NVBT vs. SEPT

Last updated Jun 4, 2026

NVBT (Allianzim U.S. Large Cap Buffer10 Nov ETF) and SEPT (AllianzIM U.S. Equity Buffer10 Sep ETF) are both exchange-traded funds - NVBT is a Options Trading fund actively managed by Allianz, while SEPT is a Defined Outcome fund actively managed by Allianz. Both are actively managed. Over the past year, NVBT returned 18.70% vs 19.52% for SEPT. Their correlation of 0.93 suggests significant overlap in exposure. Both charge a 0.74% expense ratio.

Performance

NVBT vs. SEPT - 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 AllianzIM U.S. Equity Buffer10 Sep ETF (SEPT). 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 SEPT's 6.29% return.

NVBT

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

SEPT

• 1D: -0.14%
• 1M: 2.40%
• YTD: 6.29%
• 6M: 6.89%
• 1Y: 19.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NVBT vs. SEPT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NVBT Allianzim U.S. Large Cap Buffer10 Nov ETF	7.57%	12.84%	12.03%	0.76%
SEPT AllianzIM U.S. Equity Buffer10 Sep ETF	6.29%	14.95%	16.43%	4.86%

Correlation

The correlation between NVBT and SEPT is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (All Time) Calculated using the full available price history since Sep 5, 2023	0.93

The correlation between NVBT and SEPT has been stable across timeframes, ranging from 0.93 to 0.95 - a consistent structural relationship.

NVBT vs. SEPT - Sectors Allocation Comparison

Sectors	NVBT	SEPT
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

NVBT vs. SEPT — 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

SEPT

SEPT Risk / Return Rank: 82
SEPT Sharpe Ratio Rank: 81
SEPT Sortino Ratio Rank: 85
SEPT Omega Ratio Rank: 86
SEPT Calmar Ratio Rank: 73
SEPT Martin Ratio Rank: 87

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. SEPT - 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 AllianzIM U.S. Equity Buffer10 Sep ETF (SEPT). 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	SEPT	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	3.78	-0.31
Omega ratio: Gain probability vs. loss probability	1.47	1.52	-0.05
Calmar ratio: Return relative to maximum drawdown	3.03	3.64	-0.61
Martin ratio: Return relative to average drawdown	15.08	18.48	-3.40
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. SEPT - Sharpe Ratio Comparison

The current NVBT Sharpe Ratio is 2.41, which is comparable to the SEPT Sharpe Ratio of 2.62. The chart below compares the historical Sharpe Ratios of NVBT and SEPT, 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	SEPT	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	1.60	-0.26

Drawdowns

NVBT vs. SEPT - Drawdown Comparison

The maximum NVBT drawdown since its inception was -12.90%, roughly equal to the maximum SEPT drawdown of -12.83%. Use the drawdown chart below to compare losses from any high point for NVBT and SEPT.

Drawdown Indicators

	NVBT	SEPT	Difference
Max Drawdown Largest peak-to-trough decline	-12.90%	-12.83%	-0.07%
Max Drawdown (1Y) Largest decline over 1 year	-6.21%	-5.39%	-0.82%
Max Drawdown (3Y) Largest decline over 3 years	-12.90%	—	—
Current Drawdown Current decline from peak	-0.29%	-0.14%	-0.15%
Average Drawdown Average peak-to-trough decline	-1.35%	-1.09%	-0.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.24%	1.06%	+0.18%

Volatility

NVBT vs. SEPT - Volatility Comparison

Allianzim U.S. Large Cap Buffer10 Nov ETF (NVBT) has a higher volatility of 1.53% compared to AllianzIM U.S. Equity Buffer10 Sep ETF (SEPT) at 1.12%. This indicates that NVBT's price experiences larger fluctuations and is considered to be riskier than SEPT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NVBT	SEPT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.53%	1.12%	+0.41%
Volatility (6M) Calculated over the trailing 6-month period	6.32%	5.61%	+0.71%
Volatility (1Y) Calculated over the trailing 1-year period	7.80%	7.49%	+0.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.33%	9.87%	+0.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.33%	9.87%	+0.46%

NVBT vs. SEPT - Expense Ratio Comparison

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

Dividends

NVBT vs. SEPT - Dividend Comparison

Neither NVBT nor SEPT has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both NVBT and SEPT in my portfolio?

With a correlation of 0.95, NVBT and SEPT 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, NVBT or SEPT?

NVBT has higher volatility (1.53%) compared to SEPT (1.12%). In terms of maximum drawdown, NVBT dropped -12.90% vs SEPT's -12.83%.

Which ETF is better, NVBT or SEPT?

On 1-year performance, SEPT leads with 19.52% vs 18.70% for NVBT. Both ETFs have the same 0.74% expense ratio. On volatility, SEPT has been the lower-risk option at 1.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVBT or SEPT?

Over the 1-year period, SEPT has performed better with a 19.52% return vs 18.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVBT or SEPT?

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

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

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

What is the main difference between NVBT and SEPT?

NVBT is categorized as Options Trading, while SEPT is Defined Outcome.

Which has better risk-adjusted returns?

SEPT 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.