AOA vs RPAR: returns, risk and drawdowns compared
iShares Core Aggressive Allocation ETF against RPAR Risk Parity ETF, over the same 5 years (March 2021 to October 2026) with dividends reinvested.
Data updated October 2026
From March 2021 to October 2026, AOA returned 9.7% a year and RPAR 1.7% a year on average, so AOA came out ahead by 8.0% a year. RPAR was the more volatile of the two (13.7% against 12.2% a year), and the deepest falls from a month-end high were 23.0% for AOA and 28.6% for RPAR.
The correlation of monthly returns was 0.88: they usually moved together. Over 33 rolling 3-year periods, AOA did better in 100% and RPAR in 0%.
Side by side
| AOA | RPAR | |
|---|---|---|
| Annual return (CAGR) | +9.7% | +1.7% |
| Total return | +69% | +10% |
| Annual volatility | 12.2% | 13.7% |
| Maximum drawdown (month-end) | −23.0% | −28.6% |
| Worst month | −8.3% | −11.0% |
| Best month | +7.8% | +8.8% |
| Positive months | 68% | 59% |
| Best year | 2025: +19.6% | 2025: +17.9% |
| Worst year | 2022: −16.2% | 2022: −22.8% |
| 1-year return | +12.7% | +1.9% |
| 5 years, a year | +8.6% | +0.2% |
| 10 years, a year | +10.3% | — |
| Trading currency | USD | USD |
First nine rows: the same 68 months for both funds. Trailing returns: to each fund’s last close.
Growth of 10,000: AOA vs RPAR
Returns by calendar year
| Year | AOA | RPAR |
|---|---|---|
| 2025 | +19.6% | +17.9% |
| 2024 | +13.6% | +0.1% |
| 2023 | +18.3% | +6.0% |
| 2022 | −16.2% | −22.8% |
How the figures are calculated
Total return in the fund’s trading currency, from end-of-day prices with dividends reinvested on the ex-date. The fund’s own ongoing charges are already reflected in its price; trading costs, taxes and currency conversion are not included. Past returns do not predict future returns.
The comparison uses only the months in which both funds have prices, so the figures cover the same period even when one fund is older.
Questions
Which has returned more, AOA or RPAR?
From March 2021 to October 2026, AOA returned +9.7% a year and RPAR +1.7% a year, with dividends reinvested. Over rolling 3-year periods AOA did better in 100% of cases. Past returns do not predict future returns.
Which is riskier, AOA or RPAR?
Over the same months annual volatility was 12.2% for AOA and 13.7% for RPAR; the deepest fall from a month-end high was 23.0% and 28.6%, and the worst single month −8.3% and −11.0%.
How correlated are AOA and RPAR?
The correlation of their monthly returns was 0.88: they usually moved together. Combining them has historically given some diversification.
More comparisons
Source: MarketStack end-of-day prices, total return with dividends reinvested. Figures are historical and descriptive; they are not forecasts and not investment advice. MEDGE Capital does not recommend buying or selling any instrument. Risk disclaimer.