AOA vs. VLU

Last updated Jun 4, 2026

AOA (iShares Core 80/20 Aggressive Allocation ETF) and VLU (SPDR S&P 1500 Value Tilt ETF) are both exchange-traded funds - AOA is a Diversified Portfolio fund tracking the S&P Target Risk Aggressive Index, while VLU is a Large Cap Value Equities fund tracking the S&P 1500 Low Valuation Tilt Index. Both are passively managed. Over the past 10 years, AOA returned 10.56%/yr vs 13.99%/yr for VLU. A 0.67 correlation means they provide meaningful diversification when combined. AOA charges 0.15%/yr vs 0.12%/yr for VLU.

Performance

AOA vs. VLU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core 80/20 Aggressive Allocation ETF (AOA) and SPDR S&P 1500 Value Tilt ETF (VLU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AOA achieves a 9.93% return, which is significantly lower than VLU's 12.99% return. Over the past 10 years, AOA has underperformed VLU with an annualized return of 10.56%, while VLU has yielded a comparatively higher 13.99% annualized return.

AOA

• 1D: -0.50%
• 1M: 4.14%
• YTD: 9.93%
• 6M: 10.64%
• 1Y: 24.29%
• 3Y*: 17.52%
• 5Y*: 9.15%
• 10Y*: 10.56%

VLU

• 1D: -0.49%
• 1M: 3.04%
• YTD: 12.99%
• 6M: 13.61%
• 1Y: 29.22%
• 3Y*: 20.61%
• 5Y*: 11.91%
• 10Y*: 13.99%

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

AOA vs. VLU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AOA iShares Core 80/20 Aggressive Allocation ETF	9.93%	19.59%	13.55%	18.27%	-16.23%	15.42%	12.82%	22.60%	-7.86%	20.05%
VLU SPDR S&P 1500 Value Tilt ETF	12.99%	16.70%	17.24%	17.18%	-8.24%	30.95%	9.91%	26.20%	-7.89%	18.16%

Correlation

The correlation between AOA and VLU is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (10Y) Calculated over the trailing 10-year period	0.79
Correlation (All Time) Calculated using the full available price history since Oct 26, 2012	0.67

The correlation between AOA and VLU shifts across timeframes, from 0.67 (all time) to 0.88 (5 years), reflecting how their relationship changes across market environments.

AOA vs. VLU - Sectors Allocation Comparison

Sectors	AOA	VLU
Technology	27.4%	17.8%
Financial Services	16.1%	18.8%
Industrials	12.0%	8.2%
Consumer Cyclical	9.5%	10.4%
Communication Services	8.3%	8.8%
Healthcare	8.0%	11.7%
Consumer Defensive	5.0%	7.4%
Energy	4.3%	7.2%
Basic Materials	4.2%	2.6%
Utilities	2.7%	3.6%
Real Estate	2.4%	3.4%

Return for Risk

AOA vs. VLU — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AOA

AOA Risk / Return Rank: 67
AOA Sharpe Ratio Rank: 68
AOA Sortino Ratio Rank: 69
AOA Omega Ratio Rank: 69
AOA Calmar Ratio Rank: 59
AOA Martin Ratio Rank: 70

VLU

VLU Risk / Return Rank: 83
VLU Sharpe Ratio Rank: 82
VLU Sortino Ratio Rank: 83
VLU Omega Ratio Rank: 81
VLU Calmar Ratio Rank: 84
VLU Martin Ratio Rank: 86

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AOA vs. VLU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core 80/20 Aggressive Allocation ETF (AOA) and SPDR S&P 1500 Value Tilt ETF (VLU). 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	VLU	Difference
Sharpe ratio: Return per unit of total volatility	2.30	2.70	-0.40
Sortino ratio: Return per unit of downside risk	3.23	3.78	-0.55
Omega ratio: Gain probability vs. loss probability	1.43	1.49	-0.07
Calmar ratio: Return relative to maximum drawdown	2.98	4.63	-1.65
Martin ratio: Return relative to average drawdown	13.20	18.56	-5.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AOA vs. VLU - Sharpe Ratio Comparison

