AOA vs MHIG: Grades, Fees and Holdings Compared

iShares Core 80/20 Aggressive Allocation ETF

AOAANYSE Arca

Milliman Healthcare Inflation Guard ETF

MHIGCNYSE Arca

Overlap

4.7%by weight

Expense ratio

AOA −0.40pt a year

AOA0.15%MHIG0.55%

Avg volume · 30D

AOA 1153.6×the volume

AOA143KMHIG124

AOA vs MHIG Performance

Aug 7, 2026 – Nov 9, 2026

−2.6%AOA+2.3%MHIG

Expense ratio: AOA 0.15%, better; MHIG 0.55%
Fund size: AOA $3.26B; MHIG $1M
1Y total return: AOA +11.7%; MHIG No data
Yield (12M): AOA 2.18%; MHIG No data
Holdings: AOA 34522; MHIG 87
Avg volume (30D): AOA 143K sh, better; MHIG 124 sh
NAV per share: AOA $94.55; MHIG $20.41
52W range

ETF.net Grade

Pillar letters and Scores for AOA, MHIG, with each pillar’s weight
Pillar	AOA	MHIG
Cost30% weight	A93Higher	C53
Mission25% weight	A100Higher	C53
Risk15% weight	C53	A72Higher
Tradability15% weight	A96Higher	F23
Holdings10% weight	A82Higher	F24
Durability5% weight	A98Higher	F22

Rank among Multi-Asset Allocation funds

How we build Categories ›

Same Category. AOA and MHIG are both graded against the same 36 Multi-Asset Allocation funds, so their Grades compare head to head.

Multi-Asset Allocation⁠

Category · 36 funds

See all 36 ›

AOA ranks 2nd and MHIG 26th of 36 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 26CHECAHedgeye Capital Allocation ETFScore 40
Rank 26CMHIGMilliman Healthcare Inflation Guard ETFScore 40
Rank 28DWTIPWisdomTree Inflation Plus FundScore 39

Our read on each fund

ETF.net Research

AOAAiShares Core 80/20 Aggressive Allocation ETF

MHIGCMilliman Healthcare Inflation Guard 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.

MHIG Most of the health care aisle bets on drug and device stocks. MHIG aims at the bill instead, seeking returns that match the U.S. healthcare cost inflation rate through a quant-selected mix of equities, debt and commodities.

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.

MHIG The Fund seeks returns that generally match the U.S. healthcare cost inflation rate. It uses a combination of healthcare-related equities, debt, commodities, and other instruments selected through a proprietary quantitative model.

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.

MHIG The benchmark is a rate, not a stock index: the fund seeks returns that generally match the U.S. healthcare cost inflation rate.
Multi-asset by design: healthcare equities, debt, commodities and other instruments picked by a quantitative model, not a cap-weighted ladder of big pharma.
A genuinely unusual mandate in a cohort where the best-regarded names (VHT, FHLC, XLV) are all cap-weighted US healthcare equity index funds.
Standard 1940 Act ETF wrapper with a US focus, so the plumbing is conventional even though the strategy is not.

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.

MHIG At 0.55% it sits above the health care cohort median of 0.50%, and far above plain index trackers such as VHT (0.09%) and XLV (0.08%).
Launched in 2026, so the track record is short, and the selection model is proprietary: you get the holdings, not the recipe.
Small and thinly traded next to the aisle's heavyweights, which means spreads and execution costs carry more weight.

Full AOA profile⁠

Full MHIG profile⁠

AOA vs MHIG Holdings

How AOA and MHIG differ

Overlap by weight

4.7%

Shared holdings make up 30.2% of MHIG and 4.7% of AOA.

