AOVIX vs. QQQ

Last updated Jun 4, 2026

AOVIX (American Century Investments One Choice Portfolio: Very Aggressive) and QQQ (Invesco QQQ ETF) are both funds - AOVIX is a Diversified Portfolio fund managed by American Century, while QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Over the past 10 years, AOVIX returned 11.28%/yr vs 21.94%/yr for QQQ. Their correlation of 0.86 suggests significant overlap in exposure. AOVIX charges 0.00%/yr vs 0.18%/yr for QQQ.

Performance

AOVIX vs. QQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in American Century Investments One Choice Portfolio: Very Aggressive (AOVIX) and Invesco QQQ ETF (QQQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AOVIX achieves a 10.19% return, which is significantly lower than QQQ's 21.30% return. Over the past 10 years, AOVIX has underperformed QQQ with an annualized return of 11.28%, while QQQ has yielded a comparatively higher 21.94% annualized return.

AOVIX

• 1D: 0.22%
• 1M: 4.56%
• YTD: 10.19%
• 6M: 10.79%
• 1Y: 23.26%
• 3Y*: 16.94%
• 5Y*: 7.98%
• 10Y*: 11.28%

QQQ

• 1D: -0.26%
• 1M: 10.60%
• YTD: 21.30%
• 6M: 19.66%
• 1Y: 41.82%
• 3Y*: 28.78%
• 5Y*: 17.97%
• 10Y*: 21.94%

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

AOVIX vs. QQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AOVIX American Century Investments One Choice Portfolio: Very Aggressive	10.19%	17.35%	14.44%	17.31%	-19.64%	15.85%	21.15%	27.57%	-8.09%	20.64%
QQQ Invesco QQQ ETF	21.30%	20.77%	25.58%	54.86%	-32.58%	27.42%	48.62%	38.96%	-0.13%	32.66%

Correlation

The correlation between AOVIX and QQQ is 0.84, 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	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Oct 4, 2004	0.86

The correlation between AOVIX and QQQ has been stable across timeframes, ranging from 0.83 to 0.86 - a consistent structural relationship.

Return for Risk

AOVIX vs. QQQ — Risk / Return Rank

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

AOVIX

AOVIX Risk / Return Rank: 42
AOVIX Sharpe Ratio Rank: 42
AOVIX Sortino Ratio Rank: 40
AOVIX Omega Ratio Rank: 41
AOVIX Calmar Ratio Rank: 38
AOVIX Martin Ratio Rank: 48

QQQ

QQQ Risk / Return Rank: 73
QQQ Sharpe Ratio Rank: 79
QQQ Sortino Ratio Rank: 75
QQQ Omega Ratio Rank: 74
QQQ Calmar Ratio Rank: 69
QQQ Martin Ratio Rank: 71

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.

AOVIX vs. QQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for American Century Investments One Choice Portfolio: Very Aggressive (AOVIX) and Invesco QQQ ETF (QQQ). 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.

	AOVIX	QQQ	Difference
Sharpe ratio: Return per unit of total volatility	1.90	2.64	-0.73
Sortino ratio: Return per unit of downside risk	2.65	3.45	-0.79
Omega ratio: Gain probability vs. loss probability	1.34	1.45	-0.11
Calmar ratio: Return relative to maximum drawdown	2.34	3.51	-1.18
Martin ratio: Return relative to average drawdown	9.97	13.49	-3.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AOVIX vs. QQQ - Sharpe Ratio Comparison

The current AOVIX Sharpe Ratio is 1.90, which is comparable to the QQQ Sharpe Ratio of 2.64. The chart below compares the historical Sharpe Ratios of AOVIX and QQQ, 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

	AOVIX	QQQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.90	2.64	-0.73
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	0.81	-0.31
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.66	0.99	-0.33
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.41	+0.08

Drawdowns

AOVIX vs. QQQ - Drawdown Comparison

The maximum AOVIX drawdown since its inception was -54.18%, smaller than the maximum QQQ drawdown of -82.97%. Use the drawdown chart below to compare losses from any high point for AOVIX and QQQ.

Drawdown Indicators

	AOVIX	QQQ	Difference
Max Drawdown Largest peak-to-trough decline	-54.18%	-82.97%	+28.79%
Max Drawdown (1Y) Largest decline over 1 year	-10.13%	-11.96%	+1.83%
Max Drawdown (3Y) Largest decline over 3 years	-16.90%	-22.77%	+5.87%
Max Drawdown (5Y) Largest decline over 5 years	-29.07%	-35.12%	+6.05%
Max Drawdown (10Y) Largest decline over 10 years	-34.60%	-35.12%	+0.52%
Current Drawdown Current decline from peak	0.00%	-0.26%	+0.26%
Average Drawdown Average peak-to-trough decline	-8.35%	-32.79%	+24.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.37%	3.11%	-0.74%

Volatility

AOVIX vs. QQQ - Volatility Comparison

The current volatility for American Century Investments One Choice Portfolio: Very Aggressive (AOVIX) is 3.40%, while Invesco QQQ ETF (QQQ) has a volatility of 4.49%. This indicates that AOVIX experiences smaller price fluctuations and is considered to be less risky than QQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AOVIX	QQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.40%	4.49%	-1.09%
Volatility (6M) Calculated over the trailing 6-month period	9.81%	12.10%	-2.29%
Volatility (1Y) Calculated over the trailing 1-year period	12.43%	15.94%	-3.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.01%	22.38%	-6.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.20%	22.29%	-5.09%

AOVIX vs. QQQ - Expense Ratio Comparison

AOVIX has a 0.00% expense ratio, which is lower than QQQ's 0.18% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

AOVIX vs. QQQ - Dividend Comparison

AOVIX's dividend yield for the trailing twelve months is around 7.45%, more than QQQ's 0.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AOVIX American Century Investments One Choice Portfolio: Very Aggressive	7.45%	8.21%	1.98%	1.59%	12.63%	9.86%	8.31%	9.10%	10.18%	1.81%	4.63%	13.85%
QQQ Invesco QQQ ETF	0.38%	0.45%	0.56%	0.62%	0.80%	0.43%	0.55%	0.74%	0.91%	0.84%	1.06%	0.99%

Frequently Asked Questions

Can I hold both AOVIX and QQQ in my portfolio?

AOVIX and QQQ have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AOVIX or QQQ?

QQQ has higher volatility (4.49%) compared to AOVIX (3.40%). In terms of maximum drawdown, AOVIX dropped -54.18% vs QQQ's -82.97%.

Which has better risk-adjusted returns?

QQQ currently has the higher Sharpe Ratio (2.64 vs 1.90), 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.