AOA vs. EAOA

Last updated Jun 5, 2026

AOA (iShares Core 80/20 Aggressive Allocation ETF) and EAOA (iShares ESG Aware Aggressive Allocation ETF) are both Diversified Portfolio funds from iShares - AOA tracks the S&P Target Risk Aggressive Index while EAOA tracks the BlackRock ESG Aware Aggressive Allocation Index. Both are passively managed. Over the past 5 years, AOA returned 9.19%/yr vs 8.58%/yr for EAOA. With a 0.99 correlation, they move nearly in lockstep. AOA charges 0.15%/yr vs 0.18%/yr for EAOA.

Performance

AOA vs. EAOA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core 80/20 Aggressive Allocation ETF (AOA) and iShares ESG Aware Aggressive Allocation ETF (EAOA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with AOA having a 10.13% return and EAOA slightly higher at 10.26%.

AOA

• 1D: 0.18%
• 1M: 3.39%
• YTD: 10.13%
• 6M: 10.89%
• 1Y: 24.17%
• 3Y*: 17.70%
• 5Y*: 9.19%
• 10Y*: 10.53%

EAOA

• 1D: 0.30%
• 1M: 3.78%
• YTD: 10.26%
• 6M: 10.73%
• 1Y: 24.34%
• 3Y*: 17.42%
• 5Y*: 8.58%
• 10Y*: —

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

AOA vs. EAOA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
AOA iShares Core 80/20 Aggressive Allocation ETF	10.13%	19.59%	13.55%	18.27%	-16.23%	15.42%	18.43%
EAOA iShares ESG Aware Aggressive Allocation ETF	10.26%	18.41%	13.79%	18.27%	-17.76%	14.52%	19.79%

Correlation

The correlation between AOA and EAOA is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (All Time) Calculated using the full available price history since Jun 19, 2020	0.99

The correlation between AOA and EAOA has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

AOA vs. EAOA - Sectors Allocation Comparison

Sectors	AOA	EAOA
Technology	27.4%	28.9%
Financial Services	16.1%	13.5%
Industrials	12.0%	9.0%
Consumer Cyclical	9.5%	7.7%
Communication Services	8.3%	7.3%
Healthcare	8.0%	6.8%
Consumer Defensive	5.0%	3.7%
Energy	4.3%	3.0%
Basic Materials	4.2%	2.4%
Utilities	2.7%	2.3%
Real Estate	2.4%	1.6%

Return for Risk

AOA vs. EAOA — Risk / Return Rank

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

AOA

AOA Risk / Return Rank: 70
AOA Sharpe Ratio Rank: 71
AOA Sortino Ratio Rank: 72
AOA Omega Ratio Rank: 72
AOA Calmar Ratio Rank: 61
AOA Martin Ratio Rank: 72

EAOA

EAOA Risk / Return Rank: 69
EAOA Sharpe Ratio Rank: 71
EAOA Sortino Ratio Rank: 72
EAOA Omega Ratio Rank: 71
EAOA Calmar Ratio Rank: 61
EAOA Martin Ratio Rank: 72

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.

AOA vs. EAOA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core 80/20 Aggressive Allocation ETF (AOA) and iShares ESG Aware Aggressive Allocation ETF (EAOA). 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.

	AOA	EAOA	Difference
Sharpe ratio: Return per unit of total volatility	2.28	2.28	+0.01
Sortino ratio: Return per unit of downside risk	3.22	3.21	+0.01
Omega ratio: Gain probability vs. loss probability	1.42	1.41	+0.01
Calmar ratio: Return relative to maximum drawdown	2.96	2.99	-0.03
Martin ratio: Return relative to average drawdown	13.13	13.28	-0.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AOA vs. EAOA - Sharpe Ratio Comparison

The current AOA Sharpe Ratio is 2.28, which is comparable to the EAOA Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of AOA and EAOA, 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

	AOA	EAOA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.28	2.28	+0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.71	0.65	+0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.78	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.69	0.93	-0.24

Drawdowns

AOA vs. EAOA - Drawdown Comparison

The maximum AOA drawdown since its inception was -28.38%, which is greater than EAOA's maximum drawdown of -25.06%. Use the drawdown chart below to compare losses from any high point for AOA and EAOA.

Drawdown Indicators

	AOA	EAOA	Difference
Max Drawdown Largest peak-to-trough decline	-28.38%	-25.06%	-3.32%
Max Drawdown (1Y) Largest decline over 1 year	-8.20%	-8.17%	-0.03%
Max Drawdown (3Y) Largest decline over 3 years	-12.94%	-13.84%	+0.90%
Max Drawdown (5Y) Largest decline over 5 years	-23.62%	-25.06%	+1.44%
Max Drawdown (10Y) Largest decline over 10 years	-28.38%	—	—
Current Drawdown Current decline from peak	-0.31%	-0.41%	+0.10%
Average Drawdown Average peak-to-trough decline	-4.05%	-5.31%	+1.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.85%	1.84%	+0.01%

Volatility

AOA vs. EAOA - Volatility Comparison

The current volatility for iShares Core 80/20 Aggressive Allocation ETF (AOA) is 3.16%, while iShares ESG Aware Aggressive Allocation ETF (EAOA) has a volatility of 3.33%. This indicates that AOA experiences smaller price fluctuations and is considered to be less risky than EAOA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AOA	EAOA	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.16%	3.33%	-0.17%
Volatility (6M) Calculated over the trailing 6-month period	8.51%	8.65%	-0.14%
Volatility (1Y) Calculated over the trailing 1-year period	10.63%	10.75%	-0.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.97%	13.24%	-0.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.54%	13.14%	+0.40%

AOA vs. EAOA - Expense Ratio Comparison

AOA has a 0.15% expense ratio, which is lower than EAOA's 0.18% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

AOA vs. EAOA - Dividend Comparison

AOA's dividend yield for the trailing twelve months is around 2.04%, more than EAOA's 1.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AOA iShares Core 80/20 Aggressive Allocation ETF	2.04%	2.18%	2.30%	2.22%	2.10%	1.67%	1.71%	2.50%	2.37%	5.09%	2.26%	2.15%
EAOA iShares ESG Aware Aggressive Allocation ETF	1.95%	2.10%	2.09%	2.21%	1.93%	1.48%	1.12%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AOA and EAOA in my portfolio?

With a correlation of 0.98, AOA and EAOA 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, AOA or EAOA?

EAOA has higher volatility (3.33%) compared to AOA (3.16%). In terms of maximum drawdown, AOA dropped -28.38% vs EAOA's -25.06%.

Which ETF is better, AOA or EAOA?

On 5-year performance, AOA leads with 9.19% vs 8.58% for EAOA. On fees, AOA is cheaper at 0.15% per year. On volatility, AOA has been the lower-risk option at 3.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AOA or EAOA?

Over the 5-year period, AOA has performed better with a 9.19% return vs 8.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AOA or EAOA?

AOA is cheaper with a 0.15% expense ratio, compared with 0.18% for EAOA.

Which ETF pays a higher dividend yield, AOA or EAOA?

AOA has the higher dividend yield at 2.04%, compared with 1.95% for EAOA.

What is the main difference between AOA and EAOA?

AOA tracks S&P Target Risk Aggressive Index, while EAOA tracks BlackRock ESG Aware Aggressive Allocation Index. Their fees differ too: 0.15% for AOA and 0.18% for EAOA.

Which has better risk-adjusted returns?

AOA currently has the higher Sharpe Ratio (2.28 vs 2.28), 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.