SPBW vs. XBAP

Last updated Jun 24, 2026

SPBW (AllianzIM Buffer20 Allocation ETF) and XBAP (Innovator U.S. Equity Accelerated 9 Buffer ETF - April) are both Defined Outcome funds. Both are actively managed. Over the past year, SPBW returned 11.34% vs 14.57% for XBAP. Their correlation of 0.85 suggests significant overlap in exposure. Both charge a 0.79% expense ratio.

Performance

SPBW vs. XBAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AllianzIM Buffer20 Allocation ETF (SPBW) and Innovator U.S. Equity Accelerated 9 Buffer ETF - April (XBAP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPBW achieves a 4.22% return, which is significantly lower than XBAP's 7.58% return.

SPBW

• 1D: -0.28%
• 1M: 0.11%
• YTD: 4.22%
• 6M: 4.12%
• 1Y: 11.34%
• 3Y*: —
• 5Y*: —
• 10Y*: —

XBAP

• 1D: -0.37%
• 1M: -0.07%
• YTD: 7.58%
• 6M: 7.77%
• 1Y: 14.57%
• 3Y*: 13.22%
• 5Y*: 9.51%
• 10Y*: —

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

SPBW vs. XBAP - Yearly Performance Comparison

	2026 (YTD)	2025
SPBW AllianzIM Buffer20 Allocation ETF	4.22%	9.64%
XBAP Innovator U.S. Equity Accelerated 9 Buffer ETF - April	7.58%	13.17%

Correlation

The correlation between SPBW and XBAP is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.78
Correlation (All Time) Calculated using the full available price history since Jan 8, 2025	0.85

The correlation between SPBW and XBAP has been stable across timeframes, ranging from 0.78 to 0.85 - a consistent structural relationship.

SPBW vs. XBAP - Sectors Allocation Comparison

Sectors	SPBW	XBAP
Technology	38.4%	39.1%
Financial Services	11.0%	10.9%
Communication Services	10.8%	10.7%
Consumer Cyclical	10.0%	9.9%
Healthcare	8.4%	8.3%
Industrials	7.9%	7.8%
Consumer Defensive	4.6%	4.5%
Energy	3.2%	3.1%
Utilities	2.1%	2.1%
Real Estate	1.8%	1.8%
Basic Materials	1.7%	1.7%

Return for Risk

SPBW vs. XBAP — 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: 90
SPBW Sortino Ratio Rank: 93
SPBW Omega Ratio Rank: 93
SPBW Calmar Ratio Rank: 82
SPBW Martin Ratio Rank: 92

XBAP

XBAP Risk / Return Rank: 98
XBAP Sharpe Ratio Rank: 97
XBAP Sortino Ratio Rank: 98
XBAP Omega Ratio Rank: 98
XBAP Calmar Ratio Rank: 98
XBAP Martin Ratio Rank: 98

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. XBAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AllianzIM Buffer20 Allocation ETF (SPBW) and Innovator U.S. Equity Accelerated 9 Buffer ETF - April (XBAP). 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.

	SPBW	XBAP	Difference
Sharpe ratio: Return per unit of total volatility	2.74	4.06	-1.32
Sortino ratio: Return per unit of downside risk	4.11	7.30	-3.19
Omega ratio: Gain probability vs. loss probability	1.57	2.04	-0.47
Calmar ratio: Return relative to maximum drawdown	3.98	11.29	-7.31
Martin ratio: Return relative to average drawdown	21.18	64.34	-43.16

SPBW vs. XBAP - Sharpe Ratio Comparison

The current SPBW Sharpe Ratio is 2.74, which is lower than the XBAP Sharpe Ratio of 4.06. The chart below compares the historical Sharpe Ratios of SPBW and XBAP, 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

SPBW vs. XBAP - Drawdown Comparison

The maximum SPBW drawdown since its inception was -8.76%, smaller than the maximum XBAP drawdown of -14.57%. Use the drawdown chart below to compare losses from any high point for SPBW and XBAP.

Drawdown Indicators

	SPBW	XBAP	Difference
Max Drawdown Largest peak-to-trough decline	-8.76%	-14.57%	+5.81%
Max Drawdown (1Y) Largest decline over 1 year	-2.86%	-1.30%	-1.56%
Max Drawdown (3Y) Largest decline over 3 years	—	-8.25%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-14.57%	—
Current Drawdown Current decline from peak	-0.45%	-0.69%	+0.24%
Average Drawdown Average peak-to-trough decline	-0.76%	-1.73%	+0.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.54%	0.23%	+0.31%

Volatility

SPBW vs. XBAP - Volatility Comparison

The current volatility for AllianzIM Buffer20 Allocation ETF (SPBW) is 1.31%, while Innovator U.S. Equity Accelerated 9 Buffer ETF - April (XBAP) has a volatility of 1.57%. This indicates that SPBW experiences smaller price fluctuations and is considered to be less risky than XBAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPBW	XBAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.31%	1.57%	-0.26%
Volatility (6M) Calculated over the trailing 6-month period	3.32%	2.94%	+0.38%
Volatility (1Y) Calculated over the trailing 1-year period	4.19%	3.62%	+0.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.54%	9.98%	-2.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.54%	9.84%	-2.30%

SPBW vs. XBAP - Expense Ratio Comparison

Both SPBW and XBAP have an expense ratio of 0.79%.

Dividends

SPBW vs. XBAP - Dividend Comparison

Neither SPBW nor XBAP has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SPBW and XBAP in my portfolio?

SPBW and XBAP have a correlation of 0.78, 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 XBAP?

XBAP has higher volatility (1.57%) compared to SPBW (1.31%). In terms of maximum drawdown, SPBW dropped -8.76% vs XBAP's -14.57%.

Which ETF is better, SPBW or XBAP?

On 1-year performance, XBAP leads with 14.57% vs 11.34% for SPBW. Both ETFs have the same 0.79% expense ratio. On volatility, SPBW has been the lower-risk option at 1.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPBW or XBAP?

Over the 1-year period, XBAP has performed better with a 14.57% return vs 11.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPBW or XBAP?

SPBW and XBAP have the same expense ratio: 0.79% per year.

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

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

What is the main difference between SPBW and XBAP?

They also come from different issuers: AllianzIM and Innovator.

Which has better risk-adjusted returns?

XBAP currently has the higher Sharpe Ratio (4.06 vs 2.74), 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.