SPBC vs. AOA

Last updated Jun 4, 2026

SPBC (Simplify US Equity PLUS GBTC ETF) and AOA (iShares Core 80/20 Aggressive Allocation ETF) are both Diversified Portfolio funds. SPBC is actively managed, while AOA is passively managed. Over the past 5 years, SPBC returned 15.96%/yr vs 9.15%/yr for AOA. Their correlation of 0.87 suggests significant overlap in exposure. SPBC charges 0.50%/yr vs 0.15%/yr for AOA.

Performance

SPBC vs. AOA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify US Equity PLUS GBTC ETF (SPBC) 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, SPBC achieves a 7.71% return, which is significantly lower than AOA's 9.93% return.

SPBC

• 1D: -0.90%
• 1M: 3.04%
• YTD: 7.71%
• 6M: 7.18%
• 1Y: 21.45%
• 3Y*: 28.29%
• 5Y*: 15.96%
• 10Y*: —

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)

SPBC vs. AOA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SPBC Simplify US Equity PLUS GBTC ETF	7.71%	16.83%	37.32%	48.04%	-28.00%	14.87%
AOA iShares Core 80/20 Aggressive Allocation ETF	9.93%	19.59%	13.55%	18.27%	-16.23%	5.98%

Correlation

The correlation between SPBC and AOA is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (All Time) Calculated using the full available price history since May 26, 2021	0.87

The correlation between SPBC and AOA has been stable across timeframes, ranging from 0.86 to 0.91 - a consistent structural relationship.

SPBC vs. AOA - Sectors Allocation Comparison

Sectors	SPBC	AOA
Technology	35.6%	27.4%
Financial Services	11.8%	16.1%
Communication Services	11.2%	8.3%
Consumer Cyclical	10.1%	9.5%
Healthcare	8.5%	8.0%
Industrials	8.3%	12.0%
Consumer Defensive	4.9%	5.0%
Energy	3.5%	4.3%
Utilities	2.4%	2.7%
Real Estate	1.9%	2.4%
Basic Materials	1.8%	4.2%

Return for Risk

SPBC vs. AOA — Risk / Return Rank

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

SPBC

SPBC Risk / Return Rank: 40
SPBC Sharpe Ratio Rank: 42
SPBC Sortino Ratio Rank: 40
SPBC Omega Ratio Rank: 40
SPBC Calmar Ratio Rank: 35
SPBC Martin Ratio Rank: 40

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.

SPBC vs. AOA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify US Equity PLUS GBTC ETF (SPBC) 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.

	SPBC	AOA	Difference
Sharpe ratio: Return per unit of total volatility	1.49	2.30	-0.81
Sortino ratio: Return per unit of downside risk	2.08	3.23	-1.16
Omega ratio: Gain probability vs. loss probability	1.26	1.43	-0.16
Calmar ratio: Return relative to maximum drawdown	1.76	2.98	-1.22
Martin ratio: Return relative to average drawdown	6.38	13.20	-6.82
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPBC vs. AOA - Sharpe Ratio Comparison

The current SPBC Sharpe Ratio is 1.49, which is lower than the AOA Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of SPBC 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

	SPBC	AOA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.49	2.30	-0.81
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.79	0.71	+0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.78	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.79	0.69	+0.10

Drawdowns

SPBC vs. AOA - Drawdown Comparison

The maximum SPBC drawdown since its inception was -33.99%, which is greater than AOA's maximum drawdown of -28.38%. Use the drawdown chart below to compare losses from any high point for SPBC and AOA.

Drawdown Indicators

	SPBC	AOA	Difference
Max Drawdown Largest peak-to-trough decline	-33.99%	-28.38%	-5.61%
Max Drawdown (1Y) Largest decline over 1 year	-12.24%	-8.20%	-4.04%
Max Drawdown (3Y) Largest decline over 3 years	-21.00%	-12.94%	-8.06%
Max Drawdown (5Y) Largest decline over 5 years	-33.99%	-23.62%	-10.37%
Max Drawdown (10Y) Largest decline over 10 years	—	-28.38%	—
Current Drawdown Current decline from peak	-1.28%	-0.50%	-0.78%
Average Drawdown Average peak-to-trough decline	-8.64%	-4.05%	-4.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.37%	1.84%	+1.53%

Volatility

SPBC vs. AOA - Volatility Comparison

Simplify US Equity PLUS GBTC ETF (SPBC) and iShares Core 80/20 Aggressive Allocation ETF (AOA) have volatilities of 3.38% and 3.25%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPBC	AOA	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.38%	3.25%	+0.13%
Volatility (6M) Calculated over the trailing 6-month period	10.92%	8.51%	+2.41%
Volatility (1Y) Calculated over the trailing 1-year period	14.49%	10.63%	+3.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.43%	12.98%	+7.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.39%	13.55%	+6.84%

SPBC vs. AOA - Expense Ratio Comparison

SPBC has a 0.50% expense ratio, which is higher than AOA's 0.15% expense ratio.

Dividends

SPBC vs. AOA - Dividend Comparison

SPBC's dividend yield for the trailing twelve months is around 0.83%, 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%
SPBC Simplify US Equity PLUS GBTC ETF	0.83%	0.85%	0.98%	3.79%	0.60%	1.41%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPBC and AOA in my portfolio?

With a correlation of 0.91, SPBC 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.

Which is riskier, SPBC or AOA?

SPBC has higher volatility (3.38%) compared to AOA (3.25%). In terms of maximum drawdown, SPBC dropped -33.99% vs AOA's -28.38%.

Which ETF is better, SPBC or AOA?

On 5-year performance, SPBC leads with 15.96% vs 9.15% for AOA. On fees, AOA is cheaper at 0.15% per year. On volatility, AOA has been the lower-risk option at 3.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPBC or AOA?

Over the 5-year period, SPBC has performed better with a 15.96% return vs 9.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPBC or AOA?

AOA is cheaper with a 0.15% expense ratio, compared with 0.50% for SPBC.

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

AOA has the higher dividend yield at 2.04%, compared with 0.83% for SPBC.

What is the main difference between SPBC and AOA?

They also come from different issuers: Simplify and iShares. Their fees differ too: 0.50% for SPBC and 0.15% for AOA.

Which has better risk-adjusted returns?

AOA currently has the higher Sharpe Ratio (2.30 vs 1.49), 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.