JHML vs. VOO

Last updated Jun 3, 2026

JHML (John Hancock Multifactor Large Cap ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - JHML is a Large Cap Growth Equities fund tracking the John Hancock Dimensional Large Cap Index, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, JHML returned 14.29%/yr vs 15.65%/yr for VOO. With a 0.97 correlation, they move nearly in lockstep. JHML charges 0.29%/yr vs 0.03%/yr for VOO.

Performance

JHML vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in John Hancock Multifactor Large Cap ETF (JHML) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with JHML having a 12.12% return and VOO slightly lower at 11.69%. Over the past 10 years, JHML has underperformed VOO with an annualized return of 14.29%, while VOO has yielded a comparatively higher 15.65% annualized return.

JHML

• 1D: 0.55%
• 1M: 4.74%
• YTD: 12.12%
• 6M: 12.81%
• 1Y: 28.27%
• 3Y*: 20.55%
• 5Y*: 12.14%
• 10Y*: 14.29%

VOO

• 1D: 0.14%
• 1M: 5.39%
• YTD: 11.69%
• 6M: 12.11%
• 1Y: 29.68%
• 3Y*: 22.73%
• 5Y*: 14.26%
• 10Y*: 15.65%

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

JHML vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JHML John Hancock Multifactor Large Cap ETF	12.12%	15.91%	19.84%	21.16%	-15.94%	26.90%	17.02%	30.94%	-6.45%	21.52%
VOO Vanguard S&P 500 ETF	11.69%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-4.50%	21.77%

Correlation

The correlation between JHML and VOO is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Oct 1, 2015	0.97

The correlation between JHML and VOO has been stable across timeframes, ranging from 0.95 to 0.98 - a consistent structural relationship.

JHML vs. VOO - Sectors Allocation Comparison

Sectors	JHML	VOO
Technology	27.8%	35.7%
Financial Services	13.8%	11.6%
Industrials	12.2%	8.3%
Consumer Cyclical	10.3%	10.2%
Healthcare	9.0%	8.5%
Communication Services	8.4%	11.3%
Consumer Defensive	5.1%	4.9%
Energy	4.3%	3.5%
Utilities	4.0%	2.4%
Basic Materials	2.8%	1.8%
Real Estate	2.4%	1.9%

Return for Risk

JHML vs. VOO — Risk / Return Rank

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

JHML

JHML Risk / Return Rank: 75
JHML Sharpe Ratio Rank: 74
JHML Sortino Ratio Rank: 76
JHML Omega Ratio Rank: 74
JHML Calmar Ratio Rank: 71
JHML Martin Ratio Rank: 82

VOO

VOO Risk / Return Rank: 75
VOO Sharpe Ratio Rank: 77
VOO Sortino Ratio Rank: 75
VOO Omega Ratio Rank: 76
VOO Calmar Ratio Rank: 68
VOO Martin Ratio Rank: 80

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.

JHML vs. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for John Hancock Multifactor Large Cap ETF (JHML) and Vanguard S&P 500 ETF (VOO). 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.

	JHML	VOO	Difference
Sharpe ratio Return per unit of total volatility	2.48	2.53	-0.06
Sortino ratio Return per unit of downside risk	3.45	3.43	+0.02
Omega ratio Gain probability vs. loss probability	1.45	1.46	-0.01
Calmar ratio Return relative to maximum drawdown	3.60	3.42	+0.18
Martin ratio Return relative to average drawdown	16.72	15.95	+0.77
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JHML vs. VOO - Sharpe Ratio Comparison

The current JHML Sharpe Ratio is 2.48, which is comparable to the VOO Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of JHML and VOO, 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

	JHML	VOO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.48	2.53	-0.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.75	0.85	-0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.81	0.87	-0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.82	0.89	-0.07

Drawdowns

JHML vs. VOO - Drawdown Comparison

The maximum JHML drawdown since its inception was -36.13%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for JHML and VOO.

Drawdown Indicators

	JHML	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-36.13%	-33.99%	-2.14%
Max Drawdown (1Y) Largest decline over 1 year	-7.95%	-8.90%	+0.95%
Max Drawdown (3Y) Largest decline over 3 years	-18.20%	-18.69%	+0.49%
Max Drawdown (5Y) Largest decline over 5 years	-23.47%	-24.52%	+1.05%
Max Drawdown (10Y) Largest decline over 10 years	-36.13%	-33.99%	-2.14%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-4.30%	-3.69%	-0.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.71%	1.91%	-0.20%

Volatility

JHML vs. VOO - Volatility Comparison

John Hancock Multifactor Large Cap ETF (JHML) and Vanguard S&P 500 ETF (VOO) have volatilities of 2.86% and 2.74%, 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.

Volatility by Period

	JHML	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.86%	2.74%	+0.12%
Volatility (6M) Calculated over the trailing 6-month period	8.71%	8.88%	-0.17%
Volatility (1Y) Calculated over the trailing 1-year period	11.47%	11.78%	-0.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.29%	16.81%	-0.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.76%	18.01%	-0.25%

JHML vs. VOO - Expense Ratio Comparison

JHML has a 0.29% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

JHML vs. VOO - Dividend Comparison

JHML's dividend yield for the trailing twelve months is around 0.94%, less than VOO's 1.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JHML John Hancock Multifactor Large Cap ETF	0.94%	1.06%	1.16%	1.39%	1.46%	1.08%	1.59%	1.73%	1.57%	1.44%	1.36%	0.38%
VOO Vanguard S&P 500 ETF	1.02%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both JHML and VOO in my portfolio?

With a correlation of 0.95, JHML and VOO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, JHML or VOO?

JHML has higher volatility (2.86%) compared to VOO (2.74%). In terms of maximum drawdown, JHML dropped -36.13% vs VOO's -33.99%.

Which ETF is better, JHML or VOO?

On 10-year performance, VOO leads with 15.65% vs 14.29% for JHML. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 2.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JHML or VOO?

Over the 10-year period, VOO has performed better with a 15.65% return vs 14.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JHML or VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 0.29% for JHML.

Which ETF pays a higher dividend yield, JHML or VOO?

VOO has the higher dividend yield at 1.02%, compared with 0.94% for JHML.

What is the main difference between JHML and VOO?

JHML is categorized as Large Cap Growth Equities, while VOO is S&P 500. JHML tracks John Hancock Dimensional Large Cap Index, while VOO tracks S&P 500 Index. They also come from different issuers: Manulife and Vanguard. Their fees differ too: 0.29% for JHML and 0.03% for VOO.

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (2.53 vs 2.48), 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.