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FISMX vs. JAAA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FISMX vs. JAAA

Last updated Jun 13, 2026

FISMX (Fidelity International Small Cap Fund) and JAAA (Janus Henderson AAA CLO ETF) are both funds - FISMX is a Foreign Small & Mid Cap Equities fund managed by Fidelity, while JAAA is a CLO fund actively managed by Janus Henderson. Over the past 5 years, FISMX returned 5.98%/yr vs 4.76%/yr for JAAA. At a 0.11 correlation, their price movements are largely independent. FISMX charges 1.01%/yr vs 0.20%/yr for JAAA.

Performance

FISMX vs. JAAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity International Small Cap Fund (FISMX) and Janus Henderson AAA CLO ETF (JAAA). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, FISMX achieves a 8.75% return, which is significantly higher than JAAA's 1.99% return.

FISMX

1D
2.56%
1M
-1.31%
YTD
8.75%
6M
10.42%
1Y
15.32%
3Y*
13.58%
5Y*
5.98%
10Y*
9.03%

JAAA

1D
0.02%
1M
0.33%
YTD
1.99%
6M
2.49%
1Y
4.99%
3Y*
6.67%
5Y*
4.76%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

FISMX vs. JAAA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
FISMX
Fidelity International Small Cap Fund		8.75%24.73%0.05%19.62%-16.66%13.44%17.59%
JAAA
Janus Henderson AAA CLO ETF		1.99%5.16%7.43%8.59%0.49%1.39%0.76%

Correlation

The correlation between FISMX and JAAA is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.17

Correlation (3Y)
Calculated over the trailing 3-year period

0.10

Correlation (5Y)
Calculated over the trailing 5-year period

0.11

Correlation (All Time)
Calculated using the full available price history since Oct 19, 2020

0.11

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Fidelity International Small Cap Fund

Janus Henderson AAA CLO ETF

Often compared with FISMX:
FISMX vs. FSPSXFISMX vs. FISVXFISMX vs. FSSNXFISMX vs. VSSFISMX vs. FOSFXFISMX vs. FDLSXFISMX vs. FJACX
Often compared with JAAA:
JAAA vs. PAAAJAAA vs. JBBBJAAA vs. AAAJAAA vs. CLOZJAAA vs. BINCJAAA vs. BOXXJAAA vs. SGOV

Return for Risk

FISMX vs. JAAA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FISMX
FISMX Risk / Return Rank: 2929
Overall Rank
FISMX Sharpe Ratio Rank: 3030
Sharpe Ratio Rank
FISMX Sortino Ratio Rank: 3030
Sortino Ratio Rank
FISMX Omega Ratio Rank: 3232
Omega Ratio Rank
FISMX Calmar Ratio Rank: 2525
Calmar Ratio Rank
FISMX Martin Ratio Rank: 2727
Martin Ratio Rank
JAAA
JAAA Risk / Return Rank: 9898
Overall Rank
JAAA Sharpe Ratio Rank: 9999
Sharpe Ratio Rank
JAAA Sortino Ratio Rank: 9999
Sortino Ratio Rank
JAAA Omega Ratio Rank: 9999
Omega Ratio Rank
JAAA Calmar Ratio Rank: 9898
Calmar Ratio Rank
JAAA Martin Ratio Rank: 9898
Martin Ratio Rank
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.

FISMX vs. JAAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity International Small Cap Fund (FISMX) and Janus Henderson AAA CLO ETF (JAAA). 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.

FISMXJAAADifference
Sharpe ratioReturn per unit of total volatility
1.24
6.03

-4.79

Sortino ratioReturn per unit of downside risk
1.82
10.06

-8.24

Omega ratioGain probability vs. loss probability

1.23

2.72

-1.49

Calmar ratioReturn relative to maximum drawdown

1.48

12.91

-11.44

Martin ratioReturn relative to average drawdown

5.19

69.57

-64.38

FISMX vs. JAAA - Sharpe Ratio Comparison

The current FISMX Sharpe Ratio is 1.24, which is lower than the JAAA Sharpe Ratio of 6.03. The chart below compares the historical Sharpe Ratios of FISMX and JAAA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

FISMX vs. JAAA - Drawdown Comparison

The maximum FISMX drawdown since its inception was -60.94%, which is greater than JAAA's maximum drawdown of -2.64%. Use the drawdown chart below to compare losses from any high point for FISMX and JAAA.

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Drawdown Indicators

FISMXJAAADifference

Max Drawdown

Largest peak-to-trough decline

-60.94%

-2.64%

-58.30%

Max Drawdown (1Y)

Largest decline over 1 year

-10.71%

-0.39%

-10.32%

Max Drawdown (3Y)

Largest decline over 3 years

-12.70%

-1.46%

-11.24%

Max Drawdown (5Y)

Largest decline over 5 years

-31.07%

-2.64%

-28.43%

Max Drawdown (10Y)

Largest decline over 10 years

-38.80%

—

—

Current Drawdown

Current decline from peak

-2.37%

0.00%

-2.37%

Average Drawdown

Average peak-to-trough decline

-10.63%

-0.25%

-10.38%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.04%

0.07%

+2.97%

Volatility

FISMX vs. JAAA - Volatility Comparison

Fidelity International Small Cap Fund (FISMX) has a higher volatility of 4.94% compared to Janus Henderson AAA CLO ETF (JAAA) at 0.12%. This indicates that FISMX's price experiences larger fluctuations and is considered to be riskier than JAAA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FISMXJAAADifference

Volatility (1M)

Calculated over the trailing 1-month period

4.94%

0.12%

+4.82%

Volatility (6M)

Calculated over the trailing 6-month period

10.81%

0.63%

+10.18%

Volatility (1Y)

Calculated over the trailing 1-year period

12.78%

0.83%

+11.95%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.67%

1.67%

+12.00%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.08%

1.64%

+12.44%

FISMX vs. JAAA - Expense Ratio Comparison

FISMX has a 1.01% expense ratio, which is higher than JAAA's 0.20% expense ratio.

Dividends

FISMX vs. JAAA - Dividend Comparison

FISMX's dividend yield for the trailing twelve months is around 3.29%, less than JAAA's 4.99% yield.

PositionTTM20252024202320222021202020192018201720162015
FISMX
Fidelity International Small Cap Fund		3.29%3.58%2.64%1.87%0.70%7.28%0.83%2.32%6.14%2.46%2.70%2.80%
JAAA
Janus Henderson AAA CLO ETF		4.99%5.30%6.35%6.11%2.74%1.21%0.26%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

FISMX and JAAA have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FISMX has higher volatility (4.94%) compared to JAAA (0.12%). In terms of maximum drawdown, FISMX dropped -60.94% vs JAAA's -2.64%.

JAAA currently has the higher Sharpe Ratio (6.03 vs 1.24), 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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