IYLD vs. AOA

Last updated Jun 4, 2026

IYLD (iShares Morningstar Multi-Asset Income ETF) and AOA (iShares Core Aggressive Allocation ETF) are both Diversified Portfolio funds from iShares - IYLD tracks the Morningstar Multi-Asset High Income Index while AOA tracks the S&P Target Risk Aggressive Index. Both are passively managed. Over the past 10 years, IYLD returned 4.00%/yr vs 10.56%/yr for AOA. A 0.73 correlation means they provide meaningful diversification when combined. IYLD charges 0.60%/yr vs 0.25%/yr for AOA.

Performance

IYLD vs. AOA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Morningstar Multi-Asset Income ETF (IYLD) 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, IYLD achieves a 4.95% return, which is significantly lower than AOA's 9.93% return. Over the past 10 years, IYLD has underperformed AOA with an annualized return of 4.00%, while AOA has yielded a comparatively higher 10.56% annualized return.

IYLD

• 1D: -0.20%
• 1M: 1.01%
• YTD: 4.95%
• 6M: 5.45%
• 1Y: 14.02%
• 3Y*: 10.59%
• 5Y*: 3.36%
• 10Y*: 4.00%

AOA

• 1D: -0.50%
• 1M: 4.14%
• YTD: 9.93%
• 6M: 10.64%
• 1Y: 24.29%
• 3Y*: 17.52%
• 5Y*: 9.15%
• 10Y*: 10.56%

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

IYLD vs. AOA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IYLD iShares Morningstar Multi-Asset Income ETF	4.95%	15.44%	2.00%	12.55%	-16.80%	3.37%	-1.18%	15.82%	-4.77%	10.90%
AOA iShares Core Aggressive Allocation ETF	9.93%	19.59%	13.55%	18.27%	-16.23%	15.42%	12.82%	22.60%	-7.86%	20.05%

Correlation

The correlation between IYLD and AOA is 0.78, 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	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (10Y) Calculated over the trailing 10-year period	0.76
Correlation (All Time) Calculated using the full available price history since Apr 9, 2012	0.73

The correlation between IYLD and AOA has been stable across timeframes, ranging from 0.73 to 0.78 - a consistent structural relationship.

IYLD vs. AOA - Sectors Allocation Comparison

Sectors	IYLD	AOA
Financial Services	23.3%	16.1%
Real Estate	23.1%	2.4%
Industrials	12.2%	12.0%
Technology	6.3%	27.4%
Utilities	6.0%	2.7%
Consumer Cyclical	5.9%	9.5%
Basic Materials	5.9%	4.2%
Healthcare	5.2%	8.0%
Consumer Defensive	4.7%	5.0%
Communication Services	3.8%	8.3%
Energy	3.6%	4.3%

Return for Risk

IYLD vs. AOA — Risk / Return Rank

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

IYLD

IYLD Risk / Return Rank: 72
IYLD Sharpe Ratio Rank: 75
IYLD Sortino Ratio Rank: 81
IYLD Omega Ratio Rank: 78
IYLD Calmar Ratio Rank: 61
IYLD Martin Ratio Rank: 64

AOA

AOA Risk / Return Rank: 67
AOA Sharpe Ratio Rank: 68
AOA Sortino Ratio Rank: 69
AOA Omega Ratio Rank: 69
AOA Calmar Ratio Rank: 59
AOA Martin Ratio Rank: 70

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.

IYLD vs. AOA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Morningstar Multi-Asset Income ETF (IYLD) 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.

	IYLD	AOA	Difference
Sharpe ratio: Return per unit of total volatility	2.46	2.30	+0.16
Sortino ratio: Return per unit of downside risk	3.65	3.23	+0.41
Omega ratio: Gain probability vs. loss probability	1.47	1.43	+0.05
Calmar ratio: Return relative to maximum drawdown	3.04	2.98	+0.06
Martin ratio: Return relative to average drawdown	11.80	13.20	-1.41
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IYLD vs. AOA - Sharpe Ratio Comparison

The current IYLD Sharpe Ratio is 2.46, which is comparable to the AOA Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of IYLD 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

	IYLD	AOA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.46	2.30	+0.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.43	0.71	-0.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.42	0.78	-0.36
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.69	-0.19

Drawdowns

IYLD vs. AOA - Drawdown Comparison

The maximum IYLD drawdown since its inception was -30.23%, which is greater than AOA's maximum drawdown of -28.38%. Use the drawdown chart below to compare losses from any high point for IYLD and AOA.

Drawdown Indicators

	IYLD	AOA	Difference
Max Drawdown Largest peak-to-trough decline	-30.23%	-28.38%	-1.85%
Max Drawdown (1Y) Largest decline over 1 year	-4.63%	-8.20%	+3.57%
Max Drawdown (3Y) Largest decline over 3 years	-5.20%	-12.94%	+7.74%
Max Drawdown (5Y) Largest decline over 5 years	-22.57%	-23.62%	+1.05%
Max Drawdown (10Y) Largest decline over 10 years	-30.23%	-28.38%	-1.85%
Current Drawdown Current decline from peak	-0.55%	-0.50%	-0.05%
Average Drawdown Average peak-to-trough decline	-4.53%	-4.05%	-0.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.19%	1.84%	-0.65%

Volatility

IYLD vs. AOA - Volatility Comparison

The current volatility for iShares Morningstar Multi-Asset Income ETF (IYLD) is 1.53%, while iShares Core Aggressive Allocation ETF (AOA) has a volatility of 3.25%. This indicates that IYLD 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

	IYLD	AOA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.53%	3.25%	-1.72%
Volatility (6M) Calculated over the trailing 6-month period	4.72%	8.51%	-3.79%
Volatility (1Y) Calculated over the trailing 1-year period	5.73%	10.63%	-4.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.86%	12.98%	-5.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.58%	13.55%	-3.97%

IYLD vs. AOA - Expense Ratio Comparison

IYLD has a 0.60% expense ratio, which is higher than AOA's 0.25% expense ratio.

Dividends

IYLD vs. AOA - Dividend Comparison

IYLD's dividend yield for the trailing twelve months is around 4.61%, more than AOA's 2.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AOA iShares Core 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%
IYLD iShares Morningstar Multi-Asset Income ETF	4.61%	4.72%	5.32%	5.76%	5.45%	3.47%	4.38%	5.25%	5.78%	4.22%	4.84%	5.26%

Frequently Asked Questions

Can I hold both IYLD and AOA in my portfolio?

IYLD and AOA have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IYLD or AOA?

AOA has higher volatility (3.25%) compared to IYLD (1.53%). In terms of maximum drawdown, IYLD dropped -30.23% vs AOA's -28.38%.

Which ETF is better, IYLD or AOA?

On 10-year performance, AOA leads with 10.56% vs 4.00% for IYLD. On fees, AOA is cheaper at 0.25% per year. On volatility, IYLD has been the lower-risk option at 1.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IYLD or AOA?

Over the 10-year period, AOA has performed better with a 10.56% return vs 4.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IYLD or AOA?

AOA is cheaper with a 0.25% expense ratio, compared with 0.60% for IYLD.

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

IYLD has the higher dividend yield at 4.61%, compared with 2.04% for AOA.

What is the main difference between IYLD and AOA?

IYLD tracks Morningstar Multi-Asset High Income Index, while AOA tracks S&P Target Risk Aggressive Index. Their fees differ too: 0.60% for IYLD and 0.25% for AOA.

Which has better risk-adjusted returns?

IYLD currently has the higher Sharpe Ratio (2.46 vs 2.30), 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.