AOA vs RAAX: Grades, Fees and Holdings Compared

iShares Core 80/20 Aggressive Allocation ETF

AOAANYSE Arca

VanEck Real Assets ETF

RAAXBNYSE Arca

Overlap

7.3%by weight

Expense ratio

AOA −0.40pt a year

AOA0.15%RAAX0.55%

Avg volume · 30D

RAAX 2.0×the volume

AOA143KRAAX289K

5Y return · a year

RAAX +2.8pt

AOA+7.9%RAAX+10.7%

AOA vs RAAX Performance

Nov 9, 2021 – Nov 9, 2026

+46.6%AOA+66.6%RAAX

Expense ratio: AOA 0.15%, better; RAAX 0.55%
Fund size: AOA $3.26B; RAAX $1.38B
1Y total return: AOA +11.7%; RAAX +15.4%, better
Yield (12M): AOA 2.18%, better; RAAX 2.10%
Holdings: AOA 34522; RAAX 199
Avg volume (30D): AOA 143K sh; RAAX 289K sh, better
NAV per share: AOA $94.55; RAAX $38.20
52W range

ETF.net Grade

Pillar letters and Scores for AOA, RAAX, with each pillar’s weight
Pillar	AOA	RAAX
Cost30% weight	A93Higher	C53
Mission25% weight	A100Higher	B68
Risk15% weight	C53Higher	C41
Tradability15% weight	A96Higher	B67
Holdings10% weight	A82Higher	B57
Durability5% weight	A98Higher	A88

Rank among Multi-Asset Allocation funds

How we build Categories ›

Same Category. AOA and RAAX 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 RAAX 12th 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 12BOCIOClearShares OCIO ETFScore 59
Rank 12BRAAXVanEck Real Assets ETFScore 59
Rank 14BELMElm Market Navigator ETFScore 58

Our read on each fund

ETF.net Research

AOAAiShares Core 80/20 Aggressive Allocation ETF

RAAXBVanEck Real Assets 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.

RAAX One ticker for the stuff you can touch: commodities, resource stocks, REITs, pipelines, MLPs and gold, bundled through other ETFs and actively re-mixed with an eye on sustained drawdowns. VanEck has run it since 2018.

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.

RAAX The Fund seeks long-term total return, aiming to maximize real returns while reducing downside risk during sustained declines. It primarily uses exchange-traded products for exposure to commodities, natural-resource equities, REITs, infrastructure, MLPs, and gold, including gold-mining equities.

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.

RAAX One ticker covers commodities, natural-resource equities, REITs, infrastructure, MLPs and gold (miners included), instead of stitching five funds together yourself.vaneck.com
0.55% a year, below the typical expense ratio in its multi-asset allocation group.
The mandate is active, not a fixed basket: aim at real returns while trimming exposure during sustained declines.vaneck.com
Billions in assets and steady day-to-day trading keep the friction of moving in and out of a tactical sleeve manageable.

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.

RAAX Gold miners, MLPs and commodity futures lurch in ways a plain stock-and-bond blend does not; that volatility is the price of the diversification.
0.55% is modest for a tactical multi-asset fund, but vanilla allocation ETFs like AOA (0.19%) and NTSX (0.20%) cost far less.
It owns other ETFs and reshuffles them, so the mix under the hood can look quite different from one stretch to the next.

Full AOA profile⁠

Full RAAX profile⁠

AOA vs RAAX Holdings

How AOA and RAAX differ

Overlap by weight

7.3%

Shared holdings make up 52.1% of RAAX and 11.3% of AOA.

Level by level

Holdings171 in both7.3%
Sector11 Sectors26.0%
Countryby domicile77.3%

Sector

Sector weights in AOA and RAAX, widest gap first
Sector	Gap	AOA	RAAX
Energy	RAAX +34.6 points	4.5%	39.1%
Technology	AOA +30.0 points	30.2%	0.2%
Industrials	RAAX +16.4 points	10.8%	27.2%
Financials	AOA +15.4 points	16.4%	1.0%
Materials	RAAX +12.5 points	3.9%	16.4%
Consumer Discretionary	AOA +8.4 points	8.6%	0.2%
Health Care	AOA +8.3 points	9.1%	0.8%
Utilities	RAAX +7.4 points	2.4%	9.8%
Communication	AOA +7.1 points	7.0%	0.0%
Consumer Staples	AOA +4.9 points	4.9%	0.0%
Real Estate	RAAX +3.2 points	2.2%	5.4%