Level by level

Holdings69 in both4.7%
Sector12 Sectors18.6%
Countryby domicile69.1%

Sector

Sector weights in AOA and MHIG, widest gap first
Sector	Gap	AOA	MHIG
Government	MHIG +66.3 points	0.0%	66.3%
Technology	AOA +26.3 points	30.2%	3.9%
Health Care	MHIG +15.0 points	9.1%	24.1%
Financials	AOA +15.1 points	16.4%	1.3%
Industrials	AOA +10.0 points	10.8%	0.8%
Consumer Discretionary	AOA +7.6 points	8.6%	1.0%
Communication	AOA +6.2 points	7.0%	0.9%
Consumer Staples	AOA +4.4 points	4.9%	0.5%
Energy	AOA +4.1 points	4.5%	0.4%
Materials	AOA +3.7 points	3.9%	0.2%
Utilities	AOA +2.2 points	2.4%	0.2%
Real Estate	AOA +2.0 points	2.2%	0.2%

Country, concentration and asset class

Country by domicile

Country weights in AOA and MHIG, widest gap first
Country	Gap	AOA	MHIG
United States	MHIG +30.9 points	69.0%	99.9%
Japan	AOA +6.0 points	6.0%	0.0%
United Kingdom	AOA +3.6 points	3.6%	0.0%
Canada	AOA +3.4 points	3.4%	0.0%
China	AOA +2.6 points	2.6%	0.0%
Taiwan	AOA +2.5 points	2.5%	0.0%
Switzerland	AOA +2.2 points	2.2%	0.0%
France	AOA +2.2 points	2.2%	0.0%
Other countries (7)	AOA +8.4 points	8.4%	0.0%

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

Concentration

Weight in the 10 largest Holdings

AOA17.3%
MHIG81.6%

Securities held

AOA34,428
MHIG85

Asset class

AOA: Multi-Asset
MHIG: Stocks

Holdings

Only in AOA34,359
In both69
Only in MHIG16

Only in AOA

34,359 securities, 94.8% of AOA by weight

Apple3.53%
NVIDIA3.19%
Microsoft2.79%
Amazon.com Inc1.80%
Alphabet Class A1.18%
Taiwan Semiconductor Manufacturing1.09%
Broadcom Inc0.99%
Alphabet Class C0.95%
Meta Platforms Class A0.95%
Berkshire Hathaway Inc Class B0.75%
Tesla Inc0.71%
JPMorgan Chase & Co0.63%
Micron Technology0.55%
Advanced Micro Devices0.52%
Visa Class A0.51%
Exxonmobil Holdings Corp0.48%
Asml Holding0.44%
Samsung Electronics Ltd0.44%
Walmart0.40%
Mastercard Class A0.37%
Costco Wholesale Corp0.33%
Sk Hynix0.31%
Chevron0.30%
Procter & Gamble0.27%
Roche Ps Par AG0.27%
Coca-Cola0.26%
Cisco Systems Inc0.26%
Palantir Technologies Class A0.26%
Home Depot0.24%
Hsbc Holdings PLC0.24%
Novartis AG0.24%
Ge Aerospace0.24%
Shell0.23%
Bank of America0.23%
Astrazeneca PLC0.23%
Royal Bank of Canada0.22%
Tencent Holdings0.22%
Philip Morris International0.22%
Nestle SA0.21%
Intel Corporation0.20%
Sap0.19%
Applied Material Inc0.19%
Netflix0.19%
Caterpillar Inc0.18%
Palo Alto Networks0.18%
Rtx0.18%
Wells Fargo0.18%
Texas Instrument0.18%
Goldman Sachs Group0.18%
Lam Research0.18%

Only in MHIG

16 securities, 69.6% of MHIG by weight

BondBloxx Bloomberg Five Year Target Duration US Treasury ETF23.13%
United States Treasury Bill 11/19/202620.11%
BondBloxx Bloomberg Six Month Target Duration US Treasury ETF16.85%
State Street SPDR S&P 500 ETF Trust6.63%
Natera Inc0.70%
Alnylam Pharmaceuticals Inc0.43%
4GLD Us 11/19/26 C372.46 Flx0.40%
Guardant Health Inc0.35%
Medline Inc0.31%
Revolution Medicines Inc0.26%
Summit Therapeutics Inc0.17%
Tempus AI Inc0.10%
Insmed Inc0.06%
Madrigal Pharmaceuticals Inc0.04%
Royalty Pharma PLC0.03%
ImmunityBio Inc0.03%

Weight gaps

All 69 Holdings in both funds, largest gap first.

