SEPW vs. NVBT

Last updated Jun 23, 2026

SEPW (AllianzIM U.S. Large Cap Buffer20 Sep ETF) and NVBT (Allianzim U.S. Large Cap Buffer10 Nov ETF) are both Options Trading funds from Allianz. Both are actively managed. Over the past year, SEPW returned 12.50% vs 18.19% for NVBT. Their correlation of 0.90 suggests significant overlap in exposure. Both charge a 0.74% expense ratio.

Performance

SEPW vs. NVBT - Performance Comparison

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

Returns By Period

In the year-to-date period, SEPW achieves a 4.36% return, which is significantly lower than NVBT's 7.15% return.

SEPW

• 1D: -0.03%
• 1M: 0.54%
• YTD: 4.36%
• 6M: 4.34%
• 1Y: 12.50%
• 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)

SEPW vs. NVBT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SEPW AllianzIM U.S. Large Cap Buffer20 Sep ETF	4.36%	10.42%	11.05%	3.50%
NVBT Allianzim U.S. Large Cap Buffer10 Nov ETF	7.15%	12.84%	12.03%	0.86%

Correlation

The correlation between SEPW and NVBT is 0.90, 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	0.90
Correlation (All Time) Calculated using the full available price history since Sep 1, 2023	0.90

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

Return for Risk

SEPW vs. NVBT — Risk / Return Rank

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

SEPW

SEPW Risk / Return Rank: 87
SEPW Sharpe Ratio Rank: 86
SEPW Sortino Ratio Rank: 89
SEPW Omega Ratio Rank: 91
SEPW Calmar Ratio Rank: 79
SEPW Martin Ratio Rank: 91

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.

SEPW vs. NVBT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AllianzIM U.S. Large Cap Buffer20 Sep ETF (SEPW) 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.

	SEPW	NVBT	Difference
Sharpe ratio: Return per unit of total volatility	2.70	2.26	+0.44
Sortino ratio: Return per unit of downside risk	3.91	3.22	+0.69
Omega ratio: Gain probability vs. loss probability	1.57	1.44	+0.13
Calmar ratio: Return relative to maximum drawdown	3.93	2.94	+0.99
Martin ratio: Return relative to average drawdown	20.31	14.33	+5.98

SEPW vs. NVBT - Sharpe Ratio Comparison

The current SEPW Sharpe Ratio is 2.70, which is comparable to the NVBT Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of SEPW 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

SEPW vs. NVBT - Drawdown Comparison

The maximum SEPW drawdown since its inception was -8.43%, smaller than the maximum NVBT drawdown of -12.90%. Use the drawdown chart below to compare losses from any high point for SEPW and NVBT.

Drawdown Indicators

	SEPW	NVBT	Difference
Max Drawdown Largest peak-to-trough decline	-8.43%	-12.90%	+4.47%
Max Drawdown (1Y) Largest decline over 1 year	-3.19%	-6.21%	+3.02%
Max Drawdown (3Y) Largest decline over 3 years	—	-12.90%	—
Current Drawdown Current decline from peak	-0.06%	-0.68%	+0.62%
Average Drawdown Average peak-to-trough decline	-0.65%	-1.35%	+0.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.62%	1.27%	-0.65%

Volatility

SEPW vs. NVBT - Volatility Comparison

The current volatility for AllianzIM U.S. Large Cap Buffer20 Sep ETF (SEPW) is 0.98%, while Allianzim U.S. Large Cap Buffer10 Nov ETF (NVBT) has a volatility of 2.77%. This indicates that SEPW experiences smaller price fluctuations and is considered to be less risky than NVBT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SEPW	NVBT	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.98%	2.77%	-1.79%
Volatility (6M) Calculated over the trailing 6-month period	3.48%	6.72%	-3.24%
Volatility (1Y) Calculated over the trailing 1-year period	4.65%	8.10%	-3.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.42%	10.36%	-3.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.42%	10.36%	-3.94%

SEPW vs. NVBT - Expense Ratio Comparison

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

Dividends

SEPW vs. NVBT - Dividend Comparison

Neither SEPW nor NVBT has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SEPW and NVBT in my portfolio?

With a correlation of 0.90, SEPW 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, SEPW or NVBT?

NVBT has higher volatility (2.77%) compared to SEPW (0.98%). In terms of maximum drawdown, SEPW dropped -8.43% vs NVBT's -12.90%.

Which ETF is better, SEPW or NVBT?

On 1-year performance, NVBT leads with 18.19% vs 12.50% for SEPW. Both ETFs have the same 0.74% expense ratio. On volatility, SEPW has been the lower-risk option at 0.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SEPW or NVBT?

Over the 1-year period, NVBT has performed better with a 18.19% return vs 12.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SEPW or NVBT?

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

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

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

Which has better risk-adjusted returns?

SEPW currently has the higher Sharpe Ratio (2.70 vs 2.26), 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.