NVBT vs. PHEQ

Last updated Jun 4, 2026

NVBT (Allianzim U.S. Large Cap Buffer10 Nov ETF) and PHEQ (Parametric Hedged Equity ETF) are both Options Trading funds. Both are actively managed. Over the past year, NVBT returned 18.70% vs 15.97% for PHEQ. A 0.78 correlation means they provide meaningful diversification when combined. NVBT charges 0.74%/yr vs 0.29%/yr for PHEQ.

Performance

NVBT vs. PHEQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Allianzim U.S. Large Cap Buffer10 Nov ETF (NVBT) 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, NVBT achieves a 7.57% return, which is significantly higher than PHEQ's 5.67% return.

NVBT

• 1D: -0.29%
• 1M: 3.28%
• YTD: 7.57%
• 6M: 8.01%
• 1Y: 18.70%
• 3Y*: 12.89%
• 5Y*: —
• 10Y*: —

PHEQ

• 1D: -0.18%
• 1M: 1.64%
• YTD: 5.67%
• 6M: 6.14%
• 1Y: 15.97%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NVBT vs. PHEQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NVBT Allianzim U.S. Large Cap Buffer10 Nov ETF	7.57%	12.84%	12.03%	6.27%
PHEQ Parametric Hedged Equity ETF	5.67%	11.76%	14.94%	7.19%

Correlation

The correlation between NVBT and PHEQ 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 (All Time) Calculated using the full available price history since Oct 20, 2023	0.78

The correlation between NVBT and PHEQ has been stable across timeframes, ranging from 0.78 to 0.88 - a consistent structural relationship.

NVBT vs. PHEQ - Sectors Allocation Comparison

Sectors	NVBT	PHEQ
Technology	36.2%	35.4%
Financial Services	11.9%	11.3%
Communication Services	10.9%	11.8%
Consumer Cyclical	10.1%	10.2%
Healthcare	8.4%	8.6%
Industrials	8.1%	8.3%
Consumer Defensive	4.9%	5.0%
Energy	3.5%	3.7%
Utilities	2.3%	2.4%
Real Estate	1.9%	1.6%
Basic Materials	1.8%	1.7%

Return for Risk

NVBT vs. PHEQ — Risk / Return Rank

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

NVBT

NVBT Risk / Return Rank: 74
NVBT Sharpe Ratio Rank: 74
NVBT Sortino Ratio Rank: 78
NVBT Omega Ratio Rank: 79
NVBT Calmar Ratio Rank: 62
NVBT Martin Ratio Rank: 78

PHEQ

PHEQ Risk / Return Rank: 82
PHEQ Sharpe Ratio Rank: 80
PHEQ Sortino Ratio Rank: 86
PHEQ Omega Ratio Rank: 84
PHEQ Calmar Ratio Rank: 75
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.

NVBT vs. PHEQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Allianzim U.S. Large Cap Buffer10 Nov ETF (NVBT) 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.

	NVBT	PHEQ	Difference
Sharpe ratio: Return per unit of total volatility	2.41	2.62	-0.21
Sortino ratio: Return per unit of downside risk	3.46	3.92	-0.46
Omega ratio: Gain probability vs. loss probability	1.47	1.52	-0.05
Calmar ratio: Return relative to maximum drawdown	3.03	3.77	-0.74
Martin ratio: Return relative to average drawdown	15.08	17.21	-2.13
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NVBT vs. PHEQ - Sharpe Ratio Comparison

The current NVBT Sharpe Ratio is 2.41, which is comparable to the PHEQ Sharpe Ratio of 2.62. The chart below compares the historical Sharpe Ratios of NVBT 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.

Sharpe Ratios by Period

	NVBT	PHEQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.41	2.62	-0.21
Sharpe Ratio (All Time) Calculated using the full available price history	1.34	1.80	-0.46

Drawdowns

NVBT vs. PHEQ - Drawdown Comparison

The maximum NVBT drawdown since its inception was -12.90%, roughly equal to the maximum PHEQ drawdown of -12.55%. Use the drawdown chart below to compare losses from any high point for NVBT and PHEQ.

Drawdown Indicators

	NVBT	PHEQ	Difference
Max Drawdown Largest peak-to-trough decline	-12.90%	-12.55%	-0.35%
Max Drawdown (1Y) Largest decline over 1 year	-6.21%	-4.26%	-1.95%
Max Drawdown (3Y) Largest decline over 3 years	-12.90%	—	—
Current Drawdown Current decline from peak	-0.29%	-0.18%	-0.11%
Average Drawdown Average peak-to-trough decline	-1.35%	-0.97%	-0.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.24%	0.93%	+0.31%

Volatility

NVBT vs. PHEQ - Volatility Comparison

Allianzim U.S. Large Cap Buffer10 Nov ETF (NVBT) has a higher volatility of 1.53% compared to Parametric Hedged Equity ETF (PHEQ) at 1.05%. This indicates that NVBT'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

	NVBT	PHEQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.53%	1.05%	+0.48%
Volatility (6M) Calculated over the trailing 6-month period	6.32%	4.56%	+1.76%
Volatility (1Y) Calculated over the trailing 1-year period	7.80%	6.16%	+1.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.33%	8.62%	+1.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.33%	8.62%	+1.71%

NVBT vs. PHEQ - Expense Ratio Comparison

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

Dividends

NVBT vs. PHEQ - Dividend Comparison

NVBT has not paid dividends to shareholders, while PHEQ's dividend yield for the trailing twelve months is around 1.03%.

Position	TTM	2025	2024	2023
NVBT Allianzim U.S. Large Cap Buffer10 Nov ETF	0.00%	0.00%	0.00%	0.00%
PHEQ Parametric Hedged Equity ETF	1.03%	1.19%	1.39%	1.73%

Frequently Asked Questions

Can I hold both NVBT and PHEQ in my portfolio?

NVBT and PHEQ 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, NVBT or PHEQ?

NVBT has higher volatility (1.53%) compared to PHEQ (1.05%). In terms of maximum drawdown, NVBT dropped -12.90% vs PHEQ's -12.55%.

Which ETF is better, NVBT or PHEQ?

On 1-year performance, NVBT leads with 18.70% vs 15.97% for PHEQ. On fees, PHEQ is cheaper at 0.29% per year. On volatility, PHEQ has been the lower-risk option at 1.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVBT or PHEQ?

Over the 1-year period, NVBT has performed better with a 18.70% return vs 15.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVBT or PHEQ?

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

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

PHEQ has the higher dividend yield at 1.03%, compared with 0.00% for NVBT.

What is the main difference between NVBT and PHEQ?

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

Which has better risk-adjusted returns?

PHEQ currently has the higher Sharpe Ratio (2.62 vs 2.41), 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.