FFNOX vs. AOA
FFNOX (Fidelity Multi-Asset Index Fund) and AOA (iShares Core 80/20 Aggressive Allocation ETF) are both Diversified Portfolio funds. FFNOX is actively managed, while AOA is passively managed. Over the past 10 years, FFNOX returned 11.42%/yr vs 10.74%/yr for AOA. With a 0.95 correlation, they move nearly in lockstep. FFNOX charges 0.11%/yr vs 0.15%/yr for AOA.
Performance
FFNOX vs. AOA - Performance Comparison
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Returns By Period
In the year-to-date period, FFNOX achieves a 9.33% return, which is significantly higher than AOA's 8.15% return. Over the past 10 years, FFNOX has outperformed AOA with an annualized return of 11.42%, while AOA has yielded a comparatively lower 10.74% annualized return.
FFNOX
- 1D
- -1.64%
- 1M
- 0.21%
- YTD
- 9.33%
- 6M
- 8.52%
- 1Y
- 21.47%
- 3Y*
- 17.24%
- 5Y*
- 8.91%
- 10Y*
- 11.42%
AOA
- 1D
- -0.03%
- 1M
- -0.21%
- YTD
- 8.15%
- 6M
- 7.34%
- 1Y
- 20.12%
- 3Y*
- 16.65%
- 5Y*
- 8.70%
- 10Y*
- 10.74%
FFNOX vs. AOA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FFNOX Fidelity Multi-Asset Index Fund | 9.33% | 20.18% | 13.05% | 19.29% | -18.02% | 17.05% | 16.30% | 25.09% | -6.58% | 17.09% |
AOA iShares Core 80/20 Aggressive Allocation ETF | 8.15% | 19.59% | 13.55% | 18.27% | -16.23% | 15.42% | 12.82% | 22.60% | -7.86% | 20.05% |
Correlation
The correlation between FFNOX and AOA is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Nov 11, 2008 | 0.96 |
The correlation between FFNOX and AOA has been stable across timeframes, ranging from 0.95 to 0.99 - a consistent structural relationship.
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Return for Risk
FFNOX vs. AOA — Risk / Return Rank
FFNOX
AOA
FFNOX vs. AOA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Multi-Asset Index Fund (FFNOX) and iShares Core 80/20 Aggressive Allocation ETF (AOA). 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.
| FFNOX | AOA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.12 | ||
| Sortino ratioReturn per unit of downside risk | +0.15 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.34 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.68 | 2.46 | +0.21 |
| Martin ratioReturn relative to average drawdown | 11.41 | 10.68 | +0.73 |
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Drawdowns
FFNOX vs. AOA - Drawdown Comparison
The maximum FFNOX drawdown since its inception was -49.84%, which is greater than AOA's maximum drawdown of -28.38%. Use the drawdown chart below to compare losses from any high point for FFNOX and AOA.
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Drawdown Indicators
| FFNOX | AOA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.84% | -28.38% | -21.46% |
Max Drawdown (1Y)Largest decline over 1 year | -8.60% | -8.20% | -0.40% |
Max Drawdown (3Y)Largest decline over 3 years | -14.10% | -12.94% | -1.16% |
Max Drawdown (5Y)Largest decline over 5 years | -26.04% | -23.62% | -2.42% |
Max Drawdown (10Y)Largest decline over 10 years | -29.93% | -28.38% | -1.55% |
Current DrawdownCurrent decline from peak | -2.01% | -2.11% | +0.10% |
Average DrawdownAverage peak-to-trough decline | -8.68% | -4.04% | -4.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.01% | 1.89% | +0.12% |
Volatility
FFNOX vs. AOA - Volatility Comparison
Fidelity Multi-Asset Index Fund (FFNOX) has a higher volatility of 5.00% compared to iShares Core 80/20 Aggressive Allocation ETF (AOA) at 4.43%. This indicates that FFNOX's price experiences larger fluctuations and is considered to be riskier than AOA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FFNOX | AOA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.00% | 4.43% | +0.57% |
Volatility (6M)Calculated over the trailing 6-month period | 9.99% | 9.33% | +0.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.98% | 11.24% | +0.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.90% | 13.08% | +0.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.57% | 13.51% | +1.06% |
FFNOX vs. AOA - Expense Ratio Comparison
FFNOX has a 0.11% expense ratio, which is lower than AOA's 0.15% 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
FFNOX vs. AOA - Dividend Comparison
FFNOX's dividend yield for the trailing twelve months is around 2.35%, more than AOA's 2.08% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AOA iShares Core 80/20 Aggressive Allocation ETF | 2.08% | 2.18% | 2.30% | 2.22% | 2.10% | 1.67% | 1.71% | 2.50% | 2.37% | 5.09% | 2.26% | 2.15% |
FFNOX Fidelity Multi-Asset Index Fund | 2.35% | 3.68% | 6.43% | 3.18% | 7.14% | 5.71% | 2.87% | 2.96% | 2.90% | 0.64% | 2.50% | 0.70% |
Frequently Asked Questions
With a correlation of 0.98, FFNOX and AOA 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.
FFNOX has higher volatility (5.00%) compared to AOA (4.43%). In terms of maximum drawdown, FFNOX dropped -49.84% vs AOA's -28.38%.
FFNOX currently has the higher Sharpe Ratio (1.93 vs 1.81), 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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