AOK vs. SPLV

Last updated Jun 4, 2026

AOK (iShares Core Conservative Allocation ETF) and SPLV (Invesco S&P 500 Low Volatility ETF) are both exchange-traded funds - AOK is a Diversified Portfolio fund tracking the S&P Target Risk Conservative Index, while SPLV is a S&P 500 fund tracking the S&P 500 Low Volatility Index. Both are passively managed. Over the past 10 years, AOK returned 5.14%/yr vs 8.01%/yr for SPLV. A 0.60 correlation means they provide meaningful diversification when combined. Both charge a 0.25% expense ratio.

Performance

AOK vs. SPLV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core Conservative Allocation ETF (AOK) and Invesco S&P 500 Low Volatility ETF (SPLV). 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 higher than SPLV's 1.32% return. Over the past 10 years, AOK has underperformed SPLV with an annualized return of 5.14%, while SPLV has yielded a comparatively higher 8.01% annualized 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%

SPLV

• 1D: 0.08%
• 1M: -2.50%
• YTD: 1.32%
• 6M: 1.06%
• 1Y: -0.03%
• 3Y*: 7.54%
• 5Y*: 5.33%
• 10Y*: 8.01%

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

AOK vs. SPLV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AOK iShares Core Conservative Allocation ETF	4.26%	11.26%	6.58%	10.85%	-14.16%	4.87%	9.33%	13.90%	-3.09%	9.70%
SPLV Invesco S&P 500 Low Volatility ETF	1.32%	4.10%	13.93%	0.53%	-4.88%	24.13%	-1.39%	27.87%	-0.19%	17.32%

Correlation

The correlation between AOK and SPLV is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (3Y) Calculated over the trailing 3-year period	0.41
Correlation (5Y) Calculated over the trailing 5-year period	0.50
Correlation (10Y) Calculated over the trailing 10-year period	0.55
Correlation (All Time) Calculated using the full available price history since May 6, 2011	0.60

Over the past year, the correlation between AOK and SPLV has dropped to 0.28 - well below their long-term average of 0.60, suggesting their price drivers have been diverging.

AOK vs. SPLV - Sectors Allocation Comparison

Sectors	AOK	SPLV
Technology	13.0%	4.6%
Financial Services	6.0%	16.6%
Industrials	3.6%	10.1%
Communication Services	3.4%	0.9%
Consumer Cyclical	3.2%	5.7%
Healthcare	3.0%	6.8%
Consumer Defensive	1.7%	10.8%
Energy	1.5%	0.9%
Basic Materials	1.1%	2.0%
Utilities	0.9%	26.8%
Real Estate	0.5%	14.8%

Return for Risk

AOK vs. SPLV — 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

SPLV

SPLV Risk / Return Rank: 8
SPLV Sharpe Ratio Rank: 8
SPLV Sortino Ratio Rank: 8
SPLV Omega Ratio Rank: 8
SPLV Calmar Ratio Rank: 8
SPLV Martin Ratio Rank: 8

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. SPLV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core Conservative Allocation ETF (AOK) and Invesco S&P 500 Low Volatility ETF (SPLV). 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	SPLV	Difference
Sharpe ratio: Return per unit of total volatility	2.11	-0.00	+2.11
Sortino ratio: Return per unit of downside risk	3.01	0.06	+2.95
Omega ratio: Gain probability vs. loss probability	1.41	1.01	+0.40
Calmar ratio: Return relative to maximum drawdown	2.70	-0.00	+2.71
Martin ratio: Return relative to average drawdown	11.50	-0.01	+11.51
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. SPLV - Sharpe Ratio Comparison

The current AOK Sharpe Ratio is 2.11, which is higher than the SPLV Sharpe Ratio of -0.00. The chart below compares the historical Sharpe Ratios of AOK and SPLV, 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	SPLV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.11	-0.00	+2.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	0.43	+0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.77	0.52	+0.25
Sharpe Ratio (All Time) Calculated using the full available price history	0.71	0.68	+0.03

Drawdowns

AOK vs. SPLV - Drawdown Comparison

The maximum AOK drawdown since its inception was -18.94%, smaller than the maximum SPLV drawdown of -36.26%. Use the drawdown chart below to compare losses from any high point for AOK and SPLV.

Drawdown Indicators

	AOK	SPLV	Difference
Max Drawdown Largest peak-to-trough decline	-18.94%	-36.26%	+17.32%
Max Drawdown (1Y) Largest decline over 1 year	-4.50%	-7.41%	+2.91%
Max Drawdown (3Y) Largest decline over 3 years	-6.37%	-9.64%	+3.27%
Max Drawdown (5Y) Largest decline over 5 years	-18.94%	-17.26%	-1.68%
Max Drawdown (10Y) Largest decline over 10 years	-18.94%	-36.26%	+17.32%
Current Drawdown Current decline from peak	-0.41%	-6.91%	+6.50%
Average Drawdown Average peak-to-trough decline	-2.37%	-3.55%	+1.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.06%	3.05%	-1.99%

Volatility

AOK vs. SPLV - Volatility Comparison

The current volatility for iShares Core Conservative Allocation ETF (AOK) is 1.97%, while Invesco S&P 500 Low Volatility ETF (SPLV) has a volatility of 2.97%. This indicates that AOK experiences smaller price fluctuations and is considered to be less risky than SPLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AOK	SPLV	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.97%	2.97%	-1.00%
Volatility (6M) Calculated over the trailing 6-month period	4.47%	6.78%	-2.31%
Volatility (1Y) Calculated over the trailing 1-year period	5.76%	9.78%	-4.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.10%	12.45%	-5.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.71%	15.36%	-8.65%

AOK vs. SPLV - Expense Ratio Comparison

Both AOK and SPLV have an expense ratio of 0.25%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

AOK vs. SPLV - Dividend Comparison

AOK's dividend yield for the trailing twelve months is around 3.28%, more than SPLV's 2.22% 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%
SPLV Invesco S&P 500 Low Volatility ETF	2.22%	2.04%	1.88%	2.45%	2.11%	1.51%	2.12%	2.08%	2.18%	2.03%	2.03%	2.28%

Frequently Asked Questions

Can I hold both AOK and SPLV in my portfolio?

AOK and SPLV have a correlation of 0.28, 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 SPLV?

SPLV has higher volatility (2.97%) compared to AOK (1.97%). In terms of maximum drawdown, AOK dropped -18.94% vs SPLV's -36.26%.

Which ETF is better, AOK or SPLV?

On 10-year performance, SPLV leads with 8.01% vs 5.14% for AOK. Both ETFs have the same 0.25% expense ratio. 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 SPLV?

Over the 10-year period, SPLV has performed better with a 8.01% return vs 5.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AOK or SPLV?

AOK and SPLV have the same expense ratio: 0.25% per year.

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

AOK has the higher dividend yield at 3.28%, compared with 2.22% for SPLV.

What is the main difference between AOK and SPLV?

AOK is categorized as Diversified Portfolio, while SPLV is S&P 500. AOK tracks S&P Target Risk Conservative Index, while SPLV tracks S&P 500 Low Volatility Index. They also come from different issuers: iShares and Invesco.

Which has better risk-adjusted returns?

AOK currently has the higher Sharpe Ratio (2.11 vs -0.00), 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.