GIAX vs. AOR

Last updated Jun 4, 2026

GIAX (Nicholas Global Equity and Income ETF) and AOR (iShares Core Growth Allocation ETF) are both exchange-traded funds - GIAX is a Derivative Income fund actively managed by Nicholas, while AOR is a Diversified Portfolio fund tracking the S&P Target Risk Growth Index. GIAX is actively managed, while AOR is passively managed. Over the past year, GIAX returned 31.82% vs 19.21% for AOR. Their correlation of 0.82 suggests significant overlap in exposure. GIAX charges 0.97%/yr vs 0.25%/yr for AOR.

Performance

GIAX vs. AOR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nicholas Global Equity and Income ETF (GIAX) and iShares Core Growth Allocation ETF (AOR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GIAX achieves a 22.12% return, which is significantly higher than AOR's 7.39% return.

GIAX

• 1D: -2.89%
• 1M: 12.88%
• YTD: 22.12%
• 6M: 19.89%
• 1Y: 31.82%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AOR

• 1D: -0.53%
• 1M: 2.99%
• YTD: 7.39%
• 6M: 7.88%
• 1Y: 19.21%
• 3Y*: 14.21%
• 5Y*: 6.94%
• 10Y*: 8.40%

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

GIAX vs. AOR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GIAX Nicholas Global Equity and Income ETF	22.12%	11.73%	3.74%
AOR iShares Core Growth Allocation ETF	7.39%	16.44%	3.07%

Correlation

The correlation between GIAX and AOR is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.78
Correlation (All Time) Calculated using the full available price history since Jul 31, 2024	0.82

The correlation between GIAX and AOR has been stable across timeframes, ranging from 0.78 to 0.82 - a consistent structural relationship.

GIAX vs. AOR - Sectors Allocation Comparison

Sectors	GIAX	AOR
Technology	36.5%	27.8%
Communication Services	14.8%	8.1%
Financial Services	14.0%	16.2%
Consumer Cyclical	11.8%	9.5%
Industrials	5.8%	11.9%
Basic Materials	4.4%	4.2%
Utilities	4.0%	2.7%
Healthcare	3.1%	8.0%
Real Estate	2.9%	2.4%
Consumer Defensive	1.4%	5.0%
Energy	1.3%	4.3%

Return for Risk

GIAX vs. AOR — Risk / Return Rank

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

GIAX

GIAX Risk / Return Rank: 41
GIAX Sharpe Ratio Rank: 41
GIAX Sortino Ratio Rank: 39
GIAX Omega Ratio Rank: 41
GIAX Calmar Ratio Rank: 36
GIAX Martin Ratio Rank: 47

AOR

AOR Risk / Return Rank: 67
AOR Sharpe Ratio Rank: 68
AOR Sortino Ratio Rank: 70
AOR Omega Ratio Rank: 70
AOR Calmar Ratio Rank: 58
AOR Martin Ratio Rank: 67

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.

GIAX vs. AOR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nicholas Global Equity and Income ETF (GIAX) and iShares Core Growth Allocation ETF (AOR). 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.

	GIAX	AOR	Difference
Sharpe ratio Return per unit of total volatility	1.47	2.29	-0.82
Sortino ratio Return per unit of downside risk	2.04	3.27	-1.23
Omega ratio Gain probability vs. loss probability	1.27	1.43	-0.16
Calmar ratio Return relative to maximum drawdown	1.81	2.90	-1.09
Martin ratio Return relative to average drawdown	7.84	12.69	-4.85
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GIAX vs. AOR - Sharpe Ratio Comparison

The current GIAX Sharpe Ratio is 1.47, which is lower than the AOR Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of GIAX and AOR, 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

	GIAX	AOR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.47	2.29	-0.82
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.66	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.79	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.97	0.69	+0.28

Drawdowns

GIAX vs. AOR - Drawdown Comparison

The maximum GIAX drawdown since its inception was -20.38%, smaller than the maximum AOR drawdown of -24.44%. Use the drawdown chart below to compare losses from any high point for GIAX and AOR.

Drawdown Indicators

	GIAX	AOR	Difference
Max Drawdown Largest peak-to-trough decline	-20.38%	-24.44%	+4.06%
Max Drawdown (1Y) Largest decline over 1 year	-17.62%	-6.64%	-10.98%
Max Drawdown (3Y) Largest decline over 3 years	—	-9.77%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-21.72%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-22.95%	—
Current Drawdown Current decline from peak	-2.89%	-0.53%	-2.36%
Average Drawdown Average peak-to-trough decline	-2.99%	-3.48%	+0.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.07%	1.52%	+2.55%

Volatility

GIAX vs. AOR - Volatility Comparison

Nicholas Global Equity and Income ETF (GIAX) has a higher volatility of 8.06% compared to iShares Core Growth Allocation ETF (AOR) at 2.72%. This indicates that GIAX's price experiences larger fluctuations and is considered to be riskier than AOR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GIAX	AOR	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.06%	2.72%	+5.34%
Volatility (6M) Calculated over the trailing 6-month period	19.80%	6.81%	+12.99%
Volatility (1Y) Calculated over the trailing 1-year period	21.77%	8.42%	+13.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.46%	10.55%	+10.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.46%	10.67%	+10.79%

GIAX vs. AOR - Expense Ratio Comparison

GIAX has a 0.97% expense ratio, which is higher than AOR's 0.25% expense ratio.

Dividends

GIAX vs. AOR - Dividend Comparison

GIAX's dividend yield for the trailing twelve months is around 22.33%, more than AOR's 2.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AOR iShares Core Growth Allocation ETF	2.47%	2.55%	2.66%	2.50%	2.12%	1.64%	1.89%	2.56%	2.49%	4.51%	2.16%	2.12%
GIAX Nicholas Global Equity and Income ETF	22.33%	25.62%	10.58%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GIAX and AOR in my portfolio?

GIAX and AOR have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GIAX or AOR?

GIAX has higher volatility (8.06%) compared to AOR (2.72%). In terms of maximum drawdown, GIAX dropped -20.38% vs AOR's -24.44%.

Which ETF is better, GIAX or AOR?

On 1-year performance, GIAX leads with 31.82% vs 19.21% for AOR. On fees, AOR is cheaper at 0.25% per year. On volatility, AOR has been the lower-risk option at 2.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GIAX or AOR?

Over the 1-year period, GIAX has performed better with a 31.82% return vs 19.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GIAX or AOR?

AOR is cheaper with a 0.25% expense ratio, compared with 0.97% for GIAX.

Which ETF pays a higher dividend yield, GIAX or AOR?

GIAX has the higher dividend yield at 22.33%, compared with 2.47% for AOR.

What is the main difference between GIAX and AOR?

GIAX is categorized as Derivative Income, while AOR is Diversified Portfolio. They also come from different issuers: Nicholas and iShares. Their fees differ too: 0.97% for GIAX and 0.25% for AOR.

Which has better risk-adjusted returns?

AOR currently has the higher Sharpe Ratio (2.29 vs 1.47), 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.