Comparison window: 21 Jan 2026 → 31 Jul 2026 (max: from the most recent launch) · currency: 🇪🇺 EUR · inflation: 🇮🇹 Italy · distributions: reinvested where declared⚠ Common window shorter than 12 months: comparable data are scarce and carry no statistical value.
Report produced on 5 September 2026 · data as of the dates shown per section Sources: official issuer documents (KID, factsheet, declared NAV series and holdings), ESMA register, ECB rates, Eurostat Public methodology: rebalix.com/en/methodology
Informational document generated by rebalix.com — facts side by side, no recommendations. It does not constitute investment advice or investment research under Directive 2014/65/EU (MiFID II). Past performance is not indicative of future results.
RebalixJMAC vs VNGA20 · report of 5 September 2026
The funds at a glance
From official issuer documents and the ESMA register
JMACIE000FASRFS4Strategic Allocation Conservative Active UCITS ETFMulti-asset · Europe
From 21 Jan 2026 to 31 Jul 2026 · base 100 · ECB rates, dividends reinvested where declared
In euro (nominal)
In today’s purchasing power (net of Italy inflation)
Same scale in both panels: the gap between endpoints is Italian inflation over the period (Eurostat). Volatility stays nominal, as everywhere on the site.
How far they fell — drawdown from peak (nominal)
In euro · distance from the previous peak, day by day, on NAV: for distributing classes it includes ex-dividend drops (slightly deeper than total return)
Filled area: JMAC; thin lines: the other funds.
The worst episode, fund by fund
Fund
Max drawdown
Trough
Recovery time
Underwater
JMAC
−3.7%
27 Mar 2026
59 days
89 days · back to break-even on 25 May 2026
VNGA20
−3.6%
27 Mar 2026
60 days
88 days · back to break-even on 26 May 2026
"Recovery time" = the climb only: trough to break-even (0%). "Underwater" = decline + recovery: peak to break-even.
Drawdown net of Italy inflation
Same curve in purchasing-power terms: as on the site, drawdown follows the real view (volatility stays nominal, per methodology)
In real terms declines are deeper and recoveries slower. Monthly price index (Eurostat), held at the last published value.
Rebalix · JMAC vs VNGA20section 2 of 3
RebalixJMAC vs VNGA20 · report of 5 September 2026
Full comparison table
"—" = not published by the source, never estimated
JMAC — Strategic Allocation Conservative Active UCITS ETF · IE000FASRFS4 · Multi-asset · Europe
Indicative cumulative cost: on 10,000 euro over 5 years (stated assumption: 5%/yr growth, cost = TER + transaction) ~253 euro JMAC · ~190 euro VNGA20. Broker costs not included.
Disclaimer
This document is for information only and does not constitute investment advice under Directive 2014/65/EU (MiFID II), investment research, a personal recommendation, or an offer or solicitation to buy or sell financial instruments.
Past performance is not indicative of, nor a guarantee of, future results. The value of an investment can go down as well as up and investors may not get back the capital invested. Euro returns are affected by currency fluctuations.
Before any investment decision, read the KID and the Prospectus, available from the issuers. Tax treatment depends on individual circumstances and may change.
Data come from official issuer documents and public registers, following the public methodology at rebalix.com/en/methodology. "—" fields were not published by the source and have not been estimated. Rebalix receives no compensation from the issuers mentioned.