Data as of Oct 28, 2026.
NVBW vs SPY: Differences, Returns & Fees
Over the year to Oct 28, 2026, NVBW returned +10.6% to SPY's +13.6%, and SPY charges 0.09% to NVBW's 0.74%.
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Net assets on Oct 27, 2026: $97m for AllianzIM U.S. Equity Buffer20 ETF - Nov and $814.8bn for SPDR S&P 500 ETF Trust.
Pair scorecard
SPY costs 0.65 points a year less; their one-year returns differ by 3.0 points; SPY is far larger, $814.8bn against $97m.
| Measure | NVBW | SPY |
|---|---|---|
| Return | ||
| Total return, 1 year | +10.6% | +13.6% |
| Drawdown | ||
| Index fall to the buffer | 11.7% | |
| Fund price fall to the buffer | 10.2% | |
| Benchmark | ||
| What it tracks | SPY | S&P 500 Index |
| The outcome period | ||
| Buffer left, in index points | 20.0% of 20.0% | |
| Days left in the period | 3 | |
| Period ends | Oct 31, 2026 | |
| Cost and size | ||
| Expense ratio | 0.74% | 0.09% |
| Net assets, as of Oct 27, 2026 | $97m | $814.8bn |
| Holdings | ||
| Holdings in common | not published | |
| In the S&P 500, by weight | 100% | |
| Top ten holdings, share of the fund | 38.1% | |
Side by side
NVBW and SPY on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
SPY had already risen past this fund's cap of +11.4% for the period on Oct 28, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 0.1% as the period runs out.
The fund's price can fall 10.2% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 11.7% from today's level to the point where the buffer begins. Protection left, in index points: 20.0% of the 20.0% buffer still sits below today's SPY level. 3 days remained on Oct 28, 2026. On Oct 31, 2026 the period ends and a new cap is set.
SPY
SPY tracks the S&P 500. Over the year to Oct 28, 2026 it returned +13.6% with distributions reinvested, against +13.7% for its benchmark, the S&P 500 Index. The prospectus expense ratio is 0.09% a year. By its holdings published by its issuer for Oct 27, 2026, 100% of the fund by weight is stocks the S&P 500 also holds, across 504 positions, with the top ten at 38.1%.
Questions people ask
- Are NVBW and SPY in the same category?
- NVBW is a buffer ETF and SPY is a stock ETF, so they do different jobs. The table compares what both publish: return, cost and holdings.
- Which returned more over the last year, NVBW or SPY?
- In the year to Oct 28, 2026, with distributions reinvested, NVBW returned +10.6% and SPY +13.6%.
- Which is cheaper, NVBW or SPY?
- SPY is cheaper, by 0.65 percentage points a year. That is about $65 on $10,000 held for a year. Fees come from each fund's prospectus.
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ETFIQ, NVBW against SPY, data as of Oct 28, 2026. https://etfiq.com/compare/any/nvbw-vs-spy
ETFIQ. (Oct 28, 2026). NVBW against SPY. Retrieved from https://etfiq.com/compare/any/nvbw-vs-spy
[NVBW against SPY (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/nvbw-vs-spy)
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