AOA vs OCIO: Grades, Fees and Holdings Compared

iShares Core 80/20 Aggressive Allocation ETF

AOAANYSE Arca

ClearShares OCIO ETF

OCIOBNYSE Arca

Overlap

7.0%by weight

Expense ratio

AOA −0.50pt a year

AOA0.15%OCIO0.65%

Avg volume · 30D

AOA 51.4×the volume

AOA135KOCIO2.62K

5Y return · a year

AOA +1.7pt

AOA+8.2%OCIO+6.5%

AOA vs OCIO Performance

Oct 29, 2021 – Oct 30, 2026

+48.2%AOA+37.0%OCIO

Expense ratio: AOA 0.15%, better; OCIO 0.65%
Fund size: AOA $3.32B; OCIO $168M
1Y total return: AOA +10.1%, better; OCIO +8.1%
Yield (12M): AOA 2.19%; OCIO 9.49%, better
Holdings: AOA 34240; OCIO 62
Avg volume (30D): AOA 135K sh, better; OCIO 2.62K sh
NAV per share: AOA $96.21; OCIO $36.99
52W range

ETF.net Grade

Pillar letters and Scores for AOA, OCIO, with each pillar’s weight
Pillar	AOA	OCIO
Cost30% weight	A93Higher	C44
Mission25% weight	A100Higher	A92
Risk15% weight	B55Higher	C47
Tradability15% weight	A96Higher	D37
Holdings10% weight	A81	A83Higher
Durability5% weight	A98Higher	B67

Rank among Multi-Asset Allocation funds

How we build Categories ›

Same Category. AOA and OCIO 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 OCIO 12th 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 10BTBFGBrinsmere Fund Growth ETFScore 61
Rank 12BOCIOClearShares OCIO ETFScore 60
Rank 12BRMHYGlobal X Adaptive Risk Managed Yield ETFScore 60

Our read on each fund

ETF.net Research

AOAAiShares Core 80/20 Aggressive Allocation ETF

OCIOBClearShares OCIO 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.

OCIO Endowment boards hire an outsourced CIO to run the money. OCIO bottles that idea in an ETF: an active, go-anywhere basket of other ETFs that seeks to outperform a plain global 60/40, for 0.65% net of a waiver through September 30, 2027.

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.

OCIO The Fund seeks to outperform a traditional 60/40 portfolio of global equities and fixed-income investments.

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.

OCIO Active where the shelf is mostly static: managers can move across global stocks, bonds and other ETFs (roughly 70 positions) instead of riding a fixed allocation.sec.gov
Adviser Clearbrook runs outsourced-CIO mandates for institutions, and charges the fund a single unified management fee rather than billing expenses piecemeal.sec.gov
Trading since 2017, so the approach has a real multi-year track record through several rate and equity cycles, not a backtest.
Sticks closely to its stated job of beating a global 60/40, and sits among the stronger implementations in its allocation peer 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.

OCIO 0.65% net of a waiver through September 30, 2027 is above the allocation category median; index-built rivals like AOA run 0.15%, net of a waiver through November 30, 2026.
Results ride on the manager's calls rather than an index, and as a fund of funds you also carry the costs of the ETFs it holds.sec.gov
A smaller, thinly traded fund next to the category's giants, so spreads can be wider and limit orders do more work.

Full AOA profile⁠

Full OCIO profile⁠

AOA vs OCIO Holdings

How AOA and OCIO differ

Overlap by weight

7.0%

Shared holdings make up 23.2% of AOA and 7.0% of OCIO.

Level by level

Holdings24 in both7.0%
Countryby domicile89.2%
Sector11 Sectors92.7%

Sector

Sector weights in AOA and OCIO, widest gap first
Sector	More in AOAMore in OCIO	AOA	OCIO
Technology	OCIO +7.1 points	31.6%	38.7%
Financials	AOA +2.9 points	16.1%	13.2%
Consumer Discretionary	AOA +1.0 points	8.3%	7.4%
Communication	AOA +0.9 points	7.5%	6.6%
Materials	AOA +0.8 points	3.9%	3.1%
Industrials	AOA +0.6 points	11.0%	10.4%
Real Estate	AOA +0.6 points	2.1%	1.6%
Consumer Staples	AOA +0.4 points	4.5%	4.1%
Utilities	AOA +0.3 points	2.3%	2.0%
Energy	OCIO +0.1 points	4.1%	4.2%
Health Care	AOA +0.2 points	8.5%	8.3%

