HIPS vs. AOA

Last updated Jun 6, 2026

HIPS (GraniteShares HIPS US High Income ETF) and AOA (iShares Core 80/20 Aggressive Allocation ETF) are both Diversified Portfolio funds - HIPS tracks the TFMS HIPS Index while AOA tracks the S&P Target Risk Aggressive Index. Both are passively managed. Over the past 10 years, HIPS returned 5.31%/yr vs 10.20%/yr for AOA. A 0.60 correlation means they provide meaningful diversification when combined. HIPS charges 3.19%/yr vs 0.15%/yr for AOA.

Performance

HIPS vs. AOA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares HIPS US High Income ETF (HIPS) 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, HIPS achieves a 3.03% return, which is significantly lower than AOA's 7.36% return. Over the past 10 years, HIPS has underperformed AOA with an annualized return of 5.31%, while AOA has yielded a comparatively higher 10.20% annualized return.

HIPS

• 1D: -1.46%
• 1M: -3.20%
• YTD: 3.03%
• 6M: 1.68%
• 1Y: 6.53%
• 3Y*: 10.39%
• 5Y*: 3.91%
• 10Y*: 5.31%

AOA

• 1D: -2.52%
• 1M: -0.81%
• YTD: 7.36%
• 6M: 7.82%
• 1Y: 21.62%
• 3Y*: 16.51%
• 5Y*: 8.63%
• 10Y*: 10.20%

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

HIPS vs. AOA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HIPS GraniteShares HIPS US High Income ETF	3.03%	1.00%	13.71%	16.09%	-13.47%	22.65%	-11.74%	22.94%	-9.30%	6.30%
AOA iShares Core 80/20 Aggressive Allocation ETF	7.36%	19.59%	13.55%	18.27%	-16.23%	15.42%	12.82%	22.60%	-7.86%	20.05%

Correlation

The correlation between HIPS and AOA is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (10Y) Calculated over the trailing 10-year period	0.60
Correlation (All Time) Calculated using the full available price history since Jan 8, 2015	0.60

The correlation between HIPS and AOA shifts across timeframes, from 0.43 (1 year) to 0.62 (5 years), reflecting how their relationship changes across market environments.

HIPS vs. AOA - Sectors Allocation Comparison

Sectors	HIPS	AOA
Energy	32.7%	4.3%
Real Estate	31.7%	2.4%
Financial Services	31.6%	16.1%
Basic Materials	4.0%	4.2%
Communication Services	0.0%	8.3%
Consumer Cyclical	-	9.5%
Consumer Defensive	-	5.0%
Healthcare	-	8.0%
Industrials	-	12.0%
Technology	-	27.4%
Utilities	-	2.7%

Return for Risk

HIPS vs. AOA — Risk / Return Rank

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

HIPS

HIPS Risk / Return Rank: 21
HIPS Sharpe Ratio Rank: 21
HIPS Sortino Ratio Rank: 20
HIPS Omega Ratio Rank: 19
HIPS Calmar Ratio Rank: 24
HIPS Martin Ratio Rank: 23

AOA

AOA Risk / Return Rank: 61
AOA Sharpe Ratio Rank: 60
AOA Sortino Ratio Rank: 60
AOA Omega Ratio Rank: 62
AOA Calmar Ratio Rank: 54
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.

HIPS vs. AOA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares HIPS US High Income ETF (HIPS) 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.

