AOA vs GAA: Grades, Fees and Holdings Compared

iShares Core 80/20 Aggressive Allocation ETF

AOAANYSE Arca

Cambria Global Asset Allocation ETF

GAAACboe

Overlap

0.0%by weight

Expense ratio

AOA −0.17pt a year

AOA0.15%GAA0.32%

Avg volume · 30D

AOA 16.4×the volume

AOA135KGAA8.23K

10Y return · a year

AOA +2.8pt

AOA+10.2%GAA+7.4%

AOA vs GAA Performance

Oct 29, 2021 – Oct 30, 2026

+48.2%AOA+36.0%GAA

Expense ratio: AOA 0.15%, better; GAA 0.32%
Fund size: AOA $3.32B; GAA $79M
1Y total return: AOA +10.1%; GAA +12.9%, better
Yield (12M): AOA 2.19%; GAA 3.48%, better
Holdings: AOA 34240; GAA 31
Avg volume (30D): AOA 135K sh, better; GAA 8.23K sh
NAV per share: AOA $96.21; GAA $34.76
52W range

ETF.net Grade

Pillar letters and Scores for AOA, GAA, with each pillar’s weight
Pillar	AOA	GAA
Cost30% weight	A93Higher	A75
Mission25% weight	A100Higher	A86
Risk15% weight	B55	A71Higher
Tradability15% weight	A96Higher	C42
Holdings10% weight	A81Higher	A73
Durability5% weight	A98Higher	B64

Rank among Multi-Asset Allocation funds

How we build Categories ›

Same Category. AOA and GAA are both graded against the same 37 Multi-Asset Allocation funds, so their Grades compare head to head.

Multi-Asset Allocation⁠

Category · 37 funds

See all 37 ›

AOA ranks 2nd and GAA 5th of 37 funds in the Multi-Asset Allocation Category.

Rank 1AUCBGState Street SPDR UC Investments 90/10 Endowment Strategy Index ETFScore 95
Rank 2AAOAiShares Core 80/20 Aggressive Allocation ETFScore 88
Rank 3AIRTRiShares LifePath Retirement ETFScore 86
Rank 4AINCEFranklin Income Equity Focus ETFScore 74
Rank 5AGAACambria Global Asset Allocation ETFScore 71
Rank 6ATRTYCambria Trinity ETFScore 70

Our read on each fund

ETF.net Research

AOAAiShares Core 80/20 Aggressive Allocation ETF

GAAACambria Global Asset Allocation ETF

In short

AOA A whole portfolio in one ticker. Since 2008, AOA has held a fixed 80/20 mix of global stock and bond index funds, with its index rebalancing the split back to target twice a year. No spreadsheet required.

GAA One ticket for the global market portfolio: about 30 exchange-traded funds covering world stocks, bonds, real estate, commodities and currencies, with value and momentum screens shaping the mix, at 0.32% all in.

Stated mandate

AOA The Fund seeks to follow an index of equity and fixed-income ETFs designed for an aggressive target-risk allocation. It offers a diversified portfolio emphasizing growth and relatively higher equity exposure.

GAA The Fund seeks to preserve and grow capital through a diversified portfolio spanning global stocks, bonds, commodities, and currencies. It uses a quantitative, buy-and-hold approach across global asset classes, including value and momentum exposures.

Why people hold it

AOA One trade buys a handful of underlying iShares index funds spanning global stocks and bonds, with the 80/20 split set by index rule rather than a manager's judgment call.ishares.com spglobal.com
Costs 0.15% net of a waiver through November 30, 2026 (0.19% gross), below the median fee in its allocation category.
Live since November 2008 and now a multi-billion-dollar fund, it has run the same target-risk mandate through the financial crisis and everything after.ishares.com
Among the strongest implementations in a crowded field of allocation funds, and it pays out quarterly.

GAA At 0.32%, it sits below the typical allocation ETF, and below Cambria's other all-in-one fund, Trinity (TRTY), at 0.39%.
One holding reaches across global equities, fixed income, real estate, commodities and currencies, built from other exchange-traded funds rather than single names.sec.gov
Running since December 2014, it carries a decade-plus live record and stands among the stronger builds in the allocation group. Pays quarterly.

Worth knowing

AOA Eighty percent equity means it rides global stock swings closely. The 20% bond sleeve softens drawdowns rather than stopping them.spglobal.com
That 0.15% is net of a contractual waiver through November 30, 2026. The gross 0.19% is the figure that applies if the waiver is not renewed.
Cheaper one-ticket rivals now exist: UCBG at 0.06% and IRTR at 0.08%. IRTR also glides its risk down over time, while AOA's 80/20 stays put.

