JULW vs. PHEQ

Last updated Jun 26, 2026

JULW (AllianzIM U.S. Large Cap Buffer20 Jul ETF) and PHEQ (Parametric Hedged Equity ETF) are both Options Trading funds. Both are actively managed. Over the past year, JULW returned 10.84% vs 14.07% for PHEQ. A 0.78 correlation means they provide meaningful diversification when combined. JULW charges 0.74%/yr vs 0.29%/yr for PHEQ.

Performance

JULW vs. PHEQ - Performance Comparison

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

Returns By Period

In the year-to-date period, JULW achieves a 4.24% return, which is significantly lower than PHEQ's 5.37% return.

JULW

• 1D: 0.09%
• 1M: 0.54%
• YTD: 4.24%
• 6M: 4.27%
• 1Y: 10.84%
• 3Y*: 11.22%
• 5Y*: 9.02%
• 10Y*: —

PHEQ

• 1D: 0.25%
• 1M: -0.26%
• YTD: 5.37%
• 6M: 4.79%
• 1Y: 14.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

JULW vs. PHEQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
JULW AllianzIM U.S. Large Cap Buffer20 Jul ETF	4.24%	11.57%	12.39%	5.91%
PHEQ Parametric Hedged Equity ETF	5.37%	11.76%	14.94%	6.39%

Correlation

The correlation between JULW and PHEQ is 0.85, 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	0.85
Correlation (All Time) Calculated using the full available price history since Oct 19, 2023	0.78

The correlation between JULW and PHEQ has been stable across timeframes, ranging from 0.78 to 0.85 - a consistent structural relationship.

Return for Risk

JULW vs. PHEQ — Risk / Return Rank

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

JULW

JULW Risk / Return Rank: 90
JULW Sharpe Ratio Rank: 90
JULW Sortino Ratio Rank: 93
JULW Omega Ratio Rank: 93
JULW Calmar Ratio Rank: 80
JULW Martin Ratio Rank: 93

PHEQ

PHEQ Risk / Return Rank: 83
PHEQ Sharpe Ratio Rank: 83
PHEQ Sortino Ratio Rank: 87
PHEQ Omega Ratio Rank: 86
PHEQ Calmar Ratio Rank: 74
PHEQ Martin Ratio Rank: 84

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.

JULW vs. PHEQ - Risk-Adjusted Trends Comparison

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

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.

	JULW	PHEQ	Difference
Sharpe ratio: Return per unit of total volatility	2.63	2.31	+0.32
Sortino ratio: Return per unit of downside risk	4.04	3.46	+0.58
Omega ratio: Gain probability vs. loss probability	1.57	1.45	+0.12
Calmar ratio: Return relative to maximum drawdown	3.68	3.32	+0.36
Martin ratio: Return relative to average drawdown	20.97	14.99	+5.98

JULW vs. PHEQ - Sharpe Ratio Comparison

The current JULW Sharpe Ratio is 2.63, which is comparable to the PHEQ Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of JULW and PHEQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

JULW vs. PHEQ - Drawdown Comparison

The maximum JULW drawdown since its inception was -9.49%, smaller than the maximum PHEQ drawdown of -12.55%. Use the drawdown chart below to compare losses from any high point for JULW and PHEQ.

Drawdown Indicators

	JULW	PHEQ	Difference
Max Drawdown Largest peak-to-trough decline	-9.49%	-12.55%	+3.06%
Max Drawdown (1Y) Largest decline over 1 year	-2.96%	-4.26%	+1.30%
Max Drawdown (3Y) Largest decline over 3 years	-9.49%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-9.49%	—	—
Current Drawdown Current decline from peak	0.00%	-0.53%	+0.53%
Average Drawdown Average peak-to-trough decline	-0.90%	-0.97%	+0.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.52%	0.94%	-0.42%

Volatility

JULW vs. PHEQ - Volatility Comparison

The current volatility for AllianzIM U.S. Large Cap Buffer20 Jul ETF (JULW) is 0.34%, while Parametric Hedged Equity ETF (PHEQ) has a volatility of 1.72%. This indicates that JULW experiences smaller price fluctuations and is considered to be less risky than PHEQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JULW	PHEQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.34%	1.72%	-1.38%
Volatility (6M) Calculated over the trailing 6-month period	3.18%	4.78%	-1.60%
Volatility (1Y) Calculated over the trailing 1-year period	4.14%	6.11%	-1.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.89%	8.59%	-1.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.51%	8.59%	-2.08%

JULW vs. PHEQ - Expense Ratio Comparison

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

Dividends

JULW vs. PHEQ - Dividend Comparison

JULW has not paid dividends to shareholders, while PHEQ's dividend yield for the trailing twelve months is around 0.95%.

Position	TTM	2025	2024	2023	2022	2021	2020
JULW AllianzIM U.S. Large Cap Buffer20 Jul ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.04%
PHEQ Parametric Hedged Equity ETF	0.95%	1.19%	1.39%	1.73%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JULW and PHEQ in my portfolio?

JULW and PHEQ have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JULW or PHEQ?

PHEQ has higher volatility (1.72%) compared to JULW (0.34%). In terms of maximum drawdown, JULW dropped -9.49% vs PHEQ's -12.55%.

Which ETF is better, JULW or PHEQ?

On 1-year performance, PHEQ leads with 14.07% vs 10.84% for JULW. On fees, PHEQ is cheaper at 0.29% per year. On volatility, JULW has been the lower-risk option at 0.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JULW or PHEQ?

Over the 1-year period, PHEQ has performed better with a 14.07% return vs 10.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JULW or PHEQ?

PHEQ is cheaper with a 0.29% expense ratio, compared with 0.74% for JULW.

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

PHEQ has the higher dividend yield at 0.95%, compared with 0.00% for JULW.

What is the main difference between JULW and PHEQ?

They also come from different issuers: Allianz and Parametric. Their fees differ too: 0.74% for JULW and 0.29% for PHEQ.

Which has better risk-adjusted returns?

JULW currently has the higher Sharpe Ratio (2.63 vs 2.31), 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.