ARKW vs. JSMD

Last updated Jul 18, 2026

ARKW (ARK Next Generation Internet ETF) and JSMD (Janus Henderson Small/Mid Cap Growth Alpha ETF) are both Mid Cap Growth Equities funds. ARKW is actively managed, while JSMD is passively managed. Over the past 10 years, ARKW returned 21.75%/yr vs 13.19%/yr for JSMD. A 0.71 correlation means they provide meaningful diversification when combined. ARKW charges 0.76%/yr vs 0.30%/yr for JSMD.

Performance

ARKW vs. JSMD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ARK Next Generation Internet ETF (ARKW) and Janus Henderson Small/Mid Cap Growth Alpha ETF (JSMD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ARKW achieves a -4.04% return, which is significantly lower than JSMD's 17.37% return. Over the past 10 years, ARKW has outperformed JSMD with an annualized return of 21.75%, while JSMD has yielded a comparatively lower 13.19% annualized return.

ARKW

• 1D: -1.75%
• 1M: -1.56%
• 6M: -4.60%
• YTD: -4.04%
• 1Y: -9.44%
• 3Y*: 29.31%
• 5Y*: 0.55%
• 10Y*: 21.75%

JSMD

• 1D: -0.04%
• 1M: -0.75%
• 6M: 9.47%
• YTD: 17.37%
• 1Y: 22.04%
• 3Y*: 14.33%
• 5Y*: 8.55%
• 10Y*: 13.19%

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

ARKW vs. JSMD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ARKW ARK Next Generation Internet ETF	-4.04%	38.93%	42.27%	96.89%	-67.49%	-18.85%	157.44%	35.76%	4.24%	87.29%
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF	17.37%	9.25%	15.08%	26.81%	-22.84%	8.40%	30.79%	31.05%	-4.73%	24.46%

Correlation

The correlation between ARKW and JSMD is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (10Y) Calculated over the trailing 10-year period	0.71
Correlation (All Time) Calculated using the full available price history since Feb 25, 2016	0.71

The correlation between ARKW and JSMD has been stable across timeframes, ranging from 0.67 to 0.74 - a consistent structural relationship.

ARKW vs. JSMD - Sectors Allocation Comparison

Sectors	ARKW	JSMD
Technology	48.0%	28.1%
Consumer Cyclical	14.5%	8.7%
Financial Services	13.6%	8.9%
Communication Services	11.8%	2.9%
Industrials	4.5%	23.3%
Basic Materials	-	3.0%
Consumer Defensive	-	2.5%
Energy	-	1.1%
Healthcare	-	18.7%
Real Estate	-	2.8%
Utilities	-	-

Return for Risk

ARKW vs. JSMD — Risk / Return Rank

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

ARKW

ARKW Risk / Return Rank: 7
ARKW Sharpe Ratio Rank: 7
ARKW Sortino Ratio Rank: 7
ARKW Omega Ratio Rank: 7
ARKW Calmar Ratio Rank: 7
ARKW Martin Ratio Rank: 7

JSMD

JSMD Risk / Return Rank: 35
JSMD Sharpe Ratio Rank: 34
JSMD Sortino Ratio Rank: 34
JSMD Omega Ratio Rank: 32
JSMD Calmar Ratio Rank: 36
JSMD Martin Ratio Rank: 40

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.

ARKW vs. JSMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ARK Next Generation Internet ETF (ARKW) and Janus Henderson Small/Mid Cap Growth Alpha ETF (JSMD). 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.

