AOA vs. SPLS

Last updated Aug 4, 2026

AOA (iShares Core 80/20 Aggressive Allocation ETF) and SPLS (PIMCO U.S. Stocks PLUS Active Bond ETF) are both Diversified Portfolio funds. AOA is passively managed, while SPLS is actively managed. Their correlation of 0.94 means they have usually moved in the same direction. AOA charges 0.15%/yr vs 0.18%/yr for SPLS.

Performance

AOA vs. SPLS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core 80/20 Aggressive Allocation ETF (AOA) and PIMCO U.S. Stocks PLUS Active Bond ETF (SPLS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

AOA

• 1D: 0.88%
• 1M: 0.63%
• 6M: 6.83%
• YTD: 10.08%
• 1Y: 20.64%
• 3Y*: 16.44%
• 5Y*: 8.87%
• 10Y*: 10.24%
• ALL TIME*: 10.49%

SPLS

• 1D: 1.14%
• 1M: 1.79%
• 6M: 9.83%
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
AOA iShares Core 80/20 Aggressive Allocation ETF	$10.91M	$10.17M	$10.41M
SPLS PIMCO U.S. Stocks PLUS Active Bond ETF	$85.96K	$179.83K	$282.15K

AOA vs. SPLS - Yearly Performance Comparison

	2026 (YTD)
AOA iShares Core 80/20 Aggressive Allocation ETF	7.67%
SPLS PIMCO U.S. Stocks PLUS Active Bond ETF	10.30%

Correlation

The correlation between AOA and SPLS is 0.94, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 16, 2026	0.94

Return for Risk

AOA vs. SPLS — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

AOA

AOA Risk / Return Rank: 77
AOA Sharpe Ratio Rank: 78
AOA Sortino Ratio Rank: 77
AOA Omega Ratio Rank: 78
AOA Calmar Ratio Rank: 71
AOA Martin Ratio Rank: 80

SPLS

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

AOA vs. SPLS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core 80/20 Aggressive Allocation ETF (AOA) and PIMCO U.S. Stocks PLUS Active Bond ETF (SPLS). 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	SPLS	Difference
Sharpe ratio: Return per unit of total volatility	1.81	—	—
Sortino ratio: Return per unit of downside risk	2.53	—	—
Omega ratio: Gain probability vs. loss probability	1.33	—	—
Calmar ratio: Return relative to maximum drawdown	2.53	—	—
Martin ratio: Return relative to average drawdown	10.66	—	—

Drawdowns

AOA vs. SPLS - Drawdown Comparison

The maximum AOA drawdown since its inception was -28.38%, which is greater than SPLS's maximum drawdown of -9.24%. Use the drawdown chart below to compare losses from any high point for AOA and SPLS.

Drawdown Indicators

	AOA	SPLS	Difference
Max Drawdown Largest peak-to-trough decline	-28.38%	-9.24%	-19.14%
Max Drawdown (1Y) Largest decline over 1 year	-8.20%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-12.94%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-23.62%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-28.38%	—	—
Current Drawdown Current decline from peak	-0.36%	0.00%	-0.36%
Average Drawdown Average peak-to-trough decline	-4.03%	-1.81%	-2.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.94%	—	—

Volatility

Volatility by Period

	AOA	SPLS	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.26%	—	—
Volatility (6M) Calculated over the trailing 6-month period	9.63%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	11.49%	15.03%	-3.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.11%	15.03%	-1.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.51%	15.03%	-1.52%

AOA vs. SPLS - Expense Ratio Comparison

AOA has a 0.15% expense ratio, which is lower than SPLS'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. SPLS - Dividend Comparison

AOA's dividend yield for the trailing twelve months is around 2.11%, more than SPLS's 0.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AOA iShares Core 80/20 Aggressive Allocation ETF	2.11%	2.18%	2.30%	2.22%	2.10%	1.67%	1.71%	2.50%	2.37%	5.09%	2.26%	2.15%
SPLS PIMCO U.S. Stocks PLUS Active Bond ETF	0.54%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AOA and SPLS in my portfolio?

With a correlation of 0.94, AOA and SPLS 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 ETF is better, AOA or SPLS?

On fees, AOA is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, AOA or SPLS?

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

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

AOA has the higher dividend yield at 2.11%, compared with 0.54% for SPLS.

What is the main difference between AOA and SPLS?

They also come from different issuers: iShares and PIMCO. Their fees differ too: 0.15% for AOA and 0.18% for SPLS.