ICVT vs. JAAAX
ICVT (iShares Convertible Bond ETF) and JAAAX (John Hancock Funds Alternative Asset Allocation Fund) are both funds - ICVT is a Preferred Stock/Convertible Bonds fund tracking the Bloomberg U.S. Convertible Cash Pay Bond > $250MM Index, while JAAAX is a Multistrategy fund managed by John Hancock. Over the past 10 years, ICVT returned 14.40%/yr vs 4.22%/yr for JAAAX. A 0.62 correlation means they provide meaningful diversification when combined. ICVT charges 0.20%/yr vs 0.72%/yr for JAAAX.
Performance
ICVT vs. JAAAX - Performance Comparison
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Returns By Period
In the year-to-date period, ICVT achieves a 26.89% return, which is significantly higher than JAAAX's 5.59% return. Over the past 10 years, ICVT has outperformed JAAAX with an annualized return of 14.40%, while JAAAX has yielded a comparatively lower 4.22% annualized return.
ICVT
- 1D
- 0.02%
- 1M
- 5.09%
- YTD
- 26.89%
- 6M
- 24.71%
- 1Y
- 43.39%
- 3Y*
- 20.83%
- 5Y*
- 7.36%
- 10Y*
- 14.40%
JAAAX
- 1D
- 0.06%
- 1M
- -0.45%
- YTD
- 5.59%
- 6M
- 5.55%
- 1Y
- 10.38%
- 3Y*
- 6.96%
- 5Y*
- 4.41%
- 10Y*
- 4.22%
ICVT vs. JAAAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ICVT iShares Convertible Bond ETF | 26.89% | 18.10% | 10.61% | 15.35% | -20.66% | -0.66% | 61.01% | 21.76% | -0.27% | 16.38% |
JAAAX John Hancock Funds Alternative Asset Allocation Fund | 5.59% | 6.18% | 6.59% | 5.85% | -3.12% | 4.77% | 4.36% | 8.95% | -4.09% | 6.10% |
Correlation
The correlation between ICVT and JAAAX is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.57 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.68 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.66 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2015 | 0.62 |
The correlation between ICVT and JAAAX shifts across timeframes, from 0.57 (1 year) to 0.68 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
ICVT vs. JAAAX — Risk / Return Rank
ICVT
JAAAX
ICVT vs. JAAAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Convertible Bond ETF (ICVT) and John Hancock Funds Alternative Asset Allocation Fund (JAAAX). 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.
| ICVT | JAAAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.20 | ||
| Sortino ratioReturn per unit of downside risk | -0.82 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 1.59 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 5.78 | 5.06 | +0.71 |
| Martin ratioReturn relative to average drawdown | 19.71 | 19.35 | +0.36 |
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Drawdowns
ICVT vs. JAAAX - Drawdown Comparison
The maximum ICVT drawdown since its inception was -33.25%, which is greater than JAAAX's maximum drawdown of -15.72%. Use the drawdown chart below to compare losses from any high point for ICVT and JAAAX.
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Drawdown Indicators
| ICVT | JAAAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.25% | -15.72% | -17.53% |
Max Drawdown (1Y)Largest decline over 1 year | -7.55% | -2.02% | -5.53% |
Max Drawdown (3Y)Largest decline over 3 years | -11.22% | -5.66% | -5.56% |
Max Drawdown (5Y)Largest decline over 5 years | -29.95% | -6.28% | -23.67% |
Max Drawdown (10Y)Largest decline over 10 years | -33.25% | -12.64% | -20.61% |
Current DrawdownCurrent decline from peak | 0.00% | -0.73% | +0.73% |
Average DrawdownAverage peak-to-trough decline | -9.46% | -2.04% | -7.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.21% | 0.53% | +1.68% |
Volatility
ICVT vs. JAAAX - Volatility Comparison
iShares Convertible Bond ETF (ICVT) has a higher volatility of 6.96% compared to John Hancock Funds Alternative Asset Allocation Fund (JAAAX) at 1.10%. This indicates that ICVT's price experiences larger fluctuations and is considered to be riskier than JAAAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ICVT | JAAAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.96% | 1.10% | +5.86% |
Volatility (6M)Calculated over the trailing 6-month period | 12.95% | 2.63% | +10.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.57% | 3.40% | +12.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.49% | 4.22% | +9.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.61% | 4.38% | +11.23% |
ICVT vs. JAAAX - Expense Ratio Comparison
ICVT has a 0.20% expense ratio, which is lower than JAAAX's 0.72% expense ratio.
Dividends
ICVT vs. JAAAX - Dividend Comparison
ICVT's dividend yield for the trailing twelve months is around 1.28%, less than JAAAX's 1.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ICVT iShares Convertible Bond ETF | 1.28% | 1.73% | 2.19% | 1.85% | 1.93% | 7.70% | 3.98% | 1.86% | 4.82% | 2.56% | 3.06% | 1.57% |
JAAAX John Hancock Funds Alternative Asset Allocation Fund | 1.45% | 1.53% | 1.17% | 1.71% | 3.02% | 1.72% | 0.74% | 3.38% | 1.99% | 1.23% | 0.77% | 2.78% |
Frequently Asked Questions
ICVT and JAAAX have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ICVT has higher volatility (6.96%) compared to JAAAX (1.10%). In terms of maximum drawdown, ICVT dropped -33.25% vs JAAAX's -15.72%.
JAAAX currently has the higher Sharpe Ratio (3.00 vs 2.81), 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.
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