JNSMX vs. AAAPX

Last updated Aug 1, 2026

JNSMX (Janus Henderson Global Allocation Fund - Moderate) and AAAPX (DWS RREEF Real Assets C) are both Global Allocation funds. Over the past 10 years, JNSMX returned 6.48%/yr vs 6.05%/yr for AAAPX. Their 0.80 correlation means they have sometimes moved together and sometimes differently. JNSMX charges 0.25%/yr vs 1.97%/yr for AAAPX.

Performance

JNSMX vs. AAAPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Henderson Global Allocation Fund - Moderate (JNSMX) and DWS RREEF Real Assets C (AAAPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JNSMX achieves a 6.42% return, which is significantly lower than AAAPX's 10.65% return. Over the past 10 years, JNSMX has outperformed AAAPX with an annualized return of 6.48%, while AAAPX has yielded a comparatively lower 6.05% annualized return.

JNSMX

• 1D: 1.42%
• 1M: -1.04%
• 6M: 4.16%
• YTD: 6.42%
• 1Y: 13.95%
• 3Y*: 11.24%
• 5Y*: 4.38%
• 10Y*: 6.48%
• ALL TIME*: 5.49%

AAAPX

• 1D: 0.44%
• 1M: 2.62%
• 6M: 2.88%
• YTD: 10.65%
• 1Y: 16.96%
• 3Y*: 9.25%
• 5Y*: 4.35%
• 10Y*: 6.05%
• ALL TIME*: 3.72%

*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)
AAAPX DWS RREEF Real Assets C	$0.00	$0.00	$0.00
JNSMX Janus Henderson Global Allocation Fund - Moderate	$0.00	$0.00	$0.00

JNSMX vs. AAAPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JNSMX Janus Henderson Global Allocation Fund - Moderate	6.42%	15.72%	8.87%	11.71%	-17.38%	7.25%	14.46%	15.62%	-6.57%	16.27%
AAAPX DWS RREEF Real Assets C	10.65%	11.95%	4.44%	1.53%	-10.52%	22.45%	2.94%	20.53%	-6.01%	13.69%

Correlation

The correlation between JNSMX and AAAPX 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.	0.61
Correlation (5Y) Shows whether the relationship held over a longer period.	0.70
Correlation (10Y) Provides a long-term view across more market conditions.	0.75
Correlation (All Time) Calculated using the full available price history since Jul 31, 2007	0.80

Over the past year, the correlation between JNSMX and AAAPX has dropped to 0.38 - well below their long-term average of 0.80, suggesting their price drivers have been diverging.

Return for Risk

JNSMX vs. AAAPX — Risk / Return Rank

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

JNSMX

JNSMX Risk / Return Rank: 53
JNSMX Sharpe Ratio Rank: 51
JNSMX Sortino Ratio Rank: 51
JNSMX Omega Ratio Rank: 51
JNSMX Calmar Ratio Rank: 51
JNSMX Martin Ratio Rank: 60

AAAPX

AAAPX Risk / Return Rank: 69
AAAPX Sharpe Ratio Rank: 74
AAAPX Sortino Ratio Rank: 69
AAAPX Omega Ratio Rank: 71
AAAPX Calmar Ratio Rank: 80
AAAPX Martin Ratio Rank: 53

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.

JNSMX vs. AAAPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson Global Allocation Fund - Moderate (JNSMX) and DWS RREEF Real Assets C (AAAPX). 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.

	JNSMX	AAAPX	Difference
Sharpe ratio: Return per unit of total volatility	1.35	1.77	-0.42
Sortino ratio: Return per unit of downside risk	1.95	2.41	-0.45
Omega ratio: Gain probability vs. loss probability	1.25	1.32	-0.07
Calmar ratio: Return relative to maximum drawdown	1.88	2.71	-0.83
Martin ratio: Return relative to average drawdown	7.75	7.42	+0.34

JNSMX vs. AAAPX - Sharpe Ratio Comparison

The current JNSMX Sharpe Ratio is 1.35, which is comparable to the AAAPX Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of JNSMX and AAAPX, 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

JNSMX vs. AAAPX - Drawdown Comparison

The maximum JNSMX drawdown since its inception was -39.85%, roughly equal to the maximum AAAPX drawdown of -40.74%. Use the drawdown chart below to compare losses from any high point for JNSMX and AAAPX.

Drawdown Indicators

	JNSMX	AAAPX	Difference
Max Drawdown Largest peak-to-trough decline	-39.85%	-40.74%	+0.89%
Max Drawdown (1Y) Largest decline over 1 year	-7.00%	-6.03%	-0.97%
Max Drawdown (3Y) Largest decline over 3 years	-10.60%	-10.49%	-0.11%
Max Drawdown (5Y) Largest decline over 5 years	-25.15%	-23.42%	-1.73%
Max Drawdown (10Y) Largest decline over 10 years	-25.15%	-29.51%	+4.36%
Current Drawdown Current decline from peak	-1.79%	-2.62%	+0.83%
Average Drawdown Average peak-to-trough decline	-5.90%	-7.46%	+1.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.69%	2.20%	-0.51%

Volatility

JNSMX vs. AAAPX - Volatility Comparison

Janus Henderson Global Allocation Fund - Moderate (JNSMX) has a higher volatility of 2.97% compared to DWS RREEF Real Assets C (AAAPX) at 2.15%. This indicates that JNSMX's price experiences larger fluctuations and is considered to be riskier than AAAPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JNSMX	AAAPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.97%	2.15%	+0.82%
Volatility (6M) Calculated over the trailing 6-month period	8.45%	7.39%	+1.06%
Volatility (1Y) Calculated over the trailing 1-year period	9.76%	9.29%	+0.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.62%	12.03%	-1.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.22%	12.70%	-2.48%

JNSMX vs. AAAPX - Expense Ratio Comparison

JNSMX has a 0.25% expense ratio, which is lower than AAAPX's 1.97% expense ratio.

Dividends

JNSMX vs. AAAPX - Dividend Comparison

JNSMX's dividend yield for the trailing twelve months is around 5.55%, more than AAAPX's 3.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AAAPX DWS RREEF Real Assets C	3.87%	1.27%	1.48%	1.33%	3.38%	1.57%	0.60%	1.09%	0.83%	0.84%	1.07%	1.36%
JNSMX Janus Henderson Global Allocation Fund - Moderate	5.55%	5.90%	4.28%	1.53%	2.96%	13.36%	4.49%	5.72%	4.86%	7.24%	1.87%	9.16%

Frequently Asked Questions

Can I hold both JNSMX and AAAPX in my portfolio?

JNSMX and AAAPX 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, JNSMX or AAAPX?

JNSMX has higher volatility (2.97%) compared to AAAPX (2.15%). In terms of maximum drawdown, JNSMX dropped -39.85% vs AAAPX's -40.74%.

Which has better risk-adjusted returns?

AAAPX currently has the higher Sharpe Ratio (1.77 vs 1.35), 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.