SPY vs. AOR

Last updated Jun 7, 2026

SPY (State Street SPDR S&P 500 ETF) and AOR (iShares Core 60/40 Balanced Allocation ETF) are both exchange-traded funds - SPY is a S&P 500 fund tracking the S&P 500 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, SPY returned 15.16%/yr vs 8.14%/yr for AOR. Their correlation of 0.90 suggests significant overlap in exposure. SPY charges 0.09%/yr vs 0.15%/yr for AOR.

Performance

SPY vs. AOR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR S&P 500 ETF (SPY) and iShares Core 60/40 Balanced Allocation ETF (AOR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPY achieves a 8.45% return, which is significantly higher than AOR's 5.53% return. Over the past 10 years, SPY has outperformed AOR with an annualized return of 15.16%, while AOR has yielded a comparatively lower 8.14% annualized return.

SPY

• 1D: -2.58%
• 1M: 0.82%
• YTD: 8.45%
• 6M: 8.18%
• 1Y: 24.51%
• 3Y*: 21.43%
• 5Y*: 13.32%
• 10Y*: 15.16%

AOR

• 1D: -1.97%
• 1M: -0.16%
• YTD: 5.53%
• 6M: 5.95%
• 1Y: 16.76%
• 3Y*: 13.35%
• 5Y*: 6.57%
• 10Y*: 8.14%

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

SPY vs. AOR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPY State Street SPDR S&P 500 ETF	8.45%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%
AOR iShares Core 60/40 Balanced Allocation ETF	5.53%	16.44%	10.68%	15.75%	-15.64%	11.19%	11.42%	18.91%	-5.82%	15.80%

Correlation

The correlation between SPY and AOR is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Nov 12, 2008	0.90

The correlation between SPY and AOR has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.

SPY vs. AOR - Sectors Allocation Comparison

Sectors	SPY	AOR
Technology	35.9%	27.8%
Financial Services	11.8%	16.2%
Communication Services	11.3%	8.1%
Consumer Cyclical	10.3%	9.5%
Healthcare	8.4%	8.0%
Industrials	7.8%	11.9%
Consumer Defensive	4.8%	5.0%
Energy	3.6%	4.3%
Utilities	2.4%	2.7%
Real Estate	1.9%	2.4%
Basic Materials	1.8%	4.2%

Return for Risk

SPY vs. AOR — Risk / Return Rank

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

SPY

SPY Risk / Return Rank: 66
SPY Sharpe Ratio Rank: 66
SPY Sortino Ratio Rank: 63
SPY Omega Ratio Rank: 66
SPY Calmar Ratio Rank: 60
SPY Martin Ratio Rank: 73

AOR

AOR Risk / Return Rank: 60
AOR Sharpe Ratio Rank: 61
AOR Sortino Ratio Rank: 62
AOR Omega Ratio Rank: 63
AOR Calmar Ratio Rank: 53
AOR Martin Ratio Rank: 64

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.

SPY vs. AOR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR S&P 500 ETF (SPY) 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.

	SPY	AOR	Difference
Sharpe ratio: Return per unit of total volatility	2.14	1.99	+0.15
Sortino ratio: Return per unit of downside risk	2.88	2.79	+0.09
Omega ratio: Gain probability vs. loss probability	1.39	1.37	+0.02
Calmar ratio: Return relative to maximum drawdown	2.92	2.59	+0.33
Martin ratio: Return relative to average drawdown	13.50	11.27	+2.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPY vs. AOR - Sharpe Ratio Comparison

The current SPY Sharpe Ratio is 2.14, which is comparable to the AOR Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of SPY and AOR, 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

	SPY	AOR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.14	1.99	+0.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.78	0.62	+0.16
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.85	0.76	+0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.68	-0.10

Drawdowns

SPY vs. AOR - Drawdown Comparison

The maximum SPY drawdown since its inception was -55.19%, which is greater than AOR's maximum drawdown of -24.44%. Use the drawdown chart below to compare losses from any high point for SPY and AOR.

Drawdown Indicators

	SPY	AOR	Difference
Max Drawdown Largest peak-to-trough decline	-55.19%	-24.44%	-30.75%
Max Drawdown (1Y) Largest decline over 1 year	-8.88%	-6.64%	-2.24%
Max Drawdown (3Y) Largest decline over 3 years	-18.76%	-9.77%	-8.99%
Max Drawdown (5Y) Largest decline over 5 years	-24.50%	-21.72%	-2.78%
Max Drawdown (10Y) Largest decline over 10 years	-33.72%	-22.95%	-10.77%
Current Drawdown Current decline from peak	-2.90%	-2.25%	-0.65%
Average Drawdown Average peak-to-trough decline	-9.05%	-3.47%	-5.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.91%	1.52%	+0.39%

Volatility

SPY vs. AOR - Volatility Comparison

State Street SPDR S&P 500 ETF (SPY) has a higher volatility of 3.73% compared to iShares Core 60/40 Balanced Allocation ETF (AOR) at 3.12%. This indicates that SPY'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.

Volatility by Period

	SPY	AOR	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.73%	3.12%	+0.61%
Volatility (6M) Calculated over the trailing 6-month period	9.31%	7.11%	+2.20%
Volatility (1Y) Calculated over the trailing 1-year period	12.12%	8.66%	+3.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.09%	10.58%	+6.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.95%	10.69%	+7.26%

SPY vs. AOR - Expense Ratio Comparison

SPY has a 0.09% expense ratio, which is lower than AOR's 0.15% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SPY vs. AOR - Dividend Comparison

SPY's dividend yield for the trailing twelve months is around 1.00%, less than AOR's 2.51% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AOR iShares Core 60/40 Balanced Allocation ETF	2.51%	2.55%	2.66%	2.50%	2.12%	1.64%	1.89%	2.56%	2.49%	4.51%	2.16%	2.12%
SPY State Street SPDR S&P 500 ETF	1.00%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both SPY and AOR in my portfolio?

With a correlation of 0.93, SPY and AOR 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, SPY or AOR?

SPY has higher volatility (3.73%) compared to AOR (3.12%). In terms of maximum drawdown, SPY dropped -55.19% vs AOR's -24.44%.

Which ETF is better, SPY or AOR?

On 10-year performance, SPY leads with 15.16% vs 8.14% for AOR. On fees, SPY is cheaper at 0.09% per year. On volatility, AOR has been the lower-risk option at 3.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPY or AOR?

Over the 10-year period, SPY has performed better with a 15.16% return vs 8.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPY or AOR?

SPY is cheaper with a 0.09% expense ratio, compared with 0.15% for AOR.

Which ETF pays a higher dividend yield, SPY or AOR?

AOR has the higher dividend yield at 2.51%, compared with 1.00% for SPY.

What is the main difference between SPY and AOR?

SPY is categorized as S&P 500, while AOR is Diversified Portfolio. SPY tracks S&P 500 Index, while AOR tracks S&P Target Risk Growth Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.09% for SPY and 0.15% for AOR.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.14 vs 1.99), 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.