NVBW vs. IVVB

Last updated Aug 2, 2026

NVBW (Allianzim U.S. Large Cap Buffer20 Nov ETF) and IVVB (iShares Large Cap Deep Buffer ETF) are both Options Trading funds. Both are actively managed. Over the past 3 years, NVBW returned 8.33%/yr vs 12.04%/yr for IVVB. Their correlation of 0.85 means they have usually moved in the same direction. NVBW charges 0.74%/yr vs 0.50%/yr for IVVB.

Performance

NVBW vs. IVVB - 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 iShares Large Cap Deep Buffer ETF (IVVB). 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 NVBW having a 5.98% return and IVVB slightly higher at 5.99%.

NVBW

• 1D: 0.40%
• 1M: 0.78%
• 6M: 4.81%
• YTD: 5.98%
• 1Y: 10.68%
• 3Y*: 8.33%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 9.99%

IVVB

• 1D: 0.95%
• 1M: 1.30%
• 6M: 4.20%
• YTD: 5.99%
• 1Y: 13.63%
• 3Y*: 12.04%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 11.87%

*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)
IVVB iShares Large Cap Deep Buffer ETF	$481.69K	$525.72K	$902.08K
NVBW Allianzim U.S. Large Cap Buffer20 Nov ETF	$96.13K	$61.58K	$126.12K

NVBW vs. IVVB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NVBW Allianzim U.S. Large Cap Buffer20 Nov ETF	5.98%	9.25%	9.03%	2.66%
IVVB iShares Large Cap Deep Buffer ETF	5.99%	9.60%	18.66%	2.64%

Correlation

The correlation between NVBW and IVVB is 0.90, 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.	0.90
Correlation (3Y) Balances recent behavior with more history.	0.85
Correlation (All Time) Calculated using the full available price history since Jun 30, 2023	0.85

The correlation between NVBW and IVVB has been stable across timeframes, ranging from 0.85 to 0.90 - a consistent structural relationship.

Return for Risk

NVBW vs. IVVB — Risk / Return Rank

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

NVBW

NVBW Risk / Return Rank: 82
NVBW Sharpe Ratio Rank: 82
NVBW Sortino Ratio Rank: 84
NVBW Omega Ratio Rank: 87
NVBW Calmar Ratio Rank: 71
NVBW Martin Ratio Rank: 86

IVVB

IVVB Risk / Return Rank: 74
IVVB Sharpe Ratio Rank: 76
IVVB Sortino Ratio Rank: 75
IVVB Omega Ratio Rank: 76
IVVB Calmar Ratio Rank: 66
IVVB Martin Ratio Rank: 76

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. IVVB - 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 iShares Large Cap Deep Buffer ETF (IVVB). 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	IVVB	Difference
Sharpe ratio: Return per unit of total volatility	1.91	1.78	+0.12
Sortino ratio: Return per unit of downside risk	2.79	2.51	+0.28
Omega ratio: Gain probability vs. loss probability	1.39	1.33	+0.06
Calmar ratio: Return relative to maximum drawdown	2.50	2.38	+0.12
Martin ratio: Return relative to average drawdown	12.36	9.97	+2.39

NVBW vs. IVVB - Sharpe Ratio Comparison

The current NVBW Sharpe Ratio is 1.91, which is comparable to the IVVB Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of NVBW and IVVB, 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. IVVB - Drawdown Comparison

The maximum NVBW drawdown since its inception was -8.41%, smaller than the maximum IVVB drawdown of -13.08%. Use the drawdown chart below to compare losses from any high point for NVBW and IVVB.

Drawdown Indicators

	NVBW	IVVB	Difference
Max Drawdown Largest peak-to-trough decline	-8.41%	-13.08%	+4.67%
Max Drawdown (1Y) Largest decline over 1 year	-4.03%	-5.75%	+1.72%
Max Drawdown (3Y) Largest decline over 3 years	-8.41%	-13.08%	+4.67%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.73%	-1.55%	+0.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.82%	1.37%	-0.55%

Volatility

NVBW vs. IVVB - Volatility Comparison

The current volatility for Allianzim U.S. Large Cap Buffer20 Nov ETF (NVBW) is 1.51%, while iShares Large Cap Deep Buffer ETF (IVVB) has a volatility of 2.57%. This indicates that NVBW experiences smaller price fluctuations and is considered to be less risky than IVVB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NVBW	IVVB	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.51%	2.57%	-1.06%
Volatility (6M) Calculated over the trailing 6-month period	4.45%	5.53%	-1.08%
Volatility (1Y) Calculated over the trailing 1-year period	5.29%	7.70%	-2.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.88%	9.20%	-2.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.88%	9.20%	-2.32%

NVBW vs. IVVB - Expense Ratio Comparison

NVBW has a 0.74% expense ratio, which is higher than IVVB's 0.50% expense ratio.

Dividends

NVBW vs. IVVB - Dividend Comparison

NVBW has not paid dividends to shareholders, while IVVB's dividend yield for the trailing twelve months is around 1.16%.

Position	TTM	2025	2024
IVVB iShares Large Cap Deep Buffer ETF	1.16%	1.22%	0.87%
NVBW Allianzim U.S. Large Cap Buffer20 Nov ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NVBW and IVVB in my portfolio?

With a correlation of 0.90, NVBW and IVVB 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 IVVB?

IVVB has higher volatility (2.57%) compared to NVBW (1.51%). In terms of maximum drawdown, NVBW dropped -8.41% vs IVVB's -13.08%.

Which ETF is better, NVBW or IVVB?

On 3-year performance, IVVB leads with 12.04% vs 8.33% for NVBW. On fees, IVVB is cheaper at 0.50% per year. On volatility, NVBW has been the lower-risk option at 1.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVBW or IVVB?

Over the 3-year period, IVVB has performed better with a 12.04% return vs 8.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVBW or IVVB?

IVVB is cheaper with a 0.50% expense ratio, compared with 0.74% for NVBW.

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

IVVB has the higher dividend yield at 1.16%, compared with 0.00% for NVBW.

What is the main difference between NVBW and IVVB?

They also come from different issuers: Allianz and iShares. Their fees differ too: 0.74% for NVBW and 0.50% for IVVB.

Which has better risk-adjusted returns?

NVBW currently has the higher Sharpe Ratio (1.91 vs 1.78), 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.