AOK vs. SPY

Last updated Jun 4, 2026

AOK (iShares Core Conservative Allocation ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - AOK is a Diversified Portfolio fund tracking the S&P Target Risk Conservative Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, AOK returned 5.14%/yr vs 15.49%/yr for SPY. A 0.73 correlation means they provide meaningful diversification when combined. AOK charges 0.25%/yr vs 0.09%/yr for SPY.

Performance

AOK vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core Conservative Allocation ETF (AOK) and State Street SPDR S&P 500 ETF (SPY). 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 SPY's 10.91% return. Over the past 10 years, AOK has underperformed SPY with an annualized return of 5.14%, while SPY has yielded a comparatively higher 15.49% 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%

SPY

• 1D: -0.70%
• 1M: 5.05%
• YTD: 10.91%
• 6M: 10.91%
• 1Y: 27.98%
• 3Y*: 22.35%
• 5Y*: 13.83%
• 10Y*: 15.49%

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

AOK vs. SPY - 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%
SPY State Street SPDR S&P 500 ETF	10.91%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between AOK and SPY 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	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (10Y) Calculated over the trailing 10-year period	0.74
Correlation (All Time) Calculated using the full available price history since Nov 11, 2008	0.73

The correlation between AOK and SPY has been stable across timeframes, ranging from 0.73 to 0.81 - a consistent structural relationship.

AOK vs. SPY - Sectors Allocation Comparison

Sectors	AOK	SPY
Technology	13.0%	35.9%
Financial Services	6.0%	11.8%
Industrials	3.6%	7.8%
Communication Services	3.4%	11.3%
Consumer Cyclical	3.2%	10.3%
Healthcare	3.0%	8.4%
Consumer Defensive	1.7%	4.8%
Energy	1.5%	3.6%
Basic Materials	1.1%	1.8%
Utilities	0.9%	2.4%
Real Estate	0.5%	1.9%

Return for Risk

AOK vs. SPY — 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

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 75

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core Conservative Allocation ETF (AOK) and State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.11	2.38	-0.27
Sortino ratio: Return per unit of downside risk	3.01	3.24	-0.23
Omega ratio: Gain probability vs. loss probability	1.41	1.43	-0.02
Calmar ratio: Return relative to maximum drawdown	2.70	3.16	-0.46
Martin ratio: Return relative to average drawdown	11.50	14.72	-3.22
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. SPY - Sharpe Ratio Comparison

The current AOK Sharpe Ratio is 2.11, which is comparable to the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of AOK and SPY, 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	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.11	2.38	-0.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	0.82	-0.29
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.77	0.87	-0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.71	0.59	+0.13

Drawdowns

AOK vs. SPY - Drawdown Comparison

The maximum AOK drawdown since its inception was -18.94%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for AOK and SPY.

Drawdown Indicators

	AOK	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-18.94%	-55.19%	+36.25%
Max Drawdown (1Y) Largest decline over 1 year	-4.50%	-8.88%	+4.38%
Max Drawdown (3Y) Largest decline over 3 years	-6.37%	-18.76%	+12.39%
Max Drawdown (5Y) Largest decline over 5 years	-18.94%	-24.50%	+5.56%
Max Drawdown (10Y) Largest decline over 10 years	-18.94%	-33.72%	+14.78%
Current Drawdown Current decline from peak	-0.41%	-0.70%	+0.29%
Average Drawdown Average peak-to-trough decline	-2.37%	-9.05%	+6.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.06%	1.91%	-0.85%

Volatility

AOK vs. SPY - Volatility Comparison

The current volatility for iShares Core Conservative Allocation ETF (AOK) is 1.97%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 2.84%. This indicates that AOK experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AOK	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.97%	2.84%	-0.87%
Volatility (6M) Calculated over the trailing 6-month period	4.47%	8.90%	-4.43%
Volatility (1Y) Calculated over the trailing 1-year period	5.76%	11.83%	-6.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.10%	17.05%	-9.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.71%	17.94%	-11.23%

AOK vs. SPY - Expense Ratio Comparison

AOK has a 0.25% expense ratio, which is higher than SPY's 0.09% 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

AOK vs. SPY - Dividend Comparison

AOK's dividend yield for the trailing twelve months is around 3.28%, more than SPY's 0.98% 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%
SPY State Street SPDR S&P 500 ETF	0.98%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both AOK and SPY in my portfolio?

AOK and SPY 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, AOK or SPY?

SPY has higher volatility (2.84%) compared to AOK (1.97%). In terms of maximum drawdown, AOK dropped -18.94% vs SPY's -55.19%.

Which ETF is better, AOK or SPY?

On 10-year performance, SPY leads with 15.49% vs 5.14% for AOK. On fees, SPY is cheaper at 0.09% 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 SPY?

Over the 10-year period, SPY has performed better with a 15.49% 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 SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.25% for AOK.

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

AOK has the higher dividend yield at 3.28%, compared with 0.98% for SPY.

What is the main difference between AOK and SPY?

AOK is categorized as Diversified Portfolio, while SPY is S&P 500. AOK tracks S&P Target Risk Conservative Index, while SPY tracks S&P 500 Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.25% for AOK and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.38 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.