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AOA vs GDMA

iShares Core 80/20 Aggressive Allocation ETF

AOAANYSE Arca

Gadsden Dynamic Multi-Asset ETF

GDMADCboe

Overlap

Expense ratio

AOA −0.60pt a year

AOA0.15%GDMA0.75%

Avg volume · 30D

AOA 9.4×the volume

AOA135KGDMA14.3K

5Y return · a year

AOA +1.0pt

AOA+8.2%GDMA+7.2%

AOA vs GDMA Performance

Oct 29, 2021 – Oct 30, 2026

+48.2%AOA+41.6%GDMA

Oct 29, 2021 to Oct 30, 2026. AOA +48.2%. GDMA +41.6%. Use the arrow keys to read each point.−20%0%20%Oct 2021Apr 2024Oct 2026
Expense ratio
AOA 0.15%, better
GDMA 0.75%
Fund size
AOA $3.32B
GDMA $213M
1Y total return
AOA +10.1%, better
GDMA +5.8%
Yield (12M)
AOA 2.19%
GDMA 2.67%, better
Holdings
AOA 34240
GDMA 19
Avg volume (30D)
AOA 135K sh, better
GDMA 14.3K sh
NAV per share
AOA $96.21
GDMA $40.26
52W range

ETF.net Grade

AOA: Cost 93, Risk 55, Mission 100, Tradability 96, Holdings 81, Durability 98. GDMA: Cost 38, Risk 44, Mission 17, Tradability 69, Holdings 40, Durability 62.
Pillar letters and Scores for AOA, GDMA, with each pillar’s weight
PillarAOAGDMA
Cost30% weightA93HigherD38
Mission25% weightA100HigherF17
Risk15% weightB55HigherC44
Tradability15% weightA96HigherB69
Holdings10% weightA81HigherC40
Durability5% weightA98HigherB62

Rank among Multi-Asset Allocation funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. AOA and GDMA 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 GDMA 28th of 37 funds in the Multi-Asset Allocation Category.

  1. Rank 1AUCBGState Street SPDR UC Investments 90/10 Endowment Strategy Index ETFScore 95
  2. Rank 2AAOAiShares Core 80/20 Aggressive Allocation ETFScore 88
  3. Rank 3AIRTRiShares LifePath Retirement ETFScore 86
  4. Rank 26CMHIGMilliman Healthcare Inflation Guard ETFScore 40
  5. Rank 28DGDMAGadsden Dynamic Multi-Asset ETFScore 39
  6. Rank 29DWTIPWisdomTree Inflation Plus FundScore 38

Our read on each fund

ETF.net Research

AOAAiShares Core 80/20 Aggressive Allocation ETF

GDMADGadsden Dynamic Multi-Asset 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.

GDMA A go-anywhere allocation fund with no benchmark to hug: Gadsden's managers blend a long-term macro view with short-term tactical shifts across global stocks, bonds, currencies and REITs.

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.

GDMA The Fund seeks total return through active allocation among asset classes selected for their perceived risk/return opportunities. Its allocations can span global markets and may change with strategic and tactical views.

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.comspglobal.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.
  • GDMA Genuinely unconstrained: the prospectus lets it roam US equities, foreign securities, currencies, bonds and REITs, and hold heavy exposure to a single asset class.etfarchitect.com
  • Two gears by design, a strategic sleeve built on long-term macro views and a tactical sleeve that can reposition on short-term ones, both screened fundamentally and quantitatively.etfarchitect.com
  • Trading since 2018, so there is a real multi-cycle live record to judge instead of a backtest.

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.
  • GDMA 0.75% all-in (it includes the fees of the funds it holds), with no waiver, above the category median. Index-built peers like UCBG (0.06%) run far cheaper.
  • No index to lean on. The prospectus says risk and return are not managed against any benchmark, and the tactical-plus-strategic blend is expected to turn over faster than peers.etfarchitect.comsec.gov
  • Thinly traded with a modest asset base, so the bid-ask gap can matter more here than with the category's giants.

