RLY vs. AOA
RLY (State Street Multi-Asset Real Return ETF) and AOA (iShares Core 80/20 Aggressive Allocation ETF) are both exchange-traded funds - RLY is a Global Allocation fund tracking the Bloomberg U.S. Government Inflation-Linked Bond Index, while AOA is a Diversified Portfolio fund tracking the S&P Target Risk Aggressive Index. Both are passively managed. Over the past 10 years, RLY returned 8.16%/yr vs 10.24%/yr for AOA. Their 0.70 correlation means they have sometimes moved together and sometimes differently. RLY charges 0.50%/yr vs 0.15%/yr for AOA.
Performance
RLY vs. AOA - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, RLY achieves a 15.29% return, which is significantly higher than AOA's 10.08% return. Over the past 10 years, RLY has underperformed AOA with an annualized return of 8.16%, while AOA has yielded a comparatively higher 10.24% annualized return.
RLY
- 1D
- -0.42%
- 1M
- 3.64%
- 6M
- 8.40%
- YTD
- 15.29%
- 1Y
- 27.11%
- 3Y*
- 12.93%
- 5Y*
- 10.64%
- 10Y*
- 8.16%
- ALL TIME*
- 4.75%
AOA
- 1D
- 0.88%
- 1M
- 0.63%
- 6M
- 6.83%
- YTD
- 10.08%
- 1Y
- 20.64%
- 3Y*
- 16.44%
- 5Y*
- 8.87%
- 10Y*
- 10.24%
- ALL TIME*
- 10.49%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $10.91M | $10.17M | $10.41M | |
| $5.13M | $7.99M | $7.88M |
RLY vs. AOA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RLY State Street Multi-Asset Real Return ETF | 15.29% | 20.26% | 2.53% | 2.56% | 7.86% | 22.85% | -0.59% | 15.63% | -11.72% | 10.40% |
AOA iShares Core 80/20 Aggressive Allocation ETF | 10.08% | 19.59% | 13.55% | 18.27% | -16.23% | 15.42% | 12.82% | 22.60% | -7.86% | 20.05% |
Correlation
The correlation between RLY and AOA is 0.39, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.39 |
Correlation (3Y) Balances recent behavior with more history. | 0.53 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.61 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.67 |
Correlation (All Time) Calculated using the full available price history since Apr 26, 2012 | 0.70 |
Over the past year, the correlation between RLY and AOA has dropped to 0.39 - well below their long-term average of 0.70, suggesting their price drivers have been diverging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
RLY vs. AOA — Risk / Return Rank
RLY
AOA
RLY vs. AOA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street Multi-Asset Real Return ETF (RLY) 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.
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.
| RLY | AOA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.76 | ||
| Sortino ratioReturn per unit of downside risk | +0.98 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 1.33 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 3.61 | 2.53 | +1.08 |
| Martin ratioReturn relative to average drawdown | 12.56 | 10.66 | +1.90 |
Loading charts...
Drawdowns
RLY vs. AOA - Drawdown Comparison
The maximum RLY drawdown since its inception was -37.75%, which is greater than AOA's maximum drawdown of -28.38%. Use the drawdown chart below to compare losses from any high point for RLY and AOA.
Loading charts...
Drawdown Indicators
| RLY | AOA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.75% | -28.38% | -9.37% |
Max Drawdown (1Y)Largest decline over 1 year | -7.54% | -8.20% | +0.66% |
Max Drawdown (3Y)Largest decline over 3 years | -10.08% | -12.94% | +2.86% |
Max Drawdown (5Y)Largest decline over 5 years | -18.94% | -23.62% | +4.68% |
Max Drawdown (10Y)Largest decline over 10 years | -34.17% | -28.38% | -5.79% |
Current DrawdownCurrent decline from peak | -3.15% | -0.36% | -2.79% |
Average DrawdownAverage peak-to-trough decline | -9.40% | -4.03% | -5.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.16% | 1.94% | +0.22% |
Volatility
RLY vs. AOA - Volatility Comparison
The current volatility for State Street Multi-Asset Real Return ETF (RLY) is 2.61%, while iShares Core 80/20 Aggressive Allocation ETF (AOA) has a volatility of 3.26%. This indicates that RLY 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.
Loading charts...
Volatility by Period
| RLY | AOA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.61% | 3.26% | -0.65% |
Volatility (6M)Calculated over the trailing 6-month period | 8.06% | 9.63% | -1.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.61% | 11.49% | -0.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.46% | 13.11% | +0.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.80% | 13.51% | +0.29% |
RLY vs. AOA - Expense Ratio Comparison
RLY has a 0.50% expense ratio, which is higher than AOA's 0.15% expense ratio.
Dividends
RLY vs. AOA - Dividend Comparison
RLY's dividend yield for the trailing twelve months is around 3.07%, more than AOA's 2.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AOA iShares Core 80/20 Aggressive Allocation ETF | 2.11% | 2.18% | 2.30% | 2.22% | 2.10% | 1.67% | 1.71% | 2.50% | 2.37% | 5.09% | 2.26% | 2.15% |
RLY State Street Multi-Asset Real Return ETF | 3.07% | 3.24% | 3.31% | 3.71% | 5.66% | 12.15% | 2.16% | 3.45% | 2.76% | 1.85% | 2.07% | 1.80% |
Frequently Asked Questions
RLY and AOA have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AOA has higher volatility (3.26%) compared to RLY (2.61%). In terms of maximum drawdown, RLY dropped -37.75% vs AOA's -28.38%.
On 10-year performance, AOA leads with 10.24% vs 8.16% for RLY. On fees, AOA is cheaper at 0.15% per year. On volatility, RLY has been the lower-risk option at 2.61%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, AOA has performed better with a 10.24% return vs 8.16%. 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 0.50% for RLY.
RLY has the higher dividend yield at 3.07%, compared with 2.11% for AOA.
RLY is categorized as Global Allocation, while AOA is Diversified Portfolio. RLY tracks Bloomberg U.S. Government Inflation-Linked Bond Index, while AOA tracks S&P Target Risk Aggressive Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.50% for RLY and 0.15% for AOA.
RLY currently has the higher Sharpe Ratio (2.57 vs 1.81), 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.
Find the right allocation for RLY and AOA
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer