In theory, it should be a good fight.
Both are on the same level physically... more or less.
Both wield *supposedly* indestructible weapons.
Both have their bad showings against piercing damage, but they tend to soak the damage up no prob.
Problem is, Ares failed to prove his significance, despite appearing for the first time 54 years ago and undergoing a major revamp.
Aquashit's been around for longer than that and had more revamps, of course. But at least we have a general idea of what he can do... unlike with Ares, who is all bark, no bite.