U.S. Large Cap Buffer20 Apr ETF	6.25%	6.18%	11.25%	12.38%	-0.92%

Correlation

The correlation between DECW and APRW is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (All Time) Calculated using the full available price history since Dec 1, 2022	0.80

The correlation between DECW and APRW has been stable across timeframes, ranging from 0.80 to 0.85 - a consistent structural relationship.

Return for Risk

DECW vs. APRW — Risk / Return Rank

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

DECW

DECW Risk / Return Rank: 87
DECW Sharpe Ratio Rank: 87
DECW Sortino Ratio Rank: 90
DECW Omega Ratio Rank: 90
DECW Calmar Ratio Rank: 79
DECW Martin Ratio Rank: 90

APRW

APRW Risk / Return Rank: 98
APRW Sharpe Ratio Rank: 97
APRW Sortino Ratio Rank: 98
APRW Omega Ratio Rank: 98
APRW Calmar Ratio Rank: 98
APRW Martin Ratio Rank: 98

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.

DECW vs. APRW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Allianzim U.S. Large Cap Buffer20 Dec ETF (DECW) and AllianzIM U.S. Large Cap Buffer20 Apr ETF (APRW). 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.

	DECW	APRW	Difference
Sharpe ratio: Return per unit of total volatility	2.71	4.66	-1.95
Sortino ratio: Return per unit of downside risk	4.03	8.31	-4.28
Omega ratio: Gain probability vs. loss probability	1.55	2.18	-0.63
Calmar ratio: Return relative to maximum drawdown	3.96	14.03	-10.08
Martin ratio: Return relative to average drawdown	19.90	75.16	-55.26

DECW vs. APRW - Sharpe Ratio Comparison

The current DECW Sharpe Ratio is 2.71, which is lower than the APRW Sharpe Ratio of 4.66. The chart below compares the historical Sharpe Ratios of DECW and APRW, 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

DECW vs. APRW - Drawdown Comparison

The maximum DECW drawdown since its inception was -8.76%, smaller than the maximum APRW drawdown of -9.61%. Use the drawdown chart below to compare losses from any high point for DECW and APRW.

Drawdown Indicators

	DECW	APRW	Difference
Max Drawdown Largest peak-to-trough decline	-8.76%	-9.61%	+0.85%
Max Drawdown (1Y) Largest decline over 1 year	-3.86%	-0.89%	-2.97%
Max Drawdown (3Y) Largest decline over 3 years	-8.76%	-9.61%	+0.85%
Max Drawdown (5Y) Largest decline over 5 years	—	-9.61%	—
Current Drawdown Current decline from peak	-0.14%	-0.16%	+0.02%
Average Drawdown Average peak-to-trough decline	-0.86%	-1.11%	+0.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.77%	0.17%	+0.60%

Volatility

DECW vs. APRW - Volatility Comparison

Allianzim U.S. Large Cap Buffer20 Dec ETF (DECW) has a higher volatility of 1.46% compared to AllianzIM U.S. Large Cap Buffer20 Apr ETF (APRW) at 1.09%. This indicates that DECW's price experiences larger fluctuations and is considered to be riskier than APRW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DECW	APRW	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.46%	1.09%	+0.37%
Volatility (6M) Calculated over the trailing 6-month period	4.12%	2.10%	+2.02%
Volatility (1Y) Calculated over the trailing 1-year period	5.64%	2.69%	+2.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.10%	6.73%	+0.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.10%	6.40%	+0.70%

DECW vs. APRW - Expense Ratio Comparison

Both DECW and APRW have an expense ratio of 0.74%.

Dividends

DECW vs. APRW - Dividend Comparison

Neither DECW nor APRW has paid dividends to shareholders.

Position	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%
DECW Allianzim U.S. Large Cap Buffer20 Dec ETF	0.00%	0.00%	1.17%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DECW and APRW in my portfolio?

DECW and APRW have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DECW or APRW?

DECW has higher volatility (1.46%) compared to APRW (1.09%). In terms of maximum drawdown, DECW dropped -8.76% vs APRW's -9.61%.

Which ETF is better, DECW or APRW?

On 3-year performance, DECW leads with 10.82% vs 9.95% for APRW. Both ETFs have the same 0.74% expense ratio. On volatility, APRW has been the lower-risk option at 1.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DECW or APRW?

Over the 3-year period, DECW has performed better with a 10.82% return vs 9.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DECW or APRW?

DECW and APRW have the same expense ratio: 0.74% per year.

Which ETF pays a higher dividend yield, DECW or APRW?

DECW and APRW have nearly identical dividend yields, around 0.00%.

Which has better risk-adjusted returns?

APRW currently has the higher Sharpe Ratio (4.66 vs 2.71), 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.