AOR vs. SPY

Last updated Jun 3, 2026

AOR (iShares Core Growth Allocation ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - AOR is a Diversified Portfolio fund tracking the S&P Target Risk Growth Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, AOR returned 8.46%/yr vs 15.57%/yr for SPY. Their correlation of 0.90 suggests significant overlap in exposure. AOR charges 0.25%/yr vs 0.09%/yr for SPY.

Performance

AOR vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core Growth Allocation ETF (AOR) and State Street SPDR S&P 500 ETF (SPY). 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 SPY's 11.69% return. Over the past 10 years, AOR has underperformed SPY with an annualized return of 8.46%, while SPY has yielded a comparatively higher 15.57% 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%

SPY

• 1D: 0.14%
• 1M: 5.40%
• YTD: 11.69%
• 6M: 12.09%
• 1Y: 29.62%
• 3Y*: 22.64%
• 5Y*: 14.20%
• 10Y*: 15.57%

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

AOR vs. SPY - 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%
SPY State Street SPDR S&P 500 ETF	11.69%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between AOR and SPY is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Nov 12, 2008	0.90

The correlation between AOR and SPY has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.

AOR vs. SPY - Sectors Allocation Comparison

Sectors	AOR	SPY
Technology	27.8%	35.9%
Financial Services	16.2%	11.8%
Industrials	11.9%	7.8%
Consumer Cyclical	9.5%	10.3%
Communication Services	8.1%	11.3%
Healthcare	8.0%	8.4%
Consumer Defensive	5.0%	4.8%
Energy	4.3%	3.6%
Basic Materials	4.2%	1.8%
Utilities	2.7%	2.4%
Real Estate	2.4%	1.9%

Return for Risk

AOR vs. SPY — 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

SPY

SPY Risk / Return Rank: 75
SPY Sharpe Ratio Rank: 77
SPY Sortino Ratio Rank: 75
SPY Omega Ratio Rank: 76
SPY Calmar Ratio Rank: 68
SPY Martin Ratio Rank: 80

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core Growth Allocation ETF (AOR) and State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio Return per unit of total volatility	2.41	2.52	-0.12
Sortino ratio Return per unit of downside risk	3.43	3.42	+0.01
Omega ratio Gain probability vs. loss probability	1.45	1.46	-0.01
Calmar ratio Return relative to maximum drawdown	3.08	3.42	-0.34
Martin ratio Return relative to average drawdown	13.48	15.93	-2.44
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. SPY - Sharpe Ratio Comparison

The current AOR Sharpe Ratio is 2.41, which is comparable to the SPY Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of AOR and SPY, 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	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.41	2.52	-0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.69	0.84	-0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.80	0.87	-0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.69	0.59	+0.10

Drawdowns

AOR vs. SPY - Drawdown Comparison

The maximum AOR drawdown since its inception was -24.44%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for AOR and SPY.

Drawdown Indicators

	AOR	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-24.44%	-55.19%	+30.75%
Max Drawdown (1Y) Largest decline over 1 year	-6.64%	-8.88%	+2.24%
Max Drawdown (3Y) Largest decline over 3 years	-9.77%	-18.76%	+8.99%
Max Drawdown (5Y) Largest decline over 5 years	-21.72%	-24.50%	+2.78%
Max Drawdown (10Y) Largest decline over 10 years	-22.95%	-33.72%	+10.77%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.48%	-9.05%	+5.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.52%	1.91%	-0.39%

Volatility

AOR vs. SPY - Volatility Comparison

iShares Core Growth Allocation ETF (AOR) and State Street SPDR S&P 500 ETF (SPY) have volatilities of 2.70% and 2.75%, 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.

Volatility by Period

	AOR	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.70%	2.75%	-0.05%
Volatility (6M) Calculated over the trailing 6-month period	6.81%	8.89%	-2.08%
Volatility (1Y) Calculated over the trailing 1-year period	8.40%	11.81%	-3.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.55%	17.05%	-6.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.67%	17.94%	-7.27%

AOR vs. SPY - Expense Ratio Comparison

AOR has a 0.25% expense ratio, which is higher than SPY's 0.09% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

AOR vs. SPY - Dividend Comparison

AOR's dividend yield for the trailing twelve months is around 2.46%, more than SPY's 0.97% 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%
SPY State Street SPDR S&P 500 ETF	0.97%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both AOR and SPY in my portfolio?

With a correlation of 0.93, AOR and SPY 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.

Which is riskier, AOR or SPY?

SPY has higher volatility (2.75%) compared to AOR (2.70%). In terms of maximum drawdown, AOR dropped -24.44% vs SPY's -55.19%.

Which ETF is better, AOR or SPY?

On 10-year performance, SPY leads with 15.57% vs 8.46% for AOR. On fees, SPY is cheaper at 0.09% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AOR or SPY?

Over the 10-year period, SPY has performed better with a 15.57% return vs 8.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AOR or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.25% for AOR.

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

AOR has the higher dividend yield at 2.46%, compared with 0.97% for SPY.

What is the main difference between AOR and SPY?

AOR is categorized as Diversified Portfolio, while SPY is S&P 500. AOR tracks S&P Target Risk Growth Index, while SPY tracks S&P 500 Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.25% for AOR and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.52 vs 2.41), 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.