AOK vs. CLSM

Last updated Jun 4, 2026

AOK (iShares Core Conservative Allocation ETF) and CLSM (Cabana Target Leading Sector Moderate ETF) are both exchange-traded funds - AOK is a Diversified Portfolio fund tracking the S&P Target Risk Conservative Index, while CLSM is a Tactical Allocation fund tracking the Actively Managed. Both are passively managed. Over the past 3 years, AOK returned 9.28%/yr vs 13.75%/yr for CLSM. A 0.66 correlation means they provide meaningful diversification when combined. AOK charges 0.25%/yr vs 0.82%/yr for CLSM.

Performance

AOK vs. CLSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core Conservative Allocation ETF (AOK) and Cabana Target Leading Sector Moderate ETF (CLSM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AOK achieves a 4.26% return, which is significantly lower than CLSM's 20.45% return.

AOK

• 1D: -0.41%
• 1M: 1.66%
• YTD: 4.26%
• 6M: 4.14%
• 1Y: 12.11%
• 3Y*: 9.28%
• 5Y*: 3.71%
• 10Y*: 5.14%

CLSM

• 1D: -0.38%
• 1M: 9.23%
• YTD: 20.45%
• 6M: 20.19%
• 1Y: 34.21%
• 3Y*: 13.75%
• 5Y*: —
• 10Y*: —

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

AOK vs. CLSM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
AOK iShares Core Conservative Allocation ETF	4.26%	11.26%	6.58%	10.85%	-14.16%	1.29%
CLSM Cabana Target Leading Sector Moderate ETF	20.45%	15.32%	1.87%	3.78%	-23.23%	9.10%

Correlation

The correlation between AOK and CLSM is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (All Time) Calculated using the full available price history since Jul 14, 2021	0.66

The correlation between AOK and CLSM shifts across timeframes, from 0.66 (all time) to 0.79 (1 year), reflecting how their relationship changes across market environments.

AOK vs. CLSM - Sectors Allocation Comparison

Sectors	AOK	CLSM
Technology	13.0%	51.8%
Financial Services	6.0%	0.1%
Industrials	3.6%	1.0%
Communication Services	3.4%	5.5%
Consumer Cyclical	3.2%	4.4%
Healthcare	3.0%	1.4%
Consumer Defensive	1.7%	34.8%
Energy	1.5%	0.2%
Basic Materials	1.1%	0.4%
Utilities	0.9%	0.5%
Real Estate	0.5%	0.0%

Return for Risk

AOK vs. CLSM — Risk / Return Rank

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

AOK

AOK Risk / Return Rank: 61
AOK Sharpe Ratio Rank: 61
AOK Sortino Ratio Rank: 64
AOK Omega Ratio Rank: 65
AOK Calmar Ratio Rank: 54
AOK Martin Ratio Rank: 62

CLSM

CLSM Risk / Return Rank: 82
CLSM Sharpe Ratio Rank: 83
CLSM Sortino Ratio Rank: 80
CLSM Omega Ratio Rank: 83
CLSM Calmar Ratio Rank: 80
CLSM Martin Ratio Rank: 83

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.

AOK vs. CLSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core Conservative Allocation ETF (AOK) and Cabana Target Leading Sector Moderate ETF (CLSM). 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.

	AOK	CLSM	Difference
Sharpe ratio Return per unit of total volatility	2.11	2.71	-0.60
Sortino ratio Return per unit of downside risk	3.01	3.58	-0.57
Omega ratio Gain probability vs. loss probability	1.41	1.50	-0.09
Calmar ratio Return relative to maximum drawdown	2.70	4.04	-1.34
Martin ratio Return relative to average drawdown	11.50	16.72	-5.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AOK vs. CLSM - Sharpe Ratio Comparison

The current AOK Sharpe Ratio is 2.11, which is comparable to the CLSM Sharpe Ratio of 2.71. The chart below compares the historical Sharpe Ratios of AOK and CLSM, 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

	AOK	CLSM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.11	2.71	-0.60
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.77	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.71	0.35	+0.37

Drawdowns

AOK vs. CLSM - Drawdown Comparison

The maximum AOK drawdown since its inception was -18.94%, smaller than the maximum CLSM drawdown of -27.77%. Use the drawdown chart below to compare losses from any high point for AOK and CLSM.

Drawdown Indicators

	AOK	CLSM	Difference
Max Drawdown Largest peak-to-trough decline	-18.94%	-27.77%	+8.83%
Max Drawdown (1Y) Largest decline over 1 year	-4.50%	-8.50%	+4.00%
Max Drawdown (3Y) Largest decline over 3 years	-6.37%	-14.60%	+8.23%
Max Drawdown (5Y) Largest decline over 5 years	-18.94%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-18.94%	—	—
Current Drawdown Current decline from peak	-0.41%	-0.38%	-0.03%
Average Drawdown Average peak-to-trough decline	-2.37%	-16.49%	+14.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.06%	2.05%	-0.99%

Volatility

AOK vs. CLSM - Volatility Comparison

The current volatility for iShares Core Conservative Allocation ETF (AOK) is 1.97%, while Cabana Target Leading Sector Moderate ETF (CLSM) has a volatility of 3.58%. This indicates that AOK experiences smaller price fluctuations and is considered to be less risky than CLSM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AOK	CLSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.97%	3.58%	-1.61%
Volatility (6M) Calculated over the trailing 6-month period	4.47%	10.54%	-6.07%
Volatility (1Y) Calculated over the trailing 1-year period	5.76%	12.70%	-6.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.10%	12.47%	-5.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.71%	12.47%	-5.76%

AOK vs. CLSM - Expense Ratio Comparison

AOK has a 0.25% expense ratio, which is lower than CLSM's 0.82% expense ratio.

Dividends

AOK vs. CLSM - Dividend Comparison

AOK's dividend yield for the trailing twelve months is around 3.28%, more than CLSM's 0.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AOK iShares Core Conservative Allocation ETF	3.28%	3.28%	3.23%	2.93%	2.25%	1.55%	2.10%	2.71%	2.68%	2.91%	2.14%	2.02%
CLSM Cabana Target Leading Sector Moderate ETF	0.75%	0.90%	2.13%	2.58%	3.17%	0.59%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AOK and CLSM in my portfolio?

AOK and CLSM have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AOK or CLSM?

CLSM has higher volatility (3.58%) compared to AOK (1.97%). In terms of maximum drawdown, AOK dropped -18.94% vs CLSM's -27.77%.

Which ETF is better, AOK or CLSM?

On 3-year performance, CLSM leads with 13.75% vs 9.28% for AOK. On fees, AOK is cheaper at 0.25% per year. On volatility, AOK has been the lower-risk option at 1.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AOK or CLSM?

Over the 3-year period, CLSM has performed better with a 13.75% return vs 9.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AOK or CLSM?

AOK is cheaper with a 0.25% expense ratio, compared with 0.82% for CLSM.

Which ETF pays a higher dividend yield, AOK or CLSM?

AOK has the higher dividend yield at 3.28%, compared with 0.75% for CLSM.

What is the main difference between AOK and CLSM?

AOK is categorized as Diversified Portfolio, while CLSM is Tactical Allocation. AOK tracks S&P Target Risk Conservative Index, while CLSM tracks Actively Managed. They also come from different issuers: iShares and Cabana. Their fees differ too: 0.25% for AOK and 0.82% for CLSM.

Which has better risk-adjusted returns?

CLSM currently has the higher Sharpe Ratio (2.71 vs 2.11), 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.