AOR vs. HYG
AOR (iShares Core 60/40 Balanced Allocation ETF) and HYG (iShares iBoxx $ High Yield Corporate Bond ETF) are both exchange-traded funds - AOR is a Diversified Portfolio fund tracking the S&P Target Risk Growth Index, while HYG is a High Yield Bonds fund tracking the Markit iBoxx USD Liquid High Yield Index. Both are passively managed. Over the past 10 years, AOR returned 8.58%/yr vs 5.03%/yr for HYG. A 0.73 correlation means they provide meaningful diversification when combined. AOR charges 0.15%/yr vs 0.49%/yr for HYG.
Performance
AOR vs. HYG - Performance Comparison
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Returns By Period
In the year-to-date period, AOR achieves a 7.85% return, which is significantly higher than HYG's 1.78% return. Over the past 10 years, AOR has outperformed HYG with an annualized return of 8.58%, while HYG has yielded a comparatively lower 5.03% annualized return.
AOR
- 1D
- 0.95%
- 1M
- 2.42%
- YTD
- 7.85%
- 6M
- 8.39%
- 1Y
- 19.38%
- 3Y*
- 13.65%
- 5Y*
- 7.09%
- 10Y*
- 8.58%
HYG
- 1D
- 0.13%
- 1M
- 1.25%
- YTD
- 1.78%
- 6M
- 2.29%
- 1Y
- 6.95%
- 3Y*
- 8.47%
- 5Y*
- 3.83%
- 10Y*
- 5.03%
AOR vs. HYG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AOR iShares Core 60/40 Balanced Allocation ETF | 7.85% | 16.44% | 10.68% | 15.75% | -15.64% | 11.19% | 11.42% | 18.91% | -5.82% | 15.80% |
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 1.78% | 8.59% | 7.97% | 11.54% | -10.98% | 3.76% | 4.47% | 14.09% | -2.02% | 6.07% |
Correlation
The correlation between AOR and HYG is 0.82, 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 | 0.82 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.80 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.81 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.79 |
Correlation (All Time) Calculated using the full available price history since Nov 11, 2008 | 0.73 |
The correlation between AOR and HYG has been stable across timeframes, ranging from 0.73 to 0.82 - a consistent structural relationship.
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Return for Risk
AOR vs. HYG — Risk / Return Rank
AOR
HYG
AOR vs. HYG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core 60/40 Balanced Allocation ETF (AOR) and iShares iBoxx $ High Yield Corporate Bond ETF (HYG). 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 | HYG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.40 | ||
| Sortino ratioReturn per unit of downside risk | +0.40 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.35 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.93 | 2.98 | -0.05 |
| Martin ratioReturn relative to average drawdown | 12.60 | 13.11 | -0.51 |
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Drawdowns
AOR vs. HYG - Drawdown Comparison
The maximum AOR drawdown since its inception was -24.44%, smaller than the maximum HYG drawdown of -34.25%. Use the drawdown chart below to compare losses from any high point for AOR and HYG.
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Drawdown Indicators
| AOR | HYG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.44% | -34.25% | +9.81% |
Max Drawdown (1Y)Largest decline over 1 year | -6.64% | -2.34% | -4.30% |
Max Drawdown (3Y)Largest decline over 3 years | -9.77% | -4.56% | -5.21% |
Max Drawdown (5Y)Largest decline over 5 years | -21.72% | -15.79% | -5.93% |
Max Drawdown (10Y)Largest decline over 10 years | -22.95% | -22.03% | -0.92% |
Current DrawdownCurrent decline from peak | -0.10% | 0.00% | -0.10% |
Average DrawdownAverage peak-to-trough decline | -3.47% | -3.24% | -0.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.54% | 0.53% | +1.01% |
Volatility
AOR vs. HYG - Volatility Comparison
iShares Core 60/40 Balanced Allocation ETF (AOR) has a higher volatility of 3.61% compared to iShares iBoxx $ High Yield Corporate Bond ETF (HYG) at 1.31%. This indicates that AOR's price experiences larger fluctuations and is considered to be riskier than HYG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AOR | HYG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.61% | 1.31% | +2.30% |
Volatility (6M)Calculated over the trailing 6-month period | 7.37% | 3.08% | +4.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.84% | 3.87% | +4.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.63% | 7.53% | +3.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.70% | 8.29% | +2.41% |
AOR vs. HYG - Expense Ratio Comparison
AOR has a 0.15% expense ratio, which is lower than HYG's 0.49% expense ratio.
Dividends
AOR vs. HYG - Dividend Comparison
AOR's dividend yield for the trailing twelve months is around 2.46%, less than HYG's 5.89% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AOR iShares Core 60/40 Balanced Allocation ETF | 2.46% | 2.55% | 2.66% | 2.50% | 2.12% | 1.64% | 1.89% | 2.56% | 2.49% | 4.51% | 2.16% | 2.12% |
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 5.89% | 5.71% | 6.01% | 5.74% | 5.30% | 4.02% | 4.88% | 4.99% | 5.54% | 5.12% | 5.27% | 5.90% |
Frequently Asked Questions
AOR and HYG have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AOR has higher volatility (3.61%) compared to HYG (1.31%). In terms of maximum drawdown, AOR dropped -24.44% vs HYG's -34.25%.
On 10-year performance, AOR leads with 8.58% vs 5.03% for HYG. On fees, AOR is cheaper at 0.15% per year. On volatility, HYG has been the lower-risk option at 1.31%. 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 8.58% return vs 5.03%. 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 0.49% for HYG.
HYG has the higher dividend yield at 5.89%, compared with 2.46% for AOR.
AOR is categorized as Diversified Portfolio, while HYG is High Yield Bonds. AOR tracks S&P Target Risk Growth Index, while HYG tracks Markit iBoxx USD Liquid High Yield Index. Their fees differ too: 0.15% for AOR and 0.49% for HYG.
AOR currently has the higher Sharpe Ratio (2.21 vs 1.81), 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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