AOA vs. GAA
AOA (iShares Core 80/20 Aggressive Allocation ETF) and GAA (Cambria Global Asset Allocation ETF) are both Diversified Portfolio funds. AOA is passively managed, while GAA is actively managed. Over the past 10 years, AOA returned 10.74%/yr vs 7.61%/yr for GAA. A 0.66 correlation means they provide meaningful diversification when combined. AOA charges 0.15%/yr vs 0.41%/yr for GAA.
Performance
AOA vs. GAA - Performance Comparison
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Returns By Period
In the year-to-date period, AOA achieves a 8.15% return, which is significantly higher than GAA's 7.37% return. Over the past 10 years, AOA has outperformed GAA with an annualized return of 10.74%, while GAA has yielded a comparatively lower 7.61% annualized return.
AOA
- 1D
- -0.03%
- 1M
- -0.21%
- YTD
- 8.15%
- 6M
- 7.34%
- 1Y
- 20.12%
- 3Y*
- 16.65%
- 5Y*
- 8.70%
- 10Y*
- 10.74%
GAA
- 1D
- -0.20%
- 1M
- -1.23%
- YTD
- 7.37%
- 6M
- 6.45%
- 1Y
- 17.81%
- 3Y*
- 13.42%
- 5Y*
- 6.17%
- 10Y*
- 7.61%
AOA vs. GAA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AOA iShares Core 80/20 Aggressive Allocation ETF | 8.15% | 19.59% | 13.55% | 18.27% | -16.23% | 15.42% | 12.82% | 22.60% | -7.86% | 20.05% |
GAA Cambria Global Asset Allocation ETF | 7.37% | 18.76% | 6.67% | 7.65% | -8.47% | 11.17% | 9.11% | 15.12% | -7.15% | 15.11% |
Correlation
The correlation between AOA and GAA is 0.65, 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 | 0.65 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.62 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.62 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.63 |
Correlation (All Time) Calculated using the full available price history since Dec 10, 2014 | 0.66 |
The correlation between AOA and GAA has been stable across timeframes, ranging from 0.62 to 0.66 - a consistent structural relationship.
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Return for Risk
AOA vs. GAA — Risk / Return Rank
AOA
GAA
AOA vs. GAA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core 80/20 Aggressive Allocation ETF (AOA) and Cambria Global Asset Allocation ETF (GAA). 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.
| AOA | GAA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.09 | ||
| Sortino ratioReturn per unit of downside risk | -0.12 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.35 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.46 | 3.09 | -0.63 |
| Martin ratioReturn relative to average drawdown | 10.68 | 11.53 | -0.85 |
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Drawdowns
AOA vs. GAA - Drawdown Comparison
The maximum AOA drawdown since its inception was -28.38%, which is greater than GAA's maximum drawdown of -26.57%. Use the drawdown chart below to compare losses from any high point for AOA and GAA.
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Drawdown Indicators
| AOA | GAA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.38% | -26.57% | -1.81% |
Max Drawdown (1Y)Largest decline over 1 year | -8.20% | -5.78% | -2.42% |
Max Drawdown (3Y)Largest decline over 3 years | -12.94% | -7.18% | -5.76% |
Max Drawdown (5Y)Largest decline over 5 years | -23.62% | -18.47% | -5.15% |
Max Drawdown (10Y)Largest decline over 10 years | -28.38% | -26.57% | -1.81% |
Current DrawdownCurrent decline from peak | -2.11% | -2.50% | +0.39% |
Average DrawdownAverage peak-to-trough decline | -4.04% | -3.84% | -0.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.89% | 1.55% | +0.34% |
Volatility
AOA vs. GAA - Volatility Comparison
iShares Core 80/20 Aggressive Allocation ETF (AOA) has a higher volatility of 4.43% compared to Cambria Global Asset Allocation ETF (GAA) at 3.64%. This indicates that AOA's price experiences larger fluctuations and is considered to be riskier than GAA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AOA | GAA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.43% | 3.64% | +0.79% |
Volatility (6M)Calculated over the trailing 6-month period | 9.33% | 8.01% | +1.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.24% | 9.44% | +1.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.08% | 11.35% | +1.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.51% | 11.11% | +2.40% |
AOA vs. GAA - Expense Ratio Comparison
AOA has a 0.15% expense ratio, which is lower than GAA's 0.41% expense ratio.
Dividends
AOA vs. GAA - Dividend Comparison
AOA's dividend yield for the trailing twelve months is around 2.08%, less than GAA's 3.54% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AOA iShares Core 80/20 Aggressive Allocation ETF | 2.08% | 2.18% | 2.30% | 2.22% | 2.10% | 1.67% | 1.71% | 2.50% | 2.37% | 5.09% | 2.26% | 2.15% |
GAA Cambria Global Asset Allocation ETF | 3.54% | 4.24% | 3.88% | 3.73% | 6.05% | 4.21% | 2.73% | 3.32% | 3.01% | 2.36% | 2.82% | 2.49% |
Frequently Asked Questions
AOA and GAA have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AOA has higher volatility (4.43%) compared to GAA (3.64%). In terms of maximum drawdown, AOA dropped -28.38% vs GAA's -26.57%.
On 10-year performance, AOA leads with 10.74% vs 7.61% for GAA. On fees, AOA is cheaper at 0.15% per year. On volatility, GAA has been the lower-risk option at 3.64%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, AOA has performed better with a 10.74% return vs 7.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AOA is cheaper with a 0.15% expense ratio, compared with 0.41% for GAA.
GAA has the higher dividend yield at 3.54%, compared with 2.08% for AOA.
They also come from different issuers: iShares and Cambria. Their fees differ too: 0.15% for AOA and 0.41% for GAA.
GAA currently has the higher Sharpe Ratio (1.90 vs 1.81), 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.
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