AOA vs RLY: Grades, Fees and Holdings Compared

iShares Core 80/20 Aggressive Allocation ETF

AOAANYSE Arca

State Street Multi-Asset Real Return ETF

RLYCNYSE Arca

Overlap

0.0%by weight

Expense ratio

AOA −0.35pt a year

AOA0.15%RLY0.50%

Avg volume · 30D

RLY 1.7×the volume

AOA135KRLY231K

10Y return · a year

AOA +1.5pt

AOA+10.2%RLY+8.7%

AOA vs RLY Performance

Oct 29, 2021 – Oct 30, 2026

+48.2%AOA+63.8%RLY

Expense ratio: AOA 0.15%, better; RLY 0.50%
Fund size: AOA $3.32B; RLY $1.42B
1Y total return: AOA +10.1%; RLY +24.6%, better
Yield (12M): AOA 2.19%; RLY 2.88%, better
Holdings: AOA 34240; RLY 12
Avg volume (30D): AOA 135K sh; RLY 231K sh, better
NAV per share: AOA $96.21; RLY $37.35
52W range

ETF.net Grade

Pillar letters and Scores for AOA, RLY, with each pillar’s weight
Pillar	AOA	RLY
Cost30% weight	A93Higher	B58
Mission25% weight	A100Higher	C40
Risk15% weight	B55	B58Higher
Tradability15% weight	A96Higher	A72
Holdings10% weight	A81Higher	F23
Durability5% weight	A98Higher	A92

Rank among Multi-Asset Allocation funds

How we build Categories ›

Same Category. AOA and RLY 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 RLY 19th 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 19CPCPPPorter & Company Permanent Portfolio Index ETFScore 53
Rank 19CRLYState Street Multi-Asset Real Return ETFScore 53
Rank 21CLCRLeuthold Core Exchange Traded FundScore 52

Our read on each fund

ETF.net Research

AOAAiShares Core 80/20 Aggressive Allocation ETF

RLYCState Street Multi-Asset Real Return 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.

RLY One ticker built around inflation: TIPS, commodities, real estate, infrastructure and natural-resource businesses in a single actively blended mix, running since 2012, and priced below the typical allocation fund.

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.

RLY The fund seeks real return through capital appreciation and current income. It invests across domestic and international inflation-protected securities, real estate, commodities, infrastructure, and natural-resource or commodity businesses, using quantitative analysis supplemented by fundamental 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.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.

RLY Real assets in one wrapper: domestic and international inflation-linked bonds, commodities, real estate, infrastructure and resource businesses, mixed by quantitative models with fundamental views layered on.
0.50% expense ratio, against a 0.78% median for the allocation funds it competes with.
Launched in 2012, so it has traded through inflation scares and commodity slumps rather than being built to fight the last one. Now a multi-billion-dollar fund.
Pays income quarterly, and changes hands often enough that retail-sized orders are rarely the problem.

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.

RLY The stated yardstick is a US government inflation-linked bond index, but the portfolio holds commodities, property and resource equities. Expect results that diverge from that benchmark.
Commodities and natural-resource stocks move harder than plain inflation-protected bonds. Real-asset exposure comes with real-asset swings.
Cheaper than its cohort median, but plain-vanilla stock/bond allocation funds cost a fraction: AOA runs 0.19%, IRTR 0.08%.

Full AOA profile⁠

Full RLY profile⁠

AOA vs RLY Holdings

How AOA and RLY differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of AOA and 0.0% of RLY.

Level by level

Holdings0 in both0.0%
Sector11 Sectors31.3%
Countryby domicile82.9%

Sector

Sector weights in AOA and RLY, widest gap first
Sector	More in AOAMore in RLY	AOA	RLY
Technology	AOA +31.6 points	31.6%	0.0%
Energy	RLY +25.9 points	4.1%	30.0%
Materials	RLY +23.9 points	3.9%	27.8%
Financials	AOA +16.1 points	16.1%	0.0%
Utilities	RLY +11.0 points	2.3%	13.3%
Health Care	AOA +7.7 points	8.5%	0.8%
Communication	AOA +7.5 points	7.5%	0.0%
Consumer Discretionary	AOA +5.1 points	8.3%	3.3%
Real Estate	RLY +4.7 points	2.1%	6.9%
Industrials	RLY +3.3 points	11.0%	14.3%
Consumer Staples	AOA +0.8 points	4.5%	3.7%

Country, concentration and asset class

Country by domicile

Country weights in AOA and RLY, widest gap first
Country	More in AOAMore in RLY	AOA	RLY
Canada	RLY +5.4 points	3.4%	8.8%
Japan	AOA +4.6 points	6.0%	1.4%
Australia	RLY +2.5 points	1.8%	4.3%
Taiwan	AOA +2.2 points	2.6%	0.4%
Brazil	RLY +2.2 points	0.0%	2.2%
Mexico	RLY +2.2 points	0.0%	2.2%
Germany	AOA +1.7 points	2.1%	0.4%
South Korea	AOA +1.5 points	1.9%	0.4%
Other countries (26)	AOA +2.1 points	82.1%	80.0%

Outside the US: AOA 73% developed, 27% emerging. RLY 75% developed, 25% emerging.

