JANW vs. NVBT

Last updated Jun 3, 2026

JANW (AllianzIM U.S. Large Cap Buffer20 Jan ETF) and NVBT (Allianzim U.S. Large Cap Buffer10 Nov ETF) are both Options Trading funds from Allianz. Both are actively managed. Over the past 3 years, JANW returned 10.98%/yr vs 13.00%/yr for NVBT. Their correlation of 0.89 suggests significant overlap in exposure. Both charge a 0.74% expense ratio.

Performance

JANW vs. NVBT - 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 Buffer10 Nov ETF (NVBT). 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 lower than NVBT's 7.88% return.

JANW

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

NVBT

• 1D: 0.08%
• 1M: 3.31%
• YTD: 7.88%
• 6M: 8.41%
• 1Y: 19.62%
• 3Y*: 13.00%
• 5Y*: —
• 10Y*: —

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

JANW vs. NVBT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
JANW AllianzIM U.S. Large Cap Buffer20 Jan ETF	4.51%	10.05%	10.99%	14.56%	3.58%
NVBT Allianzim U.S. Large Cap Buffer10 Nov ETF	7.88%	12.84%	12.03%	16.28%	0.24%

Correlation

The correlation between JANW and NVBT is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (All Time) Calculated using the full available price history since Nov 2, 2022	0.89

The correlation between JANW and NVBT has been stable across timeframes, ranging from 0.88 to 0.92 - a consistent structural relationship.

JANW vs. NVBT - Sectors Allocation Comparison

Sectors	JANW	NVBT
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. NVBT — 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

NVBT

NVBT Risk / Return Rank: 76
NVBT Sharpe Ratio Rank: 76
NVBT Sortino Ratio Rank: 79
NVBT Omega Ratio Rank: 81
NVBT Calmar Ratio Rank: 63
NVBT Martin Ratio Rank: 80

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. NVBT - 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 Buffer10 Nov ETF (NVBT). 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	NVBT	Difference
Sharpe ratio Return per unit of total volatility	2.89	2.53	+0.36
Sortino ratio Return per unit of downside risk	4.35	3.62	+0.73
Omega ratio Gain probability vs. loss probability	1.64	1.50	+0.14
Calmar ratio Return relative to maximum drawdown	3.70	3.20	+0.50
Martin ratio Return relative to average drawdown	20.47	15.99	+4.48
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. NVBT - Sharpe Ratio Comparison

The current JANW Sharpe Ratio is 2.89, which is comparable to the NVBT Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of JANW and NVBT, 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	NVBT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.89	2.53	+0.36
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.23	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.28	1.35	-0.07

Drawdowns

JANW vs. NVBT - Drawdown Comparison

The maximum JANW drawdown since its inception was -9.69%, smaller than the maximum NVBT drawdown of -12.90%. Use the drawdown chart below to compare losses from any high point for JANW and NVBT.

Drawdown Indicators

	JANW	NVBT	Difference
Max Drawdown Largest peak-to-trough decline	-9.69%	-12.90%	+3.21%
Max Drawdown (1Y) Largest decline over 1 year	-3.65%	-6.21%	+2.56%
Max Drawdown (3Y) Largest decline over 3 years	-8.66%	-12.90%	+4.24%
Max Drawdown (5Y) Largest decline over 5 years	-9.69%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-1.23%	-1.35%	+0.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.66%	1.24%	-0.58%

Volatility

JANW vs. NVBT - Volatility Comparison

The current volatility for AllianzIM U.S. Large Cap Buffer20 Jan ETF (JANW) is 0.81%, while Allianzim U.S. Large Cap Buffer10 Nov ETF (NVBT) has a volatility of 1.52%. This indicates that JANW experiences smaller price fluctuations and is considered to be less risky than NVBT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JANW	NVBT	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.81%	1.52%	-0.71%
Volatility (6M) Calculated over the trailing 6-month period	3.66%	6.32%	-2.66%
Volatility (1Y) Calculated over the trailing 1-year period	4.60%	7.80%	-3.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.77%	10.33%	-3.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.67%	10.33%	-3.66%

JANW vs. NVBT - Expense Ratio Comparison

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

Dividends

JANW vs. NVBT - Dividend Comparison

Neither JANW nor NVBT has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both JANW and NVBT in my portfolio?

With a correlation of 0.92, JANW and NVBT 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, JANW or NVBT?

NVBT has higher volatility (1.52%) compared to JANW (0.81%). In terms of maximum drawdown, JANW dropped -9.69% vs NVBT's -12.90%.

Which ETF is better, JANW or NVBT?

On 3-year performance, NVBT leads with 13.00% vs 10.98% for JANW. Both ETFs have the same 0.74% expense ratio. On volatility, JANW has been the lower-risk option at 0.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JANW or NVBT?

Over the 3-year period, NVBT has performed better with a 13.00% return vs 10.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JANW or NVBT?

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

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

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

Which has better risk-adjusted returns?

JANW currently has the higher Sharpe Ratio (2.89 vs 2.53), 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.