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AOA vs NDAA

iShares Core 80/20 Aggressive Allocation ETF

AOAANYSE Arca

Ned Davis Research 360 Dynamic Allocation ETF

NDAABNasdaq

Overlap

Expense ratio

AOA −0.50pt a year

AOA0.15%NDAA0.65%

Avg volume · 30D

AOA 9.8×the volume

AOA135KNDAA13.8K

AOA vs NDAA Performance

Oct 31, 2025 – Oct 30, 2026

+10.1%AOA+9.5%NDAA

Oct 31, 2025 to Oct 30, 2026. AOA +10.1%. NDAA +9.5%. Use the arrow keys to read each point.−2.5%0%2.5%5%12.5%Oct 2025Apr 2026Oct 2026
Expense ratio
AOA 0.15%, better
NDAA 0.65%
Fund size
AOA $3.32B
NDAA $195M
1Y total return
AOA +10.1%, better
NDAA +9.5%
Yield (12M)
AOA 2.19%
NDAA 2.48%, better
Holdings
AOA 34240
NDAA 26
Avg volume (30D)
AOA 135K sh, better
NDAA 13.8K sh
NAV per share
AOA $96.21
NDAA $23.68
52W range

ETF.net Grade

AOA: Cost 93, Risk 55, Mission 100, Tradability 96, Holdings 81, Durability 98. NDAA: Cost 44, Risk 46, Mission 81, Tradability 41, Holdings 65, Durability 54.
Pillar letters and Scores for AOA, NDAA, with each pillar’s weight
PillarAOANDAA
Cost30% weightA93HigherC44
Mission25% weightA100HigherA81
Risk15% weightB55HigherC46
Tradability15% weightA96HigherC41
Holdings10% weightA81HigherB65
Durability5% weightA98HigherC54

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 NDAA 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 NDAA 17th 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 16BRAAXVanEck Real Assets ETFScore 57
  5. Rank 17BNDAANed Davis Research 360 Dynamic Allocation ETFScore 55
  6. Rank 18CDRSKAptus Defined Risk ETFScore 54

Our read on each fund

ETF.net Research

AOAAiShares Core 80/20 Aggressive Allocation ETF

NDAABNed Davis Research 360 Dynamic 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.

NDAA A research house best known for selling market indicators now runs money with them. NDAA is an actively managed fund of ETFs built on Ned Davis Research's 360 Approach, anchored at 60% global stocks and 40% global bonds but free to move well off that mix.

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.

NDAA The Fund is actively managed and uses Ned Davis Research’s 360° Approach to allocate dynamically among equity, fixed-income and commodity ETFs and money markets. Its stated allocation framework targets 60% global equities and 40% global bonds but can move materially away from that mix.

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.
  • NDAA One ticket for a global mix: the fund allocates across equity, fixed-income and commodity ETFs plus money markets, rather than a single asset class.
  • The 60/40 baseline is a starting point, not a cage. The manager can shift materially away from it as its indicators change.
  • At 0.65%, it undercuts the typical fund in the allocation cohort, where the median runs 0.78%. Cheap for discretionary tactical management.

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.
  • NDAA Index-based allocation peers cost far less: AOA charges 0.19% and IRTR 0.08%. You are paying up for the active calls, not the building blocks.
  • Small and thinly traded. Spreads can be wide, so limit orders matter more here than in a mega-cap index fund.
  • Launched in 2024, so the strategy has not yet been tested across a full market cycle in this wrapper. Distributions come annually or semiannually, not monthly.

Full AOA profile⁠

Full NDAA profile⁠

AOA vs NDAA 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 NDAA Cost

Overpaying NDAA vs AOA

$9,580

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

  • AOA 0.15%

    $3,137

  • NDAA 0.65%

    $12,717

$10,000
30 years

Cost over time

  • AOA 0.15%
  • NDAA 0.65%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K051015202530NDAA $12,717AOA $3,137

Year by year

YearAOANDAAOverpaying
10$274$1,163$889
20$1,071$4,440$3,369
30$3,137$12,717$9,580

Expense ratio

  • 0.15%AOA, cheaper
  • 0.65%NDAA
  • Middle half of Multi-Asset Allocation funds
  • Median 0.57%

AOA 3rd cheapest of 37 funds

NDAA 20th cheapest of 37 funds

AOA vs NDAA Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
AOA 2.19%
NDAA 2.48%, better
Payout (12M)
AOA $2.11
NDAA $0.59
Last payment
AOA $0.30
NDAA $0.59
Ex-dividend
AOA Oct 2, 2026
NDAA Dec 23, 2025
Paid on
AOA Oct 7, 2026
NDAA Dec 24, 2025
Frequency
AOA Quarterly
NDAA 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
NDAAAnnual · 2 paymentsAll NDAA payments⁠
One bar per payment. 2 payments from 2017 to 2026 YTD. Dec 26, 2024 $0.16; Dec 23, 2025 $0.59. Use the arrow keys to read each point.$0$22017202020232026YTD

AOA vs NDAA 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%NDAA 9.8%since Nov 2024
Return per unit of riskSharpe ratio, 3 years
AOA 1.37NDAA 0.77since Nov 2024
Worst fallMax drawdown, 5 years
AOA −23.6%NDAA −13.5%since Oct 2024
Market sensitivityBeta, 5 years
AOA 1.06NDAA 0.73

AOA and NDAA in the news

All news⁠

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