DJD vs. JSMD

Last updated Jul 21, 2026

DJD (Invesco Dow Jones Industrial Average Dividend ETF) and JSMD (Janus Henderson Small/Mid Cap Growth Alpha ETF) are both exchange-traded funds - DJD is a Large Cap Value Equities fund tracking the Dow Jones Industrial Average Yield Weighted Index, while JSMD is a Mid Cap Growth Equities fund tracking the Janus Small Mid Cap Growth Alpha Index. Both are passively managed. Over the past 10 years, DJD returned 12.03%/yr vs 12.94%/yr for JSMD. A 0.60 correlation means they provide meaningful diversification when combined. DJD charges 0.07%/yr vs 0.30%/yr for JSMD.

Performance

DJD vs. JSMD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Dow Jones Industrial Average Dividend ETF (DJD) 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, DJD achieves a 12.11% return, which is significantly lower than JSMD's 16.93% return. Over the past 10 years, DJD has underperformed JSMD with an annualized return of 12.03%, while JSMD has yielded a comparatively higher 12.94% annualized return.

DJD

• 1D: -0.60%
• 1M: 1.48%
• 6M: 9.44%
• YTD: 12.11%
• 1Y: 21.94%
• 3Y*: 16.77%
• 5Y*: 11.00%
• 10Y*: 12.03%
• ALL TIME*: 12.32%

JSMD

• 1D: -0.37%
• 1M: -2.82%
• 6M: 9.06%
• YTD: 16.93%
• 1Y: 21.86%
• 3Y*: 14.51%
• 5Y*: 7.87%
• 10Y*: 12.94%
• ALL TIME*: 14.08%

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

DJD vs. JSMD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DJD Invesco Dow Jones Industrial Average Dividend ETF	12.11%	15.83%	13.66%	9.41%	-0.73%	22.40%	0.87%	22.00%	0.03%	21.65%
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF	16.93%	9.25%	15.08%	26.81%	-22.84%	8.40%	30.79%	31.05%	-4.73%	24.46%

Correlation

The correlation between DJD and JSMD is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (10Y) Calculated over the trailing 10-year period	0.61
Correlation (All Time) Calculated using the full available price history since Feb 25, 2016	0.60

Over the past year, the correlation between DJD and JSMD has dropped to 0.38 - well below their long-term average of 0.60, suggesting their price drivers have been diverging.

DJD vs. JSMD - Sectors Allocation Comparison

Sectors	DJD	JSMD
Healthcare	23.9%	20.3%
Financial Services	16.8%	9.3%
Technology	16.5%	27.7%
Consumer Cyclical	12.3%	9.0%
Consumer Defensive	11.5%	2.4%
Industrials	8.1%	22.1%
Energy	6.5%	1.0%
Communication Services	2.7%	2.7%
Basic Materials	1.9%	2.6%
Real Estate	-	2.9%
Utilities	-	-

Return for Risk

DJD vs. JSMD — Risk / Return Rank

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

DJD

DJD Risk / Return Rank: 85
DJD Sharpe Ratio Rank: 86
DJD Sortino Ratio Rank: 89
DJD Omega Ratio Rank: 82
DJD Calmar Ratio Rank: 89
DJD Martin Ratio Rank: 81

JSMD

JSMD Risk / Return Rank: 37
JSMD Sharpe Ratio Rank: 36
JSMD Sortino Ratio Rank: 36
JSMD Omega Ratio Rank: 34
JSMD Calmar Ratio Rank: 38
JSMD Martin Ratio Rank: 41

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.

DJD vs. JSMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Dow Jones Industrial Average Dividend ETF (DJD) 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.

