SEPU vs. NVBT

Last updated Jun 23, 2026

SEPU (AllianzIM U.S. Equity Buffer15 Uncapped Sep ETF) and NVBT (Allianzim U.S. Large Cap Buffer10 Nov ETF) are both exchange-traded funds - SEPU is a Defined Outcome fund actively managed by Allianz, while NVBT is a Options Trading fund actively managed by Allianz. Both are actively managed. Over the past year, SEPU returned 19.41% vs 18.19% for NVBT. Their correlation of 0.93 suggests significant overlap in exposure. Both charge a 0.74% expense ratio.

Performance

SEPU vs. NVBT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AllianzIM U.S. Equity Buffer15 Uncapped Sep ETF (SEPU) and Allianzim U.S. Large Cap Buffer10 Nov ETF (NVBT). 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 SEPU having a 6.96% return and NVBT slightly higher at 7.15%.

SEPU

• 1D: -0.47%
• 1M: -0.16%
• YTD: 6.96%
• 6M: 6.75%
• 1Y: 19.41%
• 3Y*: —
• 5Y*: —
• 10Y*: —

NVBT

• 1D: -0.22%
• 1M: 0.47%
• YTD: 7.15%
• 6M: 6.95%
• 1Y: 18.19%
• 3Y*: 12.19%
• 5Y*: —
• 10Y*: —

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

SEPU vs. NVBT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SEPU AllianzIM U.S. Equity Buffer15 Uncapped Sep ETF	6.96%	12.32%	3.08%
NVBT Allianzim U.S. Large Cap Buffer10 Nov ETF	7.15%	12.84%	3.46%

Correlation

The correlation between SEPU and NVBT is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (All Time) Calculated using the full available price history since Sep 3, 2024	0.93

The correlation between SEPU and NVBT has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.

Return for Risk

SEPU vs. NVBT — Risk / Return Rank

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

SEPU

SEPU Risk / Return Rank: 62
SEPU Sharpe Ratio Rank: 60
SEPU Sortino Ratio Rank: 57
SEPU Omega Ratio Rank: 60
SEPU Calmar Ratio Rank: 65
SEPU Martin Ratio Rank: 68

NVBT

NVBT Risk / Return Rank: 73
NVBT Sharpe Ratio Rank: 73
NVBT Sortino Ratio Rank: 75
NVBT Omega Ratio Rank: 77
NVBT Calmar Ratio Rank: 61
NVBT Martin Ratio Rank: 77

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.

SEPU vs. NVBT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AllianzIM U.S. Equity Buffer15 Uncapped Sep ETF (SEPU) and Allianzim U.S. Large Cap Buffer10 Nov ETF (NVBT). 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.

	SEPU	NVBT	Difference
Sharpe ratio: Return per unit of total volatility	1.94	2.26	-0.32
Sortino ratio: Return per unit of downside risk	2.63	3.22	-0.58
Omega ratio: Gain probability vs. loss probability	1.35	1.44	-0.09
Calmar ratio: Return relative to maximum drawdown	3.13	2.94	+0.19
Martin ratio: Return relative to average drawdown	12.02	14.33	-2.31

SEPU vs. NVBT - Sharpe Ratio Comparison

The current SEPU Sharpe Ratio is 1.94, which is comparable to the NVBT Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of SEPU and NVBT, 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

SEPU vs. NVBT - Drawdown Comparison

The maximum SEPU drawdown since its inception was -11.76%, smaller than the maximum NVBT drawdown of -12.90%. Use the drawdown chart below to compare losses from any high point for SEPU and NVBT.

Drawdown Indicators

	SEPU	NVBT	Difference
Max Drawdown Largest peak-to-trough decline	-11.76%	-12.90%	+1.14%
Max Drawdown (1Y) Largest decline over 1 year	-6.23%	-6.21%	-0.02%
Max Drawdown (3Y) Largest decline over 3 years	—	-12.90%	—
Current Drawdown Current decline from peak	-1.87%	-0.68%	-1.19%
Average Drawdown Average peak-to-trough decline	-1.75%	-1.35%	-0.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.62%	1.27%	+0.35%

Volatility

SEPU vs. NVBT - Volatility Comparison

AllianzIM U.S. Equity Buffer15 Uncapped Sep ETF (SEPU) has a higher volatility of 4.28% compared to Allianzim U.S. Large Cap Buffer10 Nov ETF (NVBT) at 2.77%. This indicates that SEPU's price experiences larger fluctuations and is considered to be riskier than NVBT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SEPU	NVBT	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.28%	2.77%	+1.51%
Volatility (6M) Calculated over the trailing 6-month period	7.75%	6.72%	+1.03%
Volatility (1Y) Calculated over the trailing 1-year period	10.08%	8.10%	+1.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.06%	10.36%	+0.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.06%	10.36%	+0.70%

SEPU vs. NVBT - Expense Ratio Comparison

Both SEPU and NVBT have an expense ratio of 0.74%.

Dividends

SEPU vs. NVBT - Dividend Comparison

Neither SEPU nor NVBT has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SEPU and NVBT in my portfolio?

With a correlation of 0.96, SEPU and NVBT 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, SEPU or NVBT?

SEPU has higher volatility (4.28%) compared to NVBT (2.77%). In terms of maximum drawdown, SEPU dropped -11.76% vs NVBT's -12.90%.

Which ETF is better, SEPU or NVBT?

On 1-year performance, SEPU leads with 19.41% vs 18.19% for NVBT. Both ETFs have the same 0.74% expense ratio. On volatility, NVBT has been the lower-risk option at 2.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SEPU or NVBT?

Over the 1-year period, SEPU has performed better with a 19.41% return vs 18.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SEPU or NVBT?

SEPU and NVBT have the same expense ratio: 0.74% per year.

Which ETF pays a higher dividend yield, SEPU or NVBT?

SEPU and NVBT have nearly identical dividend yields, around 0.00%.

What is the main difference between SEPU and NVBT?

SEPU is categorized as Defined Outcome, while NVBT is Options Trading.

Which has better risk-adjusted returns?

NVBT currently has the higher Sharpe Ratio (2.26 vs 1.94), 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.