Are OCTW and SPY in the same category?

OCTW 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, OCTW or SPY?

In the year to Oct 28, 2026, with distributions reinvested, OCTW returned +9.1% and SPY +13.6%.

Which is cheaper, OCTW 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.

Data as of Oct 28, 2026.

Across categories

OCTW vs SPY: Differences, Returns & Fees

Share on X Download as PDF

Over the year to Oct 28, 2026, OCTW returned +9.1% to SPY's +13.6%, and SPY charges 0.09% to OCTW's 0.74%.

askIQ about this page

askIQ about OCTW and SPY

Net assets on Oct 27, 2026: $344m for AllianzIM U.S. Equity Buffer20 ETF - Oct and $814.8bn for SPDR S&P 500 ETF Trust.

OCTW on its own →SPY on its own →

At a glance

+9.1%

OCTW total return, 1 year

+13.6%

SPY total return, 1 year

0.74%

OCTW expense ratio

0.09%

SPY expense ratio

Pair scorecard

SPY costs 0.65 points a year less; their one-year returns differ by 4.5 points; SPY is far larger, $814.8bn against $344m.

OCTW vs SPY: Differences, Returns & Fees
Measure	OCTW	SPY
Return
Measure	OCTW	SPY
Total return, 1 year	+9.1%	+13.6%
Drawdown
Measure	OCTW	SPY
Index fall to the buffer	1.3%
Fund price fall to the buffer	1.6%
Benchmark
Measure	OCTW	SPY
What it tracks	SPY	S&P 500 Index
The outcome period
Measure	OCTW	SPY
Room to the cap	11.1%
Buffer left, in index points	20.0% of 20.0%
Days left in the period	337
Period ends	Sep 30, 2027
Cost and size
Measure	OCTW	SPY
Expense ratio	0.74%	0.09%
Net assets, as of Oct 27, 2026	$344m	$814.8bn
Holdings
Measure	OCTW	SPY
Holdings in common	not published
In the S&P 500, by weight		100%
Top ten holdings, share of the fund		38.1%

Method

Risk and return

Oct 9, 2020 to Oct 23, 2026 · 315 weekly returns

OCTW SPY

Return

Total return edge SPY +66.3% +137.6%

Annualized edge SPY +8.8% +15.4%

Price return edge SPY +66.3% +119.1%

Risk

Volatility edge OCTW 5.5% 15.9%

Max drawdown edge OCTW −7.4% −23.9%

Downside capture 32.3% 100.0%

Beta 0.32 1.00

Risk-adjusted

Sharpe edge OCTW 0.96 0.77

Sortino edge OCTW 1.49 1.18

Treynor 0.168 0.133

Calmar edge OCTW 1.19 0.64

Against the benchmark

Alpha +1.4% a year −0.1% a year

Alpha t-stat 1.48 −0.51

Information ratio −0.63 −0.15

Tracking error 11.1% 0.4%

Each against its own benchmark: OCTW against SPY, Oct 9, 2020 to Oct 23, 2026; SPY against VOO, Sep 17, 2010 to Oct 23, 2026.

Reading

SPY returned more: +137.6% to +66.3%. OCTW swung less: 5.5% to 15.9%. OCTW fell less at its worst: −7.4% to −23.9%.

