SEPU vs. OCTB

Last updated Jun 6, 2026

SEPU (AllianzIM U.S. Equity Buffer15 Uncapped Sep ETF) and OCTB (Aptus October Buffer ETF) are both Defined Outcome funds. Both are actively managed. Their correlation of 0.95 suggests significant overlap in exposure. SEPU charges 0.74%/yr vs 0.25%/yr for OCTB.

Performance

SEPU vs. OCTB - 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 Aptus October Buffer ETF (OCTB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SEPU achieves a 6.03% return, which is significantly higher than OCTB's 5.35% return.

SEPU

• 1D: -2.54%
• 1M: 0.10%
• YTD: 6.03%
• 6M: 5.65%
• 1Y: 18.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —

OCTB

• 1D: -0.93%
• 1M: 0.66%
• YTD: 5.35%
• 6M: 5.68%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SEPU vs. OCTB - Yearly Performance Comparison

	2026 (YTD)	2025
SEPU AllianzIM U.S. Equity Buffer15 Uncapped Sep ETF	6.03%	2.06%
OCTB Aptus October Buffer ETF	5.35%	2.37%

Correlation

The correlation between SEPU and OCTB 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 (All Time) Calculated using the full available price history since Oct 15, 2025	0.95

Return for Risk

SEPU vs. OCTB — Risk / Return Rank

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

SEPU

SEPU Risk / Return Rank: 65
SEPU Sharpe Ratio Rank: 63
SEPU Sortino Ratio Rank: 61
SEPU Omega Ratio Rank: 64
SEPU Calmar Ratio Rank: 65
SEPU Martin Ratio Rank: 70

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. OCTB - 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 Aptus October Buffer ETF (OCTB). 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.

	SEPU	OCTB	Difference
Sharpe ratio: Return per unit of total volatility	1.94	—	—
Sortino ratio: Return per unit of downside risk	2.63	—	—
Omega ratio: Gain probability vs. loss probability	1.35	—	—
Calmar ratio: Return relative to maximum drawdown	3.03	—	—
Martin ratio: Return relative to average drawdown	12.13	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	SEPU	OCTB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.94	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.23	1.73	-0.50

Drawdowns

SEPU vs. OCTB - Drawdown Comparison

The maximum SEPU drawdown since its inception was -11.76%, which is greater than OCTB's maximum drawdown of -4.79%. Use the drawdown chart below to compare losses from any high point for SEPU and OCTB.

Drawdown Indicators

	SEPU	OCTB	Difference
Max Drawdown Largest peak-to-trough decline	-11.76%	-4.79%	-6.97%
Max Drawdown (1Y) Largest decline over 1 year	-6.23%	—	—
Current Drawdown Current decline from peak	-2.73%	-0.95%	-1.78%
Average Drawdown Average peak-to-trough decline	-1.72%	-0.70%	-1.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.55%	—	—

Volatility

Volatility by Period

	SEPU	OCTB	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.53%	—	—
Volatility (6M) Calculated over the trailing 6-month period	7.31%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	9.72%	7.26%	+2.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.90%	7.26%	+3.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.90%	7.26%	+3.64%

SEPU vs. OCTB - Expense Ratio Comparison

SEPU has a 0.74% expense ratio, which is higher than OCTB's 0.25% expense ratio.

Dividends

SEPU vs. OCTB - Dividend Comparison

Neither SEPU nor OCTB has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SEPU and OCTB in my portfolio?

With a correlation of 0.95, SEPU and OCTB 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 ETF is better, SEPU or OCTB?

On fees, OCTB is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SEPU or OCTB?

OCTB is cheaper with a 0.25% expense ratio, compared with 0.74% for SEPU.

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

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

What is the main difference between SEPU and OCTB?

They also come from different issuers: Allianz and Aptus Capital Advisors. Their fees differ too: 0.74% for SEPU and 0.25% for OCTB.