JANW vs. JULW

Last updated Jun 3, 2026

JANW (AllianzIM U.S. Large Cap Buffer20 Jan ETF) and JULW (AllianzIM U.S. Large Cap Buffer20 Jul ETF) are both Options Trading funds from Allianz. Both are actively managed. Over the past 5 years, JANW returned 8.29%/yr vs 8.98%/yr for JULW. Their correlation of 0.84 suggests significant overlap in exposure. Both charge a 0.74% expense ratio.

Performance

JANW vs. JULW - Performance Comparison

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

Returns By Period

In the year-to-date period, JANW achieves a 4.51% return, which is significantly higher than JULW's 3.87% return.

JANW

• 1D: 0.08%
• 1M: 1.55%
• YTD: 4.51%
• 6M: 5.31%
• 1Y: 13.20%
• 3Y*: 10.98%
• 5Y*: 8.29%
• 10Y*: —

JULW

• 1D: 0.02%
• 1M: 0.91%
• YTD: 3.87%
• 6M: 4.75%
• 1Y: 13.47%
• 3Y*: 11.71%
• 5Y*: 8.98%
• 10Y*: —

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

JANW vs. JULW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
JANW AllianzIM U.S. Large Cap Buffer20 Jan ETF	4.51%	10.05%	10.99%	14.56%	-0.60%	7.00%
JULW AllianzIM U.S. Large Cap Buffer20 Jul ETF	3.87%	11.57%	12.39%	16.06%	-1.09%	4.97%

Correlation

The correlation between JANW and JULW is 0.88, 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	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (All Time) Calculated using the full available price history since Jan 5, 2021	0.84

The correlation between JANW and JULW has been stable across timeframes, ranging from 0.84 to 0.88 - a consistent structural relationship.

JANW vs. JULW - Sectors Allocation Comparison

Sectors	JANW	JULW
Technology	36.2%	36.2%
Financial Services	11.9%	11.9%
Communication Services	10.9%	10.9%
Consumer Cyclical	10.1%	10.1%
Healthcare	8.4%	8.4%
Industrials	8.1%	8.1%
Consumer Defensive	4.9%	4.9%
Energy	3.5%	3.5%
Utilities	2.3%	2.3%
Real Estate	1.9%	1.9%
Basic Materials	1.8%	1.8%

Return for Risk

JANW vs. JULW — Risk / Return Rank

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

JANW

JANW Risk / Return Rank: 86
JANW Sharpe Ratio Rank: 86
JANW Sortino Ratio Rank: 91
JANW Omega Ratio Rank: 92
JANW Calmar Ratio Rank: 72
JANW Martin Ratio Rank: 89

JULW

JULW Risk / Return Rank: 90
JULW Sharpe Ratio Rank: 86
JULW Sortino Ratio Rank: 92
JULW Omega Ratio Rank: 92
JULW Calmar Ratio Rank: 84
JULW Martin Ratio Rank: 93

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.

JANW vs. JULW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AllianzIM U.S. Large Cap Buffer20 Jan ETF (JANW) and AllianzIM U.S. Large Cap Buffer20 Jul ETF (JULW). 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.

	JANW	JULW	Difference
Sharpe ratio Return per unit of total volatility	2.89	2.90	-0.01
Sortino ratio Return per unit of downside risk	4.35	4.54	-0.19
Omega ratio Gain probability vs. loss probability	1.64	1.64	0.00
Calmar ratio Return relative to maximum drawdown	3.70	4.63	-0.93
Martin ratio Return relative to average drawdown	20.47	26.08	-5.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JANW vs. JULW - Sharpe Ratio Comparison

The current JANW Sharpe Ratio is 2.89, which is comparable to the JULW Sharpe Ratio of 2.90. The chart below compares the historical Sharpe Ratios of JANW and JULW, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	JANW	JULW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.89	2.90	-0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.23	1.31	-0.08
Sharpe Ratio (All Time) Calculated using the full available price history	1.28	1.39	-0.11

Drawdowns

JANW vs. JULW - Drawdown Comparison

The maximum JANW drawdown since its inception was -9.69%, roughly equal to the maximum JULW drawdown of -9.49%. Use the drawdown chart below to compare losses from any high point for JANW and JULW.

Drawdown Indicators

	JANW	JULW	Difference
Max Drawdown Largest peak-to-trough decline	-9.69%	-9.49%	-0.20%
Max Drawdown (1Y) Largest decline over 1 year	-3.65%	-2.96%	-0.69%
Max Drawdown (3Y) Largest decline over 3 years	-8.66%	-9.49%	+0.83%
Max Drawdown (5Y) Largest decline over 5 years	-9.69%	-9.49%	-0.20%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-1.23%	-0.91%	-0.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.66%	0.53%	+0.13%

Volatility

JANW vs. JULW - Volatility Comparison

AllianzIM U.S. Large Cap Buffer20 Jan ETF (JANW) has a higher volatility of 0.81% compared to AllianzIM U.S. Large Cap Buffer20 Jul ETF (JULW) at 0.35%. This indicates that JANW's price experiences larger fluctuations and is considered to be riskier than JULW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JANW	JULW	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.81%	0.35%	+0.46%
Volatility (6M) Calculated over the trailing 6-month period	3.66%	3.23%	+0.43%
Volatility (1Y) Calculated over the trailing 1-year period	4.60%	4.67%	-0.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.77%	6.88%	-0.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.67%	6.54%	+0.13%

JANW vs. JULW - Expense Ratio Comparison

Both JANW and JULW have an expense ratio of 0.74%.

Dividends

JANW vs. JULW - Dividend Comparison

Neither JANW nor JULW has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020
JANW AllianzIM U.S. Large Cap Buffer20 Jan ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
JULW AllianzIM U.S. Large Cap Buffer20 Jul ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.04%

Frequently Asked Questions

Can I hold both JANW and JULW in my portfolio?

JANW and JULW have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JANW or JULW?

JANW has higher volatility (0.81%) compared to JULW (0.35%). In terms of maximum drawdown, JANW dropped -9.69% vs JULW's -9.49%.

Which ETF is better, JANW or JULW?

On 5-year performance, JULW leads with 8.98% vs 8.29% for JANW. Both ETFs have the same 0.74% expense ratio. On volatility, JULW has been the lower-risk option at 0.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JANW or JULW?

Over the 5-year period, JULW has performed better with a 8.98% return vs 8.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JANW or JULW?

JANW and JULW have the same expense ratio: 0.74% per year.

Which ETF pays a higher dividend yield, JANW or JULW?

JANW and JULW have nearly identical dividend yields, around 0.00%.

Which has better risk-adjusted returns?

JULW currently has the higher Sharpe Ratio (2.90 vs 2.89), 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.