IRTR vs NDAA: Grades, Fees and Holdings Compared

iShares LifePath Retirement ETF

IRTRANYSE Arca

Ned Davis Research 360 Dynamic Allocation ETF

NDAABNasdaq

Overlap

0.0%by weight

Expense ratio

IRTR −0.57pt a year

IRTR0.08%NDAA0.65%

Avg volume · 30D

NDAA 1.1×the volume

IRTR12.7KNDAA13.8K

IRTR vs NDAA Performance

Oct 31, 2025 – Oct 30, 2026

+5.1%IRTR+9.5%NDAA

Expense ratio: IRTR 0.08%, better; NDAA 0.65%
Fund size: IRTR $60M; NDAA $195M
1Y total return: IRTR +5.1%; NDAA +9.5%, better
Yield (12M): IRTR 3.17%, better; NDAA 2.48%
Holdings: IRTR 29140; NDAA 26
Avg volume (30D): IRTR 12.7K sh; NDAA 13.8K sh, better
NAV per share: IRTR $31.52; NDAA $23.68
52W range

ETF.net Grade

Pillar letters and Scores for IRTR, NDAA, with each pillar’s weight
Pillar	IRTR	NDAA
Cost30% weight	A97Higher	C44
Mission25% weight	A100Higher	A81
Risk15% weight	A82Higher	C46
Tradability15% weight	B62Higher	C41
Holdings10% weight	A80Higher	B65
Durability5% weight	B56Higher	C54

Rank among Multi-Asset Allocation funds

How we build Categories ›

Same Category. IRTR 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 ›

IRTR ranks 3rd and NDAA 17th 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 4AINCEFranklin Income Equity Focus ETFScore 74
Rank 16BRAAXVanEck Real Assets ETFScore 57
Rank 17BNDAANed Davis Research 360 Dynamic Allocation ETFScore 55
Rank 18CDRSKAptus Defined Risk ETFScore 54

Our read on each fund

ETF.net Research

IRTRAiShares LifePath Retirement ETF

NDAABNed Davis Research 360 Dynamic Allocation ETF

In short

IRTR A whole retirement portfolio in one ticker: global stock and bond ETFs blended at the conservative end, for 0.08% a year. That is index-fund pricing on a job most allocation funds charge roughly ten times more to do.

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

IRTR The fund seeks conservative exposure through a broad portfolio of stock and bond ETFs spanning global asset classes.

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

IRTR Costs 0.08% a year against a 0.78% median for allocation funds. Roughly a tenth of the going rate for a portfolio-in-a-box.
One line item, global coverage. The fund holds a spread of stock and bond ETFs across asset classes, so the mixing happens inside the wrapper.ishares.com
Distributions come monthly rather than quarterly.
One of the strongest all-in-one allocation funds in its peer group, and the cheapest of that top tier: iShares' own AOA runs 0.19%.

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

IRTR Thinly traded. Spreads can run wider than on household-name ETFs, so limit orders matter more here.
Launched in 2023, so the track record is short and the fund is still building scale.
Conservative by construction: it is built to move less than an all-stock portfolio, and that cuts in both directions.ishares.com

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 IRTR profile⁠

Full NDAA profile⁠

IRTR vs NDAA Holdings

How IRTR and NDAA differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of IRTR and 0.0% of NDAA.

Level by level

Holdings0 in both0.0%
Countryby domicile84.6%

Sector

No Sector split for NDAA.

Country, concentration and asset class

Country by domicile

Country weights in IRTR and NDAA, widest gap first
Country	More in IRTRMore in NDAA	IRTR	NDAA
United States	IRTR +15.1 points	92.7%	77.6%
Japan	NDAA +5.7 points	2.6%	8.3%
South Korea	NDAA +1.3 points	0.0%	1.3%
China	NDAA +1.1 points	0.0%	1.1%
India	NDAA +0.9 points	0.0%	0.9%
Australia	NDAA +0.8 points	0.0%	0.8%
Ireland	NDAA +0.7 points	0.0%	0.7%
South Africa	NDAA +0.6 points	0.0%	0.6%
Other countries (30)	NDAA +4.0 points	4.7%	8.7%

Outside the US: NDAA 69% developed, 31% emerging.

