JLIAX vs. GBTC

Last updated Jul 14, 2026

JLIAX (John Hancock Funds II Multimanager 2040 Lifetime Portfolio) and GBTC (Grayscale Bitcoin Trust ETF) are both funds - JLIAX is a Target Retirement Date fund managed by John Hancock, while GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index. Over the past 10 years, JLIAX returned 10.05%/yr vs 45.20%/yr for GBTC. At a 0.26 correlation, their price movements are largely independent. JLIAX charges 0.42%/yr vs 1.50%/yr for GBTC.

Performance

JLIAX vs. GBTC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in John Hancock Funds II Multimanager 2040 Lifetime Portfolio (JLIAX) and Grayscale Bitcoin Trust ETF (GBTC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JLIAX achieves a 10.61% return, which is significantly higher than GBTC's -29.46% return. Over the past 10 years, JLIAX has underperformed GBTC with an annualized return of 10.05%, while GBTC has yielded a comparatively higher 45.20% annualized return.

JLIAX

• 1D: 0.16%
• 1M: 0.81%
• 6M: 7.54%
• YTD: 10.61%
• 1Y: 19.74%
• 3Y*: 15.73%
• 5Y*: 6.95%
• 10Y*: 10.05%

GBTC

• 1D: -2.70%
• 1M: -2.27%
• 6M: -32.47%
• YTD: -29.46%
• 1Y: -48.17%
• 3Y*: 34.65%
• 5Y*: 12.40%
• 10Y*: 45.20%

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

JLIAX vs. GBTC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JLIAX John Hancock Funds II Multimanager 2040 Lifetime Portfolio	10.61%	17.06%	12.87%	16.80%	-19.86%	14.83%	19.46%	23.96%	-9.08%	18.19%
GBTC Grayscale Bitcoin Trust ETF	-29.46%	-7.65%	113.81%	317.61%	-75.80%	7.03%	290.72%	106.56%	-82.10%	1,787.72%

Correlation

The correlation between JLIAX and GBTC is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.38
Correlation (5Y) Calculated over the trailing 5-year period	0.44
Correlation (10Y) Calculated over the trailing 10-year period	0.29
Correlation (All Time) Calculated using the full available price history since May 4, 2015	0.26

Over the past year, JLIAX and GBTC have become more correlated (0.48) than their long-term average of 0.26, meaning their price movements have been converging.

Return for Risk

JLIAX vs. GBTC — Risk / Return Rank

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

JLIAX

JLIAX Risk / Return Rank: 55
JLIAX Sharpe Ratio Rank: 53
JLIAX Sortino Ratio Rank: 50
JLIAX Omega Ratio Rank: 54
JLIAX Calmar Ratio Rank: 54
JLIAX Martin Ratio Rank: 64

GBTC

GBTC Risk / Return Rank: 1
GBTC Sharpe Ratio Rank: 1
GBTC Sortino Ratio Rank: 1
GBTC Omega Ratio Rank: 1
GBTC Calmar Ratio Rank: 1
GBTC Martin Ratio Rank: 1

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.

JLIAX vs. GBTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for John Hancock Funds II Multimanager 2040 Lifetime Portfolio (JLIAX) and Grayscale Bitcoin Trust ETF (GBTC). 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.

	JLIAX	GBTC	Difference
Sharpe ratio: Return per unit of total volatility	1.62	-1.09	+2.72
Sortino ratio: Return per unit of downside risk	2.27	-1.69	+3.96
Omega ratio: Gain probability vs. loss probability	1.30	0.81	+0.49
Calmar ratio: Return relative to maximum drawdown	2.26	-0.90	+3.16
Martin ratio: Return relative to average drawdown	9.68	-1.46	+11.14

JLIAX vs. GBTC - Sharpe Ratio Comparison

The current JLIAX Sharpe Ratio is 1.62, which is higher than the GBTC Sharpe Ratio of -1.09. The chart below compares the historical Sharpe Ratios of JLIAX and GBTC, 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

JLIAX vs. GBTC - Drawdown Comparison

The maximum JLIAX drawdown since its inception was -56.47%, smaller than the maximum GBTC drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for JLIAX and GBTC.

Drawdown Indicators

	JLIAX	GBTC	Difference
Max Drawdown Largest peak-to-trough decline	-56.47%	-89.91%	+33.44%
Max Drawdown (1Y) Largest decline over 1 year	-8.54%	-53.75%	+45.21%
Max Drawdown (3Y) Largest decline over 3 years	-14.42%	-53.75%	+39.33%
Max Drawdown (5Y) Largest decline over 5 years	-27.78%	-85.42%	+57.64%
Max Drawdown (10Y) Largest decline over 10 years	-31.05%	-89.91%	+58.86%
Current Drawdown Current decline from peak	-0.64%	-51.01%	+50.37%
Average Drawdown Average peak-to-trough decline	-8.76%	-43.48%	+34.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.99%	32.95%	-30.96%

Volatility

JLIAX vs. GBTC - Volatility Comparison

The current volatility for John Hancock Funds II Multimanager 2040 Lifetime Portfolio (JLIAX) is 4.45%, while Grayscale Bitcoin Trust ETF (GBTC) has a volatility of 11.39%. This indicates that JLIAX experiences smaller price fluctuations and is considered to be less risky than GBTC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JLIAX	GBTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.45%	11.39%	-6.94%
Volatility (6M) Calculated over the trailing 6-month period	10.03%	34.71%	-24.68%
Volatility (1Y) Calculated over the trailing 1-year period	11.88%	44.29%	-32.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.18%	61.87%	-47.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.09%	81.45%	-66.36%

JLIAX vs. GBTC - Expense Ratio Comparison

JLIAX has a 0.42% expense ratio, which is lower than GBTC's 1.50% expense ratio.

Dividends

JLIAX vs. GBTC - Dividend Comparison

JLIAX's dividend yield for the trailing twelve months is around 8.30%, while GBTC has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GBTC Grayscale Bitcoin Trust ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	5.61%	0.00%	0.00%
JLIAX John Hancock Funds II Multimanager 2040 Lifetime Portfolio	8.30%	9.18%	2.86%	2.82%	22.31%	9.18%	5.58%	11.19%	13.74%	6.10%	6.95%	6.25%

Frequently Asked Questions

Can I hold both JLIAX and GBTC in my portfolio?

JLIAX and GBTC have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JLIAX or GBTC?

GBTC has higher volatility (11.39%) compared to JLIAX (4.45%). In terms of maximum drawdown, JLIAX dropped -56.47% vs GBTC's -89.91%.

Which has better risk-adjusted returns?

JLIAX currently has the higher Sharpe Ratio (1.62 vs -1.09), 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.