MAYT vs. PHEQ

Last updated Apr 2, 2026

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

MAYT and PHEQ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. MAYT is an actively managed fund by Allianz. It was launched on Apr 28, 2023. PHEQ is an actively managed fund by Parametric. It was launched on Oct 16, 2023.

Performance

MAYT vs. PHEQ - Performance Comparison

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

MAYT vs. PHEQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MAYT AllianzIM U.S. Large Cap Buffer10 May ETF	0.60%	11.29%	18.36%	8.82%
PHEQ Parametric Hedged Equity ETF	-1.25%	11.76%	14.94%	7.19%

Returns By Period

In the year-to-date period, MAYT achieves a 0.60% return, which is significantly higher than PHEQ's -1.25% return.

MAYT

• 1D: 0.41%
• 1M: -0.40%
• YTD: 0.60%
• 6M: 2.83%
• 1Y: 12.96%
• 3Y*: —
• 5Y*: —
• 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)

MAYT vs. PHEQ - Expense Ratio Comparison

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

MAYT

AllianzIM U.S. Large Cap Buffer10 May ETF

PHEQ

Parametric Hedged Equity ETF

Return for Risk

MAYT vs. PHEQ — Risk / Return Rank

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

MAYT

MAYT Risk / Return Rank: 64
MAYT Sharpe Ratio Rank: 58
MAYT Sortino Ratio Rank: 60
MAYT Omega Ratio Rank: 83
MAYT Calmar Ratio Rank: 48
MAYT Martin Ratio Rank: 72

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.

MAYT vs. PHEQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AllianzIM U.S. Large Cap Buffer10 May ETF (MAYT) 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.

	MAYT	PHEQ	Difference
Sharpe ratio Return per unit of total volatility	1.08	1.23	-0.15
Sortino ratio Return per unit of downside risk	1.63	1.83	-0.20
Omega ratio Gain probability vs. loss probability	1.34	1.31	+0.03
Calmar ratio Return relative to maximum drawdown	1.38	1.73	-0.35
Martin ratio Return relative to average drawdown	8.33	8.89	-0.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MAYT vs. PHEQ - Sharpe Ratio Comparison

The current MAYT Sharpe Ratio is 1.08, which is comparable to the PHEQ Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of MAYT 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

	MAYT	PHEQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.08	1.23	-0.15
Sharpe Ratio (All Time) Calculated using the full available price history	1.56	1.53	+0.03

Correlation

The correlation between MAYT and PHEQ is 0.80, 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

MAYT vs. PHEQ - Dividend Comparison

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

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

Drawdowns

MAYT vs. PHEQ - Drawdown Comparison

The maximum MAYT drawdown since its inception was -11.99%, roughly equal to the maximum PHEQ drawdown of -12.55%. Use the drawdown chart below to compare losses from any high point for MAYT and PHEQ.

Drawdown Indicators

	MAYT	PHEQ	Difference
Max Drawdown Largest peak-to-trough decline	-11.99%	-12.55%	+0.56%
Max Drawdown (1Y) Largest decline over 1 year	-9.59%	-7.85%	-1.74%
Current Drawdown Current decline from peak	-0.54%	-2.24%	+1.70%
Average Drawdown Average peak-to-trough decline	-0.85%	-1.02%	+0.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.59%	1.53%	+0.06%

Volatility

MAYT vs. PHEQ - Volatility Comparison

AllianzIM U.S. Large Cap Buffer10 May ETF (MAYT) and Parametric Hedged Equity ETF (PHEQ) have volatilities of 2.92% and 2.90%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MAYT	PHEQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.92%	2.90%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	3.82%	4.84%	-1.02%
Volatility (1Y) Calculated over the trailing 1-year period	12.02%	10.66%	+1.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.31%	8.78%	+0.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.31%	8.78%	+0.53%