Full AOA profile⁠

Full GDMA profile⁠

AOA vs GDMA 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 GDMA Cost

Overpaying GDMA vs AOA

$11,345

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

  • AOA 0.15%

    $3,137

  • GDMA 0.75%

    $14,482

$10,000
30 years

Cost over time

  • AOA 0.15%
  • GDMA 0.75%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K051015202530GDMA $14,482AOA $3,137

Year by year

YearAOAGDMAOverpaying
10$274$1,336$1,062
20$1,071$5,078$4,007
30$3,137$14,482$11,345

Expense ratio

  • 0.15%AOA, cheaper
  • 0.75%GDMA
  • Middle half of Multi-Asset Allocation funds
  • Median 0.57%

AOA 3rd cheapest of 37 funds

GDMA 23rd cheapest of 37 funds

AOA vs GDMA Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
AOA 2.19%
GDMA 2.67%, better
Payout (12M)
AOA $2.11
GDMA $1.08
Last payment
AOA $0.30
GDMA $1.08
Ex-dividend
AOA Oct 2, 2026
GDMA Dec 30, 2025
Paid on
AOA Oct 7, 2026
GDMA Dec 31, 2025
Frequency
AOA Quarterly
GDMA Annual

Distribution history

Per share, 2017 to 2026, same scale for both

AOAQuarterly · 39 paymentsAll AOA payments⁠
One bar per payment. 39 payments from 2017 to 2026 YTD. Apr 4, 2017 $0.13; Jul 6, 2017 $0.40; Oct 3, 2017 $0.16; Dec 28, 2017 $2.06; Apr 3, 2018 $0.15; Jul 3, 2018 $0.48; Oct 2, 2018 $0.17; Dec 28, 2018 $0.35; Apr 2, 2019 $0.18; Jul 2, 2019 $0.55; Oct 2, 2019 $0.18; Dec 24, 2019 $0.54; Apr 2, 2020 $0.16; Jul 2, 2020 $0.36; Oct 2, 2020 $0.16; Dec 24, 2020 $0.42; Apr 5, 2021 $0.11; Jul 2, 2021 $0.38; Oct 4, 2021 $0.15; Dec 23, 2021 $0.57; Apr 4, 2022 $0.17; Jul 5, 2022 $0.51; Oct 4, 2022 $0.20; Dec 23, 2022 $0.38; Apr 4, 2023 $0.18; Jul 5, 2023 $0.50; Oct 3, 2023 $0.22; Dec 22, 2023 $0.63; Apr 2, 2024 $0.21; Jul 2, 2024 $0.55; Oct 2, 2024 $0.27; Dec 20, 2024 $0.74; Apr 2, 2025 $0.22; Jul 2, 2025 $0.62; Oct 2, 2025 $0.25; Dec 23, 2025 $0.86; Apr 2, 2026 $0.28; Jul 2, 2026 $0.68; Oct 2, 2026 $0.30. Use the arrow keys to read each point.$0$22017202020232026YTD
GDMAAnnual · 17 paymentsAll GDMA payments⁠
One bar per payment. 17 payments from 2017 to 2026 YTD. Dec 28, 2018 $0.15; Mar 12, 2019 $0.07; Jun 24, 2019 $0.16; Sep 17, 2019 $0.05; Dec 23, 2019 $0.55; Mar 24, 2020 $0.03; Jun 23, 2020 $0.03; Sep 22, 2020 $0.003; Dec 30, 2020 $0.13; Mar 15, 2021 $0.0061; Sep 13, 2021 $0.09; Dec 30, 2021 $0.57; Dec 27, 2022 $0.36; Dec 28, 2023 $1.25; Dec 12, 2024 $0.71; Dec 30, 2024 $0.02; Dec 30, 2025 $1.08. Use the arrow keys to read each point.$0$22017202020232026YTD

AOA vs GDMA Risk

Fall from peak · 5 years

  • AOA
  • GDMA
Oct 29, 2021 to Oct 30, 2026. Worst fall: AOA −23.6% · Oct 2022. Use the arrow keys to read each point.−25%−20%−15%−10%−5%0%Oct 2021Apr 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
AOA 9.6%, betterGDMA 10.0%
Return per unit of riskSharpe ratio, 3 years
AOA 1.37, betterGDMA 0.82
Worst fallMax drawdown, 5 years
AOA −23.6%GDMA −12.8%, better
Market sensitivityBeta, 5 years
AOA 1.06GDMA 0.51

AOA and GDMA in the news

All news⁠

Popular comparisons

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