DON vs. JSMD

Last updated Jun 4, 2026

DON (WisdomTree US MidCap Dividend ETF) and JSMD (Janus Henderson Small/Mid Cap Growth Alpha ETF) are both exchange-traded funds - DON is a Mid Cap Value Equities fund tracking the WisdomTree U.S. MidCap Dividend 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, DON returned 9.16%/yr vs 13.40%/yr for JSMD. A 0.78 correlation means they provide meaningful diversification when combined. DON charges 0.38%/yr vs 0.30%/yr for JSMD.

Performance

DON vs. JSMD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree US MidCap Dividend ETF (DON) 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, DON achieves a 7.24% return, which is significantly lower than JSMD's 17.31% return. Over the past 10 years, DON has underperformed JSMD with an annualized return of 9.16%, while JSMD has yielded a comparatively higher 13.40% annualized return.

DON

• 1D: -0.45%
• 1M: 0.47%
• YTD: 7.24%
• 6M: 6.89%
• 1Y: 14.24%
• 3Y*: 13.37%
• 5Y*: 7.54%
• 10Y*: 9.16%

JSMD

• 1D: -0.84%
• 1M: 7.56%
• YTD: 17.31%
• 6M: 15.14%
• 1Y: 28.07%
• 3Y*: 18.39%
• 5Y*: 7.75%
• 10Y*: 13.40%

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

DON vs. JSMD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DON WisdomTree US MidCap Dividend ETF	7.24%	3.86%	14.20%	14.04%	-4.72%	30.29%	-5.40%	23.31%	-8.26%	14.86%
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF	17.31%	9.25%	15.08%	26.81%	-22.84%	8.40%	30.79%	31.05%	-4.73%	24.46%

Correlation

The correlation between DON and JSMD is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.78
Correlation (All Time) Calculated using the full available price history since Feb 26, 2016	0.78

The correlation between DON and JSMD has been stable across timeframes, ranging from 0.72 to 0.81 - a consistent structural relationship.

DON vs. JSMD - Sectors Allocation Comparison

Sectors	DON	JSMD
Financial Services	21.1%	9.1%
Industrials	17.1%	26.6%
Consumer Cyclical	11.5%	9.4%
Real Estate	9.3%	3.8%
Energy	7.9%	1.7%
Utilities	6.9%	-
Basic Materials	6.4%	2.5%
Technology	4.5%	18.7%
Communication Services	3.9%	3.4%
Consumer Defensive	3.6%	2.1%
Healthcare	2.4%	19.5%

Return for Risk

DON vs. JSMD — Risk / Return Rank

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

DON

DON Risk / Return Rank: 31
DON Sharpe Ratio Rank: 30
DON Sortino Ratio Rank: 31
DON Omega Ratio Rank: 27
DON Calmar Ratio Rank: 31
DON Martin Ratio Rank: 32

JSMD

JSMD Risk / Return Rank: 36
JSMD Sharpe Ratio Rank: 36
JSMD Sortino Ratio Rank: 34
JSMD Omega Ratio Rank: 34
JSMD Calmar Ratio Rank: 38
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.

DON vs. JSMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree US MidCap Dividend ETF (DON) 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.

	DON	JSMD	Difference
Sharpe ratio: Return per unit of total volatility	1.10	1.30	-0.20
Sortino ratio: Return per unit of downside risk	1.71	1.84	-0.14
Omega ratio: Gain probability vs. loss probability	1.19	1.23	-0.04
Calmar ratio: Return relative to maximum drawdown	1.58	1.90	-0.32
Martin ratio: Return relative to average drawdown	4.93	6.40	-1.48
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DON vs. JSMD - Sharpe Ratio Comparison

The current DON Sharpe Ratio is 1.10, which is comparable to the JSMD Sharpe Ratio of 1.30. The chart below compares the historical Sharpe Ratios of DON 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.

Sharpe Ratios by Period

	DON	JSMD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.10	1.30	-0.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.43	0.34	+0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	0.59	-0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.64	-0.21

Drawdowns

DON vs. JSMD - Drawdown Comparison

The maximum DON drawdown since its inception was -61.94%, which is greater than JSMD's maximum drawdown of -38.98%. Use the drawdown chart below to compare losses from any high point for DON and JSMD.

Drawdown Indicators

	DON	JSMD	Difference
Max Drawdown Largest peak-to-trough decline	-61.94%	-38.98%	-22.96%
Max Drawdown (1Y) Largest decline over 1 year	-9.05%	-14.86%	+5.81%
Max Drawdown (3Y) Largest decline over 3 years	-21.46%	-24.01%	+2.55%
Max Drawdown (5Y) Largest decline over 5 years	-21.46%	-32.18%	+10.72%
Max Drawdown (10Y) Largest decline over 10 years	-46.80%	-38.98%	-7.82%
Current Drawdown Current decline from peak	-1.93%	-0.84%	-1.09%
Average Drawdown Average peak-to-trough decline	-7.90%	-7.48%	-0.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.90%	4.40%	-1.50%

Volatility

DON vs. JSMD - Volatility Comparison

The current volatility for WisdomTree US MidCap Dividend ETF (DON) is 3.06%, while Janus Henderson Small/Mid Cap Growth Alpha ETF (JSMD) has a volatility of 6.73%. This indicates that DON 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

	DON	JSMD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.06%	6.73%	-3.67%
Volatility (6M) Calculated over the trailing 6-month period	8.87%	16.16%	-7.29%
Volatility (1Y) Calculated over the trailing 1-year period	12.97%	21.70%	-8.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.77%	22.83%	-5.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.26%	22.75%	-2.49%

DON vs. JSMD - Expense Ratio Comparison

DON has a 0.38% expense ratio, which is higher than JSMD's 0.30% expense ratio.

Dividends

DON vs. JSMD - Dividend Comparison

DON's dividend yield for the trailing twelve months is around 2.36%, more than JSMD's 0.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DON WisdomTree US MidCap Dividend ETF	2.36%	2.53%	2.27%	2.41%	2.71%	2.12%	2.77%	2.38%	2.55%	2.25%	2.48%	2.89%
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF	0.47%	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 DON and JSMD in my portfolio?

DON and JSMD have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DON or JSMD?

JSMD has higher volatility (6.73%) compared to DON (3.06%). In terms of maximum drawdown, DON dropped -61.94% vs JSMD's -38.98%.

Which ETF is better, DON or JSMD?

On 10-year performance, JSMD leads with 13.40% vs 9.16% for DON. On fees, JSMD is cheaper at 0.30% per year. On volatility, DON has been the lower-risk option at 3.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DON or JSMD?

Over the 10-year period, JSMD has performed better with a 13.40% return vs 9.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DON or JSMD?

JSMD is cheaper with a 0.30% expense ratio, compared with 0.38% for DON.

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

DON has the higher dividend yield at 2.36%, compared with 0.47% for JSMD.

What is the main difference between DON and JSMD?

DON is categorized as Mid Cap Value Equities, while JSMD is Mid Cap Growth Equities. DON tracks WisdomTree U.S. MidCap Dividend Index, while JSMD tracks Janus Small Mid Cap Growth Alpha Index. They also come from different issuers: WisdomTree and Janus Henderson. Their fees differ too: 0.38% for DON and 0.30% for JSMD.

Which has better risk-adjusted returns?

JSMD currently has the higher Sharpe Ratio (1.30 vs 1.10), 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.