FFAAX vs. JNSMX

Last updated Jun 23, 2026

FFAAX (Franklin Global Allocation Fund) and JNSMX (Janus Henderson Global Allocation Fund - Moderate) are both Global Allocation funds. Over the past 10 years, FFAAX returned 7.87%/yr vs 6.99%/yr for JNSMX. Their correlation of 0.90 suggests significant overlap in exposure. FFAAX charges 0.66%/yr vs 0.25%/yr for JNSMX.

Performance

FFAAX vs. JNSMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Global Allocation Fund (FFAAX) and Janus Henderson Global Allocation Fund - Moderate (JNSMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with FFAAX having a 8.35% return and JNSMX slightly higher at 8.36%. Over the past 10 years, FFAAX has outperformed JNSMX with an annualized return of 7.87%, while JNSMX has yielded a comparatively lower 6.99% annualized return.

FFAAX

• 1D: 0.93%
• 1M: 1.36%
• YTD: 8.35%
• 6M: 8.23%
• 1Y: 20.26%
• 3Y*: 14.50%
• 5Y*: 8.70%
• 10Y*: 7.87%

JNSMX

• 1D: 0.90%
• 1M: 2.47%
• YTD: 8.36%
• 6M: 8.19%
• 1Y: 19.26%
• 3Y*: 12.53%
• 5Y*: 5.10%
• 10Y*: 6.99%

*Multi-year figures are annualized to reflect compound growth (CAGR)

FFAAX vs. JNSMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FFAAX Franklin Global Allocation Fund	8.35%	16.24%	13.12%	13.24%	-11.61%	12.01%	1.70%	18.06%	-9.60%	11.59%
JNSMX Janus Henderson Global Allocation Fund - Moderate	8.36%	15.72%	8.87%	11.71%	-17.38%	7.25%	14.46%	15.62%	-6.57%	16.27%

Correlation

The correlation between FFAAX and JNSMX is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Dec 30, 2005	0.90

The correlation between FFAAX and JNSMX has been stable across timeframes, ranging from 0.89 to 0.96 - a consistent structural relationship.

Return for Risk

FFAAX vs. JNSMX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FFAAX

FFAAX Risk / Return Rank: 69
FFAAX Sharpe Ratio Rank: 67
FFAAX Sortino Ratio Rank: 68
FFAAX Omega Ratio Rank: 68
FFAAX Calmar Ratio Rank: 67
FFAAX Martin Ratio Rank: 76

JNSMX

JNSMX Risk / Return Rank: 58
JNSMX Sharpe Ratio Rank: 56
JNSMX Sortino Ratio Rank: 57
JNSMX Omega Ratio Rank: 59
JNSMX Calmar Ratio Rank: 55
JNSMX Martin Ratio Rank: 63

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FFAAX vs. JNSMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Global Allocation Fund (FFAAX) and Janus Henderson Global Allocation Fund - Moderate (JNSMX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	FFAAX	JNSMX	Difference
Sharpe ratio: Return per unit of total volatility	2.21	2.04	+0.17
Sortino ratio: Return per unit of downside risk	3.13	2.91	+0.23
Omega ratio: Gain probability vs. loss probability	1.42	1.39	+0.03
Calmar ratio: Return relative to maximum drawdown	3.02	2.71	+0.31
Martin ratio: Return relative to average drawdown	13.35	11.66	+1.69

FFAAX vs. JNSMX - Sharpe Ratio Comparison

The current FFAAX Sharpe Ratio is 2.21, which is comparable to the JNSMX Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of FFAAX and JNSMX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FFAAX vs. JNSMX - Drawdown Comparison

The maximum FFAAX drawdown since its inception was -52.89%, which is greater than JNSMX's maximum drawdown of -39.85%. Use the drawdown chart below to compare losses from any high point for FFAAX and JNSMX.

Drawdown Indicators

	FFAAX	JNSMX	Difference
Max Drawdown Largest peak-to-trough decline	-52.89%	-39.85%	-13.04%
Max Drawdown (1Y) Largest decline over 1 year	-6.64%	-7.00%	+0.36%
Max Drawdown (3Y) Largest decline over 3 years	-10.89%	-10.60%	-0.29%
Max Drawdown (5Y) Largest decline over 5 years	-18.17%	-25.15%	+6.98%
Max Drawdown (10Y) Largest decline over 10 years	-30.09%	-25.15%	-4.94%
Current Drawdown Current decline from peak	-0.11%	-0.00%	-0.11%
Average Drawdown Average peak-to-trough decline	-7.11%	-5.92%	-1.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.50%	1.62%	-0.12%

Volatility

FFAAX vs. JNSMX - Volatility Comparison

The current volatility for Franklin Global Allocation Fund (FFAAX) is 3.60%, while Janus Henderson Global Allocation Fund - Moderate (JNSMX) has a volatility of 3.98%. This indicates that FFAAX experiences smaller price fluctuations and is considered to be less risky than JNSMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FFAAX	JNSMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.60%	3.98%	-0.38%
Volatility (6M) Calculated over the trailing 6-month period	7.71%	8.03%	-0.32%
Volatility (1Y) Calculated over the trailing 1-year period	9.10%	9.33%	-0.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.13%	10.57%	-0.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.50%	10.24%	+1.26%

FFAAX vs. JNSMX - Expense Ratio Comparison

FFAAX has a 0.66% expense ratio, which is higher than JNSMX's 0.25% expense ratio.

Dividends

FFAAX vs. JNSMX - Dividend Comparison

FFAAX's dividend yield for the trailing twelve months is around 4.95%, less than JNSMX's 5.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FFAAX Franklin Global Allocation Fund	4.95%	5.12%	1.33%	1.88%	4.66%	0.90%	7.65%	3.24%	4.24%	3.19%	2.40%	3.22%
JNSMX Janus Henderson Global Allocation Fund - Moderate	5.45%	5.90%	4.28%	1.53%	2.96%	13.36%	4.49%	5.72%	4.86%	7.24%	1.87%	9.16%

Frequently Asked Questions

Can I hold both FFAAX and JNSMX in my portfolio?

With a correlation of 0.96, FFAAX and JNSMX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FFAAX or JNSMX?

JNSMX has higher volatility (3.98%) compared to FFAAX (3.60%). In terms of maximum drawdown, FFAAX dropped -52.89% vs JNSMX's -39.85%.

Which has better risk-adjusted returns?

FFAAX currently has the higher Sharpe Ratio (2.21 vs 2.04), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.