SPLS vs. AOA

Last updated Jun 5, 2026

SPLS (PIMCO U.S. Stocks PLUS Active Bond ETF) and AOA (iShares Core 80/20 Aggressive Allocation ETF) are both Diversified Portfolio funds. SPLS is actively managed, while AOA is passively managed. With a 0.95 correlation, they move nearly in lockstep. SPLS charges 0.18%/yr vs 0.15%/yr for AOA.

Performance

SPLS vs. AOA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO U.S. Stocks PLUS Active Bond ETF (SPLS) and iShares Core 80/20 Aggressive Allocation ETF (AOA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SPLS

• 1D: 0.35%
• 1M: 4.63%
• YTD: —
• 6M: —
• 1Y: —
• 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%

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

SPLS vs. AOA - Yearly Performance Comparison

	2026 (YTD)
SPLS PIMCO U.S. Stocks PLUS Active Bond ETF	9.75%
AOA iShares Core 80/20 Aggressive Allocation ETF	7.76%

Correlation

The correlation between SPLS and AOA is 0.95 - 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 (All Time) Calculated using the full available price history since Jan 20, 2026	0.95

Return for Risk

SPLS vs. AOA — Risk / Return Rank

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

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.

SPLS vs. AOA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO U.S. Stocks PLUS Active Bond ETF (SPLS) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	SPLS	AOA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.28	—
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	1.88	0.69	+1.19

Drawdowns

SPLS vs. AOA - Drawdown Comparison

The maximum SPLS drawdown since its inception was -9.24%, smaller than the maximum AOA drawdown of -28.38%. Use the drawdown chart below to compare losses from any high point for SPLS and AOA.

Drawdown Indicators

	SPLS	AOA	Difference
Max Drawdown Largest peak-to-trough decline	-9.24%	-28.38%	+19.14%
Max Drawdown (1Y) Largest decline over 1 year	—	-8.20%	—
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 Drawdown Current decline from peak	-0.31%	-0.31%	0.00%
Average Drawdown Average peak-to-trough decline	-1.84%	-4.05%	+2.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.85%	—

Volatility

Volatility by Period

	SPLS	AOA	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.16%	—
Volatility (6M) Calculated over the trailing 6-month period	—	8.51%	—
Volatility (1Y) Calculated over the trailing 1-year period	14.94%	10.63%	+4.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.94%	12.97%	+1.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.94%	13.54%	+1.40%

SPLS vs. AOA - Expense Ratio Comparison

SPLS has a 0.18% expense ratio, which is higher than AOA's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SPLS vs. AOA - Dividend Comparison

SPLS's dividend yield for the trailing twelve months is around 0.22%, 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%
SPLS PIMCO U.S. Stocks PLUS Active Bond ETF	0.22%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPLS and AOA in my portfolio?

With a correlation of 0.95, SPLS 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 ETF is better, SPLS or AOA?

On fees, AOA is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPLS or AOA?

AOA is cheaper with a 0.15% expense ratio, compared with 0.18% for SPLS.

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

AOA has the higher dividend yield at 2.04%, compared with 0.22% for SPLS.

What is the main difference between SPLS and AOA?

They also come from different issuers: PIMCO and iShares. Their fees differ too: 0.18% for SPLS and 0.15% for AOA.