	HIPS	AOA	Difference
Sharpe ratio: Return per unit of total volatility	0.68	1.99	-1.31
Sortino ratio: Return per unit of downside risk	1.00	2.75	-1.76
Omega ratio: Gain probability vs. loss probability	1.12	1.37	-0.25
Calmar ratio: Return relative to maximum drawdown	1.07	2.65	-1.58
Martin ratio: Return relative to average drawdown	2.83	11.69	-8.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HIPS vs. AOA - Sharpe Ratio Comparison

The current HIPS Sharpe Ratio is 0.68, which is lower than the AOA Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of HIPS 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

	HIPS	AOA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.68	1.99	-1.31
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.29	0.67	-0.37
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.29	0.75	-0.46
Sharpe Ratio (All Time) Calculated using the full available price history	0.22	0.68	-0.46

Drawdowns

HIPS vs. AOA - Drawdown Comparison

The maximum HIPS drawdown since its inception was -53.14%, which is greater than AOA's maximum drawdown of -28.38%. Use the drawdown chart below to compare losses from any high point for HIPS and AOA.

Drawdown Indicators

	HIPS	AOA	Difference
Max Drawdown Largest peak-to-trough decline	-53.14%	-28.38%	-24.76%
Max Drawdown (1Y) Largest decline over 1 year	-6.15%	-8.20%	+2.05%
Max Drawdown (3Y) Largest decline over 3 years	-15.41%	-12.94%	-2.47%
Max Drawdown (5Y) Largest decline over 5 years	-21.28%	-23.62%	+2.34%
Max Drawdown (10Y) Largest decline over 10 years	-53.14%	-28.38%	-24.76%
Current Drawdown Current decline from peak	-4.46%	-2.83%	-1.63%
Average Drawdown Average peak-to-trough decline	-7.39%	-4.05%	-3.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.31%	1.85%	+0.46%

Volatility

HIPS vs. AOA - Volatility Comparison

The current volatility for GraniteShares HIPS US High Income ETF (HIPS) is 2.59%, while iShares Core 80/20 Aggressive Allocation ETF (AOA) has a volatility of 3.84%. This indicates that HIPS 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

	HIPS	AOA	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.59%	3.84%	-1.25%
Volatility (6M) Calculated over the trailing 6-month period	7.27%	8.91%	-1.64%
Volatility (1Y) Calculated over the trailing 1-year period	9.70%	10.94%	-1.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.32%	13.02%	+0.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.08%	13.57%	+4.51%

HIPS vs. AOA - Expense Ratio Comparison

HIPS has a 3.19% expense ratio, which is higher than AOA's 0.15% expense ratio.

Dividends

HIPS vs. AOA - Dividend Comparison

HIPS's dividend yield for the trailing twelve months is around 11.22%, more than AOA's 2.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AOA iShares Core 80/20 Aggressive Allocation ETF	2.09%	2.18%	2.30%	2.22%	2.10%	1.67%	1.71%	2.50%	2.37%	5.09%	2.26%	2.15%
HIPS GraniteShares HIPS US High Income ETF	11.22%	11.04%	10.04%	10.32%	10.76%	8.43%	9.50%	6.93%	8.66%	7.28%	7.20%	8.17%

Frequently Asked Questions

Can I hold both HIPS and AOA in my portfolio?

HIPS and AOA have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HIPS or AOA?

AOA has higher volatility (3.84%) compared to HIPS (2.59%). In terms of maximum drawdown, HIPS dropped -53.14% vs AOA's -28.38%.

Which ETF is better, HIPS or AOA?

On 10-year performance, AOA leads with 10.20% vs 5.31% for HIPS. On fees, AOA is cheaper at 0.15% per year. On volatility, HIPS has been the lower-risk option at 2.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HIPS or AOA?

Over the 10-year period, AOA has performed better with a 10.20% return vs 5.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HIPS or AOA?

AOA is cheaper with a 0.15% expense ratio, compared with 3.19% for HIPS.

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

HIPS has the higher dividend yield at 11.22%, compared with 2.09% for AOA.

What is the main difference between HIPS and AOA?

HIPS tracks TFMS HIPS Index, while AOA tracks S&P Target Risk Aggressive Index. They also come from different issuers: GraniteShares and iShares. Their fees differ too: 3.19% for HIPS and 0.15% for AOA.

Which has better risk-adjusted returns?

AOA currently has the higher Sharpe Ratio (1.99 vs 0.68), 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.