SPE vs. JAAAX
SPE (Special Opportunities Fund Inc.) and JAAAX (John Hancock Funds Alternative Asset Allocation Fund) are both Multistrategy funds. Over the past 10 years, SPE returned 10.98%/yr vs 4.18%/yr for JAAAX. Their 0.50 correlation means their historical movements had little consistent relationship. SPE charges 1.11%/yr vs 0.72%/yr for JAAAX.
Performance
SPE vs. JAAAX - Performance Comparison
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Returns By Period
In the year-to-date period, SPE achieves a -3.76% return, which is significantly lower than JAAAX's 6.31% return. Over the past 10 years, SPE has outperformed JAAAX with an annualized return of 10.98%, while JAAAX has yielded a comparatively lower 4.18% annualized return.
SPE
- 1D
- 0.08%
- 1M
- -2.03%
- 6M
- -5.61%
- YTD
- -3.76%
- 1Y
- 1.19%
- 3Y*
- 16.61%
- 5Y*
- 8.36%
- 10Y*
- 10.98%
- ALL TIME*
- 9.02%
JAAAX
- 1D
- 0.51%
- 1M
- 0.80%
- 6M
- 4.06%
- YTD
- 6.31%
- 1Y
- 10.52%
- 3Y*
- 6.87%
- 5Y*
- 4.33%
- 10Y*
- 4.18%
- ALL TIME*
- 5.51%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $510.01K | $480.11K | $478.95K |
SPE vs. JAAAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPE Special Opportunities Fund Inc. | -3.76% | 14.68% | 34.41% | 14.12% | -18.39% | 23.60% | 4.86% | 32.95% | -9.17% | 28.66% |
JAAAX John Hancock Funds Alternative Asset Allocation Fund | 6.31% | 6.18% | 6.59% | 5.85% | -3.12% | 4.77% | 4.36% | 8.95% | -4.09% | 6.10% |
Correlation
The correlation between SPE and JAAAX is 0.53, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.53 |
Correlation (3Y) Balances recent behavior with more history. | 0.51 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.52 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.54 |
Correlation (All Time) Calculated using the full available price history since Dec 31, 2008 | 0.50 |
The correlation between SPE and JAAAX has been stable across timeframes, ranging from 0.50 to 0.54 - a consistent structural relationship.
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Return for Risk
SPE vs. JAAAX — Risk / Return Rank
SPE
JAAAX
SPE vs. JAAAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Special Opportunities Fund Inc. (SPE) and John Hancock Funds Alternative Asset Allocation Fund (JAAAX). 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.
| SPE | JAAAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.85 | ||
| Sortino ratioReturn per unit of downside risk | -4.11 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.54 | -0.54 |
| Calmar ratioReturn relative to maximum drawdown | -0.04 | 4.90 | -4.94 |
| Martin ratioReturn relative to average drawdown | -0.11 | 17.67 | -17.78 |
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Drawdowns
SPE vs. JAAAX - Drawdown Comparison
The maximum SPE drawdown since its inception was -46.90%, which is greater than JAAAX's maximum drawdown of -15.72%. Use the drawdown chart below to compare losses from any high point for SPE and JAAAX.
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Drawdown Indicators
| SPE | JAAAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.90% | -15.72% | -31.18% |
Max Drawdown (1Y)Largest decline over 1 year | -9.33% | -2.02% | -7.31% |
Max Drawdown (3Y)Largest decline over 3 years | -13.69% | -5.66% | -8.03% |
Max Drawdown (5Y)Largest decline over 5 years | -24.18% | -6.28% | -17.90% |
Max Drawdown (10Y)Largest decline over 10 years | -46.90% | -12.64% | -34.26% |
Current DrawdownCurrent decline from peak | -6.99% | -0.23% | -6.76% |
Average DrawdownAverage peak-to-trough decline | -4.70% | -2.03% | -2.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.60% | 0.56% | +3.04% |
Volatility
SPE vs. JAAAX - Volatility Comparison
Special Opportunities Fund Inc. (SPE) has a higher volatility of 2.80% compared to John Hancock Funds Alternative Asset Allocation Fund (JAAAX) at 1.01%. This indicates that SPE's price experiences larger fluctuations and is considered to be riskier than JAAAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPE | JAAAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.80% | 1.01% | +1.79% |
Volatility (6M)Calculated over the trailing 6-month period | 8.59% | 2.62% | +5.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.28% | 3.52% | +7.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.62% | 4.21% | +9.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.35% | 4.37% | +12.98% |
SPE vs. JAAAX - Expense Ratio Comparison
SPE has a 1.11% expense ratio, which is higher than JAAAX's 0.72% expense ratio.
Dividends
SPE vs. JAAAX - Dividend Comparison
SPE's dividend yield for the trailing twelve months is around 17.45%, more than JAAAX's 1.44% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
JAAAX John Hancock Funds Alternative Asset Allocation Fund | 1.44% | 1.53% | 1.17% | 1.71% | 3.02% | 1.72% | 0.74% | 3.38% | 1.99% | 1.23% | 0.77% | 2.78% |
SPE Special Opportunities Fund Inc. | 17.45% | 13.73% | 7.83% | 8.77% | 11.58% | 11.64% | 8.01% | 6.35% | 14.10% | 16.53% | 5.93% | 9.02% |
Frequently Asked Questions
SPE and JAAAX have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPE has higher volatility (2.80%) compared to JAAAX (1.01%). In terms of maximum drawdown, SPE dropped -46.90% vs JAAAX's -15.72%.
JAAAX currently has the higher Sharpe Ratio (2.81 vs -0.03), 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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