JMABX vs. SMARX
JMABX (John Hancock Managed Account Shares Investment-Grade Corporate Bond Portfolio) and SMARX (Brandes Separately Managed Account Reserve Trust) are both Corporate Bonds funds from BlackRock. Over the past 5 years, JMABX returned 1.00%/yr vs 1.76%/yr for SMARX. Their correlation of 0.87 suggests significant overlap in exposure. Both charge a 0.00% expense ratio.
Performance
JMABX vs. SMARX - Performance Comparison
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Returns By Period
In the year-to-date period, JMABX achieves a 0.38% return, which is significantly lower than SMARX's 0.61% return.
JMABX
- 1D
- -0.23%
- 1M
- 0.46%
- YTD
- 0.38%
- 6M
- 0.96%
- 1Y
- 5.74%
- 3Y*
- 6.18%
- 5Y*
- 1.00%
- 10Y*
- —
SMARX
- 1D
- -0.25%
- 1M
- 1.08%
- YTD
- 0.61%
- 6M
- 1.05%
- 1Y
- 4.46%
- 3Y*
- 5.59%
- 5Y*
- 1.76%
- 10Y*
- 2.98%
JMABX vs. SMARX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
JMABX John Hancock Managed Account Shares Investment-Grade Corporate Bond Portfolio | 0.38% | 8.88% | 4.42% | 8.05% | -15.50% | 0.33% | 7.74% | 2.72% |
SMARX Brandes Separately Managed Account Reserve Trust | 0.61% | 6.91% | 3.73% | 9.76% | -11.77% | 0.76% | 6.55% | 1.80% |
Correlation
The correlation between JMABX and SMARX is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.90 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.92 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.91 |
Correlation (All Time) Calculated using the full available price history since Jul 8, 2019 | 0.87 |
The correlation between JMABX and SMARX has been stable across timeframes, ranging from 0.87 to 0.92 - a consistent structural relationship.
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Return for Risk
JMABX vs. SMARX — Risk / Return Rank
JMABX
SMARX
JMABX vs. SMARX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for John Hancock Managed Account Shares Investment-Grade Corporate Bond Portfolio (JMABX) and Brandes Separately Managed Account Reserve Trust (SMARX). 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.
| JMABX | SMARX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.42 | ||
| Sortino ratioReturn per unit of downside risk | +0.74 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.22 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 2.08 | 1.82 | +0.26 |
| Martin ratioReturn relative to average drawdown | 7.26 | 6.16 | +1.10 |
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Drawdowns
JMABX vs. SMARX - Drawdown Comparison
The maximum JMABX drawdown since its inception was -21.48%, smaller than the maximum SMARX drawdown of -47.07%. Use the drawdown chart below to compare losses from any high point for JMABX and SMARX.
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Drawdown Indicators
| JMABX | SMARX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.48% | -47.07% | +25.59% |
Max Drawdown (1Y)Largest decline over 1 year | -2.89% | -2.61% | -0.28% |
Max Drawdown (3Y)Largest decline over 3 years | -5.71% | -5.19% | -0.52% |
Max Drawdown (5Y)Largest decline over 5 years | -21.48% | -16.20% | -5.28% |
Max Drawdown (10Y)Largest decline over 10 years | — | -16.20% | — |
Current DrawdownCurrent decline from peak | -1.08% | -0.70% | -0.38% |
Average DrawdownAverage peak-to-trough decline | -6.14% | -6.96% | +0.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.83% | 0.77% | +0.06% |
Volatility
JMABX vs. SMARX - Volatility Comparison
The current volatility for John Hancock Managed Account Shares Investment-Grade Corporate Bond Portfolio (JMABX) is 1.09%, while Brandes Separately Managed Account Reserve Trust (SMARX) has a volatility of 1.19%. This indicates that JMABX experiences smaller price fluctuations and is considered to be less risky than SMARX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| JMABX | SMARX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.09% | 1.19% | -0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 2.64% | 2.90% | -0.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.58% | 3.78% | -0.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.53% | 5.16% | +0.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.86% | 4.39% | +1.47% |
JMABX vs. SMARX - Expense Ratio Comparison
JMABX has a 0.00% expense ratio, which is lower than SMARX's 0.00% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
JMABX vs. SMARX - Dividend Comparison
JMABX's dividend yield for the trailing twelve months is around 5.64%, more than SMARX's 4.77% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
JMABX John Hancock Managed Account Shares Investment-Grade Corporate Bond Portfolio | 5.64% | 5.59% | 5.26% | 3.59% | 3.28% | 3.99% | 2.74% | 0.80% | 0.00% | 0.00% | 0.00% | 0.00% |
SMARX Brandes Separately Managed Account Reserve Trust | 4.77% | 5.02% | 4.07% | 3.85% | 3.53% | 2.57% | 3.35% | 4.19% | 4.55% | 4.20% | 4.87% | 5.24% |
Frequently Asked Questions
With a correlation of 0.90, JMABX and SMARX 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.
SMARX has higher volatility (1.19%) compared to JMABX (1.09%). In terms of maximum drawdown, JMABX dropped -21.48% vs SMARX's -47.07%.
JMABX currently has the higher Sharpe Ratio (1.68 vs 1.26), 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.
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