Holding weights in AOA and MHIG, widest gap first
Holding	Gap	AOA	MHIG
Eli LillyLLY	MHIG +5.33 points	0.77%	6.10%
Johnson & JohnsonJNJ	MHIG +2.81 points	0.47%	3.28%
AbbVieABBV	MHIG +1.41 points	0.36%	1.77%
Gilead SciencesGILD	MHIG +1.19 points	0.15%	1.34%
Thermo Fisher ScientificTMO	MHIG +1.05 points	0.18%	1.23%
Amgen IncAMGN	MHIG +0.95 points	0.18%	1.13%
DanaherDHR	MHIG +0.80 points	0.10%	0.90%
Mckesson CorpMCK	MHIG +0.74 points	0.09%	0.83%
PfizerPFE	MHIG +0.66 points	0.12%	0.78%
Intuitive SurgicalISRG	MHIG +0.64 points	0.11%	0.75%
Bristol Myers SquibbBMY	MHIG +0.62 points	0.09%	0.71%
Cvs HealthCVS	MHIG +0.52 points	0.08%	0.60%
Hca HealthcareHCA	MHIG +0.48 points	0.05%	0.53%
HumanaHUM	MHIG +0.43 points	0.04%	0.47%
StrykerSYK	MHIG +0.43 points	0.08%	0.51%
Waters CorpWAT	MHIG +0.42 points	0.03%	0.45%
Abbott LaboratoriesABT	MHIG +0.40 points	0.13%	0.53%
ModernaMRNA	MHIG +0.38 points	0.07%	0.45%
Elevance Health IncELV	MHIG +0.35 points	0.07%	0.42%
CignaCI	MHIG +0.35 points	0.05%	0.40%
CencoraCOR	MHIG +0.34 points	0.04%	0.39%
Becton DickinsonBDX	MHIG +0.31 points	0.04%	0.35%
Centene CorpCNC	MHIG +0.31 points	0.02%	0.33%
Medtronic PLCMDT	MHIG +0.26 points	0.09%	0.35%
Veeva Systems Class AVEEV	MHIG +0.24 points	0.03%	0.27%
Iqvia Holdings IncIQV	MHIG +0.24 points	0.03%	0.27%
Boston ScientificBSX	MHIG +0.23 points	0.04%	0.27%
ResmedRMD	MHIG +0.21 points	0.02%	0.23%
Illumina IncILMN	MHIG +0.19 points	0.02%	0.21%
RevvityRVTY	MHIG +0.19 points	0.01%	0.20%
Dexcom IncDXCM	MHIG +0.18 points	0.02%	0.20%
UnitedHealth GroupUNH	MHIG +0.17 points	0.25%	0.42%
Agilent Technologies IncA	MHIG +0.18 points	0.03%	0.21%
Merck & Co IncMRK	MHIG +0.16 points	0.26%	0.42%
Quest Diagnostics IncDGX	MHIG +0.16 points	0.02%	0.18%
Mettler ToledoMTD	MHIG +0.15 points	0.02%	0.17%
Bio TechneTECH	MHIG +0.13 points	<0.01%	0.14%
SterisSTE	MHIG +0.13 points	0.02%	0.15%
Labcorp HoldingsLH	MHIG +0.12 points	0.02%	0.14%
Zimmer Biomet HoldingsZBH	MHIG +0.12 points	0.01%	0.13%
Globus Medical Class AGMED	MHIG +0.12 points	<0.01%	0.13%
Edwards LifesciencesEW	MHIG +0.12 points	0.04%	0.16%
Medpace HoldingsMEDP	MHIG +0.12 points	0.01%	0.13%
SolventumSOLV	MHIG +0.11 points	<0.01%	0.12%
Tenet Healthcare CorpTHC	MHIG +0.09 points	0.02%	0.11%
Neurocrine BiosciencesNBIX	MHIG +0.09 points	0.01%	0.10%
Align TechnologyALGN	MHIG +0.07 points	<0.01%	0.08%
BiogenBIIB	MHIG +0.07 points	0.03%	0.10%
CooperCOO	MHIG +0.07 points	<0.01%	0.08%
Davita IncDVA	MHIG +0.08 points	<0.01%	0.07%
West Pharmaceutical ServicesWST	MHIG +0.06 points	0.02%	0.08%
Encompass HealthEHC	MHIG +0.06 points	<0.01%	0.07%
Charles River Laboratories InternaCRL	MHIG +0.06 points	0.01%	0.07%
Universal Health Services Class BUHS	MHIG +0.05 points	<0.01%	0.06%
AvantorAVTR	MHIG +0.05 points	<0.01%	0.06%
Exelixis IncEXEL	MHIG +0.04 points	0.01%	0.05%
Incyte CorpINCY	MHIG +0.04 points	0.01%	0.05%
Brightspring Health Services IncBTSG	MHIG +0.03 points	<0.01%	0.04%
Ge Healthcare TechnologiesGEHC	MHIG +0.03 points	0.03%	0.06%
Ensign GroupENSG	MHIG +0.03 points	<0.01%	0.04%
RepligenRGEN	MHIG +0.02 points	<0.01%	0.03%
Regeneron PharmaceuticalsREGN	MHIG +0.03 points	0.06%	0.09%
PenumbraPEN	MHIG +0.02 points	<0.01%	0.03%
Baxter InternationalBAX	MHIG +0.02 points	<0.01%	0.03%
Halozyme TherapeuticsHALO	MHIG +0.01 points	<0.01%	0.02%
Corcept TherapeuticsCORT	MHIG +0.01 points	<0.01%	0.01%
Vertex PharmaceuticalsVRTX	MHIG +0.01 points	0.10%	0.11%
ViatrisVTRS	AOA +0.01 points	0.02%	<0.01%
Biomarin PharmaceuticalBMRN	Same weight	<0.01%	<0.01%

