HNDL vs. AOR

Last updated Jun 5, 2026

HNDL (Strategy Shares Nasdaq 7HANDL Index ETF) and AOR (iShares Core 60/40 Balanced Allocation ETF) are both Diversified Portfolio funds - HNDL tracks the NASDAQ 7 HANDL™ Index while AOR tracks the S&P Target Risk Growth Index. Both are passively managed. Over the past 5 years, HNDL returned 5.15%/yr vs 7.00%/yr for AOR. A 0.76 correlation means they provide meaningful diversification when combined. HNDL charges 0.97%/yr vs 0.15%/yr for AOR.

Performance

HNDL vs. AOR - 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 60/40 Balanced Allocation ETF (AOR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with HNDL having a 7.41% return and AOR slightly higher at 7.65%.

HNDL

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

AOR

• 1D: 0.24%
• 1M: 2.53%
• YTD: 7.65%
• 6M: 8.14%
• 1Y: 19.12%
• 3Y*: 14.39%
• 5Y*: 7.00%
• 10Y*: 8.40%

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

HNDL vs. AOR - 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%
AOR iShares Core 60/40 Balanced Allocation ETF	7.65%	16.44%	10.68%	15.75%	-15.64%	11.19%	11.42%	18.91%	-8.23%

Correlation

The correlation between HNDL and AOR is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (All Time) Calculated using the full available price history since Jan 18, 2018	0.76

The correlation between HNDL and AOR has been stable across timeframes, ranging from 0.76 to 0.85 - a consistent structural relationship.

HNDL vs. AOR - Sectors Allocation Comparison

Sectors	HNDL	AOR
Financial Services	89.8%	16.2%
Technology	22.7%	27.8%
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%	8.1%
Healthcare	6.1%	8.0%
Industrials	5.0%	11.9%
Consumer Defensive	4.6%	5.0%
Basic Materials	1.2%	4.2%

Return for Risk

HNDL vs. AOR — 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

AOR

AOR Risk / Return Rank: 69
AOR Sharpe Ratio Rank: 71
AOR Sortino Ratio Rank: 73
AOR Omega Ratio Rank: 72
AOR Calmar Ratio Rank: 59
AOR Martin Ratio Rank: 69

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. AOR - 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 60/40 Balanced 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.

	HNDL	AOR	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	3.26	-0.22
Omega ratio: Gain probability vs. loss probability	1.41	1.43	-0.02
Calmar ratio: Return relative to maximum drawdown	3.23	2.89	+0.34
Martin ratio: Return relative to average drawdown	13.30	12.64	+0.66
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. AOR - Sharpe Ratio Comparison

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

	HNDL	AOR	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	0.67	-0.22
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.79	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.69	-0.15

Drawdowns

HNDL vs. AOR - Drawdown Comparison

The maximum HNDL drawdown since its inception was -23.72%, roughly equal to the maximum AOR drawdown of -24.44%. Use the drawdown chart below to compare losses from any high point for HNDL and AOR.

Drawdown Indicators

	HNDL	AOR	Difference
Max Drawdown Largest peak-to-trough decline	-23.72%	-24.44%	+0.72%
Max Drawdown (1Y) Largest decline over 1 year	-4.96%	-6.64%	+1.68%
Max Drawdown (3Y) Largest decline over 3 years	-12.25%	-9.77%	-2.48%
Max Drawdown (5Y) Largest decline over 5 years	-23.72%	-21.72%	-2.00%
Max Drawdown (10Y) Largest decline over 10 years	—	-22.95%	—
Current Drawdown Current decline from peak	0.00%	-0.29%	+0.29%
Average Drawdown Average peak-to-trough decline	-4.87%	-3.47%	-1.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.20%	1.52%	-0.32%

Volatility

HNDL vs. AOR - Volatility Comparison

The current volatility for Strategy Shares Nasdaq 7HANDL Index ETF (HNDL) is 2.06%, while iShares Core 60/40 Balanced Allocation ETF (AOR) has a volatility of 2.66%. This indicates that HNDL experiences smaller price fluctuations and is considered to be less risky than AOR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HNDL	AOR	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.06%	2.66%	-0.60%
Volatility (6M) Calculated over the trailing 6-month period	5.58%	6.81%	-1.23%
Volatility (1Y) Calculated over the trailing 1-year period	7.33%	8.42%	-1.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.50%	10.55%	+0.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.74%	10.67%	+0.07%

HNDL vs. AOR - Expense Ratio Comparison

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

Dividends

HNDL vs. AOR - Dividend Comparison

HNDL's dividend yield for the trailing twelve months is around 6.77%, more than AOR's 2.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AOR iShares Core 60/40 Balanced Allocation ETF	2.46%	2.55%	2.66%	2.50%	2.12%	1.64%	1.89%	2.56%	2.49%	4.51%	2.16%	2.12%
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 AOR in my portfolio?

HNDL and AOR have a correlation of 0.83, 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 AOR?

AOR has higher volatility (2.66%) compared to HNDL (2.06%). In terms of maximum drawdown, HNDL dropped -23.72% vs AOR's -24.44%.

Which ETF is better, HNDL or AOR?

On 5-year performance, AOR leads with 7.00% vs 5.15% for HNDL. On fees, AOR 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 AOR?

Over the 5-year period, AOR has performed better with a 7.00% 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 AOR?

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

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

HNDL has the higher dividend yield at 6.77%, compared with 2.46% for AOR.

What is the main difference between HNDL and AOR?

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

Which has better risk-adjusted returns?

AOR 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.