JAAAX vs. GPIX

Last updated Jun 9, 2026

JAAAX (John Hancock Funds Alternative Asset Allocation Fund) and GPIX (Goldman Sachs S&P 500 Premium Income ETF) are both funds - JAAAX is a Multistrategy fund managed by John Hancock, while GPIX is a Derivative Income fund actively managed by Goldman Sachs. Over the past year, JAAAX returned 10.39% vs 22.98% for GPIX. A 0.76 correlation means they provide meaningful diversification when combined. JAAAX charges 0.72%/yr vs 0.29%/yr for GPIX.

Performance

JAAAX vs. GPIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in John Hancock Funds Alternative Asset Allocation Fund (JAAAX) and Goldman Sachs S&P 500 Premium Income ETF (GPIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JAAAX achieves a 5.53% return, which is significantly lower than GPIX's 8.17% return.

JAAAX

• 1D: -0.73%
• 1M: -0.23%
• YTD: 5.53%
• 6M: 6.05%
• 1Y: 10.39%
• 3Y*: 7.08%
• 5Y*: 4.19%
• 10Y*: 4.16%

GPIX

• 1D: 0.29%
• 1M: 0.38%
• YTD: 8.17%
• 6M: 8.56%
• 1Y: 22.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

JAAAX vs. GPIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
JAAAX John Hancock Funds Alternative Asset Allocation Fund	5.53%	6.18%	6.59%	3.57%
GPIX Goldman Sachs S&P 500 Premium Income ETF	8.17%	16.25%	21.77%	13.45%

Correlation

The correlation between JAAAX and GPIX is 0.69, 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	0.69
Correlation (All Time) Calculated using the full available price history since Oct 27, 2023	0.76

The correlation between JAAAX and GPIX has been stable across timeframes, ranging from 0.69 to 0.76 - a consistent structural relationship.

Return for Risk

JAAAX vs. GPIX — Risk / Return Rank

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

JAAAX

JAAAX Risk / Return Rank: 93
JAAAX Sharpe Ratio Rank: 94
JAAAX Sortino Ratio Rank: 93
JAAAX Omega Ratio Rank: 89
JAAAX Calmar Ratio Rank: 94
JAAAX Martin Ratio Rank: 94

GPIX

GPIX Risk / Return Rank: 76
GPIX Sharpe Ratio Rank: 76
GPIX Sortino Ratio Rank: 75
GPIX Omega Ratio Rank: 79
GPIX Calmar Ratio Rank: 66
GPIX Martin Ratio Rank: 82

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.

JAAAX vs. GPIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for John Hancock Funds Alternative Asset Allocation Fund (JAAAX) and Goldman Sachs S&P 500 Premium Income ETF (GPIX). 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.

	JAAAX	GPIX	Difference
Sharpe ratio: Return per unit of total volatility	3.14	2.22	+0.91
Sortino ratio: Return per unit of downside risk	4.57	3.03	+1.55
Omega ratio: Gain probability vs. loss probability	1.62	1.42	+0.20
Calmar ratio: Return relative to maximum drawdown	5.24	2.99	+2.24
Martin ratio: Return relative to average drawdown	20.62	14.96	+5.66
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JAAAX vs. GPIX - Sharpe Ratio Comparison

The current JAAAX Sharpe Ratio is 3.14, which is higher than the GPIX Sharpe Ratio of 2.22. The chart below compares the historical Sharpe Ratios of JAAAX and GPIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	JAAAX	GPIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.14	2.22	+0.91
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.00	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.95	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.86	1.71	-0.85

Drawdowns

JAAAX vs. GPIX - Drawdown Comparison

The maximum JAAAX drawdown since its inception was -15.72%, smaller than the maximum GPIX drawdown of -17.50%. Use the drawdown chart below to compare losses from any high point for JAAAX and GPIX.

Drawdown Indicators

	JAAAX	GPIX	Difference
Max Drawdown Largest peak-to-trough decline	-15.72%	-17.50%	+1.78%
Max Drawdown (1Y) Largest decline over 1 year	-2.02%	-7.71%	+5.69%
Max Drawdown (3Y) Largest decline over 3 years	-5.66%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-6.28%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-12.64%	—	—
Current Drawdown Current decline from peak	-0.79%	-2.06%	+1.27%
Average Drawdown Average peak-to-trough decline	-2.04%	-1.48%	-0.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.51%	1.54%	-1.03%

Volatility

JAAAX vs. GPIX - Volatility Comparison

The current volatility for John Hancock Funds Alternative Asset Allocation Fund (JAAAX) is 1.06%, while Goldman Sachs S&P 500 Premium Income ETF (GPIX) has a volatility of 3.07%. This indicates that JAAAX experiences smaller price fluctuations and is considered to be less risky than GPIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JAAAX	GPIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.06%	3.07%	-2.01%
Volatility (6M) Calculated over the trailing 6-month period	2.62%	8.22%	-5.60%
Volatility (1Y) Calculated over the trailing 1-year period	3.37%	10.40%	-7.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.22%	13.84%	-9.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.38%	13.84%	-9.46%

JAAAX vs. GPIX - Expense Ratio Comparison

JAAAX has a 0.72% expense ratio, which is higher than GPIX's 0.29% expense ratio.

Dividends

JAAAX vs. GPIX - Dividend Comparison

JAAAX's dividend yield for the trailing twelve months is around 1.45%, less than GPIX's 8.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GPIX Goldman Sachs S&P 500 Premium Income ETF	8.13%	8.01%	7.45%	1.40%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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

Can I hold both JAAAX and GPIX in my portfolio?

JAAAX and GPIX have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JAAAX or GPIX?

GPIX has higher volatility (3.07%) compared to JAAAX (1.06%). In terms of maximum drawdown, JAAAX dropped -15.72% vs GPIX's -17.50%.

Which has better risk-adjusted returns?

JAAAX currently has the higher Sharpe Ratio (3.14 vs 2.22), 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.