Country, concentration and asset class

Country by domicile

Country weights in AOA and RAAX, widest gap first
Country	Gap	AOA	RAAX
United States	RAAX +16.6 points	69.0%	85.6%
Japan	AOA +5.7 points	6.0%	0.3%
Ireland	RAAX +2.6 points	0.0%	2.6%
Taiwan	AOA +2.5 points	2.5%	0.0%
China	AOA +2.4 points	2.6%	0.2%
United Kingdom	AOA +2.2 points	3.6%	1.4%
Canada	RAAX +2.0 points	3.4%	5.4%
South Korea	AOA +1.9 points	1.9%	0.0%
Other countries (10)	AOA +6.4 points	10.9%	4.5%

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

Concentration

Weight in the 10 largest Holdings

AOA17.3%
RAAX51.5%

Securities held

AOA34,428
RAAX196

Asset class

AOA: Multi-Asset
RAAX: Commodities

Holdings

Only in AOA34,257
In both171
Only in RAAX25

Only in AOA

34,257 securities, 88.3% of AOA by weight

Apple3.53%
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%
Eli Lilly0.77%
Berkshire Hathaway Inc Class B0.75%
JPMorgan Chase & Co0.63%
Micron Technology0.55%
Advanced Micro Devices0.52%
Visa Class A0.51%
Johnson & Johnson0.47%
Asml Holding0.44%
Samsung Electronics Ltd0.44%
Walmart0.40%
Mastercard Class A0.37%
AbbVie0.36%
Costco Wholesale Corp0.33%
Sk Hynix0.31%
Procter & Gamble0.27%
Roche Ps Par AG0.27%
Coca-Cola0.26%
Palantir Technologies Class A0.26%
Merck & Co Inc0.26%
UnitedHealth Group0.25%
Home Depot0.24%
Hsbc Holdings PLC0.24%
Novartis AG0.24%
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%
Thermo Fisher Scientific0.18%
Palo Alto Networks0.18%
Wells Fargo0.18%
Texas Instrument0.18%
Goldman Sachs Group0.18%
Lam Research0.18%
Amgen Inc0.18%
Mitsubishi Ufj Financial Group0.17%

Only in RAAX

25 securities, 47.5% of RAAX by weight

VanEck Commodity Strategy ETF21.95%
VanEck Merk Gold Shares19.87%
Cheniere Energy Inc0.57%
Enterprise Products Partners Lp0.53%
Mplx Lp0.49%
Energy Transfer Lp0.48%
Agnico Eagle Mines Ltd0.43%
Western Midstream Partners Lp0.30%
Anglogold Ashanti Plc0.29%
Amrize Ltd0.28%
Franco-Nevada Corp0.25%
Gold Fields Ltd0.25%
Bhp Group Ltd0.23%
Kinross Gold Corp0.21%
Nac Kazatomprom Jsc0.21%
Shell Plc0.19%
Venture Global Inc0.17%
Plains All American Pipeline Lp0.16%
Rio Tinto Plc0.16%
Sunoco Lp0.14%
X-Energy Inc0.12%
Uranium Energy Corp0.08%
Forgent Power Solutions Inc0.05%
Nwpx Infrastructure Inc0.04%
Plains Gp Holdings Lp0.03%

Weight gaps

The 100 widest of 171 Holdings in both funds.

