AOA vs. MDIV
AOA (iShares Core 80/20 Aggressive Allocation ETF) and MDIV (First Trust Multi-Asset Diversified Income Index Fund) are both Diversified Portfolio funds - AOA tracks the S&P Target Risk Aggressive Index while MDIV tracks the NASDAQ US Multi-Asset Diversified Income Index. Both are passively managed. Over the past 10 years, AOA returned 10.74%/yr vs 4.86%/yr for MDIV. A 0.68 correlation means they provide meaningful diversification when combined. AOA charges 0.15%/yr vs 0.73%/yr for MDIV.
Performance
AOA vs. MDIV - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with AOA having a 8.15% return and MDIV slightly higher at 8.23%. Over the past 10 years, AOA has outperformed MDIV with an annualized return of 10.74%, while MDIV has yielded a comparatively lower 4.86% 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%
MDIV
- 1D
- 0.70%
- 1M
- -0.63%
- YTD
- 8.23%
- 6M
- 8.54%
- 1Y
- 11.46%
- 3Y*
- 12.22%
- 5Y*
- 5.93%
- 10Y*
- 4.86%
AOA vs. MDIV - 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% |
MDIV First Trust Multi-Asset Diversified Income Index Fund | 8.23% | 3.77% | 10.05% | 11.50% | -3.86% | 16.51% | -14.84% | 18.59% | -5.78% | 5.61% |
Correlation
The correlation between AOA and MDIV is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.41 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.55 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.65 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.65 |
Correlation (All Time) Calculated using the full available price history since Aug 14, 2012 | 0.68 |
Over the past year, the correlation between AOA and MDIV has dropped to 0.41 - well below their long-term average of 0.68, suggesting their price drivers have been diverging.
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Return for Risk
AOA vs. MDIV — Risk / Return Rank
AOA
MDIV
AOA vs. MDIV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core 80/20 Aggressive Allocation ETF (AOA) and First Trust Multi-Asset Diversified Income Index Fund (MDIV). 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 | MDIV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.12 | ||
| Sortino ratioReturn per unit of downside risk | +0.06 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.30 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.46 | 3.39 | -0.93 |
| Martin ratioReturn relative to average drawdown | 10.68 | 9.38 | +1.29 |
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Drawdowns
AOA vs. MDIV - Drawdown Comparison
The maximum AOA drawdown since its inception was -28.38%, smaller than the maximum MDIV drawdown of -48.50%. Use the drawdown chart below to compare losses from any high point for AOA and MDIV.
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Drawdown Indicators
| AOA | MDIV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.38% | -48.50% | +20.12% |
Max Drawdown (1Y)Largest decline over 1 year | -8.20% | -3.39% | -4.81% |
Max Drawdown (3Y)Largest decline over 3 years | -12.94% | -9.62% | -3.32% |
Max Drawdown (5Y)Largest decline over 5 years | -23.62% | -13.02% | -10.60% |
Max Drawdown (10Y)Largest decline over 10 years | -28.38% | -48.50% | +20.12% |
Current DrawdownCurrent decline from peak | -2.11% | -1.05% | -1.06% |
Average DrawdownAverage peak-to-trough decline | -4.04% | -4.57% | +0.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.89% | 1.22% | +0.67% |
Volatility
AOA vs. MDIV - Volatility Comparison
iShares Core 80/20 Aggressive Allocation ETF (AOA) has a higher volatility of 4.43% compared to First Trust Multi-Asset Diversified Income Index Fund (MDIV) at 2.17%. This indicates that AOA's price experiences larger fluctuations and is considered to be riskier than MDIV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AOA | MDIV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.43% | 2.17% | +2.26% |
Volatility (6M)Calculated over the trailing 6-month period | 9.33% | 4.51% | +4.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.24% | 6.81% | +4.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.08% | 10.94% | +2.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.51% | 15.22% | -1.71% |
AOA vs. MDIV - Expense Ratio Comparison
AOA has a 0.15% expense ratio, which is lower than MDIV's 0.73% expense ratio.
Dividends
AOA vs. MDIV - Dividend Comparison
AOA's dividend yield for the trailing twelve months is around 2.08%, less than MDIV's 6.35% 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% |
MDIV First Trust Multi-Asset Diversified Income Index Fund | 6.35% | 6.51% | 6.40% | 6.08% | 6.71% | 5.30% | 6.00% | 5.90% | 6.76% | 6.04% | 6.35% | 7.38% |
Frequently Asked Questions
AOA and MDIV have a correlation of 0.41, 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 MDIV (2.17%). In terms of maximum drawdown, AOA dropped -28.38% vs MDIV's -48.50%.
On 10-year performance, AOA leads with 10.74% vs 4.86% for MDIV. On fees, AOA is cheaper at 0.15% per year. On volatility, MDIV has been the lower-risk option at 2.17%. 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 4.86%. 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 0.73% for MDIV.
MDIV has the higher dividend yield at 6.35%, compared with 2.08% for AOA.
AOA tracks S&P Target Risk Aggressive Index, while MDIV tracks NASDAQ US Multi-Asset Diversified Income Index. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.15% for AOA and 0.73% for MDIV.
AOA currently has the higher Sharpe Ratio (1.81 vs 1.69), 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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