AOR vs. MDIV

Last updated Jun 3, 2026

AOR (iShares Core Growth 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 8.46%/yr vs 4.73%/yr for MDIV. A 0.67 correlation means they provide meaningful diversification when combined. AOR charges 0.25%/yr vs 0.73%/yr for MDIV.

Performance

AOR vs. MDIV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core Growth Allocation ETF (AOR) and First Trust Multi-Asset Diversified Income Index Fund (MDIV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AOR achieves a 7.96% return, which is significantly lower than MDIV's 8.39% return. Over the past 10 years, AOR has outperformed MDIV with an annualized return of 8.46%, while MDIV has yielded a comparatively lower 4.73% annualized return.

AOR

• 1D: 0.22%
• 1M: 3.07%
• YTD: 7.96%
• 6M: 8.80%
• 1Y: 20.12%
• 3Y*: 14.41%
• 5Y*: 7.20%
• 10Y*: 8.46%

MDIV

• 1D: 0.50%
• 1M: 0.27%
• YTD: 8.39%
• 6M: 8.59%
• 1Y: 11.76%
• 3Y*: 11.65%
• 5Y*: 5.85%
• 10Y*: 4.73%

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

AOR vs. MDIV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AOR iShares Core Growth Allocation ETF	7.96%	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	8.39%	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 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (10Y) Calculated over the trailing 10-year period	0.65
Correlation (All Time) Calculated using the full available price history since Aug 15, 2012	0.67

The correlation between AOR and MDIV shifts across timeframes, from 0.47 (1 year) to 0.67 (all time), reflecting how their relationship changes across market environments.

AOR vs. MDIV - Sectors Allocation Comparison

Sectors	AOR	MDIV
Technology	27.8%	-
Financial Services	16.2%	22.4%
Industrials	11.9%	1.6%
Consumer Cyclical	9.5%	3.2%
Communication Services	8.1%	3.2%
Healthcare	8.0%	1.6%
Consumer Defensive	5.0%	8.0%
Energy	4.3%	17.6%
Basic Materials	4.2%	0.7%
Utilities	2.7%	9.6%
Real Estate	2.4%	21.6%

Return for Risk

AOR vs. MDIV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AOR

AOR Risk / Return Rank: 71
AOR Sharpe Ratio Rank: 73
AOR Sortino Ratio Rank: 75
AOR Omega Ratio Rank: 75
AOR Calmar Ratio Rank: 61
AOR Martin Ratio Rank: 71

MDIV

MDIV Risk / Return Rank: 56
MDIV Sharpe Ratio Rank: 51
MDIV Sortino Ratio Rank: 54
MDIV Omega Ratio Rank: 49
MDIV Calmar Ratio Rank: 68
MDIV Martin Ratio Rank: 55

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.

AOR vs. MDIV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core Growth 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.

	AOR	MDIV	Difference
Sharpe ratio Return per unit of total volatility	2.41	1.77	+0.64
Sortino ratio Return per unit of downside risk	3.43	2.61	+0.82
Omega ratio Gain probability vs. loss probability	1.45	1.31	+0.14
Calmar ratio Return relative to maximum drawdown	3.08	3.49	-0.41
Martin ratio Return relative to average drawdown	13.48	9.75	+3.73
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AOR vs. MDIV - Sharpe Ratio Comparison

The current AOR Sharpe Ratio is 2.41, which is higher than the MDIV Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of AOR and MDIV, 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

	AOR	MDIV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.41	1.77	+0.64
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.69	0.54	+0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.80	0.31	+0.48
Sharpe Ratio (All Time) Calculated using the full available price history	0.69	0.35	+0.34

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.

Drawdown Indicators

	AOR	MDIV	Difference
Max Drawdown Largest 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 Drawdown Current decline from peak	0.00%	-0.49%	+0.49%
Average Drawdown Average peak-to-trough decline	-3.48%	-4.59%	+1.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.52%	1.21%	+0.31%

Volatility

AOR vs. MDIV - Volatility Comparison

iShares Core Growth Allocation ETF (AOR) has a higher volatility of 2.70% compared to First Trust Multi-Asset Diversified Income Index Fund (MDIV) at 1.55%. 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.

Volatility by Period

	AOR	MDIV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.70%	1.55%	+1.15%
Volatility (6M) Calculated over the trailing 6-month period	6.81%	4.29%	+2.52%
Volatility (1Y) Calculated over the trailing 1-year period	8.40%	6.67%	+1.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.55%	10.93%	-0.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.67%	15.23%	-4.56%

AOR vs. MDIV - Expense Ratio Comparison

AOR has a 0.25% 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 2.46%, less than MDIV's 6.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AOR iShares Core Growth 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%
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

Can I hold both AOR and MDIV in my portfolio?

AOR and MDIV have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AOR or MDIV?

AOR has higher volatility (2.70%) compared to MDIV (1.55%). In terms of maximum drawdown, AOR dropped -24.44% vs MDIV's -48.50%.

Which ETF is better, AOR or MDIV?

On 10-year performance, AOR leads with 8.46% vs 4.73% for MDIV. On fees, AOR is cheaper at 0.25% per year. On volatility, MDIV has been the lower-risk option at 1.55%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AOR or MDIV?

Over the 10-year period, AOR has performed better with a 8.46% return vs 4.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AOR or MDIV?

AOR is cheaper with a 0.25% expense ratio, compared with 0.73% for MDIV.

Which ETF pays a higher dividend yield, AOR or MDIV?

MDIV has the higher dividend yield at 6.35%, compared with 2.46% for AOR.

What is the main difference between AOR and MDIV?

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: 0.25% for AOR and 0.73% for MDIV.

Which has better risk-adjusted returns?

AOR currently has the higher Sharpe Ratio (2.41 vs 1.77), 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.