GAA It is one of the less-traded funds in its category, so bid/ask spreads can run wider than the giant one-ticket allocation funds.
Commodities and currencies sit alongside the stocks and bonds, so the ride can look nothing like a plain 60/40 blend in either direction.sec.gov
A fund of funds by design, holding both affiliated Cambria ETFs and outside ones, and actively managed since its 2019 switch from tracking Cambria's own index.sec.gov sec.gov 2

Full AOA profile⁠

Full GAA profile⁠

AOA vs GAA Holdings

How AOA and GAA differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of AOA and 0.0% of GAA.

Level by level

Holdings0 in both0.0%
Countryby domicile67.0%
Sector11 Sectors71.5%

Sector

Sector weights in AOA and GAA, widest gap first
Sector	More in AOAMore in GAA	AOA	GAA
Technology	AOA +20.5 points	31.6%	11.1%
Real Estate	GAA +10.4 points	2.1%	12.6%
Energy	GAA +8.4 points	4.1%	12.5%
Materials	GAA +4.6 points	3.9%	8.5%
Financials	GAA +3.6 points	16.1%	19.7%
Communication	AOA +3.5 points	7.5%	4.0%
Health Care	AOA +3.3 points	8.5%	5.2%
Utilities	GAA +0.9 points	2.3%	3.2%
Industrials	AOA +0.7 points	11.0%	10.3%
Consumer Staples	AOA +0.5 points	4.5%	4.0%
Consumer Discretionary	GAA +0.4 points	8.3%	8.8%

Country, concentration and asset class

Country by domicile

Country weights in AOA and GAA, widest gap first
Country	More in AOAMore in GAA	AOA	GAA
United States	AOA +26.1 points	69.4%	43.3%
South Africa	GAA +6.9 points	0.0%	6.9%
Thailand	GAA +2.9 points	0.0%	2.9%
China	GAA +2.5 points	2.4%	4.9%
Poland	GAA +2.3 points	0.0%	2.3%
Japan	AOA +2.2 points	6.0%	3.8%
Brazil	GAA +2.1 points	0.0%	2.1%
Taiwan	GAA +1.8 points	2.6%	4.4%
Other countries (28)	GAA +9.7 points	19.5%	29.2%

Outside the US: AOA 73% developed, 27% emerging. GAA 43% developed, 57% emerging.

Concentration

Weight in the 10 largest Holdings

AOA17.3%
GAA58.0%

Securities held

AOA34,149
GAA30

Asset class

AOA: Multi-Asset
GAA: Equity

Holdings

Only in AOA34,149
In both0
Only in GAA30

Only in AOA

34,149 securities, 99.6% of AOA by weight

Apple3.50%
NVIDIA3.44%
Microsoft2.69%
Amazon.com Inc1.64%
Taiwan Semiconductor Manufacturing1.17%
Alphabet Class A1.14%
Broadcom Inc1.08%
Meta Platforms Class A0.94%
Alphabet Class C0.92%
Eli Lilly0.79%
Tesla Inc0.78%
Berkshire Hathaway Inc Class B0.70%
Micron Technology0.69%
JPMorgan Chase & Co0.62%
Advanced Micro Devices0.57%
Exxonmobil Holdings Corp0.54%
Samsung Electronics Ltd0.52%
Visa Class A0.49%
Asml Holding0.48%
Johnson & Johnson0.46%
Sk Hynix0.38%
Walmart0.38%
AbbVie0.36%
Mastercard Class A0.36%
Chevron0.32%
Costco Wholesale Corp0.31%
Palantir Technologies Class A0.29%
Cisco Systems Inc0.29%
Roche Ps Par AG0.27%
Procter & Gamble0.26%
Merck & Co Inc0.26%
UnitedHealth Group0.25%
Coca-Cola0.25%
Shell0.24%
Novartis AG0.23%
Hsbc Holdings PLC0.23%
Home Depot0.23%
Intel Corporation0.23%
Philip Morris International0.23%
Bank of America0.23%
Astrazeneca PLC0.22%
Royal Bank of Canada0.22%
Ge Aerospace0.22%
Applied Material Inc0.22%
Lam Research0.21%
Palo Alto Networks0.21%
Nestle SA0.21%
Caterpillar Inc0.20%
Tencent Holdings0.20%
Texas Instrument0.19%

