AOR vs. MDIV
AOR (iShares Core 60/40 Balanced Allocation ETF) and MDIV (First Trust Multi-Asset Diversified Income Index Fund) are both Diversified Portfolio funds - AOR tracks the S&P Target Risk Growth Index while MDIV tracks the NASDAQ US Multi-Asset Diversified Income Index. Both are passively managed. Over the past 10 years, AOR returned 8.54%/yr vs 4.86%/yr for MDIV. A 0.66 correlation means they provide meaningful diversification when combined. AOR charges 0.15%/yr vs 0.73%/yr for MDIV.
Performance
AOR vs. MDIV - 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 MDIV's 8.23% return. Over the past 10 years, AOR has outperformed MDIV with an annualized return of 8.54%, while MDIV has yielded a comparatively lower 4.86% annualized return.
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%
MDIV
- 1D
- 0.70%
- 1M
- -0.63%
- YTD
- 8.23%
- 6M
- 8.54%
- 1Y
- 11.46%
- 3Y*
- 12.22%
- 5Y*
- 5.93%
- 10Y*
- 4.86%
AOR vs. MDIV - 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% |
MDIV First Trust Multi-Asset Diversified Income Index Fund | 8.23% | 3.77% | 10.05% | 11.50% | -3.86% | 16.51% | -14.84% | 18.59% | -5.78% | 5.61% |
Correlation
The correlation between AOR and MDIV is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.44 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.57 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.64 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.64 |
Correlation (All Time) Calculated using the full available price history since Aug 14, 2012 | 0.66 |
Over the past year, the correlation between AOR and MDIV has dropped to 0.44 - well below their long-term average of 0.66, suggesting their price drivers have been diverging.
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Return for Risk
AOR vs. MDIV — Risk / Return Rank
AOR
MDIV
AOR vs. MDIV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core 60/40 Balanced Allocation ETF (AOR) 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.
| AOR | MDIV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.23 | ||
| Sortino ratioReturn per unit of downside risk | +0.27 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.30 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.60 | 3.39 | -0.80 |
| Martin ratioReturn relative to average drawdown | 11.13 | 9.38 | +1.74 |
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Drawdowns
AOR vs. MDIV - Drawdown Comparison
The maximum AOR drawdown since its inception was -24.44%, smaller than the maximum MDIV drawdown of -48.50%. Use the drawdown chart below to compare losses from any high point for AOR and MDIV.
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Drawdown Indicators
| AOR | MDIV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.44% | -48.50% | +24.06% |
Max Drawdown (1Y)Largest decline over 1 year | -6.64% | -3.39% | -3.25% |
Max Drawdown (3Y)Largest decline over 3 years | -9.77% | -9.62% | -0.15% |
Max Drawdown (5Y)Largest decline over 5 years | -21.72% | -13.02% | -8.70% |
Max Drawdown (10Y)Largest decline over 10 years | -22.95% | -48.50% | +25.55% |
Current DrawdownCurrent decline from peak | -1.53% | -1.05% | -0.48% |
Average DrawdownAverage peak-to-trough decline | -3.47% | -4.57% | +1.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.55% | 1.22% | +0.33% |
Volatility
AOR vs. MDIV - Volatility Comparison
iShares Core 60/40 Balanced Allocation ETF (AOR) has a higher volatility of 3.61% compared to First Trust Multi-Asset Diversified Income Index Fund (MDIV) at 2.17%. This indicates that AOR's price experiences larger fluctuations and is considered to be riskier 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
| AOR | MDIV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.61% | 2.17% | +1.44% |
Volatility (6M)Calculated over the trailing 6-month period | 7.49% | 4.51% | +2.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.96% | 6.81% | +2.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.64% | 10.94% | -0.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.66% | 15.22% | -4.56% |
AOR vs. MDIV - Expense Ratio Comparison
AOR has a 0.15% expense ratio, which is lower than MDIV's 0.73% expense ratio.
Dividends
AOR vs. MDIV - Dividend Comparison
AOR's dividend yield for the trailing twelve months is around 2.49%, less than MDIV's 6.35% 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% |
MDIV First Trust Multi-Asset Diversified Income Index Fund | 6.35% | 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
AOR and MDIV have a correlation of 0.44, 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 MDIV (2.17%). In terms of maximum drawdown, AOR dropped -24.44% vs MDIV's -48.50%.
On 10-year performance, AOR leads with 8.54% vs 4.86% for MDIV. On fees, AOR is cheaper at 0.15% per year. On volatility, MDIV has been the lower-risk option at 2.17%. 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 4.86%. 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 0.73% for MDIV.
MDIV has the higher dividend yield at 6.35%, compared with 2.49% for AOR.
AOR tracks S&P Target Risk Growth 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 AOR and 0.73% for MDIV.
AOR currently has the higher Sharpe Ratio (1.93 vs 1.69), 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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