AOA vs. RPAR
AOA (iShares Core 80/20 Aggressive Allocation ETF) and RPAR (RPAR Risk Parity ETF) are both exchange-traded funds - AOA is a Diversified Portfolio fund tracking the S&P Target Risk Aggressive Index, while RPAR is a Hedge Fund fund actively managed by Toroso Investments. AOA is passively managed, while RPAR is actively managed. Over the past 5 years, AOA returned 8.70%/yr vs 1.20%/yr for RPAR. A 0.63 correlation means they provide meaningful diversification when combined. AOA charges 0.15%/yr vs 0.51%/yr for RPAR.
Performance
AOA vs. RPAR - 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 RPAR's 4.78% 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%
RPAR
- 1D
- -0.02%
- 1M
- -0.88%
- YTD
- 4.78%
- 6M
- 3.47%
- 1Y
- 15.39%
- 3Y*
- 7.93%
- 5Y*
- 1.20%
- 10Y*
- —
AOA vs. RPAR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
AOA iShares Core 80/20 Aggressive Allocation ETF | 8.15% | 19.59% | 13.55% | 18.27% | -16.23% | 15.42% | 12.82% | 1.71% |
RPAR RPAR Risk Parity ETF | 4.78% | 17.91% | 0.06% | 6.03% | -22.82% | 7.56% | 19.40% | 0.13% |
Correlation
The correlation between AOA and RPAR is 0.73, 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 | 0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.67 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.64 |
Correlation (All Time) Calculated using the full available price history since Dec 13, 2019 | 0.63 |
The correlation between AOA and RPAR shifts across timeframes, from 0.63 (all time) to 0.73 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
AOA vs. RPAR — Risk / Return Rank
AOA
RPAR
AOA vs. RPAR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core 80/20 Aggressive Allocation ETF (AOA) and RPAR Risk Parity ETF (RPAR). 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 | RPAR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.34 | ||
| Sortino ratioReturn per unit of downside risk | +0.48 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.26 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 2.46 | 1.91 | +0.56 |
| Martin ratioReturn relative to average drawdown | 10.68 | 5.82 | +4.85 |
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Drawdowns
AOA vs. RPAR - Drawdown Comparison
The maximum AOA drawdown since its inception was -28.38%, smaller than the maximum RPAR drawdown of -30.16%. Use the drawdown chart below to compare losses from any high point for AOA and RPAR.
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Drawdown Indicators
| AOA | RPAR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.38% | -30.16% | +1.78% |
Max Drawdown (1Y)Largest decline over 1 year | -8.20% | -8.10% | -0.10% |
Max Drawdown (3Y)Largest decline over 3 years | -12.94% | -13.20% | +0.26% |
Max Drawdown (5Y)Largest decline over 5 years | -23.62% | -30.16% | +6.54% |
Max Drawdown (10Y)Largest decline over 10 years | -28.38% | — | — |
Current DrawdownCurrent decline from peak | -2.11% | -5.13% | +3.02% |
Average DrawdownAverage peak-to-trough decline | -4.04% | -11.54% | +7.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.89% | 2.65% | -0.76% |
Volatility
AOA vs. RPAR - Volatility Comparison
iShares Core 80/20 Aggressive Allocation ETF (AOA) has a higher volatility of 4.43% compared to RPAR Risk Parity ETF (RPAR) at 3.78%. This indicates that AOA's price experiences larger fluctuations and is considered to be riskier than RPAR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AOA | RPAR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.43% | 3.78% | +0.65% |
Volatility (6M)Calculated over the trailing 6-month period | 9.33% | 8.92% | +0.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.24% | 10.55% | +0.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.08% | 12.47% | +0.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.51% | 12.70% | +0.81% |
AOA vs. RPAR - Expense Ratio Comparison
AOA has a 0.15% expense ratio, which is lower than RPAR's 0.51% expense ratio.
Dividends
AOA vs. RPAR - Dividend Comparison
AOA's dividend yield for the trailing twelve months is around 2.08%, less than RPAR's 2.13% 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% |
RPAR RPAR Risk Parity ETF | 2.13% | 2.55% | 2.51% | 3.16% | 4.01% | 2.02% | 0.76% | 0.23% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
AOA and RPAR have a correlation of 0.73, 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 RPAR (3.78%). In terms of maximum drawdown, AOA dropped -28.38% vs RPAR's -30.16%.
On 5-year performance, AOA leads with 8.70% vs 1.20% for RPAR. On fees, AOA is cheaper at 0.15% per year. On volatility, RPAR has been the lower-risk option at 3.78%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, AOA has performed better with a 8.70% return vs 1.20%. 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 0.51% for RPAR.
RPAR has the higher dividend yield at 2.13%, compared with 2.08% for AOA.
AOA is categorized as Diversified Portfolio, while RPAR is Hedge Fund. They also come from different issuers: iShares and Toroso Investments. Their fees differ too: 0.15% for AOA and 0.51% for RPAR.
AOA currently has the higher Sharpe Ratio (1.81 vs 1.47), 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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