SPBW vs. DCMT

Last updated Jun 4, 2026

SPBW (AllianzIM Buffer20 Allocation ETF) and DCMT (DoubleLine Commodity Strategy ETF) are both exchange-traded funds - SPBW is a Defined Outcome fund actively managed by AllianzIM, while DCMT is a Commodities fund actively managed by DoubleLine. Both are actively managed. Over the past year, SPBW returned 12.31% vs 42.19% for DCMT. At a correlation of -0.02, they often move in opposite directions. SPBW charges 0.79%/yr vs 0.66%/yr for DCMT.

Performance

SPBW vs. DCMT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AllianzIM Buffer20 Allocation ETF (SPBW) and DoubleLine Commodity Strategy ETF (DCMT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPBW achieves a 4.44% return, which is significantly lower than DCMT's 34.49% return.

SPBW

• 1D: -0.14%
• 1M: 1.45%
• YTD: 4.44%
• 6M: 5.15%
• 1Y: 12.31%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DCMT

• 1D: 0.63%
• 1M: -2.89%
• YTD: 34.49%
• 6M: 33.53%
• 1Y: 42.19%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPBW vs. DCMT - Yearly Performance Comparison

	2026 (YTD)	2025
SPBW AllianzIM Buffer20 Allocation ETF	4.44%	9.57%
DCMT DoubleLine Commodity Strategy ETF	34.49%	5.41%

Correlation

The correlation between SPBW and DCMT is -0.20, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.20
Correlation (All Time) Calculated using the full available price history since Jan 10, 2025	-0.02

The correlation between SPBW and DCMT shifts across timeframes, from -0.20 (1 year) to -0.02 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SPBW vs. DCMT — Risk / Return Rank

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

SPBW

SPBW Risk / Return Rank: 90
SPBW Sharpe Ratio Rank: 89
SPBW Sortino Ratio Rank: 93
SPBW Omega Ratio Rank: 93
SPBW Calmar Ratio Rank: 82
SPBW Martin Ratio Rank: 92

DCMT

DCMT Risk / Return Rank: 76
DCMT Sharpe Ratio Rank: 71
DCMT Sortino Ratio Rank: 66
DCMT Omega Ratio Rank: 69
DCMT Calmar Ratio Rank: 93
DCMT Martin Ratio Rank: 82

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.

SPBW vs. DCMT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AllianzIM Buffer20 Allocation ETF (SPBW) and DoubleLine Commodity Strategy ETF (DCMT). 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.

	SPBW	DCMT	Difference
Sharpe ratio: Return per unit of total volatility	3.00	2.32	+0.68
Sortino ratio: Return per unit of downside risk	4.56	3.01	+1.55
Omega ratio: Gain probability vs. loss probability	1.64	1.41	+0.23
Calmar ratio: Return relative to maximum drawdown	4.32	6.83	-2.51
Martin ratio: Return relative to average drawdown	23.42	16.31	+7.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPBW vs. DCMT - Sharpe Ratio Comparison

The current SPBW Sharpe Ratio is 3.00, which is comparable to the DCMT Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of SPBW and DCMT, 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

	SPBW	DCMT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.00	2.32	+0.68
Sharpe Ratio (All Time) Calculated using the full available price history	1.34	1.20	+0.14

Drawdowns

SPBW vs. DCMT - Drawdown Comparison

The maximum SPBW drawdown since its inception was -8.76%, smaller than the maximum DCMT drawdown of -11.95%. Use the drawdown chart below to compare losses from any high point for SPBW and DCMT.

Drawdown Indicators

	SPBW	DCMT	Difference
Max Drawdown Largest peak-to-trough decline	-8.76%	-11.95%	+3.19%
Max Drawdown (1Y) Largest decline over 1 year	-2.86%	-6.21%	+3.35%
Current Drawdown Current decline from peak	-0.17%	-3.46%	+3.29%
Average Drawdown Average peak-to-trough decline	-0.78%	-3.13%	+2.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.53%	2.59%	-2.06%

Volatility

SPBW vs. DCMT - Volatility Comparison

The current volatility for AllianzIM Buffer20 Allocation ETF (SPBW) is 0.65%, while DoubleLine Commodity Strategy ETF (DCMT) has a volatility of 6.71%. This indicates that SPBW experiences smaller price fluctuations and is considered to be less risky than DCMT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPBW	DCMT	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.65%	6.71%	-6.06%
Volatility (6M) Calculated over the trailing 6-month period	3.10%	15.87%	-12.77%
Volatility (1Y) Calculated over the trailing 1-year period	4.13%	18.27%	-14.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.62%	15.77%	-8.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.62%	15.77%	-8.15%

SPBW vs. DCMT - Expense Ratio Comparison

SPBW has a 0.79% expense ratio, which is higher than DCMT's 0.66% expense ratio.

Dividends

SPBW vs. DCMT - Dividend Comparison

SPBW has not paid dividends to shareholders, while DCMT's dividend yield for the trailing twelve months is around 2.73%.

Position	TTM	2025	2024
DCMT DoubleLine Commodity Strategy ETF	2.73%	3.67%	1.59%
SPBW AllianzIM Buffer20 Allocation ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPBW and DCMT in my portfolio?

SPBW and DCMT have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPBW or DCMT?

DCMT has higher volatility (6.71%) compared to SPBW (0.65%). In terms of maximum drawdown, SPBW dropped -8.76% vs DCMT's -11.95%.

Which ETF is better, SPBW or DCMT?

On 1-year performance, DCMT leads with 42.19% vs 12.31% for SPBW. On fees, DCMT is cheaper at 0.66% per year. On volatility, SPBW has been the lower-risk option at 0.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPBW or DCMT?

Over the 1-year period, DCMT has performed better with a 42.19% return vs 12.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPBW or DCMT?

DCMT is cheaper with a 0.66% expense ratio, compared with 0.79% for SPBW.

Which ETF pays a higher dividend yield, SPBW or DCMT?

DCMT has the higher dividend yield at 2.73%, compared with 0.00% for SPBW.

What is the main difference between SPBW and DCMT?

SPBW is categorized as Defined Outcome, while DCMT is Commodities. They also come from different issuers: AllianzIM and DoubleLine. Their fees differ too: 0.79% for SPBW and 0.66% for DCMT.

Which has better risk-adjusted returns?

SPBW currently has the higher Sharpe Ratio (3.00 vs 2.32), 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.