MKAM vs. AOA

Last updated Apr 1, 2026

Compare and contrast key facts about MKAM ETF (MKAM) and iShares Core Aggressive Allocation ETF (AOA).

MKAM and AOA are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. MKAM is an actively managed fund by MKAM. It was launched on Apr 11, 2023. AOA is a passively managed fund by iShares that tracks the performance of the S&P Target Risk Aggressive Index. It was launched on Nov 4, 2008.

Performance

MKAM vs. AOA - Performance Comparison

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

MKAM vs. AOA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MKAM MKAM ETF	-1.48%	8.07%	12.15%	8.23%
AOA iShares Core Aggressive Allocation ETF	-1.19%	19.59%	13.55%	10.94%

Returns By Period

In the year-to-date period, MKAM achieves a -1.48% return, which is significantly lower than AOA's -1.19% return.

MKAM

• 1D: 0.94%
• 1M: -1.85%
• YTD: -1.48%
• 6M: 0.34%
• 1Y: 7.42%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AOA

• 1D: 2.67%
• 1M: -5.24%
• YTD: -1.19%
• 6M: 1.65%
• 1Y: 18.33%
• 3Y*: 14.24%
• 5Y*: 7.84%
• 10Y*: 9.63%

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

MKAM vs. AOA - Expense Ratio Comparison

MKAM has a 0.96% expense ratio, which is higher than AOA's 0.25% expense ratio.

MKAM

MKAM ETF

AOA

iShares Core Aggressive Allocation ETF

Return for Risk

MKAM vs. AOA — Risk / Return Rank

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

MKAM

MKAM Risk / Return Rank: 68
MKAM Sharpe Ratio Rank: 69
MKAM Sortino Ratio Rank: 66
MKAM Omega Ratio Rank: 62
MKAM Calmar Ratio Rank: 75
MKAM Martin Ratio Rank: 68

AOA

AOA Risk / Return Rank: 79
AOA Sharpe Ratio Rank: 76
AOA Sortino Ratio Rank: 79
AOA Omega Ratio Rank: 78
AOA Calmar Ratio Rank: 77
AOA Martin Ratio Rank: 83

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.

MKAM vs. AOA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MKAM ETF (MKAM) 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.

	MKAM	AOA	Difference
Sharpe ratio Return per unit of total volatility	1.23	1.33	-0.10
Sortino ratio Return per unit of downside risk	1.71	1.93	-0.22
Omega ratio Gain probability vs. loss probability	1.24	1.28	-0.05
Calmar ratio Return relative to maximum drawdown	2.02	1.94	+0.08
Martin ratio Return relative to average drawdown	7.08	8.74	-1.66
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MKAM vs. AOA - Sharpe Ratio Comparison

The current MKAM Sharpe Ratio is 1.23, which is comparable to the AOA Sharpe Ratio of 1.33. The chart below compares the historical Sharpe Ratios of MKAM and AOA, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	MKAM	AOA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.23	1.33	-0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.61	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.71	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.45	0.65	+0.79

Correlation

The correlation between MKAM and AOA is 0.89, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

MKAM vs. AOA - Dividend Comparison

MKAM's dividend yield for the trailing twelve months is around 3.10%, more than AOA's 2.20% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MKAM MKAM ETF	3.10%	2.56%	1.88%	1.70%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
AOA iShares Core Aggressive Allocation ETF	2.20%	2.18%	2.30%	2.22%	2.10%	1.67%	1.71%	2.50%	2.37%	5.09%	2.26%	2.15%

Drawdowns

MKAM vs. AOA - Drawdown Comparison

The maximum MKAM drawdown since its inception was -5.01%, smaller than the maximum AOA drawdown of -28.38%. Use the drawdown chart below to compare losses from any high point for MKAM and AOA.

Drawdown Indicators

	MKAM	AOA	Difference
Max Drawdown Largest peak-to-trough decline	-5.01%	-28.38%	+23.37%
Max Drawdown (1Y) Largest decline over 1 year	-3.72%	-9.62%	+5.90%
Max Drawdown (5Y) Largest decline over 5 years	—	-23.62%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-28.38%	—
Current Drawdown Current decline from peak	-2.82%	-5.75%	+2.93%
Average Drawdown Average peak-to-trough decline	-1.17%	-4.08%	+2.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.06%	2.13%	-1.07%

Volatility

MKAM vs. AOA - Volatility Comparison

The current volatility for MKAM ETF (MKAM) is 1.96%, while iShares Core Aggressive Allocation ETF (AOA) has a volatility of 5.44%. This indicates that MKAM 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

	MKAM	AOA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.96%	5.44%	-3.48%
Volatility (6M) Calculated over the trailing 6-month period	5.05%	8.32%	-3.27%
Volatility (1Y) Calculated over the trailing 1-year period	6.06%	13.86%	-7.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.28%	12.92%	-6.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.28%	13.51%	-7.23%