JAAAX vs. ICVT
JAAAX (John Hancock Funds Alternative Asset Allocation Fund) and ICVT (iShares Convertible Bond ETF) are both funds - JAAAX is a Multistrategy fund managed by John Hancock, while ICVT is a Convertible Bonds fund tracking the Bloomberg U.S. Convertible Cash Pay Bond > $250MM Index. Over the past 10 years, JAAAX returned 4.18%/yr vs 12.80%/yr for ICVT. Their 0.62 correlation means they have sometimes moved together and sometimes differently. JAAAX charges 0.72%/yr vs 0.20%/yr for ICVT.
Performance
JAAAX vs. ICVT - Performance Comparison
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Returns By Period
In the year-to-date period, JAAAX achieves a 6.31% return, which is significantly lower than ICVT's 15.73% return. Over the past 10 years, JAAAX has underperformed ICVT with an annualized return of 4.18%, while ICVT has yielded a comparatively higher 12.80% annualized return.
JAAAX
- 1D
- 0.51%
- 1M
- 0.80%
- 6M
- 4.06%
- YTD
- 6.31%
- 1Y
- 10.52%
- 3Y*
- 6.87%
- 5Y*
- 4.33%
- 10Y*
- 4.18%
- ALL TIME*
- 5.51%
ICVT
- 1D
- -0.13%
- 1M
- -3.58%
- 6M
- 10.12%
- YTD
- 15.73%
- 1Y
- 25.68%
- 3Y*
- 15.44%
- 5Y*
- 5.74%
- 10Y*
- 12.80%
- ALL TIME*
- 11.03%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $56.37M | $69.08M | $90.45M | |
| $0.00 | $0.00 | $0.00 |
JAAAX vs. ICVT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
JAAAX John Hancock Funds Alternative Asset Allocation Fund | 6.31% | 6.18% | 6.59% | 5.85% | -3.12% | 4.77% | 4.36% | 8.95% | -4.09% | 6.10% |
ICVT iShares Convertible Bond ETF | 15.73% | 18.10% | 10.61% | 15.35% | -20.66% | -0.66% | 61.01% | 21.76% | -0.27% | 16.38% |
Correlation
The correlation between JAAAX and ICVT is 0.60, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.60 |
Correlation (3Y) Balances recent behavior with more history. | 0.65 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.68 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.66 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2015 | 0.62 |
The correlation between JAAAX and ICVT has been stable across timeframes, ranging from 0.60 to 0.68 - a consistent structural relationship.
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Return for Risk
JAAAX vs. ICVT — Risk / Return Rank
JAAAX
ICVT
JAAAX vs. ICVT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for John Hancock Funds Alternative Asset Allocation Fund (JAAAX) and iShares Convertible Bond ETF (ICVT). 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.
| JAAAX | ICVT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.40 | ||
| Sortino ratioReturn per unit of downside risk | +2.19 | ||
| Omega ratioGain probability vs. loss probability | 1.54 | 1.25 | +0.29 |
| Calmar ratioReturn relative to maximum drawdown | 4.90 | 2.08 | +2.82 |
| Martin ratioReturn relative to average drawdown | 17.67 | 7.79 | +9.87 |
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Drawdowns
JAAAX vs. ICVT - Drawdown Comparison
The maximum JAAAX drawdown since its inception was -15.72%, smaller than the maximum ICVT drawdown of -33.25%. Use the drawdown chart below to compare losses from any high point for JAAAX and ICVT.
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Drawdown Indicators
| JAAAX | ICVT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.72% | -33.25% | +17.53% |
Max Drawdown (1Y)Largest decline over 1 year | -2.02% | -11.65% | +9.63% |
Max Drawdown (3Y)Largest decline over 3 years | -5.66% | -11.65% | +5.99% |
Max Drawdown (5Y)Largest decline over 5 years | -6.28% | -29.95% | +23.67% |
Max Drawdown (10Y)Largest decline over 10 years | -12.64% | -33.25% | +20.61% |
Current DrawdownCurrent decline from peak | -0.23% | -8.79% | +8.56% |
Average DrawdownAverage peak-to-trough decline | -2.03% | -9.43% | +7.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.56% | 3.11% | -2.55% |
Volatility
JAAAX vs. ICVT - Volatility Comparison
The current volatility for John Hancock Funds Alternative Asset Allocation Fund (JAAAX) is 1.01%, while iShares Convertible Bond ETF (ICVT) has a volatility of 6.39%. This indicates that JAAAX experiences smaller price fluctuations and is considered to be less risky than ICVT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| JAAAX | ICVT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.01% | 6.39% | -5.38% |
Volatility (6M)Calculated over the trailing 6-month period | 2.62% | 14.58% | -11.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.52% | 17.19% | -13.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.21% | 13.78% | -9.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.37% | 15.73% | -11.36% |
JAAAX vs. ICVT - Expense Ratio Comparison
JAAAX has a 0.72% expense ratio, which is higher than ICVT's 0.20% expense ratio.
Dividends
JAAAX vs. ICVT - Dividend Comparison
JAAAX's dividend yield for the trailing twelve months is around 1.44%, more than ICVT's 1.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ICVT iShares Convertible Bond ETF | 1.29% | 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 | 1.44% | 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
JAAAX and ICVT have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ICVT has higher volatility (6.39%) compared to JAAAX (1.01%). In terms of maximum drawdown, JAAAX dropped -15.72% vs ICVT's -33.25%.
JAAAX currently has the higher Sharpe Ratio (2.81 vs 1.41), 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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