Concentration

Weight in the 10 largest Holdings

AOA17.3%
RLY99.8%

Securities held

AOA34,149
RLY11

Asset class

AOA: Multi-Asset
RLY: Multi-Asset

Holdings

Only in AOA34,149
In both0
Only in RLY11

Only in AOA

34,149 securities, 99.6% of AOA by weight

Apple3.50%
NVIDIA3.44%
Microsoft2.69%
Amazon.com Inc1.64%
Taiwan Semiconductor Manufacturing1.17%
Alphabet Class A1.14%
Broadcom Inc1.08%
Meta Platforms Class A0.94%
Alphabet Class C0.92%
Eli Lilly0.79%
Tesla Inc0.78%
Berkshire Hathaway Inc Class B0.70%
Micron Technology0.69%
JPMorgan Chase & Co0.62%
Advanced Micro Devices0.57%
Exxonmobil Holdings Corp0.54%
Samsung Electronics Ltd0.52%
Visa Class A0.49%
Asml Holding0.48%
Johnson & Johnson0.46%
Sk Hynix0.38%
Walmart0.38%
AbbVie0.36%
Mastercard Class A0.36%
Chevron0.32%
Costco Wholesale Corp0.31%
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%
Intel Corporation0.23%
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%
Caterpillar Inc0.20%
Tencent Holdings0.20%
Texas Instrument0.19%

Only in RLY

11 securities, 99.9% of RLY by weight

State Street Spdr S+p Global N28.39%
State Street Spdr Bloomberg En24.28%
State Street Spdr S+p Global I22.19%
State Street Spdr Bloomberg 16.43%
State Street Energy Select Sec5.28%
State Street Spdr Dow Jones Re3.59%
State Street Spdr Ftse Interna2.92%
Vaneck Agribusiness Etf2.87%
State Street Spdr S+p Metals &2.82%
State Street Spdr Bloomberg 11.01%
State Street Spdr Dow Jones In0.06%

Weight gaps

AOA and RLY share no securities.

All AOA holdings⁠All 11 RLY 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 RLY Cost

Overpaying RLY vs AOA

$6,842

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

AOA 0.15%
$3,137
RLY 0.50%
$9,979

Amount$10,000

Years30 years

Cost over time

AOA 0.15%
RLY 0.50%
Overpaying

Year by year

Year	AOA	RLY	Overpaying
10	$274	$900	$626
20	$1,071	$3,460	$2,389
30	$3,137	$9,979	$6,842

Expense ratio

0.15%AOA, cheaper
0.50%RLY

AOA0.15%RLY0.50%

0.06%1.36%

Middle half of Multi-Asset Allocation funds
Median 0.57%

AOA 3rd cheapest of 37 funds

RLY 16th cheapest of 37 funds

AOA vs RLY Dividends

Last 12 months to Oct 30, 2026

Yield (12M): AOA 2.19%; RLY 2.88%, better
Payout (12M): AOA $2.11; RLY $1.08
Last payment: AOA $0.30; RLY $0.07
Ex-dividend: AOA Oct 2, 2026; RLY Sep 25, 2026
Paid on: AOA Oct 7, 2026; RLY Sep 29, 2026
Frequency: AOA Quarterly; RLY Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

AOAQuarterly · 39 paymentsAll AOA payments⁠

RLYQuarterly · 38 paymentsAll RLY payments⁠

AOA vs RLY Risk

Fall from peak · 5 years

Risk facts

VolatilityStd dev, 3 years: AOA 9.6%, betterRLY 10.1%
Return per unit of riskSharpe ratio, 3 years: AOA 1.37, betterRLY 1.10
Worst fallMax drawdown, 5 years: AOA −23.6%RLY −19.0%, better
Market sensitivityBeta, 5 years: AOA 1.06RLY 0.59; Market = 1

AOA and RLY in the news

All news⁠

Category Review
The fund built to limit losses had the category's worst return
Sep 25, 2026AOARLY
New ETFs
Beacon's alternatives ETF opened 35% in the dollar, at a fee above every holding
Sep 9, 2026RLY

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AOA vs RLY

In short

Stated mandate

Why people hold it

Worth knowing

How AOA and RLY differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in AOA

Only in RLY

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

Beacon's alternatives ETF opened 35% in the dollar, at a fee above every holding

How AOA and RLY differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in AOA

Only in RLY

Weight gaps