NVBU vs. APRW

Last updated Aug 4, 2026

NVBU (AllianzIM U.S. Equity Buffer15 Uncapped Nov ETF) and APRW (AllianzIM U.S. Large Cap Buffer20 Apr ETF) are both exchange-traded funds - NVBU is a Defined Outcome fund actively managed by Allianz, while APRW is a Options Trading fund actively managed by Allianz. Both are actively managed. Over the past year, NVBU returned 16.57% vs 11.59% for APRW. Their correlation of 0.89 means they have usually moved in the same direction. Both charge a 0.74% expense ratio.

Performance

NVBU vs. APRW - 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. Large Cap Buffer20 Apr ETF (APRW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with NVBU having a 7.36% return and APRW slightly higher at 7.39%.

NVBU

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

APRW

• 1D: 0.23%
• 1M: 0.84%
• 6M: 6.80%
• YTD: 7.39%
• 1Y: 11.59%
• 3Y*: 9.86%
• 5Y*: 7.10%
• 10Y*: —
• ALL TIME*: 7.40%

*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)
APRW AllianzIM U.S. Large Cap Buffer20 Apr ETF	$162.31K	$917.50K	$612.20K
NVBU AllianzIM U.S. Equity Buffer15 Uncapped Nov ETF	$99.87K	$148.41K	$110.91K

NVBU vs. APRW - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NVBU AllianzIM U.S. Equity Buffer15 Uncapped Nov ETF	7.36%	13.27%	1.42%
APRW AllianzIM U.S. Large Cap Buffer20 Apr ETF	7.39%	6.18%	1.99%

Correlation

The correlation between NVBU and APRW is 0.87, 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.	0.87
Correlation (All Time) Calculated using the full available price history since Nov 1, 2024	0.89

The correlation between NVBU and APRW has been stable across timeframes, ranging from 0.87 to 0.89 - a consistent structural relationship.

Return for Risk

NVBU vs. APRW — 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

APRW

APRW Risk / Return Rank: 98
APRW Sharpe Ratio Rank: 98
APRW Sortino Ratio Rank: 98
APRW Omega Ratio Rank: 98
APRW Calmar Ratio Rank: 98
APRW Martin Ratio Rank: 98

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. APRW - 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. Large Cap Buffer20 Apr ETF (APRW). 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	APRW	Difference
Sharpe ratio: Return per unit of total volatility	1.69	4.19	-2.51
Sortino ratio: Return per unit of downside risk	2.38	7.20	-4.83
Omega ratio: Gain probability vs. loss probability	1.30	2.01	-0.71
Calmar ratio: Return relative to maximum drawdown	3.09	13.03	-9.93
Martin ratio: Return relative to average drawdown	10.55	64.11	-53.56

NVBU vs. APRW - Sharpe Ratio Comparison

The current NVBU Sharpe Ratio is 1.69, which is lower than the APRW Sharpe Ratio of 4.19. The chart below compares the historical Sharpe Ratios of NVBU and APRW, 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. APRW - Drawdown Comparison

The maximum NVBU drawdown since its inception was -11.97%, which is greater than APRW's maximum drawdown of -9.61%. Use the drawdown chart below to compare losses from any high point for NVBU and APRW.

Drawdown Indicators

	NVBU	APRW	Difference
Max Drawdown Largest peak-to-trough decline	-11.97%	-9.61%	-2.36%
Max Drawdown (1Y) Largest decline over 1 year	-5.38%	-0.89%	-4.49%
Max Drawdown (3Y) Largest decline over 3 years	—	-9.61%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-9.61%	—
Current Drawdown Current decline from peak	-0.76%	0.00%	-0.76%
Average Drawdown Average peak-to-trough decline	-1.80%	-1.10%	-0.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.57%	0.18%	+1.39%

Volatility

NVBU vs. APRW - Volatility Comparison

AllianzIM U.S. Equity Buffer15 Uncapped Nov ETF (NVBU) has a higher volatility of 3.13% compared to AllianzIM U.S. Large Cap Buffer20 Apr ETF (APRW) at 0.97%. This indicates that NVBU's price experiences larger fluctuations and is considered to be riskier than APRW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NVBU	APRW	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.13%	0.97%	+2.16%
Volatility (6M) Calculated over the trailing 6-month period	7.20%	2.30%	+4.90%
Volatility (1Y) Calculated over the trailing 1-year period	9.88%	2.78%	+7.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.12%	6.73%	+4.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.12%	6.35%	+4.77%

NVBU vs. APRW - Expense Ratio Comparison

Both NVBU and APRW have an expense ratio of 0.74%.

Dividends

NVBU vs. APRW - Dividend Comparison

Neither NVBU nor APRW has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020
APRW AllianzIM U.S. Large Cap Buffer20 Apr ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.67%
NVBU AllianzIM U.S. Equity Buffer15 Uncapped Nov ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NVBU and APRW in my portfolio?

NVBU and APRW have a correlation of 0.87, 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 APRW?

NVBU has higher volatility (3.13%) compared to APRW (0.97%). In terms of maximum drawdown, NVBU dropped -11.97% vs APRW's -9.61%.

Which ETF is better, NVBU or APRW?

On 1-year performance, NVBU leads with 16.57% vs 11.59% for APRW. Both ETFs have the same 0.74% expense ratio. On volatility, APRW has been the lower-risk option at 0.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVBU or APRW?

Over the 1-year period, NVBU has performed better with a 16.57% return vs 11.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVBU or APRW?

NVBU and APRW have the same expense ratio: 0.74% per year.

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

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

What is the main difference between NVBU and APRW?

NVBU is categorized as Defined Outcome, while APRW is Options Trading.

Which has better risk-adjusted returns?

APRW currently has the higher Sharpe Ratio (4.19 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.