JAAAX vs. SPBO
JAAAX (John Hancock Funds Alternative Asset Allocation Fund) and SPBO (SPDR Portfolio Corporate Bond ETF) are both funds - JAAAX is a Multistrategy fund managed by John Hancock, while SPBO is a Corporate Bonds fund tracking the Bloomberg Barclays U.S. Corporate Bond Index. Over the past 10 years, JAAAX returned 4.23%/yr vs 2.69%/yr for SPBO. At a 0.13 correlation, their price movements are largely independent. JAAAX charges 0.72%/yr vs 0.03%/yr for SPBO.
Performance
JAAAX vs. SPBO - Performance Comparison
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Returns By Period
In the year-to-date period, JAAAX achieves a 4.99% return, which is significantly higher than SPBO's 1.43% return. Over the past 10 years, JAAAX has outperformed SPBO with an annualized return of 4.23%, while SPBO has yielded a comparatively lower 2.69% annualized return.
JAAAX
- 1D
- -0.23%
- 1M
- -1.08%
- YTD
- 4.99%
- 6M
- 4.58%
- 1Y
- 9.62%
- 3Y*
- 6.99%
- 5Y*
- 4.10%
- 10Y*
- 4.23%
SPBO
- 1D
- 0.10%
- 1M
- 0.98%
- YTD
- 1.43%
- 6M
- 1.19%
- 1Y
- 5.55%
- 3Y*
- 5.66%
- 5Y*
- 0.64%
- 10Y*
- 2.69%
JAAAX vs. SPBO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
JAAAX John Hancock Funds Alternative Asset Allocation Fund | 4.99% | 6.18% | 6.59% | 5.85% | -3.12% | 4.77% | 4.36% | 8.95% | -4.09% | 6.10% |
SPBO SPDR Portfolio Corporate Bond ETF | 1.43% | 7.83% | 2.59% | 8.80% | -15.68% | -1.57% | 10.17% | 14.70% | -1.79% | 5.47% |
Correlation
The correlation between JAAAX and SPBO is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.36 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.34 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.25 |
Correlation (All Time) Calculated using the full available price history since Apr 7, 2011 | 0.13 |
Over the past year, JAAAX and SPBO have become more correlated (0.34) than their long-term average of 0.13, meaning their price movements have been converging.
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Return for Risk
JAAAX vs. SPBO — Risk / Return Rank
JAAAX
SPBO
JAAAX vs. SPBO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for John Hancock Funds Alternative Asset Allocation Fund (JAAAX) and SPDR Portfolio Corporate Bond ETF (SPBO). 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 | SPBO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.49 | ||
| Sortino ratioReturn per unit of downside risk | +2.15 | ||
| Omega ratioGain probability vs. loss probability | 1.53 | 1.23 | +0.31 |
| Calmar ratioReturn relative to maximum drawdown | 4.72 | 1.94 | +2.77 |
| Martin ratioReturn relative to average drawdown | 17.62 | 6.00 | +11.62 |
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Drawdowns
JAAAX vs. SPBO - Drawdown Comparison
The maximum JAAAX drawdown since its inception was -15.72%, smaller than the maximum SPBO drawdown of -22.23%. Use the drawdown chart below to compare losses from any high point for JAAAX and SPBO.
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Drawdown Indicators
| JAAAX | SPBO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.72% | -22.23% | +6.51% |
Max Drawdown (1Y)Largest decline over 1 year | -2.02% | -2.87% | +0.85% |
Max Drawdown (3Y)Largest decline over 3 years | -5.66% | -6.41% | +0.75% |
Max Drawdown (5Y)Largest decline over 5 years | -6.28% | -22.23% | +15.95% |
Max Drawdown (10Y)Largest decline over 10 years | -12.64% | -22.23% | +9.59% |
Current DrawdownCurrent decline from peak | -1.30% | -0.19% | -1.11% |
Average DrawdownAverage peak-to-trough decline | -2.04% | -4.03% | +1.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.54% | 0.93% | -0.39% |
Volatility
JAAAX vs. SPBO - Volatility Comparison
John Hancock Funds Alternative Asset Allocation Fund (JAAAX) and SPDR Portfolio Corporate Bond ETF (SPBO) have volatilities of 1.18% and 1.20%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| JAAAX | SPBO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.18% | 1.20% | -0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 2.67% | 3.30% | -0.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.43% | 4.34% | -0.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.22% | 7.18% | -2.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.37% | 7.49% | -3.12% |
JAAAX vs. SPBO - Expense Ratio Comparison
JAAAX has a 0.72% expense ratio, which is higher than SPBO's 0.03% expense ratio.
Dividends
JAAAX vs. SPBO - Dividend Comparison
JAAAX's dividend yield for the trailing twelve months is around 1.45%, less than SPBO's 5.08% 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% |
SPBO SPDR Portfolio Corporate Bond ETF | 5.08% | 5.09% | 5.28% | 4.73% | 3.54% | 2.42% | 2.75% | 3.46% | 3.60% | 3.15% | 3.35% | 3.07% |
Frequently Asked Questions
JAAAX and SPBO have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPBO has higher volatility (1.20%) compared to JAAAX (1.18%). In terms of maximum drawdown, JAAAX dropped -15.72% vs SPBO's -22.23%.
JAAAX currently has the higher Sharpe Ratio (2.78 vs 1.29), 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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