Country, concentration and asset class

Country by domicile

Country weights in AOA and OCIO, widest gap first
Country	More in AOAMore in OCIO	AOA	OCIO
United States	OCIO +5.5 points	69.4%	74.9%
Japan	AOA +2.0 points	6.0%	4.0%
Canada	AOA +1.9 points	3.4%	1.5%
United Kingdom	AOA +1.5 points	3.6%	2.1%
China	AOA +1.1 points	2.4%	1.3%
France	AOA +0.9 points	2.1%	1.2%
Germany	AOA +0.9 points	2.1%	1.2%
Australia	AOA +0.8 points	1.8%	1.0%
Other countries (31)	OCIO +3.7 points	9.2%	12.9%

Outside the US: AOA 73% developed, 27% emerging. OCIO 65% developed, 35% emerging.

Concentration

Weight in the 10 largest Holdings

AOA17.3%
OCIO48.6%

Securities held

AOA34,149
OCIO61

Asset class

AOA: Multi-Asset
OCIO: Equity

Holdings

Only in AOA34,125
In both24
Only in OCIO37

Only in AOA

34,125 securities, 76.4% of AOA by weight

Taiwan Semiconductor Manufacturing1.17%
Samsung Electronics Ltd0.52%
Asml Holding0.48%
Sk Hynix0.38%
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%
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%
Tencent Holdings0.20%
Texas Instrument0.19%
Sap0.19%
Rtx0.19%
Mitsubishi Ufj Financial Group0.18%
Goldman Sachs Group0.18%
Netflix0.18%
Thermo Fisher Scientific0.18%
Crowdstrike Holdings Class A0.18%
Wells Fargo0.18%
Amgen Inc0.18%
International Business Machines Co0.17%
Siemens N AG0.17%
Linde PLC0.16%
Toronto Dominion0.16%
Bhp Group Ltd0.16%
Ge Vernova0.16%
Oracle0.16%
Commonwealth Bank of Australia0.15%
Morgan Stanley0.15%
Shopify Subordinate Voting Class A0.15%
Gilead Sciences0.15%
Allianz0.15%
Totalenergies0.15%
Toyota Motor0.14%
Kla0.14%

Only in OCIO

37 securities, 93.0% of OCIO by weight

Invesco QQQ Trust Series 16.73%
Vanguard Morningstar Value ETF6.02%
Vanguard Ftse Developed Etf5.53%
Vanguard Morningstar Total Stock Market ETF4.76%
State Street SPDR S&P 500 ETF Trust4.67%
iShares Core S&P 500 ETF4.56%
WisdomTree Floating Rate Treasury Fund4.43%
Vanguard S&P 500 ETF4.28%
VanEck Commodity Strategy ETF4.00%
iShares 1-3 Year Treasury Bond ETF3.61%
Schwab International Equity ETF3.52%
iShares Currency Hedged MSCI EAFE ETF3.44%
Clearshares Ultra-Short Maturity ETF3.33%
State Street SPDR Portfolio S&P 1500 Composite Sto3.05%
Vanguard Morningstar Large-Cap ETF2.98%
iShares 0-5 Year TIPS Bond ETF2.85%
Vanguard Information Technology ETF2.78%
Vanguard FTSE Emerging Markets ETF2.67%
iShares 3-7 Year Treasury Bond ETF2.10%
Vanguard Morningstar Growth ETF2.01%
Vanguard High Dividend Yield ETF1.81%
Invesco Dorsey Wright Emerging Markets Momentum ET1.64%
iShares Russell Mid-Cap Growth ETF1.42%
iShares MSCI USA Momentum Factor ETF1.38%
iShares Russell 1000 Growth ETF1.27%
iShares Core U.S. Aggregate Bond ETF1.14%
iShares MSCI Emerging Markets ex China ETF0.92%
First American Government Obligations Fund 12/01/20.88%
DoubleLine Commodity Strategy ETF0.77%
Invesco Optimum Yield Diversified Commodity Strate0.77%
AB Disruptors ETF0.74%
iShares Core S&P Mid-Cap ETF0.73%
iShares Russell 2000 ETF0.56%
Roundhill Memory ETF0.53%
iShares Semiconductor ETF0.49%
Conductor Global Equity Value ETF0.47%
iShares Core S&P Small-Cap ETF0.19%

Weight gaps

All 24 Holdings in both funds, largest gap first.

