UPAR vs. AOA

Last updated Jun 4, 2026

UPAR (UPAR Ultra Risk Parity ETF) and AOA (iShares Core Aggressive Allocation ETF) are both Diversified Portfolio funds - UPAR tracks the NONE while AOA tracks the S&P Target Risk Aggressive Index. Both are passively managed. Over the past 3 years, UPAR returned 10.72%/yr vs 17.52%/yr for AOA. A 0.64 correlation means they provide meaningful diversification when combined. UPAR charges 0.65%/yr vs 0.25%/yr for AOA.

Performance

UPAR vs. AOA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in UPAR Ultra Risk Parity ETF (UPAR) and iShares Core Aggressive Allocation ETF (AOA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with UPAR having a 9.98% return and AOA slightly lower at 9.93%.

UPAR

• 1D: -1.04%
• 1M: 2.58%
• YTD: 9.98%
• 6M: 9.51%
• 1Y: 28.64%
• 3Y*: 10.72%
• 5Y*: —
• 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)

UPAR vs. AOA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
UPAR UPAR Ultra Risk Parity ETF	9.98%	23.87%	-2.26%	5.73%	-30.30%
AOA iShares Core Aggressive Allocation ETF	9.93%	19.59%	13.55%	18.27%	-16.60%

Correlation

The correlation between UPAR and AOA is 0.69, 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	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (All Time) Calculated using the full available price history since Jan 5, 2022	0.64

The correlation between UPAR and AOA has been stable across timeframes, ranging from 0.64 to 0.69 - a consistent structural relationship.

UPAR vs. AOA - Sectors Allocation Comparison

Sectors	UPAR	AOA
Technology	18.3%	27.4%
Energy	17.8%	4.3%
Basic Materials	16.7%	4.2%
Industrials	12.7%	12.0%
Financial Services	10.8%	16.1%
Consumer Cyclical	6.3%	9.5%
Communication Services	5.2%	8.3%
Healthcare	5.0%	8.0%
Consumer Defensive	3.5%	5.0%
Utilities	2.2%	2.7%
Real Estate	1.4%	2.4%

Return for Risk

UPAR vs. AOA — Risk / Return Rank

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

UPAR

UPAR Risk / Return Rank: 57
UPAR Sharpe Ratio Rank: 62
UPAR Sortino Ratio Rank: 58
UPAR Omega Ratio Rank: 60
UPAR Calmar Ratio Rank: 52
UPAR Martin Ratio Rank: 51

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.

UPAR vs. AOA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for UPAR Ultra Risk Parity ETF (UPAR) and iShares Core 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.

	UPAR	AOA	Difference
Sharpe ratio: Return per unit of total volatility	2.12	2.30	-0.18
Sortino ratio: Return per unit of downside risk	2.80	3.23	-0.43
Omega ratio: Gain probability vs. loss probability	1.37	1.43	-0.05
Calmar ratio: Return relative to maximum drawdown	2.58	2.98	-0.39
Martin ratio: Return relative to average drawdown	8.53	13.20	-4.67
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UPAR vs. AOA - Sharpe Ratio Comparison

The current UPAR Sharpe Ratio is 2.12, which is comparable to the AOA Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of UPAR 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

	UPAR	AOA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.12	2.30	-0.18
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	-0.02	0.69	-0.71

Drawdowns

UPAR vs. AOA - Drawdown Comparison

The maximum UPAR drawdown since its inception was -39.00%, which is greater than AOA's maximum drawdown of -28.38%. Use the drawdown chart below to compare losses from any high point for UPAR and AOA.

Drawdown Indicators

	UPAR	AOA	Difference
Max Drawdown Largest peak-to-trough decline	-39.00%	-28.38%	-10.62%
Max Drawdown (1Y) Largest decline over 1 year	-11.13%	-8.20%	-2.93%
Max Drawdown (3Y) Largest decline over 3 years	-18.73%	-12.94%	-5.79%
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	-3.99%	-0.50%	-3.49%
Average Drawdown Average peak-to-trough decline	-21.80%	-4.05%	-17.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.36%	1.84%	+1.52%

Volatility

UPAR vs. AOA - Volatility Comparison

UPAR Ultra Risk Parity ETF (UPAR) has a higher volatility of 4.58% compared to iShares Core Aggressive Allocation ETF (AOA) at 3.25%. This indicates that UPAR's price experiences larger fluctuations and is considered to be riskier than AOA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UPAR	AOA	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.58%	3.25%	+1.33%
Volatility (6M) Calculated over the trailing 6-month period	11.44%	8.51%	+2.93%
Volatility (1Y) Calculated over the trailing 1-year period	13.60%	10.63%	+2.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.04%	12.98%	+5.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.04%	13.55%	+4.49%

UPAR vs. AOA - Expense Ratio Comparison

UPAR has a 0.65% expense ratio, which is higher than AOA's 0.25% expense ratio.

Dividends

UPAR vs. AOA - Dividend Comparison

UPAR's dividend yield for the trailing twelve months is around 2.63%, more than AOA's 2.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AOA iShares Core 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%
UPAR UPAR Ultra Risk Parity ETF	2.63%	3.28%	3.32%	3.04%	4.73%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UPAR and AOA in my portfolio?

UPAR and AOA have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UPAR or AOA?

UPAR has higher volatility (4.58%) compared to AOA (3.25%). In terms of maximum drawdown, UPAR dropped -39.00% vs AOA's -28.38%.

Which ETF is better, UPAR or AOA?

On 3-year performance, AOA leads with 17.52% vs 10.72% for UPAR. On fees, AOA is cheaper at 0.25% 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, UPAR or AOA?

Over the 3-year period, AOA has performed better with a 17.52% return vs 10.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UPAR or AOA?

AOA is cheaper with a 0.25% expense ratio, compared with 0.65% for UPAR.

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

UPAR has the higher dividend yield at 2.63%, compared with 2.04% for AOA.

What is the main difference between UPAR and AOA?

UPAR tracks NONE, while AOA tracks S&P Target Risk Aggressive Index. They also come from different issuers: RPAR and iShares. Their fees differ too: 0.65% for UPAR and 0.25% for AOA.

Which has better risk-adjusted returns?

AOA currently has the higher Sharpe Ratio (2.30 vs 2.12), 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.