OCTW vs. VOO

Last updated Jun 24, 2026

OCTW (AllianzIM U.S. Equity Buffer20 Oct ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - OCTW is a Defined Outcome fund tracking the SPDR S&P 500 ETF Trust, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, OCTW returned 8.71%/yr vs 13.13%/yr for VOO. Their correlation of 0.88 suggests significant overlap in exposure. OCTW charges 0.74%/yr vs 0.03%/yr for VOO.

Performance

OCTW vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AllianzIM U.S. Equity Buffer20 Oct ETF (OCTW) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OCTW achieves a 4.26% return, which is significantly lower than VOO's 8.19% return.

OCTW

• 1D: -0.44%
• 1M: 0.07%
• YTD: 4.26%
• 6M: 4.06%
• 1Y: 11.24%
• 3Y*: 10.37%
• 5Y*: 8.71%
• 10Y*: —

VOO

• 1D: -1.42%
• 1M: -1.34%
• YTD: 8.19%
• 6M: 7.24%
• 1Y: 23.69%
• 3Y*: 20.78%
• 5Y*: 13.13%
• 10Y*: 15.61%

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

OCTW vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
OCTW AllianzIM U.S. Equity Buffer20 Oct ETF	4.26%	9.68%	8.67%	17.57%	0.54%	6.48%	3.94%
VOO Vanguard S&P 500 ETF	8.19%	17.82%	24.98%	26.32%	-18.17%	28.79%	12.17%

Correlation

The correlation between OCTW and VOO is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (All Time) Calculated using the full available price history since Oct 1, 2020	0.88

The correlation between OCTW and VOO has been stable across timeframes, ranging from 0.88 to 0.95 - a consistent structural relationship.

OCTW vs. VOO - Sectors Allocation Comparison

Sectors	OCTW	VOO
Technology	38.4%	39.1%
Financial Services	11.0%	10.9%
Communication Services	10.8%	10.5%
Consumer Cyclical	10.0%	9.8%
Healthcare	8.4%	8.3%
Industrials	7.9%	7.6%
Consumer Defensive	4.6%	4.5%
Energy	3.2%	3.2%
Utilities	2.1%	2.5%
Real Estate	1.8%	1.8%
Basic Materials	1.7%	1.7%

Return for Risk

OCTW vs. VOO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

OCTW

OCTW Risk / Return Rank: 79
OCTW Sharpe Ratio Rank: 78
OCTW Sortino Ratio Rank: 83
OCTW Omega Ratio Rank: 84
OCTW Calmar Ratio Rank: 67
OCTW Martin Ratio Rank: 83

VOO

VOO Risk / Return Rank: 59
VOO Sharpe Ratio Rank: 59
VOO Sortino Ratio Rank: 56
VOO Omega Ratio Rank: 58
VOO Calmar Ratio Rank: 56
VOO Martin Ratio Rank: 67

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.

OCTW vs. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AllianzIM U.S. Equity Buffer20 Oct ETF (OCTW) and Vanguard S&P 500 ETF (VOO). 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.

	OCTW	VOO	Difference
Sharpe ratio: Return per unit of total volatility	2.29	1.91	+0.38
Sortino ratio: Return per unit of downside risk	3.38	2.60	+0.78
Omega ratio: Gain probability vs. loss probability	1.47	1.35	+0.12
Calmar ratio: Return relative to maximum drawdown	3.09	2.67	+0.42
Martin ratio: Return relative to average drawdown	15.75	11.96	+3.79

OCTW vs. VOO - Sharpe Ratio Comparison

The current OCTW Sharpe Ratio is 2.29, which is comparable to the VOO Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of OCTW and VOO, 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

OCTW vs. VOO - Drawdown Comparison

The maximum OCTW drawdown since its inception was -8.38%, smaller than the maximum VOO drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for OCTW and VOO.

Drawdown Indicators

	OCTW	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-8.38%	-33.99%	+25.61%
Max Drawdown (1Y) Largest decline over 1 year	-3.65%	-8.90%	+5.25%
Max Drawdown (3Y) Largest decline over 3 years	-8.38%	-18.69%	+10.31%
Max Drawdown (5Y) Largest decline over 5 years	-8.38%	-24.52%	+16.14%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.99%	—
Current Drawdown Current decline from peak	-0.55%	-3.14%	+2.59%
Average Drawdown Average peak-to-trough decline	-0.81%	-3.68%	+2.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.72%	1.99%	-1.27%

Volatility

OCTW vs. VOO - Volatility Comparison

The current volatility for AllianzIM U.S. Equity Buffer20 Oct ETF (OCTW) is 1.31%, while Vanguard S&P 500 ETF (VOO) has a volatility of 4.83%. This indicates that OCTW experiences smaller price fluctuations and is considered to be less risky than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OCTW	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.31%	4.83%	-3.52%
Volatility (6M) Calculated over the trailing 6-month period	3.90%	9.82%	-5.92%
Volatility (1Y) Calculated over the trailing 1-year period	4.94%	12.46%	-7.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.31%	16.91%	-10.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.14%	18.02%	-11.88%

OCTW vs. VOO - Expense Ratio Comparison

OCTW has a 0.74% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

OCTW vs. VOO - Dividend Comparison

OCTW has not paid dividends to shareholders, while VOO's dividend yield for the trailing twelve months is around 1.05%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
OCTW AllianzIM U.S. Equity Buffer20 Oct ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VOO Vanguard S&P 500 ETF	1.05%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both OCTW and VOO in my portfolio?

With a correlation of 0.95, OCTW and VOO 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, OCTW or VOO?

VOO has higher volatility (4.83%) compared to OCTW (1.31%). In terms of maximum drawdown, OCTW dropped -8.38% vs VOO's -33.99%.

Which ETF is better, OCTW or VOO?

On 5-year performance, VOO leads with 13.13% vs 8.71% for OCTW. On fees, VOO is cheaper at 0.03% per year. On volatility, OCTW has been the lower-risk option at 1.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OCTW or VOO?

Over the 5-year period, VOO has performed better with a 13.13% return vs 8.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OCTW or VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 0.74% for OCTW.

Which ETF pays a higher dividend yield, OCTW or VOO?

VOO has the higher dividend yield at 1.05%, compared with 0.00% for OCTW.

What is the main difference between OCTW and VOO?

OCTW is categorized as Defined Outcome, while VOO is S&P 500. OCTW tracks SPDR S&P 500 ETF Trust, while VOO tracks S&P 500 Index. They also come from different issuers: Allianz and Vanguard. Their fees differ too: 0.74% for OCTW and 0.03% for VOO.

Which has better risk-adjusted returns?

OCTW currently has the higher Sharpe Ratio (2.29 vs 1.91), 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.