SPBU vs. BDRY

Last updated Jun 21, 2026

SPBU (AllianzIM Buffer15 Uncapped Allocation ETF) and BDRY (Breakwave Dry Bulk Shipping ETF) are both exchange-traded funds - SPBU is a Defined Outcome fund actively managed by Allianz, while BDRY is a Commodities fund tracking the Breakwave Dry Freight Futures Index. SPBU is actively managed, while BDRY is passively managed. Over the past year, SPBU returned 20.10% vs 101.92% for BDRY. At a correlation of -0.05, they often move in opposite directions. SPBU charges 0.79%/yr vs 3.76%/yr for BDRY.

Performance

SPBU vs. BDRY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AllianzIM Buffer15 Uncapped Allocation ETF (SPBU) and Breakwave Dry Bulk Shipping ETF (BDRY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPBU achieves a 7.60% return, which is significantly lower than BDRY's 31.93% return.

SPBU

• 1D: 1.03%
• 1M: 0.70%
• YTD: 7.60%
• 6M: 7.99%
• 1Y: 20.10%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BDRY

• 1D: -2.61%
• 1M: -7.44%
• YTD: 31.93%
• 6M: 32.99%
• 1Y: 101.92%
• 3Y*: 23.52%
• 5Y*: -15.63%
• 10Y*: —

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

SPBU vs. BDRY - Yearly Performance Comparison

	2026 (YTD)	2025
SPBU AllianzIM Buffer15 Uncapped Allocation ETF	7.60%	13.01%
BDRY Breakwave Dry Bulk Shipping ETF	31.93%	39.43%

Correlation

The correlation between SPBU and BDRY is -0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.06
Correlation (All Time) Calculated using the full available price history since Mar 6, 2025	-0.05

Return for Risk

SPBU vs. BDRY — Risk / Return Rank

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

SPBU

SPBU Risk / Return Rank: 62
SPBU Sharpe Ratio Rank: 62
SPBU Sortino Ratio Rank: 63
SPBU Omega Ratio Rank: 61
SPBU Calmar Ratio Rank: 58
SPBU Martin Ratio Rank: 66

BDRY

BDRY Risk / Return Rank: 76
BDRY Sharpe Ratio Rank: 83
BDRY Sortino Ratio Rank: 68
BDRY Omega Ratio Rank: 63
BDRY Calmar Ratio Rank: 89
BDRY 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.

SPBU vs. BDRY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AllianzIM Buffer15 Uncapped Allocation ETF (SPBU) and Breakwave Dry Bulk Shipping ETF (BDRY). 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.

	SPBU	BDRY	Difference
Sharpe ratio: Return per unit of total volatility	1.99	2.53	-0.54
Sortino ratio: Return per unit of downside risk	2.82	2.94	-0.12
Omega ratio: Gain probability vs. loss probability	1.36	1.36	0.00
Calmar ratio: Return relative to maximum drawdown	2.80	4.93	-2.13
Martin ratio: Return relative to average drawdown	11.80	14.03	-2.23

SPBU vs. BDRY - Sharpe Ratio Comparison

The current SPBU Sharpe Ratio is 1.99, which is comparable to the BDRY Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of SPBU and BDRY, 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

SPBU vs. BDRY - Drawdown Comparison

The maximum SPBU drawdown since its inception was -8.61%, smaller than the maximum BDRY drawdown of -89.16%. Use the drawdown chart below to compare losses from any high point for SPBU and BDRY.

Drawdown Indicators

	SPBU	BDRY	Difference
Max Drawdown Largest peak-to-trough decline	-8.61%	-89.16%	+80.55%
Max Drawdown (1Y) Largest decline over 1 year	-7.10%	-21.60%	+14.50%
Max Drawdown (3Y) Largest decline over 3 years	—	-69.71%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-89.16%	—
Current Drawdown Current decline from peak	-1.24%	-72.13%	+70.89%
Average Drawdown Average peak-to-trough decline	-1.31%	-58.42%	+57.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.68%	7.57%	-5.89%

Volatility

SPBU vs. BDRY - Volatility Comparison

The current volatility for AllianzIM Buffer15 Uncapped Allocation ETF (SPBU) is 3.89%, while Breakwave Dry Bulk Shipping ETF (BDRY) has a volatility of 8.88%. This indicates that SPBU experiences smaller price fluctuations and is considered to be less risky than BDRY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPBU	BDRY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.89%	8.88%	-4.99%
Volatility (6M) Calculated over the trailing 6-month period	7.70%	29.53%	-21.83%
Volatility (1Y) Calculated over the trailing 1-year period	9.97%	42.12%	-32.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.86%	60.24%	-48.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.86%	62.43%	-50.57%

SPBU vs. BDRY - Expense Ratio Comparison

SPBU has a 0.79% expense ratio, which is lower than BDRY's 3.76% expense ratio.

Dividends

SPBU vs. BDRY - Dividend Comparison

Neither SPBU nor BDRY has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SPBU and BDRY in my portfolio?

SPBU and BDRY have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPBU or BDRY?

BDRY has higher volatility (8.88%) compared to SPBU (3.89%). In terms of maximum drawdown, SPBU dropped -8.61% vs BDRY's -89.16%.

Which ETF is better, SPBU or BDRY?

On 1-year performance, BDRY leads with 101.92% vs 20.10% for SPBU. On fees, SPBU is cheaper at 0.79% per year. On volatility, SPBU has been the lower-risk option at 3.89%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPBU or BDRY?

Over the 1-year period, BDRY has performed better with a 101.92% return vs 20.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPBU or BDRY?

SPBU is cheaper with a 0.79% expense ratio, compared with 3.76% for BDRY.

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

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

What is the main difference between SPBU and BDRY?

SPBU is categorized as Defined Outcome, while BDRY is Commodities. They also come from different issuers: Allianz and ETFMG. Their fees differ too: 0.79% for SPBU and 3.76% for BDRY.

Which has better risk-adjusted returns?

BDRY currently has the higher Sharpe Ratio (2.53 vs 1.99), 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.