NVBU vs. AIOO

Last updated Aug 4, 2026

NVBU (AllianzIM U.S. Equity Buffer15 Uncapped Nov ETF) and AIOO (AllianzIM U.S. Equity Buffer100 Protection ETF) are both Defined Outcome funds from Allianz. Both are actively managed. Over the past year, NVBU returned 16.57% vs 5.08% for AIOO. Their correlation of 0.81 means they have usually moved in the same direction. NVBU charges 0.74%/yr vs 0.64%/yr for AIOO.

Performance

NVBU vs. AIOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AllianzIM U.S. Equity Buffer15 Uncapped Nov ETF (NVBU) and AllianzIM U.S. Equity Buffer100 Protection ETF (AIOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NVBU achieves a 7.36% return, which is significantly higher than AIOO's 2.52% return.

NVBU

• 1D: 1.14%
• 1M: 1.19%
• 6M: 6.18%
• YTD: 7.36%
• 1Y: 16.57%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.71%

AIOO

• 1D: 0.11%
• 1M: 0.30%
• 6M: 2.09%
• YTD: 2.52%
• 1Y: 5.08%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.79%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
AIOO AllianzIM U.S. Equity Buffer100 Protection ETF	$392.91K	$307.57K	$419.98K
NVBU AllianzIM U.S. Equity Buffer15 Uncapped Nov ETF	$99.87K	$148.41K	$110.91K

NVBU vs. AIOO - Yearly Performance Comparison

	2026 (YTD)	2025
NVBU AllianzIM U.S. Equity Buffer15 Uncapped Nov ETF	7.36%	8.93%
AIOO AllianzIM U.S. Equity Buffer100 Protection ETF	2.52%	2.65%

Correlation

The correlation between NVBU and AIOO is 0.82, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.82
Correlation (All Time) Calculated using the full available price history since Jul 1, 2025	0.81

The correlation between NVBU and AIOO has been stable across timeframes, ranging from 0.81 to 0.82 - a consistent structural relationship.

Return for Risk

NVBU vs. AIOO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

NVBU

NVBU Risk / Return Rank: 70
NVBU Sharpe Ratio Rank: 66
NVBU Sortino Ratio Rank: 65
NVBU Omega Ratio Rank: 63
NVBU Calmar Ratio Rank: 79
NVBU Martin Ratio Rank: 76

AIOO

AIOO Risk / Return Rank: 94
AIOO Sharpe Ratio Rank: 92
AIOO Sortino Ratio Rank: 94
AIOO Omega Ratio Rank: 93
AIOO Calmar Ratio Rank: 96
AIOO Martin Ratio Rank: 94

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

NVBU vs. AIOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AllianzIM U.S. Equity Buffer15 Uncapped Nov ETF (NVBU) and AllianzIM U.S. Equity Buffer100 Protection ETF (AIOO). 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.

	NVBU	AIOO	Difference
Sharpe ratio: Return per unit of total volatility	1.69	2.50	-0.82
Sortino ratio: Return per unit of downside risk	2.38	3.89	-1.51
Omega ratio: Gain probability vs. loss probability	1.30	1.48	-0.18
Calmar ratio: Return relative to maximum drawdown	3.09	6.89	-3.80
Martin ratio: Return relative to average drawdown	10.55	19.90	-9.35

NVBU vs. AIOO - Sharpe Ratio Comparison

The current NVBU Sharpe Ratio is 1.69, which is lower than the AIOO Sharpe Ratio of 2.50. The chart below compares the historical Sharpe Ratios of NVBU and AIOO, 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

NVBU vs. AIOO - Drawdown Comparison

The maximum NVBU drawdown since its inception was -11.97%, which is greater than AIOO's maximum drawdown of -0.74%. Use the drawdown chart below to compare losses from any high point for NVBU and AIOO.

Drawdown Indicators

	NVBU	AIOO	Difference
Max Drawdown Largest peak-to-trough decline	-11.97%	-0.74%	-11.23%
Max Drawdown (1Y) Largest decline over 1 year	-5.38%	-0.74%	-4.64%
Current Drawdown Current decline from peak	-0.76%	-0.02%	-0.74%
Average Drawdown Average peak-to-trough decline	-1.80%	-0.18%	-1.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.57%	0.26%	+1.31%

Volatility

NVBU vs. AIOO - Volatility Comparison

AllianzIM U.S. Equity Buffer15 Uncapped Nov ETF (NVBU) has a higher volatility of 3.13% compared to AllianzIM U.S. Equity Buffer100 Protection ETF (AIOO) at 0.39%. This indicates that NVBU's price experiences larger fluctuations and is considered to be riskier than AIOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NVBU	AIOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.13%	0.39%	+2.74%
Volatility (6M) Calculated over the trailing 6-month period	7.20%	1.39%	+5.81%
Volatility (1Y) Calculated over the trailing 1-year period	9.88%	2.04%	+7.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.12%	2.02%	+9.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.12%	2.02%	+9.10%

NVBU vs. AIOO - Expense Ratio Comparison

NVBU has a 0.74% expense ratio, which is higher than AIOO's 0.64% expense ratio.

Dividends

NVBU vs. AIOO - Dividend Comparison

Neither NVBU nor AIOO has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both NVBU and AIOO in my portfolio?

NVBU and AIOO have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NVBU or AIOO?

NVBU has higher volatility (3.13%) compared to AIOO (0.39%). In terms of maximum drawdown, NVBU dropped -11.97% vs AIOO's -0.74%.

Which ETF is better, NVBU or AIOO?

On 1-year performance, NVBU leads with 16.57% vs 5.08% for AIOO. On fees, AIOO is cheaper at 0.64% per year. On volatility, AIOO has been the lower-risk option at 0.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVBU or AIOO?

Over the 1-year period, NVBU has performed better with a 16.57% return vs 5.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVBU or AIOO?

AIOO is cheaper with a 0.64% expense ratio, compared with 0.74% for NVBU.

Which ETF pays a higher dividend yield, NVBU or AIOO?

NVBU and AIOO have nearly identical dividend yields, around 0.00%.

What is the main difference between NVBU and AIOO?

Their fees differ too: 0.74% for NVBU and 0.64% for AIOO.

Which has better risk-adjusted returns?

AIOO currently has the higher Sharpe Ratio (2.50 vs 1.69), 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.