INKM vs. AOA

Last updated Jun 3, 2026

INKM (SPDR SSgA Income Allocation ETF) and AOA (iShares Core Aggressive Allocation ETF) are both exchange-traded funds - INKM is a Global Equities fund actively managed by State Street, while AOA is a Diversified Portfolio fund tracking the S&P Target Risk Aggressive Index. INKM is actively managed, while AOA is passively managed. Over the past 10 years, INKM returned 5.62%/yr vs 10.61%/yr for AOA. A 0.80 correlation means they provide meaningful diversification when combined. INKM charges 0.50%/yr vs 0.25%/yr for AOA.

Performance

INKM vs. AOA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR SSgA Income Allocation ETF (INKM) and iShares Core Aggressive Allocation ETF (AOA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, INKM achieves a 5.92% return, which is significantly lower than AOA's 10.48% return. Over the past 10 years, INKM has underperformed AOA with an annualized return of 5.62%, while AOA has yielded a comparatively higher 10.61% annualized return.

INKM

• 1D: 0.35%
• 1M: 0.72%
• YTD: 5.92%
• 6M: 6.41%
• 1Y: 13.38%
• 3Y*: 10.14%
• 5Y*: 4.11%
• 10Y*: 5.62%

AOA

• 1D: 0.37%
• 1M: 4.06%
• YTD: 10.48%
• 6M: 11.51%
• 1Y: 25.21%
• 3Y*: 17.71%
• 5Y*: 9.42%
• 10Y*: 10.61%

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

INKM vs. AOA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
INKM SPDR SSgA Income Allocation ETF	5.92%	11.86%	5.70%	10.26%	-12.58%	8.52%	3.11%	17.12%	-5.32%	13.95%
AOA iShares Core Aggressive Allocation ETF	10.48%	19.59%	13.55%	18.27%	-16.23%	15.42%	12.82%	22.60%	-7.86%	20.05%

Correlation

The correlation between INKM and AOA is 0.73, 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	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.79
Correlation (All Time) Calculated using the full available price history since Apr 27, 2012	0.80

The correlation between INKM and AOA has been stable across timeframes, ranging from 0.73 to 0.80 - a consistent structural relationship.

INKM vs. AOA - Sectors Allocation Comparison

Sectors	INKM	AOA
Industrials	14.6%	12.0%
Utilities	13.9%	2.7%
Technology	13.2%	27.4%
Energy	11.1%	4.3%
Real Estate	10.9%	2.4%
Consumer Defensive	8.6%	5.0%
Financial Services	8.3%	16.1%
Healthcare	6.8%	8.0%
Communication Services	6.2%	8.3%
Consumer Cyclical	5.1%	9.5%
Basic Materials	1.4%	4.2%

Return for Risk

INKM vs. AOA — Risk / Return Rank

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

INKM

INKM Risk / Return Rank: 66
INKM Sharpe Ratio Rank: 67
INKM Sortino Ratio Rank: 69
INKM Omega Ratio Rank: 71
INKM Calmar Ratio Rank: 59
INKM Martin Ratio Rank: 63

AOA

AOA Risk / Return Rank: 71
AOA Sharpe Ratio Rank: 72
AOA Sortino Ratio Rank: 73
AOA Omega Ratio Rank: 74
AOA Calmar Ratio Rank: 63
AOA Martin Ratio Rank: 73

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.

INKM vs. AOA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR SSgA Income Allocation ETF (INKM) and iShares Core 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.

	INKM	AOA	Difference
Sharpe ratio Return per unit of total volatility	2.26	2.39	-0.12
Sortino ratio Return per unit of downside risk	3.21	3.35	-0.14
Omega ratio Gain probability vs. loss probability	1.43	1.44	-0.01
Calmar ratio Return relative to maximum drawdown	2.97	3.16	-0.19
Martin ratio Return relative to average drawdown	11.74	14.04	-2.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

INKM vs. AOA - Sharpe Ratio Comparison

The current INKM Sharpe Ratio is 2.26, which is comparable to the AOA Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of INKM 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

	INKM	AOA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.26	2.39	-0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	0.73	-0.23
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.58	0.79	-0.21
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.69	-0.12

Drawdowns

INKM vs. AOA - Drawdown Comparison

The maximum INKM drawdown since its inception was -28.58%, roughly equal to the maximum AOA drawdown of -28.38%. Use the drawdown chart below to compare losses from any high point for INKM and AOA.

Drawdown Indicators

	INKM	AOA	Difference
Max Drawdown Largest peak-to-trough decline	-28.58%	-28.38%	-0.20%
Max Drawdown (1Y) Largest decline over 1 year	-4.55%	-8.20%	+3.65%
Max Drawdown (3Y) Largest decline over 3 years	-9.25%	-12.94%	+3.69%
Max Drawdown (5Y) Largest decline over 5 years	-19.18%	-23.62%	+4.44%
Max Drawdown (10Y) Largest decline over 10 years	-28.58%	-28.38%	-0.20%
Current Drawdown Current decline from peak	-0.04%	0.00%	-0.04%
Average Drawdown Average peak-to-trough decline	-3.70%	-4.05%	+0.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.15%	1.84%	-0.69%

Volatility

INKM vs. AOA - Volatility Comparison

The current volatility for SPDR SSgA Income Allocation ETF (INKM) is 1.72%, while iShares Core Aggressive Allocation ETF (AOA) has a volatility of 3.27%. This indicates that INKM 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

	INKM	AOA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.72%	3.27%	-1.55%
Volatility (6M) Calculated over the trailing 6-month period	4.61%	8.52%	-3.91%
Volatility (1Y) Calculated over the trailing 1-year period	5.94%	10.62%	-4.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.30%	12.98%	-4.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.78%	13.55%	-3.77%

INKM vs. AOA - Expense Ratio Comparison

INKM has a 0.50% expense ratio, which is higher than AOA's 0.25% expense ratio.

Dividends

INKM vs. AOA - Dividend Comparison

INKM's dividend yield for the trailing twelve months is around 4.85%, more than AOA's 2.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AOA iShares Core Aggressive Allocation ETF	2.03%	2.18%	2.30%	2.22%	2.10%	1.67%	1.71%	2.50%	2.37%	5.09%	2.26%	2.15%
INKM SPDR SSgA Income Allocation ETF	4.85%	5.82%	4.83%	4.56%	5.03%	3.74%	3.88%	4.38%	4.08%	3.10%	3.39%	3.45%

Frequently Asked Questions

Can I hold both INKM and AOA in my portfolio?

INKM and AOA have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, INKM or AOA?

AOA has higher volatility (3.27%) compared to INKM (1.72%). In terms of maximum drawdown, INKM dropped -28.58% vs AOA's -28.38%.

Which ETF is better, INKM or AOA?

On 10-year performance, AOA leads with 10.61% vs 5.62% for INKM. On fees, AOA is cheaper at 0.25% per year. On volatility, INKM 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, INKM or AOA?

Over the 10-year period, AOA has performed better with a 10.61% return vs 5.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, INKM or AOA?

AOA is cheaper with a 0.25% expense ratio, compared with 0.50% for INKM.

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

INKM has the higher dividend yield at 4.85%, compared with 2.03% for AOA.

What is the main difference between INKM and AOA?

INKM is categorized as Global Equities, while AOA is Diversified Portfolio. They also come from different issuers: State Street and iShares. Their fees differ too: 0.50% for INKM and 0.25% for AOA.

Which has better risk-adjusted returns?

AOA currently has the higher Sharpe Ratio (2.39 vs 2.26), 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.