SPGP vs. AOR
SPGP (Invesco S&P 500 GARP ETF) and AOR (iShares Core 60/40 Balanced Allocation ETF) are both exchange-traded funds - SPGP is a Multi-factor fund tracking the S&P 500 GARP Index, while AOR is a Diversified Portfolio fund tracking the S&P Target Risk Growth Index. Both are passively managed. Over the past 10 years, SPGP returned 15.11%/yr vs 8.52%/yr for AOR. A 0.79 correlation means they provide meaningful diversification when combined. SPGP charges 0.36%/yr vs 0.15%/yr for AOR.
Performance
SPGP vs. AOR - Performance Comparison
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Returns By Period
In the year-to-date period, SPGP achieves a 6.06% return, which is significantly lower than AOR's 6.83% return. Over the past 10 years, SPGP has outperformed AOR with an annualized return of 15.11%, while AOR has yielded a comparatively lower 8.52% annualized return.
SPGP
- 1D
- 0.84%
- 1M
- 3.81%
- YTD
- 6.06%
- 6M
- 5.64%
- 1Y
- 16.85%
- 3Y*
- 11.97%
- 5Y*
- 7.97%
- 10Y*
- 15.11%
AOR
- 1D
- 0.26%
- 1M
- 1.45%
- YTD
- 6.83%
- 6M
- 7.42%
- 1Y
- 18.25%
- 3Y*
- 13.55%
- 5Y*
- 6.78%
- 10Y*
- 8.52%
SPGP vs. AOR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPGP Invesco S&P 500 GARP ETF | 6.06% | 9.80% | 8.48% | 20.29% | -13.83% | 35.72% | 15.92% | 39.16% | 1.68% | 36.24% |
AOR iShares Core 60/40 Balanced Allocation ETF | 6.83% | 16.44% | 10.68% | 15.75% | -15.64% | 11.19% | 11.42% | 18.91% | -5.82% | 15.80% |
Correlation
The correlation between SPGP and AOR is 0.79, 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 | 0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.79 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.83 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.82 |
Correlation (All Time) Calculated using the full available price history since Jun 16, 2011 | 0.79 |
The correlation between SPGP and AOR has been stable across timeframes, ranging from 0.79 to 0.83 - a consistent structural relationship.
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Return for Risk
SPGP vs. AOR — Risk / Return Rank
SPGP
AOR
SPGP vs. AOR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 GARP ETF (SPGP) and iShares Core 60/40 Balanced Allocation ETF (AOR). 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.
| SPGP | AOR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.90 | ||
| Sortino ratioReturn per unit of downside risk | -1.18 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.36 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 1.45 | 2.58 | -1.13 |
| Martin ratioReturn relative to average drawdown | 5.54 | 11.10 | -5.56 |
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Drawdowns
SPGP vs. AOR - Drawdown Comparison
The maximum SPGP drawdown since its inception was -42.08%, which is greater than AOR's maximum drawdown of -24.44%. Use the drawdown chart below to compare losses from any high point for SPGP and AOR.
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Drawdown Indicators
| SPGP | AOR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.08% | -24.44% | -17.64% |
Max Drawdown (1Y)Largest decline over 1 year | -11.15% | -6.64% | -4.51% |
Max Drawdown (3Y)Largest decline over 3 years | -22.87% | -9.77% | -13.10% |
Max Drawdown (5Y)Largest decline over 5 years | -22.87% | -21.72% | -1.15% |
Max Drawdown (10Y)Largest decline over 10 years | -42.08% | -22.95% | -19.13% |
Current DrawdownCurrent decline from peak | -1.05% | -1.05% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -4.35% | -3.47% | -0.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.92% | 1.55% | +1.37% |
Volatility
SPGP vs. AOR - Volatility Comparison
Invesco S&P 500 GARP ETF (SPGP) has a higher volatility of 5.43% compared to iShares Core 60/40 Balanced Allocation ETF (AOR) at 3.50%. This indicates that SPGP's price experiences larger fluctuations and is considered to be riskier than AOR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPGP | AOR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.43% | 3.50% | +1.93% |
Volatility (6M)Calculated over the trailing 6-month period | 12.24% | 7.32% | +4.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.63% | 8.85% | +6.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.60% | 10.61% | +7.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.23% | 10.70% | +10.53% |
SPGP vs. AOR - Expense Ratio Comparison
SPGP has a 0.36% expense ratio, which is higher than AOR's 0.15% expense ratio.
Dividends
SPGP vs. AOR - Dividend Comparison
SPGP's dividend yield for the trailing twelve months is around 0.88%, less than AOR's 2.48% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AOR iShares Core 60/40 Balanced Allocation ETF | 2.48% | 2.55% | 2.66% | 2.50% | 2.12% | 1.64% | 1.89% | 2.56% | 2.49% | 4.51% | 2.16% | 2.12% |
SPGP Invesco S&P 500 GARP ETF | 0.88% | 1.04% | 1.38% | 1.24% | 1.22% | 0.69% | 1.10% | 0.86% | 0.95% | 0.68% | 0.89% | 1.12% |
Frequently Asked Questions
SPGP and AOR have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPGP has higher volatility (5.43%) compared to AOR (3.50%). In terms of maximum drawdown, SPGP dropped -42.08% vs AOR's -24.44%.
On 10-year performance, SPGP leads with 15.11% vs 8.52% for AOR. On fees, AOR is cheaper at 0.15% per year. On volatility, AOR has been the lower-risk option at 3.50%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPGP has performed better with a 15.11% return vs 8.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AOR is cheaper with a 0.15% expense ratio, compared with 0.36% for SPGP.
AOR has the higher dividend yield at 2.48%, compared with 0.88% for SPGP.
SPGP is categorized as Multi-factor, while AOR is Diversified Portfolio. SPGP tracks S&P 500 GARP Index, while AOR tracks S&P Target Risk Growth Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.36% for SPGP and 0.15% for AOR.
AOR currently has the higher Sharpe Ratio (1.94 vs 1.04), 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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