Concentration

Weight in the 10 largest Holdings

IRTR10.0%
NDAA67.5%

Securities held

IRTR29,043
NDAA26

Asset class

IRTR: Multi-Asset
NDAA: Multi-Asset

Holdings

Only in IRTR29,043
In both0
Only in NDAA26

Only in IRTR

29,043 securities, 99.5% of IRTR by weight

Apple1.69%
NVIDIA1.62%
Microsoft1.31%
Treasury Note 1.38% 11/15/2031 (Tnote)1.28%
Amazon.com Inc0.79%
Treasury Note 2.63% 02/15/2029 (Tnote)0.76%
Alphabet Class A0.55%
Treasury Note 3.13% 11/15/2028 (Tnote)0.54%
Treasury (Cpi) Note 1.13% 10/15/2030 (Tips)0.54%
Treasury (Cpi) Note 1.25% 04/15/2031 (Tips)0.54%
Taiwan Semiconductor Manufacturing0.53%
Treasury (Cpi) Note 1.63% 04/15/2030 (Tips)0.52%
Broadcom Inc0.51%
Treasury (Cpi) Note 1.63% 10/15/2029 (Tips)0.51%
Treasury Note 2.75% 02/15/2028 (Tnote)0.50%
Treasury (Cpi) Note 2.13% 04/15/2029 (Tips)0.49%
Treasury (Cpi) Note 2.38% 10/15/2028 (Tips)0.49%
Treasury (Cpi) Note 1.63% 10/15/2027 (Tips)0.48%
Treasury (Cpi) Note 1.25% 04/15/2028 (Tips)0.47%
Treasury (Cpi) Note 0.13% 04/15/2027 (Tips)0.47%
Treasury (Cpi) Note 0.13% 01/15/2031 (Tips)0.46%
Treasury (Cpi) Note 0.13% 07/15/2031 (Tips)0.46%
Meta Platforms Class A0.46%
Alphabet Class C0.45%
Treasury (Cpi) Note 0.13% 07/15/2030 (Tips)0.44%
Treasury (Cpi) Note 0.38% 07/15/2027 (Tips)0.43%
Treasury (Cpi) Note 0.50% 01/15/2028 (Tips)0.43%
Treasury Bond 2.50% 05/15/2046 (Tbond)0.42%
Treasury Note 2.88% 05/15/2028 (Tnote)0.42%
Treasury Bond 3.75% 11/15/2043 (Tbond)0.41%
Treasury (Cpi) Note 0.13% 01/15/2030 (Tips)0.40%
Treasury Bond 2.75% 11/15/2042 (Tbond)0.40%
Tesla Inc0.40%
Eli Lilly0.38%
Treasury (Cpi) Note 0.38% 01/15/2027 (Tips)0.37%
Treasury (Cpi) Note 0.75% 07/15/2028 (Tips)0.36%
Treasury Bond 6.13% 11/15/2027 (Tbond)0.36%
Treasury (Cpi) Note 0.25% 07/15/2029 (Tips)0.36%
Berkshire Hathaway Inc Class B0.34%
Treasury Bond 1.88% 02/15/2051 (Tbond)0.34%
Micron Technology0.34%
Treasury (Cpi) Note 0.88% 01/15/2029 (Tips)0.31%
Treasury Note 4.00% 05/31/2028 (Tnote)0.31%
JPMorgan Chase & Co0.30%
Treasury Note (Old) 4.38% 05/15/2036 (Tnote)0.28%
Treasury Note 2.38% 05/15/2029 (Tnote)0.28%
Advanced Micro Devices0.28%
Treasury Note 4.00% 05/31/2030 (Tnote)0.26%
Exxonmobil Holdings Corp0.26%
Treasury Note 4.00% 02/29/2028 (Tnote)0.25%

