HNDL vs. AOA

Last updated Jun 5, 2026

HNDL (Strategy Shares Nasdaq 7HANDL Index ETF) and AOA (iShares Core 80/20 Aggressive Allocation ETF) are both Diversified Portfolio funds - HNDL tracks the NASDAQ 7 HANDL™ Index while AOA tracks the S&P Target Risk Aggressive Index. Both are passively managed. Over the past 5 years, HNDL returned 5.15%/yr vs 9.19%/yr for AOA. A 0.74 correlation means they provide meaningful diversification when combined. HNDL charges 0.97%/yr vs 0.15%/yr for AOA.

Performance

HNDL vs. AOA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Strategy Shares Nasdaq 7HANDL Index ETF (HNDL) 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, HNDL achieves a 7.41% return, which is significantly lower than AOA's 10.13% return.

HNDL

• 1D: 0.48%
• 1M: 1.40%
• YTD: 7.41%
• 6M: 6.83%
• 1Y: 15.95%
• 3Y*: 12.14%
• 5Y*: 5.15%
• 10Y*: —

AOA

• 1D: 0.18%
• 1M: 3.39%
• YTD: 10.13%
• 6M: 10.89%
• 1Y: 24.17%
• 3Y*: 17.70%
• 5Y*: 9.19%
• 10Y*: 10.53%

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

HNDL vs. AOA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
HNDL Strategy Shares Nasdaq 7HANDL Index ETF	7.41%	10.76%	10.66%	13.28%	-19.12%	9.06%	12.03%	15.66%	-5.88%
AOA iShares Core 80/20 Aggressive Allocation ETF	10.13%	19.59%	13.55%	18.27%	-16.23%	15.42%	12.82%	22.60%	-11.15%

Correlation

The correlation between HNDL and AOA is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (All Time) Calculated using the full available price history since Jan 18, 2018	0.74

The correlation between HNDL and AOA has been stable across timeframes, ranging from 0.74 to 0.83 - a consistent structural relationship.

HNDL vs. AOA - Sectors Allocation Comparison

Sectors	HNDL	AOA
Financial Services	89.8%	16.1%
Technology	22.7%	27.4%
Energy	16.4%	4.3%
Utilities	15.3%	2.7%
Real Estate	9.8%	2.4%
Consumer Cyclical	6.2%	9.5%
Communication Services	6.2%	8.3%
Healthcare	6.1%	8.0%
Industrials	5.0%	12.0%
Consumer Defensive	4.6%	5.0%
Basic Materials	1.2%	4.2%

Return for Risk

HNDL vs. AOA — Risk / Return Rank

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

HNDL

HNDL Risk / Return Rank: 68
HNDL Sharpe Ratio Rank: 68
HNDL Sortino Ratio Rank: 67
HNDL Omega Ratio Rank: 69
HNDL Calmar Ratio Rank: 66
HNDL Martin Ratio Rank: 72

AOA

AOA Risk / Return Rank: 70
AOA Sharpe Ratio Rank: 71
AOA Sortino Ratio Rank: 72
AOA Omega Ratio Rank: 72
AOA Calmar Ratio Rank: 61
AOA Martin Ratio Rank: 72

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.

HNDL vs. AOA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Strategy Shares Nasdaq 7HANDL Index ETF (HNDL) 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.

	HNDL	AOA	Difference
Sharpe ratio: Return per unit of total volatility	2.19	2.28	-0.10
Sortino ratio: Return per unit of downside risk	3.04	3.22	-0.18
Omega ratio: Gain probability vs. loss probability	1.41	1.42	-0.02
Calmar ratio: Return relative to maximum drawdown	3.23	2.96	+0.27
Martin ratio: Return relative to average drawdown	13.30	13.13	+0.17
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HNDL vs. AOA - Sharpe Ratio Comparison

The current HNDL Sharpe Ratio is 2.19, which is comparable to the AOA Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of HNDL 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

	HNDL	AOA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.19	2.28	-0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.45	0.71	-0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.78	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.69	-0.15

Drawdowns

HNDL vs. AOA - Drawdown Comparison

The maximum HNDL drawdown since its inception was -23.72%, smaller than the maximum AOA drawdown of -28.38%. Use the drawdown chart below to compare losses from any high point for HNDL and AOA.

Drawdown Indicators

	HNDL	AOA	Difference
Max Drawdown Largest peak-to-trough decline	-23.72%	-28.38%	+4.66%
Max Drawdown (1Y) Largest decline over 1 year	-4.96%	-8.20%	+3.24%
Max Drawdown (3Y) Largest decline over 3 years	-12.25%	-12.94%	+0.69%
Max Drawdown (5Y) Largest decline over 5 years	-23.72%	-23.62%	-0.10%
Max Drawdown (10Y) Largest decline over 10 years	—	-28.38%	—
Current Drawdown Current decline from peak	0.00%	-0.31%	+0.31%
Average Drawdown Average peak-to-trough decline	-4.87%	-4.05%	-0.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.20%	1.85%	-0.65%

Volatility

HNDL vs. AOA - Volatility Comparison

The current volatility for Strategy Shares Nasdaq 7HANDL Index ETF (HNDL) is 2.06%, while iShares Core 80/20 Aggressive Allocation ETF (AOA) has a volatility of 3.16%. This indicates that HNDL 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

	HNDL	AOA	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.06%	3.16%	-1.10%
Volatility (6M) Calculated over the trailing 6-month period	5.58%	8.51%	-2.93%
Volatility (1Y) Calculated over the trailing 1-year period	7.33%	10.63%	-3.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.50%	12.97%	-1.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.74%	13.54%	-2.80%

HNDL vs. AOA - Expense Ratio Comparison

HNDL has a 0.97% expense ratio, which is higher than AOA's 0.15% expense ratio.

Dividends

HNDL vs. AOA - Dividend Comparison

HNDL's dividend yield for the trailing twelve months is around 6.77%, more than AOA's 2.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AOA iShares Core 80/20 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%
HNDL Strategy Shares Nasdaq 7HANDL Index ETF	6.77%	6.86%	7.02%	6.78%	7.87%	6.86%	6.21%	5.27%	6.42%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HNDL and AOA in my portfolio?

HNDL and AOA have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HNDL or AOA?

AOA has higher volatility (3.16%) compared to HNDL (2.06%). In terms of maximum drawdown, HNDL dropped -23.72% vs AOA's -28.38%.

Which ETF is better, HNDL or AOA?

On 5-year performance, AOA leads with 9.19% vs 5.15% for HNDL. On fees, AOA is cheaper at 0.15% per year. On volatility, HNDL has been the lower-risk option at 2.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HNDL or AOA?

Over the 5-year period, AOA has performed better with a 9.19% return vs 5.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HNDL or AOA?

AOA is cheaper with a 0.15% expense ratio, compared with 0.97% for HNDL.

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

HNDL has the higher dividend yield at 6.77%, compared with 2.04% for AOA.

What is the main difference between HNDL and AOA?

HNDL tracks NASDAQ 7 HANDL™ Index, while AOA tracks S&P Target Risk Aggressive Index. They also come from different issuers: Rational Capital LLC and iShares. Their fees differ too: 0.97% for HNDL and 0.15% for AOA.

Which has better risk-adjusted returns?

AOA currently has the higher Sharpe Ratio (2.28 vs 2.19), 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.