JANT vs. PHEQ

Last updated Apr 2, 2026

Compare and contrast key facts about AllianzIM U.S. Large Cap Buffer10 Jan ETF (JANT) and Parametric Hedged Equity ETF (PHEQ).

JANT and PHEQ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. JANT is an actively managed fund by Allianz. It was launched on Dec 31, 2020. PHEQ is an actively managed fund by Parametric. It was launched on Oct 16, 2023.

Performance

JANT vs. PHEQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AllianzIM U.S. Large Cap Buffer10 Jan ETF (JANT) and Parametric Hedged Equity ETF (PHEQ). The values are adjusted to include any dividend payments, if applicable.

JANT vs. PHEQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
JANT AllianzIM U.S. Large Cap Buffer10 Jan ETF	-2.15%	14.30%	16.01%	10.80%
PHEQ Parametric Hedged Equity ETF	-1.25%	11.76%	14.94%	7.19%

Returns By Period

In the year-to-date period, JANT achieves a -2.15% return, which is significantly lower than PHEQ's -1.25% return.

JANT

• 1D: 0.58%
• 1M: -2.71%
• YTD: -2.15%
• 6M: 1.33%
• 1Y: 14.66%
• 3Y*: 14.37%
• 5Y*: 9.07%
• 10Y*: —

PHEQ

• 1D: 0.55%
• 1M: -1.25%
• YTD: -1.25%
• 6M: 0.92%
• 1Y: 13.08%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

JANT vs. PHEQ - Expense Ratio Comparison

JANT has a 0.74% expense ratio, which is higher than PHEQ's 0.29% expense ratio.

JANT

AllianzIM U.S. Large Cap Buffer10 Jan ETF

PHEQ

Parametric Hedged Equity ETF

Return for Risk

JANT vs. PHEQ — Risk / Return Rank

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

JANT

JANT Risk / Return Rank: 67
JANT Sharpe Ratio Rank: 63
JANT Sortino Ratio Rank: 66
JANT Omega Ratio Rank: 74
JANT Calmar Ratio Rank: 56
JANT Martin Ratio Rank: 74

PHEQ

PHEQ Risk / Return Rank: 71
PHEQ Sharpe Ratio Rank: 67
PHEQ Sortino Ratio Rank: 70
PHEQ Omega Ratio Rank: 77
PHEQ Calmar Ratio Rank: 64
PHEQ Martin Ratio Rank: 78

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.

JANT vs. PHEQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AllianzIM U.S. Large Cap Buffer10 Jan ETF (JANT) and Parametric Hedged Equity ETF (PHEQ). 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.

	JANT	PHEQ	Difference
Sharpe ratio Return per unit of total volatility	1.19	1.23	-0.05
Sortino ratio Return per unit of downside risk	1.78	1.83	-0.05
Omega ratio Gain probability vs. loss probability	1.30	1.31	-0.01
Calmar ratio Return relative to maximum drawdown	1.66	1.73	-0.07
Martin ratio Return relative to average drawdown	8.81	8.89	-0.08
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JANT vs. PHEQ - Sharpe Ratio Comparison

The current JANT Sharpe Ratio is 1.19, which is comparable to the PHEQ Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of JANT and PHEQ, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	JANT	PHEQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.19	1.23	-0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.81	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.87	1.53	-0.66

Correlation

The correlation between JANT and PHEQ is 0.78, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

JANT vs. PHEQ - Dividend Comparison

JANT has not paid dividends to shareholders, while PHEQ's dividend yield for the trailing twelve months is around 1.10%.

	TTM	2025	2024	2023
JANT AllianzIM U.S. Large Cap Buffer10 Jan ETF	0.00%	0.00%	0.00%	0.00%
PHEQ Parametric Hedged Equity ETF	1.10%	1.19%	1.39%	1.73%

Drawdowns

JANT vs. PHEQ - Drawdown Comparison

The maximum JANT drawdown since its inception was -16.18%, which is greater than PHEQ's maximum drawdown of -12.55%. Use the drawdown chart below to compare losses from any high point for JANT and PHEQ.

Drawdown Indicators

	JANT	PHEQ	Difference
Max Drawdown Largest peak-to-trough decline	-16.18%	-12.55%	-3.63%
Max Drawdown (1Y) Largest decline over 1 year	-8.94%	-7.85%	-1.09%
Max Drawdown (5Y) Largest decline over 5 years	-16.18%	—	—
Current Drawdown Current decline from peak	-3.40%	-2.24%	-1.16%
Average Drawdown Average peak-to-trough decline	-2.75%	-1.02%	-1.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.68%	1.53%	+0.15%

Volatility

JANT vs. PHEQ - Volatility Comparison

AllianzIM U.S. Large Cap Buffer10 Jan ETF (JANT) has a higher volatility of 3.91% compared to Parametric Hedged Equity ETF (PHEQ) at 2.90%. This indicates that JANT's price experiences larger fluctuations and is considered to be riskier than PHEQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JANT	PHEQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.91%	2.90%	+1.01%
Volatility (6M) Calculated over the trailing 6-month period	6.00%	4.84%	+1.16%
Volatility (1Y) Calculated over the trailing 1-year period	12.42%	10.66%	+1.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.30%	8.78%	+2.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.21%	8.78%	+2.43%