FPAG vs. AOA

Last updated Jun 4, 2026

FPAG (FPA Global Equity ETF) and AOA (iShares Core Aggressive Allocation ETF) are both exchange-traded funds - FPAG is a Global Equities fund actively managed by FPA, while AOA is a Diversified Portfolio fund tracking the S&P Target Risk Aggressive Index. FPAG is actively managed, while AOA is passively managed. Over the past 3 years, FPAG returned 21.24%/yr vs 17.52%/yr for AOA. Their correlation of 0.91 suggests significant overlap in exposure. FPAG charges 0.49%/yr vs 0.25%/yr for AOA.

Performance

FPAG vs. AOA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FPA Global Equity ETF (FPAG) and iShares Core Aggressive Allocation ETF (AOA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FPAG achieves a 7.57% return, which is significantly lower than AOA's 9.93% return.

FPAG

• 1D: -0.60%
• 1M: 4.07%
• YTD: 7.57%
• 6M: 8.13%
• 1Y: 25.35%
• 3Y*: 21.24%
• 5Y*: —
• 10Y*: —

AOA

• 1D: -0.50%
• 1M: 4.14%
• YTD: 9.93%
• 6M: 10.64%
• 1Y: 24.29%
• 3Y*: 17.52%
• 5Y*: 9.15%
• 10Y*: 10.56%

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

FPAG vs. AOA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FPAG FPA Global Equity ETF	7.57%	25.17%	15.64%	29.55%	-17.87%	2.93%
AOA iShares Core Aggressive Allocation ETF	9.93%	19.59%	13.55%	18.27%	-16.23%	2.37%

Correlation

The correlation between FPAG and AOA is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (All Time) Calculated using the full available price history since Dec 20, 2021	0.91

The correlation between FPAG and AOA has been stable across timeframes, ranging from 0.85 to 0.91 - a consistent structural relationship.

FPAG vs. AOA - Sectors Allocation Comparison

Sectors	FPAG	AOA
Communication Services	17.8%	8.3%
Basic Materials	14.6%	4.2%
Technology	12.9%	27.4%
Industrials	12.2%	12.0%
Healthcare	12.0%	8.0%
Consumer Cyclical	10.6%	9.5%
Financial Services	9.5%	16.1%
Consumer Defensive	8.9%	5.0%
Energy	1.4%	4.3%
Utilities	0.2%	2.7%
Real Estate	0.0%	2.4%

Return for Risk

FPAG vs. AOA — Risk / Return Rank

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

FPAG

FPAG Risk / Return Rank: 48
FPAG Sharpe Ratio Rank: 50
FPAG Sortino Ratio Rank: 51
FPAG Omega Ratio Rank: 49
FPAG Calmar Ratio Rank: 42
FPAG Martin Ratio Rank: 47

AOA

AOA Risk / Return Rank: 67
AOA Sharpe Ratio Rank: 68
AOA Sortino Ratio Rank: 69
AOA Omega Ratio Rank: 69
AOA Calmar Ratio Rank: 59
AOA Martin Ratio Rank: 70

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.

FPAG vs. AOA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FPA Global Equity ETF (FPAG) and iShares Core 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.

	FPAG	AOA	Difference
Sharpe ratio Return per unit of total volatility	1.74	2.30	-0.56
Sortino ratio Return per unit of downside risk	2.51	3.23	-0.72
Omega ratio Gain probability vs. loss probability	1.31	1.43	-0.11
Calmar ratio Return relative to maximum drawdown	2.10	2.98	-0.88
Martin ratio Return relative to average drawdown	7.94	13.20	-5.26
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FPAG vs. AOA - Sharpe Ratio Comparison

The current FPAG Sharpe Ratio is 1.74, which is comparable to the AOA Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of FPAG and AOA, 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

	FPAG	AOA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.74	2.30	-0.56
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.71	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.78	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.66	0.69	-0.03

Drawdowns

FPAG vs. AOA - Drawdown Comparison

The maximum FPAG drawdown since its inception was -28.43%, roughly equal to the maximum AOA drawdown of -28.38%. Use the drawdown chart below to compare losses from any high point for FPAG and AOA.

Drawdown Indicators

	FPAG	AOA	Difference
Max Drawdown Largest peak-to-trough decline	-28.43%	-28.38%	-0.05%
Max Drawdown (1Y) Largest decline over 1 year	-12.14%	-8.20%	-3.94%
Max Drawdown (3Y) Largest decline over 3 years	-18.06%	-12.94%	-5.12%
Max Drawdown (5Y) Largest decline over 5 years	—	-23.62%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-28.38%	—
Current Drawdown Current decline from peak	-0.60%	-0.50%	-0.10%
Average Drawdown Average peak-to-trough decline	-6.37%	-4.05%	-2.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.20%	1.84%	+1.36%

Volatility

FPAG vs. AOA - Volatility Comparison

FPA Global Equity ETF (FPAG) has a higher volatility of 4.16% compared to iShares Core Aggressive Allocation ETF (AOA) at 3.25%. This indicates that FPAG'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.

Volatility by Period

	FPAG	AOA	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.16%	3.25%	+0.91%
Volatility (6M) Calculated over the trailing 6-month period	11.38%	8.51%	+2.87%
Volatility (1Y) Calculated over the trailing 1-year period	14.64%	10.63%	+4.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.39%	12.98%	+6.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.39%	13.55%	+5.84%

FPAG vs. AOA - Expense Ratio Comparison

FPAG has a 0.49% expense ratio, which is higher than AOA's 0.25% expense ratio.

Dividends

FPAG vs. AOA - Dividend Comparison

FPAG's dividend yield for the trailing twelve months is around 1.41%, less than AOA's 2.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AOA iShares Core Aggressive Allocation ETF	2.04%	2.18%	2.30%	2.22%	2.10%	1.67%	1.71%	2.50%	2.37%	5.09%	2.26%	2.15%
FPAG FPA Global Equity ETF	1.41%	1.99%	1.42%	1.51%	1.22%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FPAG and AOA in my portfolio?

FPAG and AOA have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FPAG or AOA?

FPAG has higher volatility (4.16%) compared to AOA (3.25%). In terms of maximum drawdown, FPAG dropped -28.43% vs AOA's -28.38%.

Which ETF is better, FPAG or AOA?

On 3-year performance, FPAG leads with 21.24% vs 17.52% for AOA. On fees, AOA is cheaper at 0.25% per year. On volatility, AOA has been the lower-risk option at 3.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FPAG or AOA?

Over the 3-year period, FPAG has performed better with a 21.24% return vs 17.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FPAG or AOA?

AOA is cheaper with a 0.25% expense ratio, compared with 0.49% for FPAG.

Which ETF pays a higher dividend yield, FPAG or AOA?

AOA has the higher dividend yield at 2.04%, compared with 1.41% for FPAG.

What is the main difference between FPAG and AOA?

FPAG is categorized as Global Equities, while AOA is Diversified Portfolio. They also come from different issuers: FPA and iShares. Their fees differ too: 0.49% for FPAG and 0.25% for AOA.

Which has better risk-adjusted returns?

AOA currently has the higher Sharpe Ratio (2.30 vs 1.74), 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.