JBALX vs. HGLB

Last updated Aug 1, 2026

JBALX (JPMorgan Global Allocation Fund Class A) and HGLB (Highland Global Allocation Fund) are both Global Allocation funds. Over the past 5 years, JBALX returned 7.78%/yr vs 6.79%/yr for HGLB. Their 0.34 correlation means their historical movements had little consistent relationship. JBALX charges 0.96%/yr vs 0.02%/yr for HGLB.

Performance

JBALX vs. HGLB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Global Allocation Fund Class A (JBALX) and Highland Global Allocation Fund (HGLB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JBALX achieves a 3.19% return, which is significantly higher than HGLB's -12.48% return.

JBALX

• 1D: 1.52%
• 1M: -0.34%
• 6M: 2.60%
• YTD: 3.19%
• 1Y: 9.45%
• 3Y*: 14.18%
• 5Y*: 7.78%
• 10Y*: 10.69%
• ALL TIME*: 7.21%

HGLB

• 1D: 1.64%
• 1M: -2.00%
• 6M: -9.85%
• YTD: -12.48%
• 1Y: 2.90%
• 3Y*: 8.10%
• 5Y*: 6.79%
• 10Y*: —
• ALL TIME*: 2.60%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HGLB Highland Global Allocation Fund	$492.61K	$589.18K	$705.98K
JBALX JPMorgan Global Allocation Fund Class A	$0.00	$0.00	$0.00

JBALX vs. HGLB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
JBALX JPMorgan Global Allocation Fund Class A	3.19%	15.00%	20.78%	15.45%	-16.56%	17.28%	14.40%	14.45%
HGLB Highland Global Allocation Fund	-12.48%	51.74%	-1.52%	-6.15%	14.53%	53.22%	-17.98%	-31.46%

Correlation

The correlation between JBALX and HGLB is 0.38, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.38
Correlation (3Y) Balances recent behavior with more history.	0.33
Correlation (5Y) Shows whether the relationship held over a longer period.	0.33
Correlation (All Time) Calculated using the full available price history since Feb 19, 2019	0.34

Return for Risk

JBALX vs. HGLB — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

JBALX

JBALX Risk / Return Rank: 26
JBALX Sharpe Ratio Rank: 26
JBALX Sortino Ratio Rank: 26
JBALX Omega Ratio Rank: 25
JBALX Calmar Ratio Rank: 22
JBALX Martin Ratio Rank: 30

HGLB

HGLB Risk / Return Rank: 5
HGLB Sharpe Ratio Rank: 5
HGLB Sortino Ratio Rank: 5
HGLB Omega Ratio Rank: 6
HGLB Calmar Ratio Rank: 5
HGLB Martin Ratio Rank: 5

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

JBALX vs. HGLB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Global Allocation Fund Class A (JBALX) and Highland Global Allocation Fund (HGLB). 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.

	JBALX	HGLB	Difference
Sharpe ratio: Return per unit of total volatility	0.90	0.04	+0.86
Sortino ratio: Return per unit of downside risk	1.33	0.22	+1.12
Omega ratio: Gain probability vs. loss probability	1.16	1.03	+0.13
Calmar ratio: Return relative to maximum drawdown	1.05	0.04	+1.01
Martin ratio: Return relative to average drawdown	4.43	0.07	+4.37

JBALX vs. HGLB - Sharpe Ratio Comparison

The current JBALX Sharpe Ratio is 0.90, which is higher than the HGLB Sharpe Ratio of 0.04. The chart below compares the historical Sharpe Ratios of JBALX and HGLB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

JBALX vs. HGLB - Drawdown Comparison

The maximum JBALX drawdown since its inception was -33.98%, smaller than the maximum HGLB drawdown of -70.40%. Use the drawdown chart below to compare losses from any high point for JBALX and HGLB.

Drawdown Indicators

	JBALX	HGLB	Difference
Max Drawdown Largest peak-to-trough decline	-33.98%	-70.40%	+36.42%
Max Drawdown (1Y) Largest decline over 1 year	-8.12%	-24.13%	+16.01%
Max Drawdown (3Y) Largest decline over 3 years	-11.93%	-24.13%	+12.20%
Max Drawdown (5Y) Largest decline over 5 years	-21.50%	-29.88%	+8.38%
Max Drawdown (10Y) Largest decline over 10 years	-22.49%	—	—
Current Drawdown Current decline from peak	-0.90%	-22.14%	+21.24%
Average Drawdown Average peak-to-trough decline	-5.39%	-18.26%	+12.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.92%	13.89%	-11.97%

Volatility

JBALX vs. HGLB - Volatility Comparison

The current volatility for JPMorgan Global Allocation Fund Class A (JBALX) is 2.66%, while Highland Global Allocation Fund (HGLB) has a volatility of 4.40%. This indicates that JBALX experiences smaller price fluctuations and is considered to be less risky than HGLB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JBALX	HGLB	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.66%	4.40%	-1.74%
Volatility (6M) Calculated over the trailing 6-month period	7.68%	13.08%	-5.40%
Volatility (1Y) Calculated over the trailing 1-year period	9.46%	21.22%	-11.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.45%	22.17%	-10.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.28%	27.50%	-16.22%

JBALX vs. HGLB - Expense Ratio Comparison

JBALX has a 0.96% expense ratio, which is higher than HGLB's 0.02% expense ratio.

Dividends

JBALX vs. HGLB - Dividend Comparison

JBALX's dividend yield for the trailing twelve months is around 8.56%, less than HGLB's 13.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HGLB Highland Global Allocation Fund	13.93%	11.57%	14.27%	12.82%	10.32%	9.39%	15.44%	11.35%	0.00%	0.00%	0.00%	0.00%
JBALX JPMorgan Global Allocation Fund Class A	8.56%	8.80%	11.84%	2.28%	2.00%	4.54%	2.54%	2.33%	7.14%	4.69%	4.55%	5.87%

Frequently Asked Questions

Can I hold both JBALX and HGLB in my portfolio?

JBALX and HGLB have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JBALX or HGLB?

HGLB has higher volatility (4.40%) compared to JBALX (2.66%). In terms of maximum drawdown, JBALX dropped -33.98% vs HGLB's -70.40%.

Which has better risk-adjusted returns?

JBALX currently has the higher Sharpe Ratio (0.90 vs 0.04), 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.