All AOA holdings⁠All 87 MHIG 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 MHIG Cost

Overpaying MHIG vs AOA

$7,767

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

AOA 0.15%
$3,137
MHIG 0.55%
$10,904

Amount$10,000

Years30 years

Cost over time

AOA 0.15%
MHIG 0.55%
Overpaying

Year by year

Year	AOA	MHIG	Overpaying
10	$274	$988	$714
20	$1,071	$3,790	$2,719
30	$3,137	$10,904	$7,767

Expense ratio

0.15%AOA, cheaper
0.55%MHIG

AOA0.15%MHIG0.55%

0.06%1.36%

Middle half of Multi-Asset Allocation funds
Median 0.61%

AOA 3rd cheapest of 36 funds

MHIG 16th cheapest of 36 funds

AOA vs MHIG Dividends

Last 12 months to Nov 9, 2026

Yield (12M): AOA 2.18%; MHIG No data
Payout (12M): AOA $2.11; MHIG None
Last payment: AOA $0.30; MHIG No data
Ex-dividend: AOA Oct 2, 2026; MHIG No data
Paid on: AOA Oct 7, 2026; MHIG No data
Frequency: AOA Quarterly; MHIG No data

Distribution history

Per share, 2017 to 2026, same scale for both

AOAQuarterly · 39 paymentsAll AOA payments⁠

MHIGAll MHIG payments⁠

No distribution history available.

AOA vs MHIG Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: AOA 9.6%MHIG No data
Return per unit of riskSharpe ratio, 3 years: AOA 1.37MHIG No data
Worst fallMax drawdown, 5 years: AOA −23.6%MHIG No data
Market sensitivityBeta, 5 years: AOA 1.06MHIG 0.33; Market = 1

AOA and MHIG in the news

All news⁠

Category Review
The fund built to limit losses had the category's worst return
Sep 25, 2026AOA

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AOA vs MHIG

In short

Stated mandate

Why people hold it

Worth knowing

How AOA and MHIG differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in AOA

Only in MHIG

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

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

How AOA and MHIG differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in AOA

Only in MHIG

Weight gaps