FEBU vs. OCTW

Last updated Aug 1, 2026

FEBU (AllianzIM U.S. Equity Buffer15 Uncapped Feb ETF) and OCTW (AllianzIM U.S. Equity Buffer20 Oct ETF) are both Defined Outcome funds from Allianz. FEBU is actively managed, while OCTW is passively managed. Over the past year, FEBU returned 14.95% vs 10.80% for OCTW. Their correlation of 0.93 means they have usually moved in the same direction. Both charge a 0.74% expense ratio.

Performance

FEBU vs. OCTW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AllianzIM U.S. Equity Buffer15 Uncapped Feb ETF (FEBU) and AllianzIM U.S. Equity Buffer20 Oct ETF (OCTW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FEBU achieves a 6.95% return, which is significantly higher than OCTW's 5.74% return.

FEBU

• 1D: 0.69%
• 1M: 0.09%
• 6M: 5.67%
• YTD: 6.95%
• 1Y: 14.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.02%

OCTW

• 1D: 0.37%
• 1M: 0.76%
• 6M: 5.10%
• YTD: 5.74%
• 1Y: 10.80%
• 3Y*: 10.42%
• 5Y*: 8.95%
• 10Y*: —
• ALL TIME*: 8.96%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FEBU AllianzIM U.S. Equity Buffer15 Uncapped Feb ETF	$35.68K	$44.43K	$83.16K
OCTW AllianzIM U.S. Equity Buffer20 Oct ETF	$584.65K	$1.46M	$4.73M

FEBU vs. OCTW - Yearly Performance Comparison

	2026 (YTD)	2025
FEBU AllianzIM U.S. Equity Buffer15 Uncapped Feb ETF	6.95%	10.69%
OCTW AllianzIM U.S. Equity Buffer20 Oct ETF	5.74%	8.33%

Correlation

The correlation between FEBU and OCTW is 0.95, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.95
Correlation (All Time) Calculated using the full available price history since Feb 3, 2025	0.93

The correlation between FEBU and OCTW has been stable across timeframes, ranging from 0.93 to 0.95 - a consistent structural relationship.

Return for Risk

FEBU vs. OCTW — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FEBU

FEBU Risk / Return Rank: 58
FEBU Sharpe Ratio Rank: 56
FEBU Sortino Ratio Rank: 53
FEBU Omega Ratio Rank: 53
FEBU Calmar Ratio Rank: 65
FEBU Martin Ratio Rank: 65

OCTW

OCTW Risk / Return Rank: 86
OCTW Sharpe Ratio Rank: 86
OCTW Sortino Ratio Rank: 88
OCTW Omega Ratio Rank: 89
OCTW Calmar Ratio Rank: 78
OCTW Martin Ratio Rank: 89

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FEBU vs. OCTW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AllianzIM U.S. Equity Buffer15 Uncapped Feb ETF (FEBU) and AllianzIM U.S. Equity Buffer20 Oct ETF (OCTW). 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.

	FEBU	OCTW	Difference
Sharpe ratio: Return per unit of total volatility	1.35	2.02	-0.68
Sortino ratio: Return per unit of downside risk	1.89	2.98	-1.09
Omega ratio: Gain probability vs. loss probability	1.24	1.40	-0.17
Calmar ratio: Return relative to maximum drawdown	2.29	2.77	-0.48
Martin ratio: Return relative to average drawdown	7.87	14.05	-6.18

FEBU vs. OCTW - Sharpe Ratio Comparison

The current FEBU Sharpe Ratio is 1.35, which is lower than the OCTW Sharpe Ratio of 2.02. The chart below compares the historical Sharpe Ratios of FEBU and OCTW, 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

FEBU vs. OCTW - Drawdown Comparison

The maximum FEBU drawdown since its inception was -11.73%, which is greater than OCTW's maximum drawdown of -8.38%. Use the drawdown chart below to compare losses from any high point for FEBU and OCTW.

Drawdown Indicators

	FEBU	OCTW	Difference
Max Drawdown Largest peak-to-trough decline	-11.73%	-8.38%	-3.35%
Max Drawdown (1Y) Largest decline over 1 year	-5.99%	-3.65%	-2.34%
Max Drawdown (3Y) Largest decline over 3 years	—	-8.38%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-8.38%	—
Current Drawdown Current decline from peak	-1.73%	0.00%	-1.73%
Average Drawdown Average peak-to-trough decline	-1.89%	-0.80%	-1.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.74%	0.72%	+1.02%

Volatility

FEBU vs. OCTW - Volatility Comparison

AllianzIM U.S. Equity Buffer15 Uncapped Feb ETF (FEBU) has a higher volatility of 2.92% compared to AllianzIM U.S. Equity Buffer20 Oct ETF (OCTW) at 1.20%. This indicates that FEBU's price experiences larger fluctuations and is considered to be riskier than OCTW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEBU	OCTW	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.92%	1.20%	+1.72%
Volatility (6M) Calculated over the trailing 6-month period	7.36%	3.90%	+3.46%
Volatility (1Y) Calculated over the trailing 1-year period	10.18%	5.00%	+5.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.48%	6.33%	+5.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.48%	6.10%	+5.38%

FEBU vs. OCTW - Expense Ratio Comparison

Both FEBU and OCTW have an expense ratio of 0.74%.

Dividends

FEBU vs. OCTW - Dividend Comparison

Neither FEBU nor OCTW has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both FEBU and OCTW in my portfolio?

With a correlation of 0.95, FEBU and OCTW 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, FEBU or OCTW?

FEBU has higher volatility (2.92%) compared to OCTW (1.20%). In terms of maximum drawdown, FEBU dropped -11.73% vs OCTW's -8.38%.

Which ETF is better, FEBU or OCTW?

On 1-year performance, FEBU leads with 14.95% vs 10.80% for OCTW. Both ETFs have the same 0.74% expense ratio. On volatility, OCTW has been the lower-risk option at 1.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FEBU or OCTW?

Over the 1-year period, FEBU has performed better with a 14.95% return vs 10.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FEBU or OCTW?

FEBU and OCTW have the same expense ratio: 0.74% per year.

Which ETF pays a higher dividend yield, FEBU or OCTW?

FEBU and OCTW have nearly identical dividend yields, around 0.00%.

Which has better risk-adjusted returns?

OCTW currently has the higher Sharpe Ratio (2.02 vs 1.35), 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.