ISPY vs. AOR
ISPY (ProShares S&P 500 High Income ETF) and AOR (iShares Core 60/40 Balanced Allocation ETF) are both exchange-traded funds - ISPY is a Derivative Income fund tracking the S&P 500 Daily Covered Call Index, while AOR is a Diversified Portfolio fund tracking the S&P Target Risk Growth Index. Both are passively managed. Over the past year, ISPY returned 17.15% vs 14.64% for AOR. Their correlation of 0.89 suggests significant overlap in exposure. ISPY charges 0.55%/yr vs 0.15%/yr for AOR.
Performance
ISPY vs. AOR - Performance Comparison
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Returns By Period
In the year-to-date period, ISPY achieves a 8.64% return, which is significantly higher than AOR's 6.86% return.
ISPY
- 1D
- 0.71%
- 1M
- 0.15%
- 6M
- 9.24%
- YTD
- 8.64%
- 1Y
- 17.15%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 16.88%
AOR
- 1D
- 0.63%
- 1M
- -0.89%
- 6M
- 6.37%
- YTD
- 6.86%
- 1Y
- 14.64%
- 3Y*
- 12.82%
- 5Y*
- 6.68%
- 10Y*
- 8.14%
- ALL TIME*
- 8.69%
ISPY vs. AOR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
ISPY ProShares S&P 500 High Income ETF | 8.64% | 13.15% | 21.31% | 0.35% |
AOR iShares Core 60/40 Balanced Allocation ETF | 6.86% | 16.44% | 10.68% | 0.65% |
Correlation
The correlation between ISPY and AOR is 0.90, 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 | 0.90 |
Correlation (All Time) Calculated using the full available price history since Dec 20, 2023 | 0.89 |
The correlation between ISPY and AOR has been stable across timeframes, ranging from 0.89 to 0.90 - a consistent structural relationship.
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Return for Risk
ISPY vs. AOR — Risk / Return Rank
ISPY
AOR
ISPY vs. AOR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 High Income ETF (ISPY) 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| ISPY | AOR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.24 | ||
| Sortino ratioReturn per unit of downside risk | -0.44 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.30 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.04 | 2.21 | -0.17 |
| Martin ratioReturn relative to average drawdown | 8.07 | 9.38 | -1.31 |
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Drawdowns
ISPY vs. AOR - Drawdown Comparison
The maximum ISPY drawdown since its inception was -16.88%, smaller than the maximum AOR drawdown of -24.44%. Use the drawdown chart below to compare losses from any high point for ISPY and AOR.
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Drawdown Indicators
| ISPY | AOR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.88% | -24.44% | +7.56% |
Max Drawdown (1Y)Largest decline over 1 year | -8.43% | -6.64% | -1.79% |
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 DrawdownCurrent decline from peak | -1.59% | -1.01% | -0.58% |
Average DrawdownAverage peak-to-trough decline | -2.08% | -3.46% | +1.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.13% | 1.57% | +0.56% |
Volatility
ISPY vs. AOR - Volatility Comparison
ProShares S&P 500 High Income ETF (ISPY) has a higher volatility of 3.99% compared to iShares Core 60/40 Balanced Allocation ETF (AOR) at 2.49%. This indicates that ISPY'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.
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Volatility by Period
| ISPY | AOR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.99% | 2.49% | +1.50% |
Volatility (6M)Calculated over the trailing 6-month period | 10.02% | 7.69% | +2.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.38% | 9.03% | +3.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.72% | 10.65% | +3.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.72% | 10.65% | +3.07% |
ISPY vs. AOR - Expense Ratio Comparison
ISPY has a 0.55% expense ratio, which is higher than AOR's 0.15% expense ratio.
Dividends
ISPY vs. AOR - Dividend Comparison
ISPY's dividend yield for the trailing twelve months is around 4.65%, more than AOR's 2.58% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AOR iShares Core 60/40 Balanced Allocation ETF | 2.58% | 2.55% | 2.66% | 2.50% | 2.12% | 1.64% | 1.89% | 2.56% | 2.49% | 4.51% | 2.16% | 2.12% |
ISPY ProShares S&P 500 High Income ETF | 4.65% | 8.56% | 9.84% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ISPY and AOR have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ISPY has higher volatility (3.99%) compared to AOR (2.49%). In terms of maximum drawdown, ISPY dropped -16.88% vs AOR's -24.44%.
On 1-year performance, ISPY leads with 17.15% vs 14.64% for AOR. On fees, AOR is cheaper at 0.15% per year. On volatility, AOR has been the lower-risk option at 2.49%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, ISPY has performed better with a 17.15% return vs 14.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AOR is cheaper with a 0.15% expense ratio, compared with 0.55% for ISPY.
ISPY has the higher dividend yield at 4.65%, compared with 2.58% for AOR.
ISPY is categorized as Derivative Income, while AOR is Diversified Portfolio. ISPY tracks S&P 500 Daily Covered Call Index, while AOR tracks S&P Target Risk Growth Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.55% for ISPY and 0.15% for AOR.
AOR currently has the higher Sharpe Ratio (1.63 vs 1.39), 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.
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