SPBU vs. JULW

Last updated Jun 24, 2026

SPBU (AllianzIM Buffer15 Uncapped Allocation ETF) and JULW (AllianzIM U.S. Large Cap Buffer20 Jul ETF) are both exchange-traded funds - SPBU is a Defined Outcome fund actively managed by Allianz, while JULW is a Options Trading fund actively managed by Allianz. Both are actively managed. Over the past year, SPBU returned 17.39% vs 11.85% for JULW. Their correlation of 0.89 suggests significant overlap in exposure. SPBU charges 0.79%/yr vs 0.74%/yr for JULW.

Performance

SPBU vs. JULW - 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. Large Cap Buffer20 Jul ETF (JULW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPBU achieves a 5.93% return, which is significantly higher than JULW's 4.17% return.

SPBU

• 1D: -1.16%
• 1M: -1.29%
• YTD: 5.93%
• 6M: 4.96%
• 1Y: 17.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —

JULW

• 1D: 0.04%
• 1M: 0.49%
• YTD: 4.17%
• 6M: 4.14%
• 1Y: 11.85%
• 3Y*: 11.22%
• 5Y*: 9.01%
• 10Y*: —

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

SPBU vs. JULW - Yearly Performance Comparison

	2026 (YTD)	2025
SPBU AllianzIM Buffer15 Uncapped Allocation ETF	5.93%	13.01%
JULW AllianzIM U.S. Large Cap Buffer20 Jul ETF	4.17%	11.19%

Correlation

The correlation between SPBU and JULW is 0.88, 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	0.88
Correlation (All Time) Calculated using the full available price history since Mar 6, 2025	0.89

The correlation between SPBU and JULW has been stable across timeframes, ranging from 0.88 to 0.89 - a consistent structural relationship.

Return for Risk

SPBU vs. JULW — Risk / Return Rank

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

SPBU

SPBU Risk / Return Rank: 57
SPBU Sharpe Ratio Rank: 57
SPBU Sortino Ratio Rank: 57
SPBU Omega Ratio Rank: 55
SPBU Calmar Ratio Rank: 55
SPBU Martin Ratio Rank: 63

JULW

JULW Risk / Return Rank: 91
JULW Sharpe Ratio Rank: 91
JULW Sortino Ratio Rank: 94
JULW Omega Ratio Rank: 94
JULW Calmar Ratio Rank: 82
JULW Martin Ratio Rank: 93

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. JULW - 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. Large Cap Buffer20 Jul ETF (JULW). 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	JULW	Difference
Sharpe ratio: Return per unit of total volatility	1.74	2.81	-1.07
Sortino ratio: Return per unit of downside risk	2.48	4.40	-1.92
Omega ratio: Gain probability vs. loss probability	1.31	1.62	-0.31
Calmar ratio: Return relative to maximum drawdown	2.46	4.02	-1.55
Martin ratio: Return relative to average drawdown	10.31	22.90	-12.60

SPBU vs. JULW - Sharpe Ratio Comparison

The current SPBU Sharpe Ratio is 1.74, which is lower than the JULW Sharpe Ratio of 2.81. The chart below compares the historical Sharpe Ratios of SPBU and JULW, 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. JULW - Drawdown Comparison

The maximum SPBU drawdown since its inception was -8.61%, smaller than the maximum JULW drawdown of -9.49%. Use the drawdown chart below to compare losses from any high point for SPBU and JULW.

Drawdown Indicators

	SPBU	JULW	Difference
Max Drawdown Largest peak-to-trough decline	-8.61%	-9.49%	+0.88%
Max Drawdown (1Y) Largest decline over 1 year	-7.10%	-2.96%	-4.14%
Max Drawdown (3Y) Largest decline over 3 years	—	-9.49%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-9.49%	—
Current Drawdown Current decline from peak	-2.77%	0.00%	-2.77%
Average Drawdown Average peak-to-trough decline	-1.32%	-0.91%	-0.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.69%	0.52%	+1.17%

Volatility

SPBU vs. JULW - Volatility Comparison

AllianzIM Buffer15 Uncapped Allocation ETF (SPBU) has a higher volatility of 3.99% compared to AllianzIM U.S. Large Cap Buffer20 Jul ETF (JULW) at 0.35%. This indicates that SPBU's price experiences larger fluctuations and is considered to be riskier than JULW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPBU	JULW	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.99%	0.35%	+3.64%
Volatility (6M) Calculated over the trailing 6-month period	7.72%	3.20%	+4.52%
Volatility (1Y) Calculated over the trailing 1-year period	10.05%	4.33%	+5.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.88%	6.89%	+4.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.88%	6.51%	+5.37%

SPBU vs. JULW - Expense Ratio Comparison

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

Dividends

SPBU vs. JULW - Dividend Comparison

Neither SPBU nor JULW has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020
JULW AllianzIM U.S. Large Cap Buffer20 Jul ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.04%
SPBU AllianzIM Buffer15 Uncapped Allocation ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPBU and JULW in my portfolio?

SPBU and JULW have a correlation of 0.88, 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 JULW?

SPBU has higher volatility (3.99%) compared to JULW (0.35%). In terms of maximum drawdown, SPBU dropped -8.61% vs JULW's -9.49%.

Which ETF is better, SPBU or JULW?

On 1-year performance, SPBU leads with 17.39% vs 11.85% for JULW. On fees, JULW is cheaper at 0.74% per year. On volatility, JULW has been the lower-risk option at 0.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPBU or JULW?

Over the 1-year period, SPBU has performed better with a 17.39% return vs 11.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPBU or JULW?

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

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

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

What is the main difference between SPBU and JULW?

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

Which has better risk-adjusted returns?

JULW currently has the higher Sharpe Ratio (2.81 vs 1.74), 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.