SPLV vs. AOR
SPLV (Invesco S&P 500 Low Volatility ETF) and AOR (iShares Core 60/40 Balanced Allocation ETF) are both exchange-traded funds - SPLV is a S&P 500 fund tracking the S&P 500 Low Volatility 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, SPLV returned 8.33%/yr vs 8.58%/yr for AOR. A 0.68 correlation means they provide meaningful diversification when combined. SPLV charges 0.25%/yr vs 0.15%/yr for AOR.
Performance
SPLV vs. AOR - Performance Comparison
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Returns By Period
In the year-to-date period, SPLV achieves a 4.85% return, which is significantly lower than AOR's 7.85% return. Both investments have delivered pretty close results over the past 10 years, with SPLV having a 8.33% annualized return and AOR not far ahead at 8.58%.
SPLV
- 1D
- -0.36%
- 1M
- 2.76%
- YTD
- 4.85%
- 6M
- 4.17%
- 1Y
- 4.71%
- 3Y*
- 8.01%
- 5Y*
- 6.29%
- 10Y*
- 8.33%
AOR
- 1D
- 0.95%
- 1M
- 2.42%
- YTD
- 7.85%
- 6M
- 8.39%
- 1Y
- 19.38%
- 3Y*
- 13.65%
- 5Y*
- 7.09%
- 10Y*
- 8.58%
SPLV vs. AOR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPLV Invesco S&P 500 Low Volatility ETF | 4.85% | 4.10% | 13.93% | 0.53% | -4.88% | 24.13% | -1.39% | 27.87% | -0.19% | 17.32% |
AOR iShares Core 60/40 Balanced Allocation ETF | 7.85% | 16.44% | 10.68% | 15.75% | -15.64% | 11.19% | 11.42% | 18.91% | -5.82% | 15.80% |
Correlation
The correlation between SPLV and AOR is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.41 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.53 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.60 |
Correlation (All Time) Calculated using the full available price history since May 5, 2011 | 0.68 |
Over the past year, the correlation between SPLV and AOR has dropped to 0.20 - well below their long-term average of 0.68, suggesting their price drivers have been diverging.
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Return for Risk
SPLV vs. AOR — Risk / Return Rank
SPLV
AOR
SPLV vs. AOR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Low Volatility ETF (SPLV) 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.
| SPLV | AOR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.74 | ||
| Sortino ratioReturn per unit of downside risk | -2.39 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.42 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | 0.64 | 2.93 | -2.29 |
| Martin ratioReturn relative to average drawdown | 1.50 | 12.60 | -11.10 |
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Drawdowns
SPLV vs. AOR - Drawdown Comparison
The maximum SPLV drawdown since its inception was -36.26%, which is greater than AOR's maximum drawdown of -24.44%. Use the drawdown chart below to compare losses from any high point for SPLV and AOR.
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Drawdown Indicators
| SPLV | AOR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.26% | -24.44% | -11.82% |
Max Drawdown (1Y)Largest decline over 1 year | -7.41% | -6.64% | -0.77% |
Max Drawdown (3Y)Largest decline over 3 years | -9.64% | -9.77% | +0.13% |
Max Drawdown (5Y)Largest decline over 5 years | -17.26% | -21.72% | +4.46% |
Max Drawdown (10Y)Largest decline over 10 years | -36.26% | -22.95% | -13.31% |
Current DrawdownCurrent decline from peak | -3.66% | -0.10% | -3.56% |
Average DrawdownAverage peak-to-trough decline | -3.55% | -3.47% | -0.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.15% | 1.54% | +1.61% |
Volatility
SPLV vs. AOR - Volatility Comparison
Invesco S&P 500 Low Volatility ETF (SPLV) has a higher volatility of 4.03% compared to iShares Core 60/40 Balanced Allocation ETF (AOR) at 3.61%. This indicates that SPLV'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
| SPLV | AOR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.03% | 3.61% | +0.42% |
Volatility (6M)Calculated over the trailing 6-month period | 7.20% | 7.37% | -0.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.08% | 8.84% | +1.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.51% | 10.63% | +1.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.38% | 10.70% | +4.68% |
SPLV vs. AOR - Expense Ratio Comparison
SPLV has a 0.25% expense ratio, which is higher than AOR'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
SPLV vs. AOR - Dividend Comparison
SPLV's dividend yield for the trailing twelve months is around 2.15%, less than AOR's 2.46% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AOR iShares Core 60/40 Balanced Allocation ETF | 2.46% | 2.55% | 2.66% | 2.50% | 2.12% | 1.64% | 1.89% | 2.56% | 2.49% | 4.51% | 2.16% | 2.12% |
SPLV Invesco S&P 500 Low Volatility ETF | 2.15% | 2.04% | 1.88% | 2.45% | 2.11% | 1.51% | 2.12% | 2.08% | 2.18% | 2.03% | 2.03% | 2.28% |
Frequently Asked Questions
SPLV and AOR have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPLV has higher volatility (4.03%) compared to AOR (3.61%). In terms of maximum drawdown, SPLV dropped -36.26% vs AOR's -24.44%.
On 10-year performance, AOR leads with 8.58% vs 8.33% for SPLV. On fees, AOR is cheaper at 0.15% per year. On volatility, AOR has been the lower-risk option at 3.61%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, AOR has performed better with a 8.58% return vs 8.33%. 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 0.25% for SPLV.
AOR has the higher dividend yield at 2.46%, compared with 2.15% for SPLV.
SPLV is categorized as S&P 500, while AOR is Diversified Portfolio. SPLV tracks S&P 500 Low Volatility Index, while AOR tracks S&P Target Risk Growth Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.25% for SPLV and 0.15% for AOR.
AOR currently has the higher Sharpe Ratio (2.21 vs 0.47), 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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