The current AOA Sharpe Ratio is 2.30, which is comparable to the VLU Sharpe Ratio of 2.70. The chart below compares the historical Sharpe Ratios of AOA and VLU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AOA	VLU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.30	2.70	-0.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.71	0.78	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.78	0.78	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.69	0.82	-0.13

Drawdowns

AOA vs. VLU - Drawdown Comparison

The maximum AOA drawdown since its inception was -28.38%, smaller than the maximum VLU drawdown of -37.39%. Use the drawdown chart below to compare losses from any high point for AOA and VLU.

Drawdown Indicators

	AOA	VLU	Difference
Max Drawdown Largest peak-to-trough decline	-28.38%	-37.39%	+9.01%
Max Drawdown (1Y) Largest decline over 1 year	-8.20%	-6.34%	-1.86%
Max Drawdown (3Y) Largest decline over 3 years	-12.94%	-16.22%	+3.28%
Max Drawdown (5Y) Largest decline over 5 years	-23.62%	-19.55%	-4.07%
Max Drawdown (10Y) Largest decline over 10 years	-28.38%	-37.39%	+9.01%
Current Drawdown Current decline from peak	-0.50%	-0.49%	-0.01%
Average Drawdown Average peak-to-trough decline	-4.05%	-3.74%	-0.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.84%	1.58%	+0.26%

Volatility

AOA vs. VLU - Volatility Comparison

iShares Core 80/20 Aggressive Allocation ETF (AOA) has a higher volatility of 3.25% compared to SPDR S&P 1500 Value Tilt ETF (VLU) at 2.25%. This indicates that AOA's price experiences larger fluctuations and is considered to be riskier than VLU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AOA	VLU	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.25%	2.25%	+1.00%
Volatility (6M) Calculated over the trailing 6-month period	8.51%	7.70%	+0.81%
Volatility (1Y) Calculated over the trailing 1-year period	10.63%	10.90%	-0.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.98%	15.40%	-2.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.55%	18.09%	-4.54%

AOA vs. VLU - Expense Ratio Comparison

AOA has a 0.15% expense ratio, which is higher than VLU's 0.12% 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. VLU - Dividend Comparison

AOA's dividend yield for the trailing twelve months is around 2.04%, more than VLU's 1.62% 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%
VLU SPDR S&P 1500 Value Tilt ETF	1.62%	1.82%	2.00%	2.02%	2.16%	1.86%	1.98%	2.19%	2.57%	1.96%	2.14%	6.37%

Frequently Asked Questions

Can I hold both AOA and VLU in my portfolio?

AOA and VLU have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AOA or VLU?

AOA has higher volatility (3.25%) compared to VLU (2.25%). In terms of maximum drawdown, AOA dropped -28.38% vs VLU's -37.39%.

Which ETF is better, AOA or VLU?

On 10-year performance, VLU leads with 13.99% vs 10.56% for AOA. On fees, VLU is cheaper at 0.12% per year. On volatility, VLU has been the lower-risk option at 2.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AOA or VLU?

Over the 10-year period, VLU has performed better with a 13.99% return vs 10.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AOA or VLU?

VLU is cheaper with a 0.12% expense ratio, compared with 0.15% for AOA.

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

AOA has the higher dividend yield at 2.04%, compared with 1.62% for VLU.

What is the main difference between AOA and VLU?

AOA is categorized as Diversified Portfolio, while VLU is Large Cap Value Equities. AOA tracks S&P Target Risk Aggressive Index, while VLU tracks S&P 1500 Low Valuation Tilt Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.15% for AOA and 0.12% for VLU.

Which has better risk-adjusted returns?

VLU currently has the higher Sharpe Ratio (2.70 vs 2.30), 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.