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 10.40%/yr vs -2.23%/yr for TLT. Their -0.19 correlation means they have often moved in opposite directions in the past. 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 11.69% return, which is significantly higher than TLT's -2.22% return. Over the past 10 years, AOA has outperformed TLT with an annualized return of 10.40%, while TLT has yielded a comparatively lower -2.23% annualized return.
AOA
- 1D
- 0.02%
- 1M
- 1.40%
- 6M
- 8.97%
- YTD
- 11.69%
- 1Y
- 21.14%
- 3Y*
- 17.01%
- 5Y*
- 9.16%
- 10Y*
- 10.40%
- ALL TIME*
- 10.57%
TLT
- 1D
- 0.22%
- 1M
- -2.48%
- 6M
- -1.90%
- YTD
- -2.22%
- 1Y
- -1.73%
- 3Y*
- -0.82%
- 5Y*
- -7.75%
- 10Y*
- -2.23%
- ALL TIME*
- 3.52%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $11.35M | $10.64M | $10.47M | |
| $2.70B | $2.15B | $2.23B |
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 | 11.69% | 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 | -2.22% | 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 0.35, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.35 |
Correlation (3Y) Balances recent behavior with more history. | 0.28 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.19 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.00 |
Correlation (All Time) Calculated using the full available price history since Nov 11, 2008 | -0.19 |
The correlation between AOA and TLT shifts across timeframes, from -0.19 (all time) to 0.35 (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.
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 | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.04 | ||
| Sortino ratioReturn per unit of downside risk | +2.79 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 0.98 | +0.36 |
| Calmar ratioReturn relative to maximum drawdown | 2.59 | -0.22 | +2.81 |
| Martin ratioReturn relative to average drawdown | 10.91 | -0.48 | +11.39 |
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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% | -7.74% | -0.46% |
Max Drawdown (3Y)Largest decline over 3 years | -12.94% | -14.79% | +1.85% |
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 | 0.00% | -41.60% | +41.60% |
Average DrawdownAverage peak-to-trough decline | -4.03% | -14.00% | +9.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.94% | 3.65% | -1.71% |
Volatility
AOA vs. TLT - Volatility Comparison
iShares Core 80/20 Aggressive Allocation ETF (AOA) has a higher volatility of 3.36% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.51%. 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 | 3.36% | 2.51% | +0.85% |
Volatility (6M)Calculated over the trailing 6-month period | 9.71% | 6.88% | +2.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.49% | 9.25% | +2.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.12% | 15.74% | -2.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.51% | 14.83% | -1.32% |
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 2.08%, less than TLT's 4.70% 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% |
TLT iShares 20+ Year Treasury Bond ETF | 4.70% | 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 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AOA has higher volatility (3.36%) compared to TLT (2.51%). In terms of maximum drawdown, AOA dropped -28.38% vs TLT's -48.35%.
On 10-year performance, AOA leads with 10.40% vs -2.23% for TLT. Both ETFs have the same 0.15% expense ratio. On volatility, TLT has been the lower-risk option at 2.51%. 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 10.40% return vs -2.23%. 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 4.70%, compared with 2.08% 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 (1.85 vs -0.19), 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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