AOR vs. SPGP
AOR (iShares Core 60/40 Balanced Allocation ETF) and SPGP (Invesco S&P 500 GARP ETF) are both exchange-traded funds - AOR is a Diversified Portfolio fund tracking the S&P Target Risk Growth Index, while SPGP is a Multi-factor fund tracking the S&P 500 GARP Index. Both are passively managed. Over the past 10 years, AOR returned 8.52%/yr vs 15.11%/yr for SPGP. A 0.79 correlation means they provide meaningful diversification when combined. AOR charges 0.15%/yr vs 0.36%/yr for SPGP.
Performance
AOR vs. SPGP - Performance Comparison
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Returns By Period
In the year-to-date period, AOR achieves a 6.83% return, which is significantly higher than SPGP's 6.06% return. Over the past 10 years, AOR has underperformed SPGP with an annualized return of 8.52%, while SPGP has yielded a comparatively higher 15.11% annualized return.
AOR
- 1D
- 0.26%
- 1M
- 1.45%
- YTD
- 6.83%
- 6M
- 7.42%
- 1Y
- 18.25%
- 3Y*
- 13.55%
- 5Y*
- 6.78%
- 10Y*
- 8.52%
SPGP
- 1D
- 0.84%
- 1M
- 3.81%
- YTD
- 6.06%
- 6M
- 5.64%
- 1Y
- 16.85%
- 3Y*
- 11.97%
- 5Y*
- 7.97%
- 10Y*
- 15.11%
AOR vs. SPGP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AOR iShares Core 60/40 Balanced Allocation ETF | 6.83% | 16.44% | 10.68% | 15.75% | -15.64% | 11.19% | 11.42% | 18.91% | -5.82% | 15.80% |
SPGP Invesco S&P 500 GARP ETF | 6.06% | 9.80% | 8.48% | 20.29% | -13.83% | 35.72% | 15.92% | 39.16% | 1.68% | 36.24% |
Correlation
The correlation between AOR and SPGP is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.79 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.83 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.82 |
Correlation (All Time) Calculated using the full available price history since Jun 16, 2011 | 0.79 |
The correlation between AOR and SPGP has been stable across timeframes, ranging from 0.79 to 0.83 - a consistent structural relationship.
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Return for Risk
AOR vs. SPGP — Risk / Return Rank
AOR
SPGP
AOR vs. SPGP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core 60/40 Balanced Allocation ETF (AOR) and Invesco S&P 500 GARP ETF (SPGP). 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 | SPGP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.90 | ||
| Sortino ratioReturn per unit of downside risk | +1.18 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.19 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 2.58 | 1.45 | +1.13 |
| Martin ratioReturn relative to average drawdown | 11.10 | 5.54 | +5.56 |
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Drawdowns
AOR vs. SPGP - Drawdown Comparison
The maximum AOR drawdown since its inception was -24.44%, smaller than the maximum SPGP drawdown of -42.08%. Use the drawdown chart below to compare losses from any high point for AOR and SPGP.
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Drawdown Indicators
| AOR | SPGP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.44% | -42.08% | +17.64% |
Max Drawdown (1Y)Largest decline over 1 year | -6.64% | -11.15% | +4.51% |
Max Drawdown (3Y)Largest decline over 3 years | -9.77% | -22.87% | +13.10% |
Max Drawdown (5Y)Largest decline over 5 years | -21.72% | -22.87% | +1.15% |
Max Drawdown (10Y)Largest decline over 10 years | -22.95% | -42.08% | +19.13% |
Current DrawdownCurrent decline from peak | -1.05% | -1.05% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -3.47% | -4.35% | +0.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.55% | 2.92% | -1.37% |
Volatility
AOR vs. SPGP - Volatility Comparison
The current volatility for iShares Core 60/40 Balanced Allocation ETF (AOR) is 3.50%, while Invesco S&P 500 GARP ETF (SPGP) has a volatility of 5.43%. This indicates that AOR experiences smaller price fluctuations and is considered to be less risky than SPGP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AOR | SPGP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.50% | 5.43% | -1.93% |
Volatility (6M)Calculated over the trailing 6-month period | 7.32% | 12.24% | -4.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.85% | 15.63% | -6.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.61% | 18.60% | -7.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.70% | 21.23% | -10.53% |
AOR vs. SPGP - Expense Ratio Comparison
AOR has a 0.15% expense ratio, which is lower than SPGP's 0.36% expense ratio.
Dividends
AOR vs. SPGP - Dividend Comparison
AOR's dividend yield for the trailing twelve months is around 2.48%, more than SPGP's 0.88% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AOR iShares Core 60/40 Balanced Allocation ETF | 2.48% | 2.55% | 2.66% | 2.50% | 2.12% | 1.64% | 1.89% | 2.56% | 2.49% | 4.51% | 2.16% | 2.12% |
SPGP Invesco S&P 500 GARP ETF | 0.88% | 1.04% | 1.38% | 1.24% | 1.22% | 0.69% | 1.10% | 0.86% | 0.95% | 0.68% | 0.89% | 1.12% |
Frequently Asked Questions
AOR and SPGP have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPGP has higher volatility (5.43%) compared to AOR (3.50%). In terms of maximum drawdown, AOR dropped -24.44% vs SPGP's -42.08%.
On 10-year performance, SPGP leads with 15.11% vs 8.52% for AOR. On fees, AOR is cheaper at 0.15% per year. On volatility, AOR has been the lower-risk option at 3.50%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPGP has performed better with a 15.11% return vs 8.52%. 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 0.36% for SPGP.
AOR has the higher dividend yield at 2.48%, compared with 0.88% for SPGP.
AOR is categorized as Diversified Portfolio, while SPGP is Multi-factor. AOR tracks S&P Target Risk Growth Index, while SPGP tracks S&P 500 GARP Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.15% for AOR and 0.36% for SPGP.
AOR currently has the higher Sharpe Ratio (1.94 vs 1.04), 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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