SPBU vs. TWOX

Last updated Jun 4, 2026

SPBU (AllianzIM Buffer15 Uncapped Allocation ETF) and TWOX (iShares Large Cap Accelerated Outcome ETF) are both Defined Outcome funds. Both are actively managed. Over the past year, SPBU returned 20.62% vs 16.12% for TWOX. Their correlation of 0.90 suggests significant overlap in exposure. SPBU charges 0.79%/yr vs 0.50%/yr for TWOX.

Performance

SPBU vs. TWOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AllianzIM Buffer15 Uncapped Allocation ETF (SPBU) and iShares Large Cap Accelerated Outcome ETF (TWOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPBU achieves a 8.31% return, which is significantly higher than TWOX's 2.15% return.

SPBU

• 1D: -0.59%
• 1M: 4.38%
• YTD: 8.31%
• 6M: 7.85%
• 1Y: 20.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TWOX

• 1D: 0.00%
• 1M: 1.50%
• YTD: 2.15%
• 6M: 3.54%
• 1Y: 16.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPBU vs. TWOX - Yearly Performance Comparison

	2026 (YTD)	2025
SPBU AllianzIM Buffer15 Uncapped Allocation ETF	8.31%	13.85%
TWOX iShares Large Cap Accelerated Outcome ETF	2.15%	17.07%

Correlation

The correlation between SPBU and TWOX 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 7, 2025	0.90

The correlation between SPBU and TWOX has been stable across timeframes, ranging from 0.88 to 0.90 - a consistent structural relationship.

Return for Risk

SPBU vs. TWOX — Risk / Return Rank

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

SPBU

SPBU Risk / Return Rank: 66
SPBU Sharpe Ratio Rank: 67
SPBU Sortino Ratio Rank: 70
SPBU Omega Ratio Rank: 67
SPBU Calmar Ratio Rank: 59
SPBU Martin Ratio Rank: 69

TWOX

TWOX Risk / Return Rank: 45
TWOX Sharpe Ratio Rank: 45
TWOX Sortino Ratio Rank: 43
TWOX Omega Ratio Rank: 53
TWOX Calmar Ratio Rank: 35
TWOX Martin Ratio Rank: 49

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. TWOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AllianzIM Buffer15 Uncapped Allocation ETF (SPBU) and iShares Large Cap Accelerated Outcome ETF (TWOX). 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	TWOX	Difference
Sharpe ratio: Return per unit of total volatility	2.19	1.55	+0.64
Sortino ratio: Return per unit of downside risk	3.14	2.14	+1.01
Omega ratio: Gain probability vs. loss probability	1.40	1.32	+0.08
Calmar ratio: Return relative to maximum drawdown	2.92	1.70	+1.22
Martin ratio: Return relative to average drawdown	12.73	8.04	+4.69
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. TWOX - Sharpe Ratio Comparison

The current SPBU Sharpe Ratio is 2.19, which is higher than the TWOX Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of SPBU and TWOX, 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	TWOX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.19	1.55	+0.64
Sharpe Ratio (All Time) Calculated using the full available price history	1.59	0.67	+0.91

Drawdowns

SPBU vs. TWOX - Drawdown Comparison

The maximum SPBU drawdown since its inception was -8.30%, smaller than the maximum TWOX drawdown of -19.35%. Use the drawdown chart below to compare losses from any high point for SPBU and TWOX.

Drawdown Indicators

	SPBU	TWOX	Difference
Max Drawdown Largest peak-to-trough decline	-8.30%	-19.35%	+11.05%
Max Drawdown (1Y) Largest decline over 1 year	-7.10%	-9.51%	+2.41%
Current Drawdown Current decline from peak	-0.59%	-0.02%	-0.57%
Average Drawdown Average peak-to-trough decline	-1.25%	-2.64%	+1.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.62%	2.01%	-0.39%

Volatility

SPBU vs. TWOX - Volatility Comparison

AllianzIM Buffer15 Uncapped Allocation ETF (SPBU) has a higher volatility of 2.66% compared to iShares Large Cap Accelerated Outcome ETF (TWOX) at 0.49%. This indicates that SPBU's price experiences larger fluctuations and is considered to be riskier than TWOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPBU	TWOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.66%	0.49%	+2.17%
Volatility (6M) Calculated over the trailing 6-month period	6.95%	8.25%	-1.30%
Volatility (1Y) Calculated over the trailing 1-year period	9.46%	10.44%	-0.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.65%	16.78%	-5.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.65%	16.78%	-5.13%

SPBU vs. TWOX - Expense Ratio Comparison

SPBU has a 0.79% expense ratio, which is higher than TWOX's 0.50% expense ratio.

Dividends

SPBU vs. TWOX - Dividend Comparison

SPBU has not paid dividends to shareholders, while TWOX's dividend yield for the trailing twelve months is around 0.55%.

Position	TTM	2025
SPBU AllianzIM Buffer15 Uncapped Allocation ETF	0.00%	0.00%
TWOX iShares Large Cap Accelerated Outcome ETF	0.55%	0.57%

Frequently Asked Questions

Can I hold both SPBU and TWOX in my portfolio?

SPBU and TWOX 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 TWOX?

SPBU has higher volatility (2.66%) compared to TWOX (0.49%). In terms of maximum drawdown, SPBU dropped -8.30% vs TWOX's -19.35%.

Which ETF is better, SPBU or TWOX?

On 1-year performance, SPBU leads with 20.62% vs 16.12% for TWOX. On fees, TWOX is cheaper at 0.50% per year. On volatility, TWOX has been the lower-risk option at 0.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPBU or TWOX?

Over the 1-year period, SPBU has performed better with a 20.62% return vs 16.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPBU or TWOX?

TWOX is cheaper with a 0.50% expense ratio, compared with 0.79% for SPBU.

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

TWOX has the higher dividend yield at 0.55%, compared with 0.00% for SPBU.

What is the main difference between SPBU and TWOX?

They also come from different issuers: Allianz and iShares. Their fees differ too: 0.79% for SPBU and 0.50% for TWOX.

Which has better risk-adjusted returns?

SPBU currently has the higher Sharpe Ratio (2.19 vs 1.55), 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.