FEBW vs. AIOO

Last updated Jun 26, 2026

FEBW (Allianzim U.S. Large Cap Buffer20 Feb ETF) and AIOO (AllianzIM U.S. Equity Buffer100 Protection ETF) are both exchange-traded funds - FEBW is a Options Trading fund actively managed by Allianz, while AIOO is a Defined Outcome fund actively managed by Allianz. Both are actively managed. A 0.75 correlation means they provide meaningful diversification when combined. FEBW charges 0.74%/yr vs 0.64%/yr for AIOO.

Performance

FEBW vs. AIOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Allianzim U.S. Large Cap Buffer20 Feb ETF (FEBW) and AllianzIM U.S. Equity Buffer100 Protection ETF (AIOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FEBW achieves a 4.05% return, which is significantly higher than AIOO's 1.97% return.

FEBW

• 1D: 0.06%
• 1M: -0.29%
• YTD: 4.05%
• 6M: 4.05%
• 1Y: 11.51%
• 3Y*: 10.63%
• 5Y*: —
• 10Y*: —

AIOO

• 1D: 0.00%
• 1M: -0.21%
• YTD: 1.97%
• 6M: 1.69%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FEBW vs. AIOO - Yearly Performance Comparison

	2026 (YTD)	2025
FEBW Allianzim U.S. Large Cap Buffer20 Feb ETF	4.05%	6.30%
AIOO AllianzIM U.S. Equity Buffer100 Protection ETF	1.97%	2.65%

Correlation

The correlation between FEBW and AIOO is 0.75, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 1, 2025	0.75

Return for Risk

FEBW vs. AIOO — Risk / Return Rank

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

FEBW

FEBW Risk / Return Rank: 82
FEBW Sharpe Ratio Rank: 85
FEBW Sortino Ratio Rank: 88
FEBW Omega Ratio Rank: 89
FEBW Calmar Ratio Rank: 66
FEBW Martin Ratio Rank: 83

AIOO

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

FEBW vs. AIOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Allianzim U.S. Large Cap Buffer20 Feb ETF (FEBW) and AllianzIM U.S. Equity Buffer100 Protection ETF (AIOO). 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.

	FEBW	AIOO	Difference
Sharpe ratio: Return per unit of total volatility	2.40	—	—
Sortino ratio: Return per unit of downside risk	3.48	—	—
Omega ratio: Gain probability vs. loss probability	1.49	—	—
Calmar ratio: Return relative to maximum drawdown	2.89	—	—
Martin ratio: Return relative to average drawdown	14.82	—	—

Drawdowns

FEBW vs. AIOO - Drawdown Comparison

The maximum FEBW drawdown since its inception was -8.82%, which is greater than AIOO's maximum drawdown of -0.74%. Use the drawdown chart below to compare losses from any high point for FEBW and AIOO.

Drawdown Indicators

	FEBW	AIOO	Difference
Max Drawdown Largest peak-to-trough decline	-8.82%	-0.74%	-8.08%
Max Drawdown (1Y) Largest decline over 1 year	-4.00%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-8.82%	—	—
Current Drawdown Current decline from peak	-0.67%	-0.49%	-0.18%
Average Drawdown Average peak-to-trough decline	-0.67%	-0.18%	-0.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.78%	—	—

Volatility

Volatility by Period

	FEBW	AIOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.43%	—	—
Volatility (6M) Calculated over the trailing 6-month period	3.99%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	4.82%	2.06%	+2.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.29%	2.06%	+4.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.29%	2.06%	+4.23%

FEBW vs. AIOO - Expense Ratio Comparison

FEBW has a 0.74% expense ratio, which is higher than AIOO's 0.64% expense ratio.

Dividends

FEBW vs. AIOO - Dividend Comparison

Neither FEBW nor AIOO has paid dividends to shareholders.

Position	TTM	2025	2024
AIOO AllianzIM U.S. Equity Buffer100 Protection ETF	0.00%	0.00%	0.00%
FEBW Allianzim U.S. Large Cap Buffer20 Feb ETF	0.00%	0.00%	0.14%

Frequently Asked Questions

Can I hold both FEBW and AIOO in my portfolio?

FEBW and AIOO have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FEBW or AIOO?

On fees, AIOO is cheaper at 0.64% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FEBW or AIOO?

AIOO is cheaper with a 0.64% expense ratio, compared with 0.74% for FEBW.

Which ETF pays a higher dividend yield, FEBW or AIOO?

FEBW and AIOO have nearly identical dividend yields, around 0.00%.

What is the main difference between FEBW and AIOO?

FEBW is categorized as Options Trading, while AIOO is Defined Outcome. Their fees differ too: 0.74% for FEBW and 0.64% for AIOO.