It's a tricky questione the yours one. ...
AIX LVM implements, without any HW add-on, RAID 0, RAID 1, RAID 0+1 and from AIX 5L you can add a hot spare disk to all of them.
If you have some RAID capable controller like SSA-RAID or SCSI-RAID then you can have also RAID 5, RAID 5+1, RAID 10.
It depends basically on your HW.
AIX LVM lays upon the HW so , in example, you can create a RAID 1 onto 2 RAID 5 stripes which have their own hot spare disks and add a spare disk to this blob ....