JBALX vs. MSTGX

Last updated Jun 4, 2026

JBALX (JPMorgan Global Allocation Fund Class A) and MSTGX (Morningstar Global Income Fund) are both Global Allocation funds. Over the past 5 years, JBALX returned 9.08%/yr vs 4.56%/yr for MSTGX. A 0.71 correlation means they provide meaningful diversification when combined. JBALX charges 0.96%/yr vs 0.62%/yr for MSTGX.

Performance

JBALX vs. MSTGX - Performance Comparison

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

Returns By Period

In the year-to-date period, JBALX achieves a 3.95% return, which is significantly lower than MSTGX's 6.45% return.

JBALX

• 1D: 0.00%
• 1M: 3.16%
• YTD: 3.95%
• 6M: 3.97%
• 1Y: 15.23%
• 3Y*: 15.83%
• 5Y*: 9.08%
• 10Y*: 11.06%

MSTGX

• 1D: 0.38%
• 1M: 1.45%
• YTD: 6.45%
• 6M: 7.33%
• 1Y: 12.26%
• 3Y*: 10.51%
• 5Y*: 4.56%
• 10Y*: —

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

JBALX vs. MSTGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
JBALX JPMorgan Global Allocation Fund Class A	3.95%	15.00%	20.78%	15.45%	-16.56%	17.28%	14.40%	21.88%	-3.58%
MSTGX Morningstar Global Income Fund	6.45%	12.04%	5.36%	11.91%	-11.18%	8.46%	3.92%	19.97%	-3.56%

Correlation

The correlation between JBALX and MSTGX is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (All Time) Calculated using the full available price history since Nov 6, 2018	0.71

Over the past year, the correlation between JBALX and MSTGX has dropped to 0.44 - well below their long-term average of 0.71, suggesting their price drivers have been diverging.

Return for Risk

JBALX vs. MSTGX — Risk / Return Rank

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

JBALX

JBALX Risk / Return Rank: 36
JBALX Sharpe Ratio Rank: 38
JBALX Sortino Ratio Rank: 39
JBALX Omega Ratio Rank: 37
JBALX Calmar Ratio Rank: 27
JBALX Martin Ratio Rank: 38

MSTGX

MSTGX Risk / Return Rank: 69
MSTGX Sharpe Ratio Rank: 70
MSTGX Sortino Ratio Rank: 73
MSTGX Omega Ratio Rank: 67
MSTGX Calmar Ratio Rank: 78
MSTGX Martin Ratio Rank: 57

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.

JBALX vs. MSTGX - Risk-Adjusted Trends Comparison

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

	JBALX	MSTGX	Difference
Sharpe ratio: Return per unit of total volatility	1.81	2.44	-0.63
Sortino ratio: Return per unit of downside risk	2.59	3.57	-0.98
Omega ratio: Gain probability vs. loss probability	1.33	1.46	-0.13
Calmar ratio: Return relative to maximum drawdown	1.93	3.56	-1.63
Martin ratio: Return relative to average drawdown	8.35	11.50	-3.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JBALX vs. MSTGX - Sharpe Ratio Comparison

The current JBALX Sharpe Ratio is 1.81, which is comparable to the MSTGX Sharpe Ratio of 2.44. The chart below compares the historical Sharpe Ratios of JBALX and MSTGX, 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

	JBALX	MSTGX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.81	2.44	-0.63
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.81	0.59	+0.22
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.99	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.67	0.63	+0.03

Drawdowns

JBALX vs. MSTGX - Drawdown Comparison

The maximum JBALX drawdown since its inception was -33.98%, which is greater than MSTGX's maximum drawdown of -27.52%. Use the drawdown chart below to compare losses from any high point for JBALX and MSTGX.

Drawdown Indicators

	JBALX	MSTGX	Difference
Max Drawdown Largest peak-to-trough decline	-33.98%	-27.52%	-6.46%
Max Drawdown (1Y) Largest decline over 1 year	-8.12%	-4.38%	-3.74%
Max Drawdown (3Y) Largest decline over 3 years	-11.93%	-6.56%	-5.37%
Max Drawdown (5Y) Largest decline over 5 years	-21.50%	-19.64%	-1.86%
Max Drawdown (10Y) Largest decline over 10 years	-22.49%	—	—
Current Drawdown Current decline from peak	0.00%	-0.79%	+0.79%
Average Drawdown Average peak-to-trough decline	-5.43%	-4.33%	-1.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.87%	1.58%	+0.29%

Volatility

JBALX vs. MSTGX - Volatility Comparison

JPMorgan Global Allocation Fund Class A (JBALX) has a higher volatility of 2.45% compared to Morningstar Global Income Fund (MSTGX) at 2.29%. This indicates that JBALX's price experiences larger fluctuations and is considered to be riskier than MSTGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JBALX	MSTGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.45%	2.29%	+0.16%
Volatility (6M) Calculated over the trailing 6-month period	6.91%	4.89%	+2.02%
Volatility (1Y) Calculated over the trailing 1-year period	8.70%	6.40%	+2.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.33%	8.14%	+3.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.24%	10.84%	+0.40%

JBALX vs. MSTGX - Expense Ratio Comparison

JBALX has a 0.96% expense ratio, which is higher than MSTGX's 0.62% expense ratio.

Dividends

JBALX vs. MSTGX - Dividend Comparison

JBALX's dividend yield for the trailing twelve months is around 8.51%, more than MSTGX's 2.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JBALX JPMorgan Global Allocation Fund Class A	8.51%	8.80%	11.84%	2.28%	2.00%	4.54%	2.54%	2.33%	7.14%	4.69%	4.55%	5.87%
MSTGX Morningstar Global Income Fund	2.91%	2.97%	6.64%	6.32%	8.79%	10.48%	2.96%	4.11%	0.56%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JBALX and MSTGX in my portfolio?

JBALX and MSTGX have a correlation of 0.44, 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 MSTGX?

JBALX has higher volatility (2.45%) compared to MSTGX (2.29%). In terms of maximum drawdown, JBALX dropped -33.98% vs MSTGX's -27.52%.

Which has better risk-adjusted returns?

MSTGX currently has the higher Sharpe Ratio (2.44 vs 1.80), 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.