SPBU vs. ARLU

Last updated Jun 3, 2026

SPBU (AllianzIM Buffer15 Uncapped Allocation ETF) and ARLU (Allianzim U.S. Equity Buffer15 Uncapped Apr ETF) are both exchange-traded funds - SPBU is a Defined Outcome fund actively managed by Allianz, while ARLU is a Options Trading fund actively managed by Allianz. Both are actively managed. Over the past year, SPBU returned 21.80% vs 19.35% for ARLU. With a 0.97 correlation, they move nearly in lockstep. SPBU charges 0.79%/yr vs 0.74%/yr for ARLU.

Performance

SPBU vs. ARLU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AllianzIM Buffer15 Uncapped Allocation ETF (SPBU) and Allianzim U.S. Equity Buffer15 Uncapped Apr ETF (ARLU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPBU achieves a 8.95% return, which is significantly higher than ARLU's 6.41% return.

SPBU

• 1D: 0.10%
• 1M: 4.89%
• YTD: 8.95%
• 6M: 8.80%
• 1Y: 21.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ARLU

• 1D: -0.53%
• 1M: 4.52%
• YTD: 6.41%
• 6M: 6.03%
• 1Y: 19.35%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPBU vs. ARLU - Yearly Performance Comparison

	2026 (YTD)	2025
SPBU AllianzIM Buffer15 Uncapped Allocation ETF	8.95%	13.85%
ARLU Allianzim U.S. Equity Buffer15 Uncapped Apr ETF	6.41%	14.26%

Correlation

The correlation between SPBU and ARLU is 0.97 - 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	0.97
Correlation (All Time) Calculated using the full available price history since Mar 7, 2025	0.97

The correlation between SPBU and ARLU has been stable across timeframes, ranging from 0.97 to 0.97 - a consistent structural relationship.

Return for Risk

SPBU vs. ARLU — Risk / Return Rank

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

SPBU

SPBU Risk / Return Rank: 68
SPBU Sharpe Ratio Rank: 69
SPBU Sortino Ratio Rank: 71
SPBU Omega Ratio Rank: 68
SPBU Calmar Ratio Rank: 62
SPBU Martin Ratio Rank: 71

ARLU

ARLU Risk / Return Rank: 49
ARLU Sharpe Ratio Rank: 51
ARLU Sortino Ratio Rank: 49
ARLU Omega Ratio Rank: 51
ARLU Calmar Ratio Rank: 41
ARLU Martin Ratio Rank: 53

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.

SPBU vs. ARLU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AllianzIM Buffer15 Uncapped Allocation ETF (SPBU) and Allianzim U.S. Equity Buffer15 Uncapped Apr ETF (ARLU). 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.

	SPBU	ARLU	Difference
Sharpe ratio Return per unit of total volatility	2.32	1.75	+0.57
Sortino ratio Return per unit of downside risk	3.32	2.40	+0.92
Omega ratio Gain probability vs. loss probability	1.42	1.32	+0.10
Calmar ratio Return relative to maximum drawdown	3.12	2.01	+1.11
Martin ratio Return relative to average drawdown	13.63	9.00	+4.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPBU vs. ARLU - Sharpe Ratio Comparison

The current SPBU Sharpe Ratio is 2.32, which is higher than the ARLU Sharpe Ratio of 1.75. The chart below compares the historical Sharpe Ratios of SPBU and ARLU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SPBU	ARLU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.32	1.75	+0.57
Sharpe Ratio (All Time) Calculated using the full available price history	1.64	1.00	+0.64

Drawdowns

SPBU vs. ARLU - Drawdown Comparison

The maximum SPBU drawdown since its inception was -8.30%, smaller than the maximum ARLU drawdown of -15.38%. Use the drawdown chart below to compare losses from any high point for SPBU and ARLU.

Drawdown Indicators

	SPBU	ARLU	Difference
Max Drawdown Largest peak-to-trough decline	-8.30%	-15.38%	+7.08%
Max Drawdown (1Y) Largest decline over 1 year	-7.10%	-9.66%	+2.56%
Current Drawdown Current decline from peak	0.00%	-0.53%	+0.53%
Average Drawdown Average peak-to-trough decline	-1.25%	-2.23%	+0.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.62%	2.15%	-0.53%

Volatility

SPBU vs. ARLU - Volatility Comparison

AllianzIM Buffer15 Uncapped Allocation ETF (SPBU) and Allianzim U.S. Equity Buffer15 Uncapped Apr ETF (ARLU) have volatilities of 2.55% and 2.63%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPBU	ARLU	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.55%	2.63%	-0.08%
Volatility (6M) Calculated over the trailing 6-month period	6.94%	8.73%	-1.79%
Volatility (1Y) Calculated over the trailing 1-year period	9.44%	11.13%	-1.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.65%	12.56%	-0.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.65%	12.56%	-0.91%

SPBU vs. ARLU - Expense Ratio Comparison

SPBU has a 0.79% expense ratio, which is higher than ARLU's 0.74% expense ratio.

Dividends

SPBU vs. ARLU - Dividend Comparison

Neither SPBU nor ARLU has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SPBU and ARLU in my portfolio?

With a correlation of 0.97, SPBU and ARLU 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, SPBU or ARLU?

ARLU has higher volatility (2.63%) compared to SPBU (2.55%). In terms of maximum drawdown, SPBU dropped -8.30% vs ARLU's -15.38%.

Which ETF is better, SPBU or ARLU?

On 1-year performance, SPBU leads with 21.80% vs 19.35% for ARLU. On fees, ARLU is cheaper at 0.74% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPBU or ARLU?

Over the 1-year period, SPBU has performed better with a 21.80% return vs 19.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPBU or ARLU?

ARLU is cheaper with a 0.74% expense ratio, compared with 0.79% for SPBU.

Which ETF pays a higher dividend yield, SPBU or ARLU?

SPBU and ARLU have nearly identical dividend yields, around 0.00%.

What is the main difference between SPBU and ARLU?

SPBU is categorized as Defined Outcome, while ARLU is Options Trading. Their fees differ too: 0.79% for SPBU and 0.74% for ARLU.

Which has better risk-adjusted returns?

SPBU currently has the higher Sharpe Ratio (2.32 vs 1.75), 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.