FIXD vs. AAON

Last updated Jun 26, 2026

FIXD (First Trust Smith Opportunistic Fixed Income ETF) is Intermediate Core-Plus Bond fund actively managed by First Trust, while AAON (AAON, Inc.) is a stock. Over the past 5 years, FIXD returned -0.25%/yr vs 27.37%/yr for AAON. At a 0.04 correlation, their price movements are largely independent.

Performance

FIXD vs. AAON - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Smith Opportunistic Fixed Income ETF (FIXD) and AAON, Inc. (AAON). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FIXD achieves a 0.84% return, which is significantly lower than AAON's 75.11% return.

FIXD

• 1D: 0.00%
• 1M: 0.88%
• YTD: 0.84%
• 6M: 0.64%
• 1Y: 4.72%
• 3Y*: 4.06%
• 5Y*: -0.25%
• 10Y*: —

AAON

• 1D: 1.26%
• 1M: -5.50%
• YTD: 75.11%
• 6M: 76.17%
• 1Y: 83.95%
• 3Y*: 28.41%
• 5Y*: 27.37%
• 10Y*: 23.28%

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

FIXD vs. AAON - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FIXD First Trust Smith Opportunistic Fixed Income ETF	0.84%	7.95%	0.75%	5.72%	-15.00%	-1.07%	8.99%	10.56%	-0.00%	3.40%
AAON AAON, Inc.	75.11%	-34.91%	59.88%	47.86%	-4.55%	19.84%	35.71%	41.88%	-3.59%	7.30%

Correlation

The correlation between FIXD and AAON is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (3Y) Calculated over the trailing 3-year period	0.11
Correlation (5Y) Calculated over the trailing 5-year period	0.14
Correlation (All Time) Calculated using the full available price history since Feb 15, 2017	0.04

Over the past year, FIXD and AAON have become more correlated (0.26) than their long-term average of 0.04, meaning their price movements have been converging.

Return for Risk

FIXD vs. AAON — Risk / Return Rank

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

FIXD

FIXD Risk / Return Rank: 33
FIXD Sharpe Ratio Rank: 35
FIXD Sortino Ratio Rank: 35
FIXD Omega Ratio Rank: 31
FIXD Calmar Ratio Rank: 32
FIXD Martin Ratio Rank: 31

AAON

AAON Risk / Return Rank: 81
AAON Sharpe Ratio Rank: 81
AAON Sortino Ratio Rank: 82
AAON Omega Ratio Rank: 78
AAON Calmar Ratio Rank: 83
AAON Martin Ratio Rank: 82

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.

FIXD vs. AAON - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Smith Opportunistic Fixed Income ETF (FIXD) and AAON, Inc. (AAON). 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.

	FIXD	AAON	Difference
Sharpe ratio: Return per unit of total volatility	1.14	1.36	-0.22
Sortino ratio: Return per unit of downside risk	1.69	2.27	-0.59
Omega ratio: Gain probability vs. loss probability	1.20	1.27	-0.07
Calmar ratio: Return relative to maximum drawdown	1.48	2.74	-1.27
Martin ratio: Return relative to average drawdown	4.19	6.56	-2.37

FIXD vs. AAON - Sharpe Ratio Comparison

The current FIXD Sharpe Ratio is 1.14, which is comparable to the AAON Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of FIXD and AAON, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FIXD vs. AAON - Drawdown Comparison

The maximum FIXD drawdown since its inception was -20.44%, smaller than the maximum AAON drawdown of -76.03%. Use the drawdown chart below to compare losses from any high point for FIXD and AAON.

Drawdown Indicators

	FIXD	AAON	Difference
Max Drawdown Largest peak-to-trough decline	-20.44%	-76.03%	+55.59%
Max Drawdown (1Y) Largest decline over 1 year	-3.21%	-30.75%	+27.54%
Max Drawdown (3Y) Largest decline over 3 years	-6.97%	-48.86%	+41.89%
Max Drawdown (5Y) Largest decline over 5 years	-20.44%	-48.86%	+28.42%
Max Drawdown (10Y) Largest decline over 10 years	—	-48.86%	—
Current Drawdown Current decline from peak	-2.90%	-10.05%	+7.15%
Average Drawdown Average peak-to-trough decline	-5.48%	-19.25%	+13.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.13%	12.83%	-11.70%

Volatility

FIXD vs. AAON - Volatility Comparison

The current volatility for First Trust Smith Opportunistic Fixed Income ETF (FIXD) is 1.23%, while AAON, Inc. (AAON) has a volatility of 15.87%. This indicates that FIXD experiences smaller price fluctuations and is considered to be less risky than AAON based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIXD	AAON	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.23%	15.87%	-14.64%
Volatility (6M) Calculated over the trailing 6-month period	3.23%	45.11%	-41.88%
Volatility (1Y) Calculated over the trailing 1-year period	4.14%	62.03%	-57.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.60%	45.84%	-39.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.83%	40.50%	-34.67%

Dividends

FIXD vs. AAON - Dividend Comparison

FIXD's dividend yield for the trailing twelve months is around 5.06%, more than AAON's 0.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AAON AAON, Inc.	0.30%	0.52%	0.27%	0.43%	0.57%	0.48%	0.57%	0.65%	0.91%	0.71%	0.73%	0.95%
FIXD First Trust Smith Opportunistic Fixed Income ETF	5.06%	4.50%	4.56%	3.93%	3.07%	1.74%	3.14%	5.10%	2.81%	1.95%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FIXD and AAON in my portfolio?

FIXD and AAON have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FIXD or AAON?

AAON has higher volatility (15.87%) compared to FIXD (1.23%). In terms of maximum drawdown, FIXD dropped -20.44% vs AAON's -76.03%.

Which has better risk-adjusted returns?

AAON currently has the higher Sharpe Ratio (1.36 vs 1.14), 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.