NVBW vs. APRT

Last updated Aug 4, 2026

NVBW (Allianzim U.S. Large Cap Buffer20 Nov ETF) and APRT (AllianzIM U.S. Large Cap Buffer10 Apr ETF) are both Options Trading funds from Allianz. Both are actively managed. Over the past 3 years, NVBW returned 8.74%/yr vs 13.70%/yr for APRT. Their correlation of 0.89 means they have usually moved in the same direction. Both charge a 0.74% expense ratio.

Performance

NVBW vs. APRT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Allianzim U.S. Large Cap Buffer20 Nov ETF (NVBW) and AllianzIM U.S. Large Cap Buffer10 Apr ETF (APRT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NVBW achieves a 6.40% return, which is significantly lower than APRT's 11.37% return.

NVBW

• 1D: 0.40%
• 1M: 1.18%
• 6M: 5.23%
• YTD: 6.40%
• 1Y: 11.12%
• 3Y*: 8.74%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.08%

APRT

• 1D: 0.40%
• 1M: 1.14%
• 6M: 10.51%
• YTD: 11.37%
• 1Y: 17.25%
• 3Y*: 13.70%
• 5Y*: 10.45%
• 10Y*: —
• ALL TIME*: 11.33%

*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)
APRT AllianzIM U.S. Large Cap Buffer10 Apr ETF	$57.33K	$824.76K	$467.35K
NVBW Allianzim U.S. Large Cap Buffer20 Nov ETF	$98.33K	$62.36K	$122.18K

NVBW vs. APRT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
NVBW Allianzim U.S. Large Cap Buffer20 Nov ETF	6.40%	9.25%	9.03%	12.70%	0.42%
APRT AllianzIM U.S. Large Cap Buffer10 Apr ETF	11.37%	7.99%	15.15%	22.13%	0.82%

Correlation

The correlation between NVBW and APRT is 0.92, 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.	0.92
Correlation (3Y) Balances recent behavior with more history.	0.87
Correlation (All Time) Calculated using the full available price history since Nov 1, 2022	0.89

The correlation between NVBW and APRT has been stable across timeframes, ranging from 0.87 to 0.92 - a consistent structural relationship.

Return for Risk

NVBW vs. APRT — Risk / Return Rank

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

NVBW

NVBW Risk / Return Rank: 83
NVBW Sharpe Ratio Rank: 84
NVBW Sortino Ratio Rank: 86
NVBW Omega Ratio Rank: 89
NVBW Calmar Ratio Rank: 71
NVBW Martin Ratio Rank: 86

APRT

APRT Risk / Return Rank: 98
APRT Sharpe Ratio Rank: 97
APRT Sortino Ratio Rank: 97
APRT Omega Ratio Rank: 97
APRT Calmar Ratio Rank: 98
APRT 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.

NVBW vs. APRT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Allianzim U.S. Large Cap Buffer20 Nov ETF (NVBW) and AllianzIM U.S. Large Cap Buffer10 Apr ETF (APRT). 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.

	NVBW	APRT	Difference
Sharpe ratio: Return per unit of total volatility	2.12	3.32	-1.20
Sortino ratio: Return per unit of downside risk	3.12	5.60	-2.48
Omega ratio: Gain probability vs. loss probability	1.43	1.79	-0.36
Calmar ratio: Return relative to maximum drawdown	2.77	10.89	-8.11
Martin ratio: Return relative to average drawdown	13.69	49.20	-35.51

NVBW vs. APRT - Sharpe Ratio Comparison

The current NVBW Sharpe Ratio is 2.12, which is lower than the APRT Sharpe Ratio of 3.32. The chart below compares the historical Sharpe Ratios of NVBW and APRT, 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

NVBW vs. APRT - Drawdown Comparison

The maximum NVBW drawdown since its inception was -8.41%, smaller than the maximum APRT drawdown of -14.98%. Use the drawdown chart below to compare losses from any high point for NVBW and APRT.

Drawdown Indicators

	NVBW	APRT	Difference
Max Drawdown Largest peak-to-trough decline	-8.41%	-14.98%	+6.57%
Max Drawdown (1Y) Largest decline over 1 year	-4.03%	-1.59%	-2.44%
Max Drawdown (3Y) Largest decline over 3 years	-8.41%	-14.98%	+6.57%
Max Drawdown (5Y) Largest decline over 5 years	—	-14.98%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.73%	-2.01%	+1.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.81%	0.35%	+0.46%

Volatility

NVBW vs. APRT - Volatility Comparison

Allianzim U.S. Large Cap Buffer20 Nov ETF (NVBW) and AllianzIM U.S. Large Cap Buffer10 Apr ETF (APRT) have volatilities of 1.54% and 1.51%, 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

	NVBW	APRT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.54%	1.51%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	4.46%	4.52%	-0.06%
Volatility (1Y) Calculated over the trailing 1-year period	5.28%	5.23%	+0.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.88%	10.79%	-3.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.88%	10.20%	-3.32%

NVBW vs. APRT - Expense Ratio Comparison

Both NVBW and APRT have an expense ratio of 0.74%.

Dividends

NVBW vs. APRT - Dividend Comparison

Neither NVBW nor APRT has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020
APRT AllianzIM U.S. Large Cap Buffer10 Apr ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	4.67%
NVBW Allianzim U.S. Large Cap Buffer20 Nov ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NVBW and APRT in my portfolio?

With a correlation of 0.92, NVBW and APRT 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, NVBW or APRT?

NVBW has higher volatility (1.54%) compared to APRT (1.51%). In terms of maximum drawdown, NVBW dropped -8.41% vs APRT's -14.98%.

Which ETF is better, NVBW or APRT?

On 3-year performance, APRT leads with 13.70% vs 8.74% for NVBW. Both ETFs have the same 0.74% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVBW or APRT?

Over the 3-year period, APRT has performed better with a 13.70% return vs 8.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVBW or APRT?

NVBW and APRT have the same expense ratio: 0.74% per year.

Which ETF pays a higher dividend yield, NVBW or APRT?

NVBW and APRT have nearly identical dividend yields, around 0.00%.

Which has better risk-adjusted returns?

APRT currently has the higher Sharpe Ratio (3.32 vs 2.12), 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.