JAAAX vs. TALTX

Last updated Jun 26, 2026

JAAAX (John Hancock Funds Alternative Asset Allocation Fund) and TALTX (Morgan Stanley Pathway Funds Alternative Strategies Fund) are both Multistrategy funds. Their correlation of 0.88 suggests significant overlap in exposure. JAAAX charges 0.72%/yr vs 0.59%/yr for TALTX.

Performance

JAAAX vs. TALTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in John Hancock Funds Alternative Asset Allocation Fund (JAAAX) and Morgan Stanley Pathway Funds Alternative Strategies Fund (TALTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

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%

TALTX

• 1D: -0.18%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

JAAAX vs. TALTX - Yearly Performance Comparison

	2026 (YTD)
JAAAX John Hancock Funds Alternative Asset Allocation Fund	-0.80%
TALTX Morgan Stanley Pathway Funds Alternative Strategies Fund	-0.63%

Correlation

The correlation between JAAAX and TALTX is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 28, 2026	0.88

Return for Risk

JAAAX vs. TALTX — Risk / Return Rank

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

JAAAX

JAAAX Risk / Return Rank: 92
JAAAX Sharpe Ratio Rank: 94
JAAAX Sortino Ratio Rank: 91
JAAAX Omega Ratio Rank: 88
JAAAX Calmar Ratio Rank: 94
JAAAX Martin Ratio Rank: 94

TALTX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. TALTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for John Hancock Funds Alternative Asset Allocation Fund (JAAAX) and Morgan Stanley Pathway Funds Alternative Strategies Fund (TALTX). 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	TALTX	Difference
Sharpe ratio: Return per unit of total volatility	2.78	—	—
Sortino ratio: Return per unit of downside risk	4.03	—	—
Omega ratio: Gain probability vs. loss probability	1.53	—	—
Calmar ratio: Return relative to maximum drawdown	4.72	—	—
Martin ratio: Return relative to average drawdown	17.62	—	—

Drawdowns

JAAAX vs. TALTX - Drawdown Comparison

The maximum JAAAX drawdown since its inception was -15.72%, which is greater than TALTX's maximum drawdown of -0.99%. Use the drawdown chart below to compare losses from any high point for JAAAX and TALTX.

Drawdown Indicators

	JAAAX	TALTX	Difference
Max Drawdown Largest peak-to-trough decline	-15.72%	-0.99%	-14.73%
Max Drawdown (1Y) Largest decline over 1 year	-2.02%	—	—
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	-1.30%	-0.90%	-0.40%
Average Drawdown Average peak-to-trough decline	-2.04%	-0.42%	-1.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.54%	—	—

Volatility

Volatility by Period

	JAAAX	TALTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.18%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.67%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	3.43%	3.85%	-0.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.22%	3.85%	+0.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.37%	3.85%	+0.52%

JAAAX vs. TALTX - Expense Ratio Comparison

JAAAX has a 0.72% expense ratio, which is higher than TALTX's 0.59% expense ratio.

Dividends

JAAAX vs. TALTX - Dividend Comparison

JAAAX's dividend yield for the trailing twelve months is around 1.45%, while TALTX has not paid dividends to shareholders.

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%
TALTX Morgan Stanley Pathway Funds Alternative Strategies Fund	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JAAAX and TALTX in my portfolio?

JAAAX and TALTX have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.