	ARKW	JSMD	Difference
Sharpe ratio: Return per unit of total volatility	-0.29	1.00	-1.29
Sortino ratio: Return per unit of downside risk	-0.18	1.50	-1.69
Omega ratio: Gain probability vs. loss probability	0.98	1.18	-0.20
Calmar ratio: Return relative to maximum drawdown	-0.26	1.49	-1.75
Martin ratio: Return relative to average drawdown	-0.50	4.95	-5.45

ARKW vs. JSMD - Sharpe Ratio Comparison

The current ARKW Sharpe Ratio is -0.29, which is lower than the JSMD Sharpe Ratio of 1.00. The chart below compares the historical Sharpe Ratios of ARKW and JSMD, 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

ARKW vs. JSMD - Drawdown Comparison

The maximum ARKW drawdown since its inception was -80.52%, which is greater than JSMD's maximum drawdown of -38.98%. Use the drawdown chart below to compare losses from any high point for ARKW and JSMD.

Drawdown Indicators

	ARKW	JSMD	Difference
Max Drawdown Largest peak-to-trough decline	-80.52%	-38.98%	-41.54%
Max Drawdown (1Y) Largest decline over 1 year	-36.21%	-14.86%	-21.35%
Max Drawdown (3Y) Largest decline over 3 years	-36.21%	-24.01%	-12.20%
Max Drawdown (5Y) Largest decline over 5 years	-77.36%	-32.18%	-45.18%
Max Drawdown (10Y) Largest decline over 10 years	-80.52%	-38.98%	-41.54%
Current Drawdown Current decline from peak	-23.09%	-5.62%	-17.47%
Average Drawdown Average peak-to-trough decline	-23.95%	-7.42%	-16.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.82%	4.47%	+14.35%

Volatility

ARKW vs. JSMD - Volatility Comparison

ARK Next Generation Internet ETF (ARKW) has a higher volatility of 9.03% compared to Janus Henderson Small/Mid Cap Growth Alpha ETF (JSMD) at 5.96%. This indicates that ARKW's price experiences larger fluctuations and is considered to be riskier than JSMD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ARKW	JSMD	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.03%	5.96%	+3.07%
Volatility (6M) Calculated over the trailing 6-month period	25.55%	17.49%	+8.06%
Volatility (1Y) Calculated over the trailing 1-year period	33.14%	22.15%	+10.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	43.71%	23.08%	+20.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.77%	22.80%	+14.97%

ARKW vs. JSMD - Expense Ratio Comparison

ARKW has a 0.76% expense ratio, which is higher than JSMD's 0.30% expense ratio.

Dividends

ARKW vs. JSMD - Dividend Comparison

ARKW's dividend yield for the trailing twelve months is around 1.66%, more than JSMD's 0.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ARKW ARK Next Generation Internet ETF	1.66%	1.59%	0.00%	0.00%	0.00%	0.17%	1.29%	0.00%	13.05%	2.05%	0.00%	2.29%
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF	0.43%	0.54%	0.76%	0.44%	0.40%	0.28%	0.24%	0.32%	0.53%	0.30%	0.36%	0.00%

Frequently Asked Questions

Can I hold both ARKW and JSMD in my portfolio?

ARKW and JSMD have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ARKW or JSMD?

ARKW has higher volatility (9.03%) compared to JSMD (5.96%). In terms of maximum drawdown, ARKW dropped -80.52% vs JSMD's -38.98%.

Which ETF is better, ARKW or JSMD?

On 10-year performance, ARKW leads with 21.75% vs 13.19% for JSMD. On fees, JSMD is cheaper at 0.30% per year. On volatility, JSMD has been the lower-risk option at 5.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ARKW or JSMD?

Over the 10-year period, ARKW has performed better with a 21.75% return vs 13.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ARKW or JSMD?

JSMD is cheaper with a 0.30% expense ratio, compared with 0.76% for ARKW.

Which ETF pays a higher dividend yield, ARKW or JSMD?

ARKW has the higher dividend yield at 1.66%, compared with 0.43% for JSMD.

What is the main difference between ARKW and JSMD?

They also come from different issuers: ARK and Janus Henderson. Their fees differ too: 0.76% for ARKW and 0.30% for JSMD.

Which has better risk-adjusted returns?

JSMD currently has the higher Sharpe Ratio (1.00 vs -0.29), 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.