JANI vs. SPBW

Last updated Aug 2, 2026

JANI (AllianzIM International Equity Buffer15 Uncapped Jan ETF) and SPBW (AllianzIM Buffer20 Allocation ETF) are both Defined Outcome funds from Allianz. Both are actively managed. Their 0.77 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.79% expense ratio.

Performance

JANI vs. SPBW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AllianzIM International Equity Buffer15 Uncapped Jan ETF (JANI) and AllianzIM Buffer20 Allocation ETF (SPBW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

JANI

• 1D: -0.41%
• 1M: 0.79%
• 6M: 3.50%
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

SPBW

• 1D: 0.30%
• 1M: 0.66%
• 6M: 4.67%
• YTD: 5.34%
• 1Y: 10.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 9.69%

*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)
JANI AllianzIM International Equity Buffer15 Uncapped Jan ETF	$183.92K	$127.82K	$247.87K
SPBW AllianzIM Buffer20 Allocation ETF	$347.20K	$445.63K	$406.98K

JANI vs. SPBW - Yearly Performance Comparison

	2026 (YTD)
JANI AllianzIM International Equity Buffer15 Uncapped Jan ETF	3.50%
SPBW AllianzIM Buffer20 Allocation ETF	4.67%

Correlation

The correlation between JANI and SPBW is 0.77, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 2, 2026	0.77

Return for Risk

JANI vs. SPBW — Risk / Return Rank

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

JANI

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

SPBW

SPBW Risk / Return Rank: 92
SPBW Sharpe Ratio Rank: 92
SPBW Sortino Ratio Rank: 93
SPBW Omega Ratio Rank: 93
SPBW Calmar Ratio Rank: 87
SPBW Martin Ratio Rank: 94

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.

JANI vs. SPBW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AllianzIM International Equity Buffer15 Uncapped Jan ETF (JANI) and AllianzIM Buffer20 Allocation ETF (SPBW). 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.

	JANI	SPBW	Difference
Sharpe ratio: Return per unit of total volatility	—	2.38	—
Sortino ratio: Return per unit of downside risk	—	3.56	—
Omega ratio: Gain probability vs. loss probability	—	1.48	—
Calmar ratio: Return relative to maximum drawdown	—	3.49	—
Martin ratio: Return relative to average drawdown	—	18.21	—

Drawdowns

JANI vs. SPBW - Drawdown Comparison

The maximum JANI drawdown since its inception was -7.50%, smaller than the maximum SPBW drawdown of -8.76%. Use the drawdown chart below to compare losses from any high point for JANI and SPBW.

Drawdown Indicators

	JANI	SPBW	Difference
Max Drawdown Largest peak-to-trough decline	-7.50%	-8.76%	+1.26%
Max Drawdown (1Y) Largest decline over 1 year	—	-2.86%	—
Current Drawdown Current decline from peak	-0.41%	-0.05%	-0.36%
Average Drawdown Average peak-to-trough decline	-2.07%	-0.73%	-1.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.55%	—

Volatility

Volatility by Period

	JANI	SPBW	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.99%	—
Volatility (6M) Calculated over the trailing 6-month period	—	3.32%	—
Volatility (1Y) Calculated over the trailing 1-year period	13.11%	4.20%	+8.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.11%	7.33%	+5.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.11%	7.33%	+5.78%

JANI vs. SPBW - Expense Ratio Comparison

Both JANI and SPBW have an expense ratio of 0.79%.

Dividends

JANI vs. SPBW - Dividend Comparison

Neither JANI nor SPBW has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both JANI and SPBW in my portfolio?

JANI and SPBW have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, JANI or SPBW?

Both ETFs have the same 0.79% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, JANI or SPBW?

JANI and SPBW have the same expense ratio: 0.79% per year.

Which ETF pays a higher dividend yield, JANI or SPBW?

JANI and SPBW have nearly identical dividend yields, around 0.00%.