Only in NDAA

26 securities, 100% of NDAA by weight

State Street Technology Select Sector SPDR ETF11.69%
State Street SPDR Bloomberg 1-3 Month T-Bill ETF10.16%
abrdn Bloomberg All Commodity Strategy K-1 Free ETF6.97%
iShares Core MSCI Emerging Markets ETF6.92%
State Street SPDR S&P 500 ETF Trust6.57%
State Street Health Care Select Sector SPDR ETF5.33%
State Street SPDR Portfolio S&P 400 Mid Cap ETF5.28%
BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF4.97%
State Street SPDR Portfolio High Yield Bond ETF4.96%
Franklin FTSE Japan ETF4.64%
State Street Financial Select Sector SPDR ETF4.17%
State Street Communication Services Select Sector SPDR ETF4.06%
State Street SPDR Portfolio S&P 600 Small Cap ETF3.85%
Xtrackers MSCI Japan Hedged Equity ETF3.64%
State Street Energy Select Sector SPDR ETF3.43%
Ishares Inc Msci Emu Index1.91%
State Street Consumer Discretionary Select Sector SPDR ETF1.87%
State Street Industrial Select Sector SPDR ETF1.75%
iShares MSCI United Kingdom ETF1.53%
State Street Consumer Staples Select Sector SPDR ETF1.34%
Ishares Inc Msci Cda Index1.31%
Ishares Inc Msci Pac J Idx1.18%
State Street Utilities Select Sector SPDR ETF1.10%
State Street Materials Select Sector SPDR ETF0.90%
First American Government Obligations Fund 12/01/20310.30%
State Street Real Estate Select Sector SPDR ETF0.16%

Weight gaps

IRTR and NDAA share no securities.

All IRTR holdings⁠All 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.

IRTR vs NDAA Cost

Overpaying NDAA vs IRTR

$11,028

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

IRTR 0.08%
$1,689
NDAA 0.65%
$12,717

Amount$10,000

Years30 years

Cost over time

IRTR 0.08%
NDAA 0.65%
Overpaying

Year by year

Year	IRTR	NDAA	Overpaying
10	$147	$1,163	$1,016
20	$575	$4,440	$3,865
30	$1,689	$12,717	$11,028

Expense ratio

0.08%IRTR, cheaper
0.65%NDAA

IRTR0.08%NDAA0.65%

0.06%1.36%

Middle half of Multi-Asset Allocation funds
Median 0.57%

IRTR 2nd cheapest of 37 funds

NDAA 20th cheapest of 37 funds

IRTR vs NDAA Dividends

Last 12 months to Oct 30, 2026

Yield (12M): IRTR 3.17%, better; NDAA 2.48%
Payout (12M): IRTR $1.00; NDAA $0.59
Last payment: IRTR $0.08; NDAA $0.59
Ex-dividend: IRTR Oct 2, 2026; NDAA Dec 23, 2025
Paid on: IRTR Oct 7, 2026; NDAA Dec 24, 2025
Frequency: IRTR Monthly; NDAA Annual

Distribution history

Per share, 2023 to 2026, same scale for both

IRTRMonthly · 35 paymentsAll IRTR payments⁠

NDAAAnnual · 2 paymentsAll NDAA payments⁠

IRTR vs NDAA Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: IRTR 7.3%NDAA 9.8%since Nov 2024
Return per unit of riskSharpe ratio, 3 years: IRTR 1.14NDAA 0.77since Nov 2024
Worst fallMax drawdown, 5 years: IRTR −6.3%since Oct 2023NDAA −13.5%since Oct 2024
Market sensitivityBeta, 5 years: IRTR 0.47NDAA 0.73; Market = 1

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