Full scorecard

19 measures, with how each is measured Open ↓

Risk and return: OCTW vs SPY: Differences, Returns & Fees
Measure	OCTW	SPY	Edge	How it is measured
Return
Total return	+66.3%	+137.6%	SPY	Price change plus distributions, reinvested.
Annualized	+8.8%	+15.4%	SPY	Total return as a yearly rate.
Price return	+66.3%	+119.1%	SPY	Price change alone, distributions left out.
Risk
Volatility	5.5%	15.9%	OCTW	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	3.6%	10.4%	OCTW	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−7.4%	−23.9%	OCTW	Deepest fall from a high to the low after it.
Upside capture	24.3%	99.8%		Share of its benchmark's rise caught in the weeks it rose.
Downside capture	32.3%	100.0%		Share of its benchmark's fall taken in the weeks it fell. Lower is better.
Beta	0.32	1.00	Not an edge	How far it moves for each 1% its benchmark moves.
R squared	0.82	1.00	Not an edge	Share of its weekly moves its benchmark explains.
Risk-adjusted
Sharpe	0.96	0.77	OCTW	Return above Treasury bills per unit of volatility.
Sortino	1.49	1.18	OCTW	Return above Treasury bills per unit of downside deviation.
Treynor	0.168	0.133		Return above Treasury bills per unit of beta.
Calmar	1.19	0.64	OCTW	Annualized return divided by the max drawdown.
Against the benchmark
Benchmark	SPY	VOO		The ETF each fund is measured against.
Alpha	+1.4% a year	−0.1% a year	Not significant	Yearly return beyond what its beta to the benchmark predicts.
Alpha t-stat	1.48	−0.51	Not an edge	How sure the alpha is. Below 2, it could be chance.
Alpha range	−0.5% to +3.3%	−0.3% to +0.1%	Includes zero	The 95% range for the yearly alpha.
Information ratio	−0.63	−0.15		Return against its benchmark per unit of tracking error.
Tracking error	11.1%	0.4%	Not an edge	How far weekly returns stray from the benchmark, annualized.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 315 weekly returns. Cash rate: the 13-week Treasury bill.

Side by side

OCTW AllianzIM U.S. Equity Buffer20 ETF - Oct SPY SPDR S&P 500 ETF Trust

Where it sits Buffer ETF Stock ETF

Issuer AllianzIM State Street

What it is Defined outcome, 20% on SPY Tracks the S&P 500

Total return, 1 year +9.1% +13.6%

Its benchmark over the same days +12.4% (SPY) +13.7% (VOO)

Gap to its benchmark −3.3 pts vs SPY −0.1 pts vs VOO

Expense ratio 0.74% 0.09%

Holdings not read by ETFIQ 504

Net assets, as of Oct 27, 2026 $344m $814.8bn

OCTW and SPY on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.

Client brief · page 1 of 2 Report BR-F89184F2B2

OCTW and SPY do different jobs. What does each one do in a portfolio?

What each follows. OCTW follows SPY and SPY follows S&P 500 Index.
One-year total return. Over 1 year to Oct 28, 2026 OCTW returned +9.1% and SPY +13.6% with distributions reinvested, a gap of 4.5 points.
Cost. OCTW charges 0.74% of assets a year and SPY 0.09%, a gap of 0.65 points.

Data as of Oct 28, 2026.

The two-page PDF for this pair is coming. Save the comparison to follow its changes. Free. It needs an email sign-in, once.

Your saved page · Privacy.

Alert

About each fund

OCTW

From its price on Oct 28, 2026, the fund can gain about 11.1% more before it reaches its cap. The fund's price can fall 1.6% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 1.3% 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. 337 days remained on Oct 28, 2026. On Sep 30, 2027 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 OCTW and SPY in the same category?: OCTW 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, OCTW or SPY?: In the year to Oct 28, 2026, with distributions reinvested, OCTW returned +9.1% and SPY +13.6%.
Which is cheaper, OCTW 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.

Other comparisons

OCTW vs VOO OCTW vs SPYM IVV vs OCTW BJAN vs SPY DAPR vs SPY BJUL vs SPY BOCT vs SPY DJUN vs SPY

Where to next

OCTW on its own →SPY on its own →Hold both: look the portfolio through →Rankings →SPY dividend history →SPY holdings →Standards and sources →

Sources and dates

OCTW filings on SEC EDGAR ↗

AllianzIM page for OCTW ↗

SPY filings on SEC EDGAR ↗

State Street website ↗

Links are sources, not endorsements. A comparison is not a recommendation.

Cite this pageCitation, APA and Markdown

ETFIQ, OCTW against SPY, data as of Oct 28, 2026. https://etfiq.com/compare/any/octw-vs-spy

Open data →

Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.