Holding weights in AOA and RAAX, widest gap first
Holding	Gap	AOA	RAAX
NVIDIANVDA	AOA +3.03 points	3.19%	0.16%
Exxonmobil Holdings CorpXOM	RAAX +1.56 points	0.48%	2.04%
ChevronCVX	RAAX +1.46 points	0.30%	1.76%
WilliamsWMB	RAAX +1.12 points	0.06%	1.18%
OneokOKE	RAAX +0.82 points	0.04%	0.86%
Kinder MorganKMI	RAAX +0.79 points	0.04%	0.83%
WelltowerWELL	RAAX +0.76 points	0.12%	0.88%
Tc Energy	RAAX +0.74 points	0.05%	0.79%
Quanta Services IncPWR	RAAX +0.73 points	0.06%	0.79%
NewmontNEM	RAAX +0.68 points	0.09%	0.77%
DeereDE	RAAX +0.66 points	0.12%	0.78%
Crh Public Limited PLCCRH	RAAX +0.66 points	0.04%	0.70%
Nextera EnergyNEE	RAAX +0.65 points	0.13%	0.78%
Targa ResourcesTRGP	RAAX +0.64 points	0.04%	0.68%
Eaton PLCETN	RAAX +0.63 points	0.09%	0.72%
Enbridge	RAAX +0.60 points	0.08%	0.68%
Tesla IncTSLA	AOA +0.55 points	0.71%	0.16%
Vulcan MaterialsVMC	RAAX +0.53 points	0.03%	0.56%
Altagas	RAAX +0.53 points	<0.01%	0.54%
NucorNUE	RAAX +0.53 points	0.04%	0.57%
Pembina Pipeline	RAAX +0.52 points	0.02%	0.54%
Steel Dynamics IncSTLD	RAAX +0.50 points	0.02%	0.52%
Union PacificUNP	RAAX +0.49 points	0.12%	0.61%
Norfolk Southern CorpNSC	RAAX +0.48 points	0.05%	0.53%
Emerson ElectricEMR	RAAX +0.48 points	0.06%	0.54%
Martin Marietta MaterialsMLM	RAAX +0.48 points	0.02%	0.50%
CsxCSX	RAAX +0.48 points	0.06%	0.54%
United RentalsURI	RAAX +0.45 points	0.05%	0.50%
Constellation Energy CorpCEG	RAAX +0.44 points	0.06%	0.50%
Public Storage ReitPSA	RAAX +0.44 points	0.04%	0.48%
Duke Energy CorpDUK	RAAX +0.43 points	0.07%	0.50%
FastenalFAST	RAAX +0.42 points	0.04%	0.46%
ConocophillipsCOP	RAAX +0.41 points	0.12%	0.53%
Linde PLCLIN	RAAX +0.38 points	0.17%	0.55%
Marathon PetroleumMPC	RAAX +0.39 points	0.07%	0.46%
Johnson Controls International PLCJCI	RAAX +0.38 points	0.06%	0.44%
Vivmark ResidentialVMRK	RAAX +0.38 points	0.03%	0.41%
SempraSRE	RAAX +0.37 points	0.04%	0.41%
Ventas ReitVTR	RAAX +0.37 points	0.03%	0.40%
Trane Technologies PLCTT	RAAX +0.37 points	0.06%	0.43%
Rockwell Automation IncROK	RAAX +0.36 points	0.03%	0.39%
Howmet AerospaceHWM	RAAX +0.34 points	0.06%	0.40%
Hubbell IncHUBB	RAAX +0.33 points	0.02%	0.35%
SlbSLB	RAAX +0.33 points	0.05%	0.38%
Abb Ltd	RAAX +0.33 points	0.10%	0.43%
SouthernSO	RAAX +0.31 points	0.08%	0.39%
Barrick Mining	RAAX +0.32 points	0.05%	0.37%
Dominion EnergyD	RAAX +0.31 points	0.04%	0.35%
Phillips 66PSX	RAAX +0.30 points	0.07%	0.37%
Extra Space Storage ReitEXR	RAAX +0.30 points	0.02%	0.32%
Antero MidstreamAM	RAAX +0.30 points	<0.01%	0.30%
Emcor GroupEME	RAAX +0.29 points	0.02%	0.31%
Schneider Electric	RAAX +0.29 points	0.11%	0.40%
Dt MidstreamDTM	RAAX +0.28 points	<0.01%	0.29%
Public Service Enterprise GroupPEG	RAAX +0.28 points	0.03%	0.31%
Keyera	RAAX +0.28 points	<0.01%	0.29%
Freeport Mcmoran IncFCX	RAAX +0.28 points	0.06%	0.34%
Parker-HannifinPH	RAAX +0.28 points	0.08%	0.36%
Xcel Energy IncXEL	RAAX +0.27 points	0.04%	0.31%
Essex Property Trust ReitESS	RAAX +0.27 points	0.01%	0.28%
Baker Hughes Class ABKR	RAAX +0.27 points	0.03%	0.30%
Devon EnergyDVN	RAAX +0.26 points	0.03%	0.29%
Wheaton Precious Metals	RAAX +0.26 points	0.05%	0.31%
Fortum	RAAX +0.25 points	<0.01%	0.26%
Consolidated EdisonED	RAAX +0.25 points	0.03%	0.28%
AtiATI	RAAX +0.25 points	0.02%	0.27%
Sun Communities Reit IncSUI	RAAX +0.25 points	0.01%	0.26%
Bayer AG	RAAX +0.24 points	0.05%	0.29%
Omega Healthcare Investors ReitOHI	RAAX +0.24 points	0.01%	0.25%
Cameco	RAAX +0.23 points	0.03%	0.26%
VistraVST	RAAX +0.23 points	0.03%	0.26%
Cgn Power Ltd H	RAAX +0.23 points	<0.01%	0.23%
E.on N	RAAX +0.23 points	0.04%	0.27%
Ppg IndustriesPPG	RAAX +0.23 points	0.02%	0.25%
Wec Energy GroupWEC	RAAX +0.22 points	0.03%	0.25%
Occidental Petroleum CorpOXY	RAAX +0.22 points	0.03%	0.25%
FortiveFTV	RAAX +0.23 points	0.01%	0.24%
Prysmian	RAAX +0.21 points	0.03%	0.24%
Equity Lifestyle Properties Reit IELS	RAAX +0.21 points	<0.01%	0.22%
Smurfit Westrock PLCSW	RAAX +0.21 points	0.02%	0.23%
Carpenter TechnologyCRS	RAAX +0.21 points	<0.01%	0.22%
Udr ReitUDR	RAAX +0.21 points	<0.01%	0.22%
AmerenAEE	RAAX +0.21 points	0.02%	0.23%
EqtEQT	RAAX +0.21 points	0.02%	0.23%
American Healthcare ReitAHR	RAAX +0.21 points	<0.01%	0.22%
Kodiak Gas Services IncKGS	RAAX +0.21 points	<0.01%	0.21%
Iberdrola	RAAX +0.20 points	0.13%	0.33%
National Grid PLCNG.L	RAAX +0.20 points	0.07%	0.27%
Carlisle CompaniesCSL	RAAX +0.20 points	0.01%	0.21%
IdexIEX	RAAX +0.20 points	0.01%	0.21%
Packaging Corp of AmericaPKG	RAAX +0.20 points	0.02%	0.22%
American Water WorksAWK	RAAX +0.20 points	0.02%	0.22%
Valero Energy CorpVLO	RAAX +0.20 points	0.07%	0.27%
Mastec IncMTZ	RAAX +0.19 points	<0.01%	0.20%
Eog ResourcesEOG	RAAX +0.20 points	0.05%	0.25%
Dte EnergyDTE	RAAX +0.19 points	0.02%	0.21%
Amcor PLCAMCR	RAAX +0.19 points	0.01%	0.20%
WoodwardWWD	RAAX +0.19 points	0.01%	0.20%
Denison Mines Corp	RAAX +0.19 points	<0.01%	0.19%
Ppl CorpPPL	RAAX +0.19 points	0.02%	0.21%

