SPBW vs. OCTU

Last updated Jun 4, 2026

SPBW (AllianzIM Buffer20 Allocation ETF) and OCTU (AllianzIM U.S. Equity Buffer15 Uncapped Oct ETF) are both Defined Outcome funds from AllianzIM. Both are actively managed. Over the past year, SPBW returned 12.31% vs 20.19% for OCTU. Their correlation of 0.93 suggests significant overlap in exposure. SPBW charges 0.79%/yr vs 0.74%/yr for OCTU.

Performance

SPBW vs. OCTU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AllianzIM Buffer20 Allocation ETF (SPBW) and AllianzIM U.S. Equity Buffer15 Uncapped Oct ETF (OCTU). 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 OCTU's 7.96% return.

SPBW

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

OCTU

• 1D: -0.43%
• 1M: 4.27%
• YTD: 7.96%
• 6M: 7.66%
• 1Y: 20.19%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPBW vs. OCTU - Yearly Performance Comparison

	2026 (YTD)	2025
SPBW AllianzIM Buffer20 Allocation ETF	4.44%	9.57%
OCTU AllianzIM U.S. Equity Buffer15 Uncapped Oct ETF	7.96%	11.89%

Correlation

The correlation between SPBW and OCTU is 0.91, 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	0.91
Correlation (All Time) Calculated using the full available price history since Jan 10, 2025	0.93

The correlation between SPBW and OCTU has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.

Return for Risk

SPBW vs. OCTU — 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

OCTU

OCTU Risk / Return Rank: 72
OCTU Sharpe Ratio Rank: 73
OCTU Sortino Ratio Rank: 74
OCTU Omega Ratio Rank: 69
OCTU Calmar Ratio Rank: 70
OCTU Martin Ratio Rank: 76

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. OCTU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AllianzIM Buffer20 Allocation ETF (SPBW) and AllianzIM U.S. Equity Buffer15 Uncapped Oct ETF (OCTU). 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	OCTU	Difference
Sharpe ratio Return per unit of total volatility	3.00	2.33	+0.66
Sortino ratio Return per unit of downside risk	4.56	3.30	+1.27
Omega ratio Gain probability vs. loss probability	1.64	1.41	+0.23
Calmar ratio Return relative to maximum drawdown	4.32	3.42	+0.90
Martin ratio Return relative to average drawdown	23.42	14.31	+9.11
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. OCTU - Sharpe Ratio Comparison

The current SPBW Sharpe Ratio is 3.00, which is comparable to the OCTU Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of SPBW and OCTU, 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	OCTU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.00	2.33	+0.66
Sharpe Ratio (All Time) Calculated using the full available price history	1.34	1.31	+0.03

Drawdowns

SPBW vs. OCTU - Drawdown Comparison

The maximum SPBW drawdown since its inception was -8.76%, smaller than the maximum OCTU drawdown of -11.24%. Use the drawdown chart below to compare losses from any high point for SPBW and OCTU.

Drawdown Indicators

	SPBW	OCTU	Difference
Max Drawdown Largest peak-to-trough decline	-8.76%	-11.24%	+2.48%
Max Drawdown (1Y) Largest decline over 1 year	-2.86%	-5.92%	+3.06%
Current Drawdown Current decline from peak	-0.17%	-0.43%	+0.26%
Average Drawdown Average peak-to-trough decline	-0.78%	-1.68%	+0.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.53%	1.41%	-0.88%

Volatility

SPBW vs. OCTU - Volatility Comparison

The current volatility for AllianzIM Buffer20 Allocation ETF (SPBW) is 0.65%, while AllianzIM U.S. Equity Buffer15 Uncapped Oct ETF (OCTU) has a volatility of 2.44%. This indicates that SPBW experiences smaller price fluctuations and is considered to be less risky than OCTU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPBW	OCTU	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.65%	2.44%	-1.79%
Volatility (6M) Calculated over the trailing 6-month period	3.10%	6.22%	-3.12%
Volatility (1Y) Calculated over the trailing 1-year period	4.13%	8.69%	-4.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.62%	10.39%	-2.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.62%	10.39%	-2.77%

SPBW vs. OCTU - Expense Ratio Comparison

SPBW has a 0.79% expense ratio, which is higher than OCTU's 0.74% expense ratio.

Dividends

SPBW vs. OCTU - Dividend Comparison

Neither SPBW nor OCTU has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SPBW and OCTU in my portfolio?

With a correlation of 0.91, SPBW and OCTU 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, SPBW or OCTU?

OCTU has higher volatility (2.44%) compared to SPBW (0.65%). In terms of maximum drawdown, SPBW dropped -8.76% vs OCTU's -11.24%.

Which ETF is better, SPBW or OCTU?

On 1-year performance, OCTU leads with 20.19% vs 12.31% for SPBW. On fees, OCTU is cheaper at 0.74% 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 OCTU?

Over the 1-year period, OCTU has performed better with a 20.19% 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 OCTU?

OCTU is cheaper with a 0.74% expense ratio, compared with 0.79% for SPBW.

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

SPBW and OCTU have nearly identical dividend yields, around 0.00%.

What is the main difference between SPBW and OCTU?

Their fees differ too: 0.79% for SPBW and 0.74% for OCTU.

Which has better risk-adjusted returns?

SPBW currently has the higher Sharpe Ratio (3.00 vs 2.33), 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.