AOR vs. GAL
AOR (iShares Core 60/40 Balanced Allocation ETF) and GAL (SPDR SSgA Global Allocation ETF) are both Diversified Portfolio funds. AOR is passively managed, while GAL is actively managed. Over the past 10 years, AOR returned 8.54%/yr vs 8.25%/yr for GAL. Their correlation of 0.91 suggests significant overlap in exposure. AOR charges 0.15%/yr vs 0.35%/yr for GAL.
Performance
AOR vs. GAL - Performance Comparison
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Returns By Period
In the year-to-date period, AOR achieves a 6.31% return, which is significantly lower than GAL's 7.11% return. Both investments have delivered pretty close results over the past 10 years, with AOR having a 8.54% annualized return and GAL not far behind at 8.25%.
AOR
- 1D
- -1.18%
- 1M
- -0.01%
- YTD
- 6.31%
- 6M
- 5.96%
- 1Y
- 17.17%
- 3Y*
- 13.59%
- 5Y*
- 6.73%
- 10Y*
- 8.54%
GAL
- 1D
- -1.50%
- 1M
- -0.51%
- YTD
- 7.11%
- 6M
- 6.63%
- 1Y
- 17.25%
- 3Y*
- 13.27%
- 5Y*
- 6.68%
- 10Y*
- 8.25%
AOR vs. GAL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AOR iShares Core 60/40 Balanced Allocation ETF | 6.31% | 16.44% | 10.68% | 15.75% | -15.64% | 11.19% | 11.42% | 18.91% | -5.82% | 15.80% |
GAL SPDR SSgA Global Allocation ETF | 7.11% | 15.95% | 9.85% | 13.32% | -13.41% | 12.23% | 9.33% | 19.59% | -7.71% | 18.67% |
Correlation
The correlation between AOR and GAL is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.95 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.93 |
Correlation (All Time) Calculated using the full available price history since Apr 26, 2012 | 0.91 |
The correlation between AOR and GAL has been stable across timeframes, ranging from 0.91 to 0.97 - a consistent structural relationship.
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Return for Risk
AOR vs. GAL — Risk / Return Rank
AOR
GAL
AOR vs. GAL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core 60/40 Balanced Allocation ETF (AOR) and SPDR SSgA Global Allocation ETF (GAL). 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.
| AOR | GAL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.07 | ||
| Sortino ratioReturn per unit of downside risk | +0.14 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.35 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.60 | 2.76 | -0.17 |
| Martin ratioReturn relative to average drawdown | 11.13 | 11.45 | -0.33 |
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Drawdowns
AOR vs. GAL - Drawdown Comparison
The maximum AOR drawdown since its inception was -24.44%, smaller than the maximum GAL drawdown of -28.31%. Use the drawdown chart below to compare losses from any high point for AOR and GAL.
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Drawdown Indicators
| AOR | GAL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.44% | -28.31% | +3.87% |
Max Drawdown (1Y)Largest decline over 1 year | -6.64% | -6.27% | -0.37% |
Max Drawdown (3Y)Largest decline over 3 years | -9.77% | -9.12% | -0.65% |
Max Drawdown (5Y)Largest decline over 5 years | -21.72% | -21.14% | -0.58% |
Max Drawdown (10Y)Largest decline over 10 years | -22.95% | -28.31% | +5.36% |
Current DrawdownCurrent decline from peak | -1.53% | -2.04% | +0.51% |
Average DrawdownAverage peak-to-trough decline | -3.47% | -3.73% | +0.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.55% | 1.51% | +0.04% |
Volatility
AOR vs. GAL - Volatility Comparison
iShares Core 60/40 Balanced Allocation ETF (AOR) and SPDR SSgA Global Allocation ETF (GAL) have volatilities of 3.61% and 3.74%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AOR | GAL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.61% | 3.74% | -0.13% |
Volatility (6M)Calculated over the trailing 6-month period | 7.49% | 7.70% | -0.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.96% | 9.33% | -0.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.64% | 10.52% | +0.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.66% | 11.39% | -0.73% |
AOR vs. GAL - Expense Ratio Comparison
AOR has a 0.15% expense ratio, which is lower than GAL's 0.35% expense ratio.
Dividends
AOR vs. GAL - Dividend Comparison
AOR's dividend yield for the trailing twelve months is around 2.49%, less than GAL's 3.17% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AOR iShares Core 60/40 Balanced Allocation ETF | 2.49% | 2.55% | 2.66% | 2.50% | 2.12% | 1.64% | 1.89% | 2.56% | 2.49% | 4.51% | 2.16% | 2.12% |
GAL SPDR SSgA Global Allocation ETF | 3.17% | 3.47% | 2.99% | 2.56% | 6.19% | 4.05% | 2.14% | 2.96% | 2.43% | 2.26% | 2.43% | 3.10% |
Frequently Asked Questions
With a correlation of 0.97, AOR and GAL move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
GAL has higher volatility (3.74%) compared to AOR (3.61%). In terms of maximum drawdown, AOR dropped -24.44% vs GAL's -28.31%.
On 10-year performance, AOR leads with 8.54% vs 8.25% for GAL. On fees, AOR is cheaper at 0.15% per year. On volatility, AOR has been the lower-risk option at 3.61%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, AOR has performed better with a 8.54% return vs 8.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AOR is cheaper with a 0.15% expense ratio, compared with 0.35% for GAL.
GAL has the higher dividend yield at 3.17%, compared with 2.49% for AOR.
They also come from different issuers: iShares and State Street. Their fees differ too: 0.15% for AOR and 0.35% for GAL.
AOR currently has the higher Sharpe Ratio (1.93 vs 1.86), 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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