	DJD	JSMD	Difference
Sharpe ratio: Return per unit of total volatility	2.12	0.99	+1.13
Sortino ratio: Return per unit of downside risk	3.19	1.49	+1.70
Omega ratio: Gain probability vs. loss probability	1.37	1.18	+0.19
Calmar ratio: Return relative to maximum drawdown	3.91	1.48	+2.43
Martin ratio: Return relative to average drawdown	11.44	4.89	+6.55

DJD vs. JSMD - Sharpe Ratio Comparison

The current DJD Sharpe Ratio is 2.12, which is higher than the JSMD Sharpe Ratio of 0.99. The chart below compares the historical Sharpe Ratios of DJD 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

DJD vs. JSMD - Drawdown Comparison

The maximum DJD drawdown since its inception was -34.66%, smaller than the maximum JSMD drawdown of -38.98%. Use the drawdown chart below to compare losses from any high point for DJD and JSMD.

Drawdown Indicators

	DJD	JSMD	Difference
Max Drawdown Largest peak-to-trough decline	-34.66%	-38.98%	+4.32%
Max Drawdown (1Y) Largest decline over 1 year	-5.64%	-14.86%	+9.22%
Max Drawdown (3Y) Largest decline over 3 years	-12.28%	-24.01%	+11.73%
Max Drawdown (5Y) Largest decline over 5 years	-19.94%	-32.18%	+12.24%
Max Drawdown (10Y) Largest decline over 10 years	-34.66%	-38.98%	+4.32%
Current Drawdown Current decline from peak	-2.47%	-5.98%	+3.51%
Average Drawdown Average peak-to-trough decline	-3.71%	-7.42%	+3.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.92%	4.48%	-2.56%

Volatility

DJD vs. JSMD - Volatility Comparison

The current volatility for Invesco Dow Jones Industrial Average Dividend ETF (DJD) is 3.49%, while Janus Henderson Small/Mid Cap Growth Alpha ETF (JSMD) has a volatility of 5.96%. This indicates that DJD experiences smaller price fluctuations and is considered to be less risky than JSMD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DJD	JSMD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.49%	5.96%	-2.47%
Volatility (6M) Calculated over the trailing 6-month period	7.91%	17.45%	-9.54%
Volatility (1Y) Calculated over the trailing 1-year period	10.42%	22.19%	-11.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.35%	23.07%	-9.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.57%	22.81%	-6.24%

DJD vs. JSMD - Expense Ratio Comparison

DJD has a 0.07% expense ratio, which is lower than JSMD's 0.30% expense ratio.

Dividends

DJD vs. JSMD - Dividend Comparison

DJD's dividend yield for the trailing twelve months is around 2.48%, more than JSMD's 0.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DJD Invesco Dow Jones Industrial Average Dividend ETF	2.48%	2.62%	3.00%	3.49%	3.16%	2.82%	3.47%	2.80%	2.66%	2.75%	2.46%	0.08%
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 DJD and JSMD in my portfolio?

DJD and JSMD 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, DJD or JSMD?

JSMD has higher volatility (5.96%) compared to DJD (3.49%). In terms of maximum drawdown, DJD dropped -34.66% vs JSMD's -38.98%.

Which ETF is better, DJD or JSMD?

On 10-year performance, JSMD leads with 12.94% vs 12.03% for DJD. On fees, DJD is cheaper at 0.07% per year. On volatility, DJD has been the lower-risk option at 3.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DJD or JSMD?

Over the 10-year period, JSMD has performed better with a 12.94% return vs 12.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DJD or JSMD?

DJD is cheaper with a 0.07% expense ratio, compared with 0.30% for JSMD.

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

DJD has the higher dividend yield at 2.48%, compared with 0.43% for JSMD.

What is the main difference between DJD and JSMD?

DJD is categorized as Large Cap Value Equities, while JSMD is Mid Cap Growth Equities. DJD tracks Dow Jones Industrial Average Yield Weighted Index, while JSMD tracks Janus Small Mid Cap Growth Alpha Index. They also come from different issuers: Invesco and Janus Henderson. Their fees differ too: 0.07% for DJD and 0.30% for JSMD.

Which has better risk-adjusted returns?

DJD currently has the higher Sharpe Ratio (2.12 vs 0.99), 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.