FXED vs. AOA

Last updated Jun 25, 2026

FXED (Sound Enhanced Fixed Income ETF) and AOA (iShares Core 80/20 Aggressive Allocation ETF) are both Diversified Portfolio funds. FXED is actively managed, while AOA is passively managed. Over the past 5 years, FXED returned 2.25%/yr vs 8.70%/yr for AOA. A 0.52 correlation means they provide meaningful diversification when combined. FXED charges 2.33%/yr vs 0.15%/yr for AOA.

Performance

FXED vs. AOA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Sound Enhanced Fixed Income ETF (FXED) and iShares Core 80/20 Aggressive Allocation ETF (AOA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FXED achieves a -0.63% return, which is significantly lower than AOA's 8.15% return.

FXED

• 1D: -0.34%
• 1M: -0.24%
• YTD: -0.63%
• 6M: 0.05%
• 1Y: 3.33%
• 3Y*: 6.78%
• 5Y*: 2.25%
• 10Y*: —

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%

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

FXED vs. AOA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FXED Sound Enhanced Fixed Income ETF	-0.63%	5.77%	5.18%	15.09%	-14.68%	9.75%	-0.17%
AOA iShares Core 80/20 Aggressive Allocation ETF	8.15%	19.59%	13.55%	18.27%	-16.23%	15.42%	-0.05%

Correlation

The correlation between FXED and AOA is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (5Y) Calculated over the trailing 5-year period	0.52
Correlation (All Time) Calculated using the full available price history since Dec 31, 2020	0.52

The correlation between FXED and AOA shifts across timeframes, from 0.40 (1 year) to 0.52 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FXED vs. AOA — Risk / Return Rank

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

FXED

FXED Risk / Return Rank: 16
FXED Sharpe Ratio Rank: 17
FXED Sortino Ratio Rank: 15
FXED Omega Ratio Rank: 15
FXED Calmar Ratio Rank: 17
FXED Martin Ratio Rank: 17

AOA

AOA Risk / Return Rank: 60
AOA Sharpe Ratio Rank: 60
AOA Sortino Ratio Rank: 60
AOA Omega Ratio Rank: 62
AOA Calmar Ratio Rank: 56
AOA Martin Ratio Rank: 65

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.

FXED vs. AOA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sound Enhanced Fixed Income ETF (FXED) 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.

	FXED	AOA	Difference
Sharpe ratio: Return per unit of total volatility	0.49	1.81	-1.32
Sortino ratio: Return per unit of downside risk	0.74	2.53	-1.79
Omega ratio: Gain probability vs. loss probability	1.09	1.34	-0.25
Calmar ratio: Return relative to maximum drawdown	0.62	2.46	-1.84
Martin ratio: Return relative to average drawdown	1.64	10.68	-9.03

FXED vs. AOA - Sharpe Ratio Comparison

The current FXED Sharpe Ratio is 0.49, which is lower than the AOA Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of FXED 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.

Drawdowns

FXED vs. AOA - Drawdown Comparison

The maximum FXED drawdown since its inception was -19.70%, smaller than the maximum AOA drawdown of -28.38%. Use the drawdown chart below to compare losses from any high point for FXED and AOA.

Drawdown Indicators

	FXED	AOA	Difference
Max Drawdown Largest peak-to-trough decline	-19.70%	-28.38%	+8.68%
Max Drawdown (1Y) Largest decline over 1 year	-5.36%	-8.20%	+2.84%
Max Drawdown (3Y) Largest decline over 3 years	-8.96%	-12.94%	+3.98%
Max Drawdown (5Y) Largest decline over 5 years	-19.70%	-23.62%	+3.92%
Max Drawdown (10Y) Largest decline over 10 years	—	-28.38%	—
Current Drawdown Current decline from peak	-2.48%	-2.11%	-0.37%
Average Drawdown Average peak-to-trough decline	-4.75%	-4.04%	-0.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.03%	1.89%	+0.14%

Volatility

FXED vs. AOA - Volatility Comparison

The current volatility for Sound Enhanced Fixed Income ETF (FXED) is 1.72%, while iShares Core 80/20 Aggressive Allocation ETF (AOA) has a volatility of 4.43%. This indicates that FXED experiences smaller price fluctuations and is considered to be less risky than AOA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FXED	AOA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.72%	4.43%	-2.71%
Volatility (6M) Calculated over the trailing 6-month period	5.29%	9.33%	-4.04%
Volatility (1Y) Calculated over the trailing 1-year period	6.81%	11.24%	-4.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.76%	13.08%	-4.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.56%	13.51%	-4.95%

FXED vs. AOA - Expense Ratio Comparison

FXED has a 2.33% expense ratio, which is higher than AOA's 0.15% expense ratio.

Dividends

FXED vs. AOA - Dividend Comparison

FXED's dividend yield for the trailing twelve months is around 7.18%, 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%
FXED Sound Enhanced Fixed Income ETF	7.18%	6.96%	6.70%	5.65%	5.94%	4.59%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FXED and AOA in my portfolio?

FXED and AOA have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FXED or AOA?

AOA has higher volatility (4.43%) compared to FXED (1.72%). In terms of maximum drawdown, FXED dropped -19.70% vs AOA's -28.38%.

Which ETF is better, FXED or AOA?

On 5-year performance, AOA leads with 8.70% vs 2.25% for FXED. On fees, AOA is cheaper at 0.15% per year. On volatility, FXED has been the lower-risk option at 1.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FXED or AOA?

Over the 5-year period, AOA has performed better with a 8.70% return vs 2.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FXED or AOA?

AOA is cheaper with a 0.15% expense ratio, compared with 2.33% for FXED.

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

FXED has the higher dividend yield at 7.18%, compared with 2.08% for AOA.

What is the main difference between FXED and AOA?

They also come from different issuers: Sound Income Strategies and iShares. Their fees differ too: 2.33% for FXED and 0.15% for AOA.

Which has better risk-adjusted returns?

AOA currently has the higher Sharpe Ratio (1.81 vs 0.49), 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.