AOA vs. SPY
AOA (iShares Core 80/20 Aggressive Allocation ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - AOA is a Diversified Portfolio fund tracking the S&P Target Risk Aggressive Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, AOA returned 10.91%/yr vs 15.70%/yr for SPY. Their correlation of 0.92 suggests significant overlap in exposure. AOA charges 0.15%/yr vs 0.09%/yr for SPY.
Performance
AOA vs. SPY - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with AOA having a 9.88% return and SPY slightly lower at 9.74%. Over the past 10 years, AOA has underperformed SPY with an annualized return of 10.91%, while SPY has yielded a comparatively higher 15.70% annualized return.
AOA
- 1D
- -0.12%
- 1M
- 1.38%
- YTD
- 9.88%
- 6M
- 9.74%
- 1Y
- 24.31%
- 3Y*
- 17.27%
- 5Y*
- 9.26%
- 10Y*
- 10.91%
SPY
- 1D
- -0.31%
- 1M
- 0.09%
- YTD
- 9.74%
- 6M
- 9.27%
- 1Y
- 26.65%
- 3Y*
- 21.27%
- 5Y*
- 13.51%
- 10Y*
- 15.70%
AOA vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AOA iShares Core 80/20 Aggressive Allocation ETF | 9.88% | 19.59% | 13.55% | 18.27% | -16.23% | 15.42% | 12.82% | 22.60% | -7.86% | 20.05% |
SPY State Street SPDR S&P 500 ETF | 9.74% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Correlation
The correlation between AOA and SPY is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.95 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.94 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.95 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.94 |
Correlation (All Time) Calculated using the full available price history since Nov 11, 2008 | 0.92 |
The correlation between AOA and SPY has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.
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Return for Risk
AOA vs. SPY — Risk / Return Rank
AOA
SPY
AOA vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core 80/20 Aggressive Allocation ETF (AOA) and State Street SPDR S&P 500 ETF (SPY). 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 | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.04 | ||
| Sortino ratioReturn per unit of downside risk | +0.13 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.39 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.98 | 3.01 | -0.04 |
| Martin ratioReturn relative to average drawdown | 12.96 | 13.54 | -0.58 |
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Drawdowns
AOA vs. SPY - Drawdown Comparison
The maximum AOA drawdown since its inception was -28.38%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for AOA and SPY.
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Drawdown Indicators
| AOA | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.38% | -55.19% | +26.81% |
Max Drawdown (1Y)Largest decline over 1 year | -8.20% | -8.88% | +0.68% |
Max Drawdown (3Y)Largest decline over 3 years | -12.94% | -18.76% | +5.82% |
Max Drawdown (5Y)Largest decline over 5 years | -23.62% | -24.50% | +0.88% |
Max Drawdown (10Y)Largest decline over 10 years | -28.38% | -33.72% | +5.34% |
Current DrawdownCurrent decline from peak | -0.55% | -1.75% | +1.20% |
Average DrawdownAverage peak-to-trough decline | -4.04% | -9.04% | +5.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.88% | 1.97% | -0.09% |
Volatility
AOA vs. SPY - Volatility Comparison
The current volatility for iShares Core 80/20 Aggressive Allocation ETF (AOA) is 4.13%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.64%. This indicates that AOA experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AOA | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.13% | 4.64% | -0.51% |
Volatility (6M)Calculated over the trailing 6-month period | 9.22% | 9.75% | -0.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.15% | 12.43% | -1.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.07% | 17.14% | -4.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.58% | 17.99% | -4.41% |
AOA vs. SPY - Expense Ratio Comparison
AOA has a 0.15% expense ratio, which is higher than SPY's 0.09% expense ratio. However, 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. SPY - Dividend Comparison
AOA's dividend yield for the trailing twelve months is around 2.05%, more than SPY's 1.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AOA iShares Core 80/20 Aggressive Allocation ETF | 2.05% | 2.18% | 2.30% | 2.22% | 2.10% | 1.67% | 1.71% | 2.50% | 2.37% | 5.09% | 2.26% | 2.15% |
SPY State Street SPDR S&P 500 ETF | 1.01% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Frequently Asked Questions
With a correlation of 0.95, AOA and SPY 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.
SPY has higher volatility (4.64%) compared to AOA (4.13%). In terms of maximum drawdown, AOA dropped -28.38% vs SPY's -55.19%.
On 10-year performance, SPY leads with 15.70% vs 10.91% for AOA. On fees, SPY is cheaper at 0.09% per year. On volatility, AOA has been the lower-risk option at 4.13%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPY has performed better with a 15.70% return vs 10.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPY is cheaper with a 0.09% expense ratio, compared with 0.15% for AOA.
AOA has the higher dividend yield at 2.05%, compared with 1.01% for SPY.
AOA is categorized as Diversified Portfolio, while SPY is S&P 500. AOA tracks S&P Target Risk Aggressive Index, while SPY tracks S&P 500 Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.15% for AOA and 0.09% for SPY.
AOA currently has the higher Sharpe Ratio (2.19 vs 2.16), 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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