VGWAX vs. AOA

Last updated Jun 4, 2026

VGWAX (Vanguard Global Wellington Fund Admiral Shares) and AOA (iShares Core Aggressive Allocation ETF) are both Diversified Portfolio funds. Over the past 5 years, VGWAX returned 8.46%/yr vs 9.15%/yr for AOA. Their correlation of 0.91 suggests significant overlap in exposure. VGWAX charges 0.29%/yr vs 0.25%/yr for AOA.

Performance

VGWAX vs. AOA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Global Wellington Fund Admiral Shares (VGWAX) and iShares Core Aggressive Allocation ETF (AOA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VGWAX achieves a 11.04% return, which is significantly higher than AOA's 9.93% return.

VGWAX

• 1D: 0.00%
• 1M: 3.25%
• YTD: 11.04%
• 6M: 12.06%
• 1Y: 22.61%
• 3Y*: 14.48%
• 5Y*: 8.46%
• 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)

VGWAX vs. AOA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
VGWAX Vanguard Global Wellington Fund Admiral Shares	11.04%	17.48%	6.27%	12.54%	-7.07%	13.51%	7.51%	22.16%	-5.05%
AOA iShares Core Aggressive Allocation ETF	9.93%	19.59%	13.55%	18.27%	-16.23%	15.42%	12.82%	22.60%	-9.18%

Correlation

The correlation between VGWAX and AOA is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (All Time) Calculated using the full available price history since Mar 15, 2018	0.91

The correlation between VGWAX and AOA has been stable across timeframes, ranging from 0.82 to 0.91 - a consistent structural relationship.

VGWAX vs. AOA - Sectors Allocation Comparison

Sectors	VGWAX	AOA
Financial Services	19.3%	16.1%
Technology	18.1%	27.4%
Healthcare	14.0%	8.0%
Industrials	13.6%	12.0%
Energy	6.7%	4.3%
Consumer Cyclical	6.5%	9.5%
Consumer Defensive	6.1%	5.0%
Utilities	6.0%	2.7%
Basic Materials	4.1%	4.2%
Communication Services	4.1%	8.3%
Real Estate	1.5%	2.4%

Return for Risk

VGWAX vs. AOA — Risk / Return Rank

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

VGWAX

VGWAX Risk / Return Rank: 81
VGWAX Sharpe Ratio Rank: 88
VGWAX Sortino Ratio Rank: 87
VGWAX Omega Ratio Rank: 83
VGWAX Calmar Ratio Rank: 75
VGWAX Martin Ratio Rank: 73

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.

VGWAX vs. AOA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Global Wellington Fund Admiral Shares (VGWAX) 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.

	VGWAX	AOA	Difference
Sharpe ratio Return per unit of total volatility	2.88	2.30	+0.58
Sortino ratio Return per unit of downside risk	4.11	3.23	+0.88
Omega ratio Gain probability vs. loss probability	1.55	1.43	+0.12
Calmar ratio Return relative to maximum drawdown	3.41	2.98	+0.43
Martin ratio Return relative to average drawdown	13.91	13.20	+0.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VGWAX vs. AOA - Sharpe Ratio Comparison

The current VGWAX Sharpe Ratio is 2.88, which is comparable to the AOA Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of VGWAX 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

	VGWAX	AOA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.88	2.30	+0.58
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.93	0.71	+0.22
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.78	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.84	0.69	+0.15

Drawdowns

VGWAX vs. AOA - Drawdown Comparison

The maximum VGWAX drawdown since its inception was -25.28%, smaller than the maximum AOA drawdown of -28.38%. Use the drawdown chart below to compare losses from any high point for VGWAX and AOA.

Drawdown Indicators

	VGWAX	AOA	Difference
Max Drawdown Largest peak-to-trough decline	-25.28%	-28.38%	+3.10%
Max Drawdown (1Y) Largest decline over 1 year	-6.67%	-8.20%	+1.53%
Max Drawdown (3Y) Largest decline over 3 years	-7.69%	-12.94%	+5.25%
Max Drawdown (5Y) Largest decline over 5 years	-17.46%	-23.62%	+6.16%
Max Drawdown (10Y) Largest decline over 10 years	—	-28.38%	—
Current Drawdown Current decline from peak	0.00%	-0.50%	+0.50%
Average Drawdown Average peak-to-trough decline	-2.90%	-4.05%	+1.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.63%	1.84%	-0.21%

Volatility

VGWAX vs. AOA - Volatility Comparison

The current volatility for Vanguard Global Wellington Fund Admiral Shares (VGWAX) is 2.36%, while iShares Core Aggressive Allocation ETF (AOA) has a volatility of 3.25%. This indicates that VGWAX experiences smaller price fluctuations and is considered to be less risky than AOA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VGWAX	AOA	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.36%	3.25%	-0.89%
Volatility (6M) Calculated over the trailing 6-month period	6.33%	8.51%	-2.18%
Volatility (1Y) Calculated over the trailing 1-year period	7.91%	10.63%	-2.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.17%	12.98%	-3.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.97%	13.55%	-2.58%

VGWAX vs. AOA - Expense Ratio Comparison

VGWAX has a 0.29% expense ratio, which is higher than AOA's 0.25% expense ratio.

Dividends

VGWAX vs. AOA - Dividend Comparison

VGWAX's dividend yield for the trailing twelve months is around 6.09%, 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%
VGWAX Vanguard Global Wellington Fund Admiral Shares	6.09%	6.78%	7.47%	2.66%	4.50%	3.36%	1.64%	2.08%	2.62%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VGWAX and AOA in my portfolio?

VGWAX and AOA have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VGWAX or AOA?

AOA has higher volatility (3.25%) compared to VGWAX (2.36%). In terms of maximum drawdown, VGWAX dropped -25.28% vs AOA's -28.38%.

Which has better risk-adjusted returns?

VGWAX currently has the higher Sharpe Ratio (2.88 vs 2.30), 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.