Only in GAA

30 securities, 99.9% of GAA by weight

Cambria Emerging Shareholder Yield ETF10.47%
Cambria Foreign Shareholder Yield ETF7.48%
Cambria Global Value ETF6.98%
Cambria Global Real Estate ETF6.25%
Cambria Tactical Yield ETF5.08%
Cambria Shareholder Yield ETF4.67%
USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund4.45%
State Street SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF4.40%
Cambria Value and Momentum ETF4.13%
Vanguard Total International Bond ETF4.07%
Alpha Architect US Quantitative Momentum ETF4.01%
VanEck Emerging Markets High Yield Bond ETF3.36%
Vanguard Total Bond Market ETF3.32%
Graniteshares Gold Trust2.94%
JPMorgan USD Emerging Markets Sovereign Bond ETF2.58%
Cambria Micro and SmallCap Shareholder Yield ETF2.56%
VanEck J. P. Morgan EM Local Currency Bond ETF2.54%
Vanguard Intermediate-Term Corporate Bond ETF2.49%
Schwab US TIPS ETF2.46%
Cambria LargeCap Shareholder Yield ETF2.32%
Alpha Architect International Quantitative Momentum ETF2.07%
Vanguard Short-Term Corporate Bond ETF1.67%
State Street SPDR FTSE International Government Inflation-Protected Bond ETF1.66%
Vanguard Intermediate-Term Treasury ETF1.64%
Invesco Global Ex US High Yield Corporate Bond ETF1.62%
Vanguard Long-Term Treasury ETF1.60%
VanEck Gold Miners ETF/USA1.30%
Alpha Architect 1-3 Month Box ETF0.90%
First American Treasury Obligations Fund 01/01/20400.55%
VanEck Bitcoin ETF/US0.31%

Weight gaps

AOA and GAA share no securities.

All AOA holdings⁠All 30 GAA holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

AOA vs GAA Cost

Overpaying GAA vs AOA

$3,405

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

AOA 0.15%
$3,137
GAA 0.32%
$6,542

Amount$10,000

Years30 years

Cost over time

AOA 0.15%
GAA 0.32%
Overpaying

Year by year

Year	AOA	GAA	Overpaying
10	$274	$580	$306
20	$1,071	$2,250	$1,179
30	$3,137	$6,542	$3,405

Expense ratio

0.15%AOA, cheaper
0.32%GAA

AOA0.15%GAA0.32%

0.06%1.36%

Middle half of Multi-Asset Allocation funds
Median 0.57%

AOA 3rd cheapest of 37 funds

GAA 10th cheapest of 37 funds

AOA vs GAA Dividends

Last 12 months to Oct 30, 2026

Yield (12M): AOA 2.19%; GAA 3.48%, better
Payout (12M): AOA $2.11; GAA $1.21
Last payment: AOA $0.30; GAA $0.29
Ex-dividend: AOA Oct 2, 2026; GAA Sep 22, 2026
Paid on: AOA Oct 7, 2026; GAA Sep 23, 2026
Frequency: AOA Quarterly; GAA Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

AOAQuarterly · 39 paymentsAll AOA payments⁠

GAAQuarterly · 39 paymentsAll GAA payments⁠

AOA vs GAA Risk

Fall from peak · 5 years

Risk facts

VolatilityStd dev, 3 years: AOA 9.6%GAA 8.2%, better
Return per unit of riskSharpe ratio, 3 years: AOA 1.37, betterGAA 1.20
Worst fallMax drawdown, 5 years: AOA −23.6%GAA −18.4%, better
Market sensitivityBeta, 5 years: AOA 1.06GAA 0.76; Market = 1

AOA and GAA in the news

All news⁠

New ETFs
YieldMax lists an SK hynix options ETF that does not own the shares
Oct 28, 2026GAA
Category Review
The fund built to limit losses had the category's worst return
Sep 25, 2026AOA

Popular comparisons

AOAAvsUCBGA
iShares Core 80/20 Aggressive Allocation ETF · State Street SPDR UC Investments 90/10 Endowment Strategy Index ETF
Expense ratio
0.15% · 0.06%
Category
GAAAvsUCBGA
Cambria Global Asset Allocation ETF · State Street SPDR UC Investments 90/10 Endowment Strategy Index ETF
Expense ratio
0.32% · 0.06%
Category
AOAAvsIRTRA
iShares Core 80/20 Aggressive Allocation ETF · iShares LifePath Retirement ETF
Expense ratio
0.15% · 0.08%
Category
GAAAvsIRTRA
Cambria Global Asset Allocation ETF · iShares LifePath Retirement ETF
Expense ratio
0.32% · 0.08%
Category
AOAAvsINCEA
iShares Core 80/20 Aggressive Allocation ETF · Franklin Income Equity Focus ETF
Expense ratio
0.15% · 0.29%
Category
GAAAvsINCEA
Cambria Global Asset Allocation ETF · Franklin Income Equity Focus ETF
Expense ratio
0.32% · 0.29%
Category

AOA vs GAA

In short

Stated mandate

Why people hold it

Worth knowing

How AOA and GAA differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in AOA

Only in GAA

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

YieldMax lists an SK hynix options ETF that does not own the shares

The fund built to limit losses had the category's worst return

How AOA and GAA differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in AOA

Only in GAA

Weight gaps