All AOA holdings⁠All RAAX 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 RAAX Cost

Overpaying RAAX vs AOA

$7,767

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

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

Amount$10,000

Years30 years

Cost over time

AOA 0.15%
RAAX 0.55%
Overpaying

Year by year

Year	AOA	RAAX	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%RAAX

AOA0.15%RAAX0.55%

0.06%1.36%

Middle half of Multi-Asset Allocation funds
Median 0.61%

AOA 3rd cheapest of 36 funds

RAAX 16th cheapest of 36 funds

AOA vs RAAX Dividends

Last 12 months to Nov 9, 2026

Yield (12M): AOA 2.18%, better; RAAX 2.10%
Payout (12M): AOA $2.11; RAAX $0.82
Last payment: AOA $0.30; RAAX $0.82
Ex-dividend: AOA Oct 2, 2026; RAAX Dec 29, 2025
Paid on: AOA Oct 7, 2026; RAAX Dec 31, 2025
Frequency: AOA Quarterly; RAAX Annual

Distribution history

Per share, 2017 to 2026, same scale for both

AOAQuarterly · 39 paymentsAll AOA payments⁠

RAAXAnnual · 8 paymentsAll RAAX payments⁠

AOA vs RAAX Risk

Fall from peak · 5 years

AOA
RAAX

Risk facts

VolatilityStd dev, 3 years: AOA 9.6%, betterRAAX 11.2%
Return per unit of riskSharpe ratio, 3 years: AOA 1.37, betterRAAX 1.25
Worst fallMax drawdown, 5 years: AOA −23.6%RAAX −23.5%, better
Market sensitivityBeta, 5 years: AOA 1.06RAAX 0.65; Market = 1

AOA and RAAX in the news

All news⁠

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

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AOA vs RAAX

In short

Stated mandate

Why people hold it

Worth knowing

How AOA and RAAX differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in AOA

Only in RAAX

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 RAAX differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in AOA

Only in RAAX

Weight gaps