Holding weights in AOA and OCIO, widest gap first
Holding	More in AOAMore in OCIO	AOA	OCIO
AppleAAPL	AOA +2.33 points	3.50%	1.17%
NVIDIANVDA	AOA +2.11 points	3.44%	1.33%
MicrosoftMSFT	AOA +1.70 points	2.69%	0.99%
Amazon.com IncAMZN	AOA +1.30 points	1.64%	0.34%
Alphabet Class AGOOGL	AOA +1.01 points	1.14%	0.13%
Broadcom IncAVGO	AOA +0.85 points	1.08%	0.23%
Alphabet Class CGOOG	AOA +0.80 points	0.92%	0.12%
Tesla IncTSLA	AOA +0.66 points	0.78%	0.12%
Meta Platforms Class AMETA	AOA +0.61 points	0.94%	0.33%
Eli LillyLLY	AOA +0.54 points	0.79%	0.25%
Berkshire Hathaway Inc Class BBRK.B	AOA +0.44 points	0.70%	0.26%
Micron TechnologyMU	AOA +0.43 points	0.69%	0.26%
Advanced Micro DevicesAMD	AOA +0.39 points	0.57%	0.18%
JPMorgan Chase & CoJPM	AOA +0.38 points	0.62%	0.24%
Exxonmobil Holdings CorpXOM	AOA +0.36 points	0.54%	0.18%
Visa Class AV	AOA +0.34 points	0.49%	0.15%
WalmartWMT	AOA +0.31 points	0.38%	0.07%
Johnson & JohnsonJNJ	AOA +0.30 points	0.46%	0.16%
Costco Wholesale CorpCOST	AOA +0.25 points	0.31%	0.06%
Mastercard Class AMA	AOA +0.25 points	0.36%	0.11%
AbbVieABBV	AOA +0.24 points	0.36%	0.12%
ChevronCVX	AOA +0.22 points	0.32%	0.10%
Intel CorporationINTC	AOA +0.17 points	0.23%	0.06%
Caterpillar IncCAT	AOA +0.16 points	0.20%	0.04%

All AOA holdings⁠All 74 OCIO 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 OCIO Cost

Overpaying OCIO vs AOA

$9,580

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

AOA 0.15%
$3,137
OCIO 0.65%
$12,717

Amount$10,000

Years30 years

Cost over time

AOA 0.15%
OCIO 0.65%
Overpaying

Year by year

Year	AOA	OCIO	Overpaying
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%OCIO

AOA0.15%OCIO0.65%

0.06%1.36%

Middle half of Multi-Asset Allocation funds
Median 0.57%

AOA 3rd cheapest of 37 funds

OCIO 20th cheapest of 37 funds

AOA vs OCIO Dividends

Last 12 months to Oct 30, 2026

Yield (12M): AOA 2.19%; OCIO 9.49%, better
Payout (12M): AOA $2.11; OCIO $3.51
Last payment: AOA $0.30; OCIO $0.11
Ex-dividend: AOA Oct 2, 2026; OCIO Sep 29, 2026
Paid on: AOA Oct 7, 2026; OCIO Sep 30, 2026
Frequency: AOA Quarterly; OCIO Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

AOAQuarterly · 39 paymentsAll AOA payments⁠

OCIOQuarterly · 30 paymentsAll OCIO payments⁠

AOA vs OCIO Risk

Fall from peak · 5 years

AOA
OCIO

Risk facts

VolatilityStd dev, 3 years: AOA 9.6%OCIO 8.5%, better
Return per unit of riskSharpe ratio, 3 years: AOA 1.37, betterOCIO 1.09
Worst fallMax drawdown, 5 years: AOA −23.6%OCIO −17.2%, better
Market sensitivityBeta, 5 years: AOA 1.06OCIO 0.84; Market = 1

AOA and OCIO in the news

All news⁠

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
OCIOBvsUCBGA
ClearShares OCIO ETF · State Street SPDR UC Investments 90/10 Endowment Strategy Index ETF
Expense ratio
0.65% · 0.06%
Category
AOAAvsIRTRA
iShares Core 80/20 Aggressive Allocation ETF · iShares LifePath Retirement ETF
Expense ratio
0.15% · 0.08%
Category
OCIOBvsIRTRA
ClearShares OCIO ETF · iShares LifePath Retirement ETF
Expense ratio
0.65% · 0.08%
Category
AOAAvsINCEA
iShares Core 80/20 Aggressive Allocation ETF · Franklin Income Equity Focus ETF
Expense ratio
0.15% · 0.29%
Category
OCIOBvsINCEA
ClearShares OCIO ETF · Franklin Income Equity Focus ETF
Expense ratio
0.65% · 0.29%
Category

AOA vs OCIO

In short

Stated mandate

Why people hold it

Worth knowing

How AOA and OCIO differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in AOA

Only in OCIO

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 OCIO differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in AOA

Only in OCIO

Weight gaps