JAAAX vs. MLPD.L

Last updated Jun 9, 2026

JAAAX (John Hancock Funds Alternative Asset Allocation Fund) and MLPD.L (Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist)) are both funds - JAAAX is a Multistrategy fund managed by John Hancock, while MLPD.L is a Energy Equities fund tracking the MSCI World/Energy NR USD. Over the past 10 years, JAAAX returned 4.16%/yr vs 7.11%/yr for MLPD.L. At a 0.33 correlation, their price movements are largely independent. JAAAX charges 0.72%/yr vs 0.50%/yr for MLPD.L.

Performance

JAAAX vs. MLPD.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in John Hancock Funds Alternative Asset Allocation Fund (JAAAX) and Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist) (MLPD.L). 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 MLPD.L's 18.82% return. Over the past 10 years, JAAAX has underperformed MLPD.L with an annualized return of 4.16%, while MLPD.L has yielded a comparatively higher 7.11% annualized 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%

MLPD.L

• 1D: -0.49%
• 1M: 1.36%
• YTD: 18.82%
• 6M: 14.62%
• 1Y: 15.61%
• 3Y*: 18.84%
• 5Y*: 16.46%
• 10Y*: 7.11%

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

JAAAX vs. MLPD.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JAAAX John Hancock Funds Alternative Asset Allocation Fund	5.53%	6.18%	6.59%	5.85%	-3.12%	4.77%	4.36%	8.95%	-4.09%	6.10%
MLPD.L Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist)	18.82%	2.34%	22.53%	19.70%	31.82%	36.90%	-31.38%	7.22%	-14.92%	-8.67%

Correlation

The correlation between JAAAX and MLPD.L is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (5Y) Calculated over the trailing 5-year period	0.28
Correlation (10Y) Calculated over the trailing 10-year period	0.31
Correlation (All Time) Calculated using the full available price history since May 17, 2013	0.33

The correlation between JAAAX and MLPD.L shifts across timeframes, from 0.18 (1 year) to 0.33 (all time), reflecting how their relationship changes across market environments.

Return for Risk

JAAAX vs. MLPD.L — 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

MLPD.L

MLPD.L Risk / Return Rank: 34
MLPD.L Sharpe Ratio Rank: 34
MLPD.L Sortino Ratio Rank: 31
MLPD.L Omega Ratio Rank: 31
MLPD.L Calmar Ratio Rank: 41
MLPD.L Martin Ratio Rank: 34

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. MLPD.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for John Hancock Funds Alternative Asset Allocation Fund (JAAAX) and Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist) (MLPD.L). 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	MLPD.L	Difference
Sharpe ratio: Return per unit of total volatility	3.14	1.09	+2.04
Sortino ratio: Return per unit of downside risk	4.57	1.55	+3.02
Omega ratio: Gain probability vs. loss probability	1.62	1.19	+0.43
Calmar ratio: Return relative to maximum drawdown	5.24	1.83	+3.40
Martin ratio: Return relative to average drawdown	20.62	4.68	+15.93
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. MLPD.L - Sharpe Ratio Comparison

The current JAAAX Sharpe Ratio is 3.14, which is higher than the MLPD.L Sharpe Ratio of 1.09. The chart below compares the historical Sharpe Ratios of JAAAX and MLPD.L, 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	MLPD.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.14	1.09	+2.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.00	0.81	+0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.95	0.25	+0.70
Sharpe Ratio (All Time) Calculated using the full available price history	0.86	0.13	+0.74

Drawdowns

JAAAX vs. MLPD.L - Drawdown Comparison

The maximum JAAAX drawdown since its inception was -15.72%, smaller than the maximum MLPD.L drawdown of -82.22%. Use the drawdown chart below to compare losses from any high point for JAAAX and MLPD.L.

Drawdown Indicators

	JAAAX	MLPD.L	Difference
Max Drawdown Largest peak-to-trough decline	-15.72%	-82.22%	+66.50%
Max Drawdown (1Y) Largest decline over 1 year	-2.02%	-8.48%	+6.46%
Max Drawdown (3Y) Largest decline over 3 years	-5.66%	-17.24%	+11.58%
Max Drawdown (5Y) Largest decline over 5 years	-6.28%	-21.78%	+15.50%
Max Drawdown (10Y) Largest decline over 10 years	-12.64%	-75.74%	+63.10%
Current Drawdown Current decline from peak	-0.79%	-3.16%	+2.37%
Average Drawdown Average peak-to-trough decline	-2.04%	-28.08%	+26.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.51%	3.33%	-2.82%

Volatility

JAAAX vs. MLPD.L - Volatility Comparison

The current volatility for John Hancock Funds Alternative Asset Allocation Fund (JAAAX) is 1.06%, while Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist) (MLPD.L) has a volatility of 4.46%. This indicates that JAAAX experiences smaller price fluctuations and is considered to be less risky than MLPD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JAAAX	MLPD.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.06%	4.46%	-3.40%
Volatility (6M) Calculated over the trailing 6-month period	2.62%	10.93%	-8.31%
Volatility (1Y) Calculated over the trailing 1-year period	3.37%	14.24%	-10.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.22%	20.36%	-16.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.38%	28.33%	-23.95%

JAAAX vs. MLPD.L - Expense Ratio Comparison

JAAAX has a 0.72% expense ratio, which is higher than MLPD.L's 0.50% expense ratio.

Dividends

JAAAX vs. MLPD.L - Dividend Comparison

JAAAX's dividend yield for the trailing twelve months is around 1.45%, less than MLPD.L's 7.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
MLPD.L Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (Dist)	7.56%	8.21%	8.18%	8.60%	7.98%	8.57%	11.03%	10.06%	9.87%	8.15%	8.14%	9.96%

Frequently Asked Questions

Can I hold both JAAAX and MLPD.L in my portfolio?

JAAAX and MLPD.L have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.