RMEAX vs. GAOAX

Last updated Jun 4, 2026

RMEAX (Aspiriant Risk-Managed Equity Allocation Fund) and GAOAX (JPMorgan Global Allocation Fund A) are both Global Equities funds. Over the past 10 years, RMEAX returned 8.42%/yr vs 6.50%/yr for GAOAX. Their correlation of 0.91 suggests significant overlap in exposure. RMEAX charges 0.28%/yr vs 1.04%/yr for GAOAX.

Performance

RMEAX vs. GAOAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Aspiriant Risk-Managed Equity Allocation Fund (RMEAX) and JPMorgan Global Allocation Fund A (GAOAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RMEAX achieves a 7.25% return, which is significantly higher than GAOAX's 5.47% return. Over the past 10 years, RMEAX has outperformed GAOAX with an annualized return of 8.42%, while GAOAX has yielded a comparatively lower 6.50% annualized return.

RMEAX

• 1D: 0.17%
• 1M: 3.81%
• YTD: 7.25%
• 6M: 8.41%
• 1Y: 20.09%
• 3Y*: 13.31%
• 5Y*: 7.31%
• 10Y*: 8.42%

GAOAX

• 1D: 0.37%
• 1M: 3.44%
• YTD: 5.47%
• 6M: 6.01%
• 1Y: 15.60%
• 3Y*: 11.82%
• 5Y*: 3.10%
• 10Y*: 6.50%

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

RMEAX vs. GAOAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RMEAX Aspiriant Risk-Managed Equity Allocation Fund	7.25%	17.69%	6.55%	16.31%	-13.67%	14.78%	3.98%	16.82%	-3.75%	21.78%
GAOAX JPMorgan Global Allocation Fund A	5.47%	14.68%	7.91%	12.69%	-18.74%	3.60%	15.29%	15.95%	-6.07%	16.82%

Correlation

The correlation between RMEAX and GAOAX is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Jan 3, 2014	0.91

The correlation between RMEAX and GAOAX has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.

Return for Risk

RMEAX vs. GAOAX — Risk / Return Rank

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

RMEAX

RMEAX Risk / Return Rank: 48
RMEAX Sharpe Ratio Rank: 50
RMEAX Sortino Ratio Rank: 49
RMEAX Omega Ratio Rank: 48
RMEAX Calmar Ratio Rank: 40
RMEAX Martin Ratio Rank: 52

GAOAX

GAOAX Risk / Return Rank: 29
GAOAX Sharpe Ratio Rank: 32
GAOAX Sortino Ratio Rank: 30
GAOAX Omega Ratio Rank: 32
GAOAX Calmar Ratio Rank: 23
GAOAX Martin Ratio Rank: 30

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.

RMEAX vs. GAOAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Aspiriant Risk-Managed Equity Allocation Fund (RMEAX) and JPMorgan Global Allocation Fund A (GAOAX). 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.

	RMEAX	GAOAX	Difference
Sharpe ratio: Return per unit of total volatility	2.09	1.62	+0.47
Sortino ratio: Return per unit of downside risk	2.97	2.28	+0.70
Omega ratio: Gain probability vs. loss probability	1.38	1.30	+0.08
Calmar ratio: Return relative to maximum drawdown	2.41	1.75	+0.66
Martin ratio: Return relative to average drawdown	10.68	6.98	+3.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RMEAX vs. GAOAX - Sharpe Ratio Comparison

The current RMEAX Sharpe Ratio is 2.09, which is comparable to the GAOAX Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of RMEAX and GAOAX, 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

	RMEAX	GAOAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.09	1.62	+0.47
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.61	0.28	+0.33
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.71	0.60	+0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	0.61	0.00

Drawdowns

RMEAX vs. GAOAX - Drawdown Comparison

The maximum RMEAX drawdown since its inception was -23.70%, smaller than the maximum GAOAX drawdown of -29.02%. Use the drawdown chart below to compare losses from any high point for RMEAX and GAOAX.

Drawdown Indicators

	RMEAX	GAOAX	Difference
Max Drawdown Largest peak-to-trough decline	-23.70%	-29.02%	+5.32%
Max Drawdown (1Y) Largest decline over 1 year	-8.41%	-8.95%	+0.54%
Max Drawdown (3Y) Largest decline over 3 years	-16.49%	-10.87%	-5.62%
Max Drawdown (5Y) Largest decline over 5 years	-21.79%	-29.02%	+7.23%
Max Drawdown (10Y) Largest decline over 10 years	-23.70%	-29.02%	+5.32%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-4.25%	-5.96%	+1.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.89%	2.24%	-0.35%

Volatility

RMEAX vs. GAOAX - Volatility Comparison

Aspiriant Risk-Managed Equity Allocation Fund (RMEAX) and JPMorgan Global Allocation Fund A (GAOAX) have volatilities of 2.69% and 2.81%, 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

	RMEAX	GAOAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.69%	2.81%	-0.12%
Volatility (6M) Calculated over the trailing 6-month period	7.69%	7.96%	-0.27%
Volatility (1Y) Calculated over the trailing 1-year period	9.70%	9.70%	0.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.00%	11.10%	+0.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.84%	10.88%	+0.96%

RMEAX vs. GAOAX - Expense Ratio Comparison

RMEAX has a 0.28% expense ratio, which is lower than GAOAX's 1.04% expense ratio.

Dividends

RMEAX vs. GAOAX - Dividend Comparison

RMEAX's dividend yield for the trailing twelve months is around 11.00%, more than GAOAX's 9.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GAOAX JPMorgan Global Allocation Fund A	9.15%	10.15%	2.34%	0.00%	4.62%	4.61%	1.54%	2.43%	2.52%	2.95%	2.59%	0.96%
RMEAX Aspiriant Risk-Managed Equity Allocation Fund	11.00%	11.80%	0.00%	5.30%	2.16%	2.46%	1.64%	4.69%	4.53%	2.67%	2.27%	1.79%

Frequently Asked Questions

Can I hold both RMEAX and GAOAX in my portfolio?

With a correlation of 0.93, RMEAX and GAOAX 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, RMEAX or GAOAX?

GAOAX has higher volatility (2.81%) compared to RMEAX (2.69%). In terms of maximum drawdown, RMEAX dropped -23.70% vs GAOAX's -29.02%.

Which has better risk-adjusted returns?

RMEAX currently has the higher Sharpe Ratio (2.09 vs 1.62), 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.