MSMR vs. AOA

Last updated Jun 5, 2026

MSMR (McElhenny Sheffield Managed Risk ETF) and AOA (iShares Core 80/20 Aggressive Allocation ETF) are both Diversified Portfolio funds. MSMR is actively managed, while AOA is passively managed. Over the past 3 years, MSMR returned 18.56%/yr vs 17.70%/yr for AOA. A 0.63 correlation means they provide meaningful diversification when combined. MSMR charges 0.97%/yr vs 0.15%/yr for AOA.

Performance

MSMR vs. AOA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in McElhenny Sheffield Managed Risk ETF (MSMR) and iShares Core 80/20 Aggressive Allocation ETF (AOA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MSMR achieves a 8.41% return, which is significantly lower than AOA's 10.13% return.

MSMR

• 1D: -0.09%
• 1M: 3.70%
• YTD: 8.41%
• 6M: 8.39%
• 1Y: 25.10%
• 3Y*: 18.56%
• 5Y*: —
• 10Y*: —

AOA

• 1D: 0.18%
• 1M: 3.39%
• YTD: 10.13%
• 6M: 10.89%
• 1Y: 24.17%
• 3Y*: 17.70%
• 5Y*: 9.19%
• 10Y*: 10.53%

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

MSMR vs. AOA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
MSMR McElhenny Sheffield Managed Risk ETF	8.41%	17.06%	21.58%	18.77%	-11.88%	-1.12%
AOA iShares Core 80/20 Aggressive Allocation ETF	10.13%	19.59%	13.55%	18.27%	-16.23%	0.23%

Correlation

The correlation between MSMR 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	0.74
Correlation (All Time) Calculated using the full available price history since Nov 18, 2021	0.63

The correlation between MSMR and AOA shifts across timeframes, from 0.63 (all time) to 0.74 (3 years), reflecting how their relationship changes across market environments.

MSMR vs. AOA - Sectors Allocation Comparison

Sectors	MSMR	AOA
Technology	31.5%	27.4%
Energy	27.4%	4.3%
Communication Services	8.7%	8.3%
Consumer Defensive	8.4%	5.0%
Consumer Cyclical	8.1%	9.5%
Healthcare	5.9%	8.0%
Financial Services	3.5%	16.1%
Industrials	2.7%	12.0%
Utilities	2.5%	2.7%
Basic Materials	1.0%	4.2%
Real Estate	0.3%	2.4%

Return for Risk

MSMR vs. AOA — Risk / Return Rank

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

MSMR

MSMR Risk / Return Rank: 67
MSMR Sharpe Ratio Rank: 65
MSMR Sortino Ratio Rank: 64
MSMR Omega Ratio Rank: 65
MSMR Calmar Ratio Rank: 73
MSMR Martin Ratio Rank: 70

AOA

AOA Risk / Return Rank: 70
AOA Sharpe Ratio Rank: 71
AOA Sortino Ratio Rank: 72
AOA Omega Ratio Rank: 72
AOA Calmar Ratio Rank: 61
AOA Martin Ratio Rank: 72

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.

MSMR vs. AOA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for McElhenny Sheffield Managed Risk ETF (MSMR) and iShares Core 80/20 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.

	MSMR	AOA	Difference
Sharpe ratio: Return per unit of total volatility	2.11	2.28	-0.17
Sortino ratio: Return per unit of downside risk	2.91	3.22	-0.31
Omega ratio: Gain probability vs. loss probability	1.39	1.42	-0.03
Calmar ratio: Return relative to maximum drawdown	3.58	2.96	+0.62
Martin ratio: Return relative to average drawdown	12.77	13.13	-0.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MSMR vs. AOA - Sharpe Ratio Comparison

The current MSMR Sharpe Ratio is 2.11, which is comparable to the AOA Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of MSMR 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

	MSMR	AOA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.11	2.28	-0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.71	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.78	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.07	0.69	+0.38

Drawdowns

MSMR vs. AOA - Drawdown Comparison

The maximum MSMR drawdown since its inception was -14.86%, smaller than the maximum AOA drawdown of -28.38%. Use the drawdown chart below to compare losses from any high point for MSMR and AOA.

Drawdown Indicators

	MSMR	AOA	Difference
Max Drawdown Largest peak-to-trough decline	-14.86%	-28.38%	+13.52%
Max Drawdown (1Y) Largest decline over 1 year	-7.05%	-8.20%	+1.15%
Max Drawdown (3Y) Largest decline over 3 years	-8.84%	-12.94%	+4.10%
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	-0.14%	-0.31%	+0.17%
Average Drawdown Average peak-to-trough decline	-5.13%	-4.05%	-1.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	1.85%	+0.12%

Volatility

MSMR vs. AOA - Volatility Comparison

The current volatility for McElhenny Sheffield Managed Risk ETF (MSMR) is 2.08%, while iShares Core 80/20 Aggressive Allocation ETF (AOA) has a volatility of 3.16%. This indicates that MSMR 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

	MSMR	AOA	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.08%	3.16%	-1.08%
Volatility (6M) Calculated over the trailing 6-month period	8.95%	8.51%	+0.44%
Volatility (1Y) Calculated over the trailing 1-year period	11.93%	10.63%	+1.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.23%	12.97%	-2.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.23%	13.54%	-3.31%

MSMR vs. AOA - Expense Ratio Comparison

MSMR has a 0.97% expense ratio, which is higher than AOA's 0.15% expense ratio.

Dividends

MSMR vs. AOA - Dividend Comparison

MSMR's dividend yield for the trailing twelve months is around 1.80%, less than AOA's 2.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AOA iShares Core 80/20 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%
MSMR McElhenny Sheffield Managed Risk ETF	1.80%	1.51%	2.26%	0.81%	0.65%	0.07%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MSMR and AOA in my portfolio?

MSMR 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, MSMR or AOA?

AOA has higher volatility (3.16%) compared to MSMR (2.08%). In terms of maximum drawdown, MSMR dropped -14.86% vs AOA's -28.38%.

Which ETF is better, MSMR or AOA?

On 3-year performance, MSMR leads with 18.56% vs 17.70% for AOA. On fees, AOA is cheaper at 0.15% per year. On volatility, MSMR has been the lower-risk option at 2.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSMR or AOA?

Over the 3-year period, MSMR has performed better with a 18.56% return vs 17.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSMR or AOA?

AOA is cheaper with a 0.15% expense ratio, compared with 0.97% for MSMR.

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

AOA has the higher dividend yield at 2.04%, compared with 1.80% for MSMR.

What is the main difference between MSMR and AOA?

They also come from different issuers: McElhenny Sheffield and iShares. Their fees differ too: 0.97% for MSMR and 0.15% for AOA.

Which has better risk-adjusted returns?

AOA currently has the higher Sharpe Ratio (2.28 vs 2.11), 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.