NDAA vs. AOA
NDAA (Ned Davis Research 360 Dynamic Allocation ETF) and AOA (iShares Core 80/20 Aggressive Allocation ETF) are both Diversified Portfolio funds. NDAA is actively managed, while AOA is passively managed. Over the past year, NDAA returned 25.57% vs 24.17% for AOA. With a 0.96 correlation, they move nearly in lockstep. NDAA charges 0.65%/yr vs 0.15%/yr for AOA.
Performance
NDAA vs. AOA - Performance Comparison
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Returns By Period
In the year-to-date period, NDAA achieves a 11.00% return, which is significantly higher than AOA's 10.13% return.
NDAA
- 1D
- 0.14%
- 1M
- 2.18%
- YTD
- 11.00%
- 6M
- 11.62%
- 1Y
- 25.57%
- 3Y*
- —
- 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%
NDAA vs. AOA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
NDAA Ned Davis Research 360 Dynamic Allocation ETF | 11.00% | 14.00% | -1.24% |
AOA iShares Core 80/20 Aggressive Allocation ETF | 10.13% | 19.59% | -1.59% |
Correlation
The correlation between NDAA and AOA is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.97 |
Correlation (All Time) Calculated using the full available price history since Oct 18, 2024 | 0.96 |
The correlation between NDAA and AOA has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.
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Return for Risk
NDAA vs. AOA — Risk / Return Rank
NDAA
AOA
NDAA vs. AOA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Ned Davis Research 360 Dynamic Allocation ETF (NDAA) 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.
| NDAA | AOA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.12 | ||
| Sortino ratioReturn per unit of downside risk | +0.08 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.42 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 3.37 | 2.96 | +0.41 |
| Martin ratioReturn relative to average drawdown | 14.49 | 13.13 | +1.35 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| NDAA | AOA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.40 | 2.28 | +0.12 |
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 | 1.24 | 0.69 | +0.55 |
Drawdowns
NDAA vs. AOA - Drawdown Comparison
The maximum NDAA drawdown since its inception was -13.50%, smaller than the maximum AOA drawdown of -28.38%. Use the drawdown chart below to compare losses from any high point for NDAA and AOA.
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Drawdown Indicators
| NDAA | AOA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.50% | -28.38% | +14.88% |
Max Drawdown (1Y)Largest decline over 1 year | -7.62% | -8.20% | +0.58% |
Max Drawdown (3Y)Largest decline over 3 years | — | -12.94% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -23.62% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -28.38% | — |
Current DrawdownCurrent decline from peak | -0.57% | -0.31% | -0.26% |
Average DrawdownAverage peak-to-trough decline | -1.95% | -4.05% | +2.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.77% | 1.85% | -0.08% |
Volatility
NDAA vs. AOA - Volatility Comparison
The current volatility for Ned Davis Research 360 Dynamic Allocation ETF (NDAA) is 2.75%, while iShares Core 80/20 Aggressive Allocation ETF (AOA) has a volatility of 3.16%. This indicates that NDAA 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.
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Volatility by Period
| NDAA | AOA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.75% | 3.16% | -0.41% |
Volatility (6M)Calculated over the trailing 6-month period | 8.32% | 8.51% | -0.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.70% | 10.63% | +0.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.93% | 12.97% | -1.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.93% | 13.54% | -1.61% |
NDAA vs. AOA - Expense Ratio Comparison
NDAA has a 0.65% expense ratio, which is higher than AOA's 0.15% expense ratio.
Dividends
NDAA vs. AOA - Dividend Comparison
NDAA's dividend yield for the trailing twelve months is around 2.44%, more 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% |
NDAA Ned Davis Research 360 Dynamic Allocation ETF | 2.44% | 2.71% | 0.83% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.97, NDAA and AOA move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
AOA has higher volatility (3.16%) compared to NDAA (2.75%). In terms of maximum drawdown, NDAA dropped -13.50% vs AOA's -28.38%.
On 1-year performance, NDAA leads with 25.57% vs 24.17% for AOA. On fees, AOA is cheaper at 0.15% per year. On volatility, NDAA has been the lower-risk option at 2.75%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, NDAA has performed better with a 25.57% return vs 24.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AOA is cheaper with a 0.15% expense ratio, compared with 0.65% for NDAA.
NDAA has the higher dividend yield at 2.44%, compared with 2.04% for AOA.
They also come from different issuers: Ned Davis Research and iShares. Their fees differ too: 0.65% for NDAA and 0.15% for AOA.
NDAA currently has the higher Sharpe Ratio (2.40 vs 2.28), 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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