AOK vs. MDIV
AOK (iShares Core 30/70 Conservative Allocation ETF) and MDIV (First Trust Multi-Asset Diversified Income Index Fund) are both Diversified Portfolio funds - AOK tracks the S&P Target Risk Conservative Index while MDIV tracks the NASDAQ US Multi-Asset Diversified Income Index. Both are passively managed. Over the past 10 years, AOK returned 4.97%/yr vs 4.84%/yr for MDIV. A 0.58 correlation means they provide meaningful diversification when combined. AOK charges 0.15%/yr vs 0.73%/yr for MDIV.
Performance
AOK vs. MDIV - Performance Comparison
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Returns By Period
In the year-to-date period, AOK achieves a 4.16% return, which is significantly lower than MDIV's 11.80% return. Both investments have delivered pretty close results over the past 10 years, with AOK having a 4.97% annualized return and MDIV not far behind at 4.84%.
AOK
- 1D
- -0.18%
- 1M
- -0.45%
- 6M
- 2.71%
- YTD
- 4.16%
- 1Y
- 10.17%
- 3Y*
- 8.68%
- 5Y*
- 3.55%
- 10Y*
- 4.97%
MDIV
- 1D
- 1.01%
- 1M
- 3.14%
- 6M
- 9.06%
- YTD
- 11.80%
- 1Y
- 13.71%
- 3Y*
- 11.66%
- 5Y*
- 6.77%
- 10Y*
- 4.84%
AOK vs. MDIV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AOK iShares Core 30/70 Conservative Allocation ETF | 4.16% | 11.26% | 6.58% | 10.85% | -14.16% | 4.87% | 9.33% | 13.90% | -3.09% | 9.70% |
MDIV First Trust Multi-Asset Diversified Income Index Fund | 11.80% | 3.77% | 10.05% | 11.50% | -3.86% | 16.51% | -14.84% | 18.59% | -5.78% | 5.61% |
Correlation
The correlation between AOK and MDIV is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.38 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.52 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.56 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.55 |
Correlation (All Time) Calculated using the full available price history since Aug 14, 2012 | 0.58 |
Over the past year, the correlation between AOK and MDIV has dropped to 0.38 - well below their long-term average of 0.58, suggesting their price drivers have been diverging.
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Return for Risk
AOK vs. MDIV — Risk / Return Rank
AOK
MDIV
AOK vs. MDIV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core 30/70 Conservative Allocation ETF (AOK) and First Trust Multi-Asset Diversified Income Index Fund (MDIV). 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.
| AOK | MDIV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.37 | ||
| Sortino ratioReturn per unit of downside risk | -0.64 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.37 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.27 | 4.06 | -1.79 |
| Martin ratioReturn relative to average drawdown | 9.55 | 11.26 | -1.72 |
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Drawdowns
AOK vs. MDIV - Drawdown Comparison
The maximum AOK drawdown since its inception was -18.94%, smaller than the maximum MDIV drawdown of -48.50%. Use the drawdown chart below to compare losses from any high point for AOK and MDIV.
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Drawdown Indicators
| AOK | MDIV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.94% | -48.50% | +29.56% |
Max Drawdown (1Y)Largest decline over 1 year | -4.50% | -3.39% | -1.11% |
Max Drawdown (3Y)Largest decline over 3 years | -6.37% | -9.62% | +3.25% |
Max Drawdown (5Y)Largest decline over 5 years | -18.94% | -13.02% | -5.92% |
Max Drawdown (10Y)Largest decline over 10 years | -18.94% | -48.50% | +29.56% |
Current DrawdownCurrent decline from peak | -0.56% | 0.00% | -0.56% |
Average DrawdownAverage peak-to-trough decline | -2.36% | -4.55% | +2.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.07% | 1.22% | -0.15% |
Volatility
AOK vs. MDIV - Volatility Comparison
The current volatility for iShares Core 30/70 Conservative Allocation ETF (AOK) is 1.65%, while First Trust Multi-Asset Diversified Income Index Fund (MDIV) has a volatility of 1.93%. This indicates that AOK experiences smaller price fluctuations and is considered to be less risky than MDIV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AOK | MDIV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.65% | 1.93% | -0.28% |
Volatility (6M)Calculated over the trailing 6-month period | 4.89% | 4.54% | +0.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.95% | 6.61% | -0.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.16% | 10.92% | -3.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.72% | 15.20% | -8.48% |
AOK vs. MDIV - Expense Ratio Comparison
AOK has a 0.15% expense ratio, which is lower than MDIV's 0.73% expense ratio.
Dividends
AOK vs. MDIV - Dividend Comparison
AOK's dividend yield for the trailing twelve months is around 3.36%, less than MDIV's 6.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AOK iShares Core 30/70 Conservative Allocation ETF | 3.36% | 3.28% | 3.23% | 2.93% | 2.25% | 1.55% | 2.10% | 2.71% | 2.68% | 2.91% | 2.14% | 2.02% |
MDIV First Trust Multi-Asset Diversified Income Index Fund | 6.59% | 6.51% | 6.40% | 6.08% | 6.71% | 5.30% | 6.00% | 5.90% | 6.76% | 6.04% | 6.35% | 7.38% |
Frequently Asked Questions
AOK and MDIV have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MDIV has higher volatility (1.93%) compared to AOK (1.65%). In terms of maximum drawdown, AOK dropped -18.94% vs MDIV's -48.50%.
On 10-year performance, AOK leads with 4.97% vs 4.84% for MDIV. On fees, AOK is cheaper at 0.15% per year. On volatility, AOK has been the lower-risk option at 1.65%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, AOK has performed better with a 4.97% return vs 4.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AOK is cheaper with a 0.15% expense ratio, compared with 0.73% for MDIV.
MDIV has the higher dividend yield at 6.59%, compared with 3.36% for AOK.
AOK tracks S&P Target Risk Conservative Index, while MDIV tracks NASDAQ US Multi-Asset Diversified Income Index. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.15% for AOK and 0.73% for MDIV.
MDIV currently has the higher Sharpe Ratio (2.08 vs 1.72), 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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