AOA vs. TLT
AOA (iShares Core 80/20 Aggressive Allocation ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - AOA is a Diversified Portfolio fund tracking the S&P Target Risk Aggressive Index, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 10 years, AOA returned 10.53%/yr vs -1.56%/yr for TLT. At a correlation of -0.20, they often move in opposite directions. Both charge a 0.15% expense ratio.
Performance
AOA vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, AOA achieves a 10.13% return, which is significantly higher than TLT's -0.05% return. Over the past 10 years, AOA has outperformed TLT with an annualized return of 10.53%, while TLT has yielded a comparatively lower -1.56% annualized return.
AOA
- 1D
- 0.18%
- 1M
- 3.39%
- YTD
- 10.13%
- 6M
- 10.89%
- 1Y
- 24.17%
- 3Y*
- 17.70%
- 5Y*
- 9.19%
- 10Y*
- 10.53%
TLT
- 1D
- 0.22%
- 1M
- 0.48%
- YTD
- -0.05%
- 6M
- -1.27%
- 1Y
- 3.48%
- 3Y*
- -1.67%
- 5Y*
- -6.27%
- 10Y*
- -1.56%
AOA vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AOA iShares Core 80/20 Aggressive Allocation ETF | 10.13% | 19.59% | 13.55% | 18.27% | -16.23% | 15.42% | 12.82% | 22.60% | -7.86% | 20.05% |
TLT iShares 20+ Year Treasury Bond ETF | -0.05% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between AOA and TLT is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.29 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.17 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Nov 12, 2008 | -0.20 |
The correlation between AOA and TLT shifts across timeframes, from -0.20 (all time) to 0.30 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
AOA vs. TLT — Risk / Return Rank
AOA
TLT
AOA vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core 80/20 Aggressive Allocation ETF (AOA) and iShares 20+ Year Treasury Bond ETF (TLT). 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.
| AOA | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.92 | ||
| Sortino ratioReturn per unit of downside risk | +2.63 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.07 | +0.36 |
| Calmar ratioReturn relative to maximum drawdown | 2.96 | 0.46 | +2.50 |
| Martin ratioReturn relative to average drawdown | 13.13 | 1.14 | +11.99 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| AOA | TLT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.28 | 0.36 | +1.92 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.71 | -0.40 | +1.11 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.78 | -0.11 | +0.88 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.69 | 0.26 | +0.43 |
Drawdowns
AOA vs. TLT - Drawdown Comparison
The maximum AOA drawdown since its inception was -28.38%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for AOA and TLT.
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Drawdown Indicators
| AOA | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.38% | -48.35% | +19.97% |
Max Drawdown (1Y)Largest decline over 1 year | -8.20% | -7.58% | -0.62% |
Max Drawdown (3Y)Largest decline over 3 years | -12.94% | -19.18% | +6.24% |
Max Drawdown (5Y)Largest decline over 5 years | -23.62% | -43.70% | +20.08% |
Max Drawdown (10Y)Largest decline over 10 years | -28.38% | -48.35% | +19.97% |
Current DrawdownCurrent decline from peak | -0.31% | -40.31% | +40.00% |
Average DrawdownAverage peak-to-trough decline | -4.05% | -13.82% | +9.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.85% | 3.05% | -1.20% |
Volatility
AOA vs. TLT - Volatility Comparison
iShares Core 80/20 Aggressive Allocation ETF (AOA) has a higher volatility of 3.16% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.71%. This indicates that AOA's price experiences larger fluctuations and is considered to be riskier than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AOA | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.16% | 2.71% | +0.45% |
Volatility (6M)Calculated over the trailing 6-month period | 8.51% | 6.50% | +2.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.63% | 9.77% | +0.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.97% | 15.86% | -2.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.54% | 14.90% | -1.36% |
AOA vs. TLT - Expense Ratio Comparison
Both AOA and TLT have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
AOA vs. TLT - Dividend Comparison
AOA's dividend yield for the trailing twelve months is around 2.04%, less than TLT's 4.58% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AOA iShares Core 80/20 Aggressive Allocation ETF | 2.04% | 2.18% | 2.30% | 2.22% | 2.10% | 1.67% | 1.71% | 2.50% | 2.37% | 5.09% | 2.26% | 2.15% |
TLT iShares 20+ Year Treasury Bond ETF | 4.58% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
Frequently Asked Questions
AOA and TLT have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AOA has higher volatility (3.16%) compared to TLT (2.71%). In terms of maximum drawdown, AOA dropped -28.38% vs TLT's -48.35%.
On 10-year performance, AOA leads with 10.53% vs -1.56% for TLT. Both ETFs have the same 0.15% expense ratio. On volatility, TLT has been the lower-risk option at 2.71%. 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 10.53% return vs -1.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AOA and TLT have the same expense ratio: 0.15% per year.
TLT has the higher dividend yield at 4.58%, compared with 2.04% for AOA.
AOA is categorized as Diversified Portfolio, while TLT is Government Bonds. AOA tracks S&P Target Risk Aggressive Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index.
AOA currently has the higher Sharpe Ratio (2.28 vs 0.36), 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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