IEFA vs. JSMD

Last updated Jul 21, 2026

IEFA (iShares Core MSCI EAFE ETF) and JSMD (Janus Henderson Small/Mid Cap Growth Alpha ETF) are both exchange-traded funds - IEFA is a Foreign Large Cap Equities fund tracking the MSCI EAFE IMI Index (Net), 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, IEFA returned 9.33%/yr vs 12.94%/yr for JSMD. A 0.69 correlation means they provide meaningful diversification when combined. IEFA charges 0.07%/yr vs 0.30%/yr for JSMD.

Performance

IEFA vs. JSMD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core MSCI EAFE ETF (IEFA) 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, IEFA achieves a 8.58% return, which is significantly lower than JSMD's 16.93% return. Over the past 10 years, IEFA has underperformed JSMD with an annualized return of 9.33%, while JSMD has yielded a comparatively higher 12.94% annualized return.

IEFA

• 1D: -0.71%
• 1M: -1.77%
• 6M: 4.73%
• YTD: 8.58%
• 1Y: 19.92%
• 3Y*: 15.19%
• 5Y*: 8.55%
• 10Y*: 9.33%
• ALL TIME*: 8.32%

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)

IEFA vs. JSMD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IEFA iShares Core MSCI EAFE ETF	8.58%	32.08%	3.26%	17.95%	-15.24%	11.63%	8.18%	22.64%	-14.14%	26.57%
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 IEFA and JSMD is 0.69, 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	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.69
Correlation (All Time) Calculated using the full available price history since Feb 25, 2016	0.69

The correlation between IEFA and JSMD has been stable across timeframes, ranging from 0.68 to 0.72 - a consistent structural relationship.

IEFA vs. JSMD - Sectors Allocation Comparison

Sectors	IEFA	JSMD
Financial Services	24.2%	9.3%
Industrials	19.4%	22.1%
Technology	12.1%	27.7%
Healthcare	9.6%	20.3%
Consumer Cyclical	7.8%	9.0%
Basic Materials	6.5%	2.6%
Consumer Defensive	6.4%	2.4%
Communication Services	3.7%	2.7%
Energy	3.5%	1.0%
Utilities	3.5%	-
Real Estate	2.7%	2.9%

Return for Risk

IEFA vs. JSMD — Risk / Return Rank

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

IEFA

IEFA Risk / Return Rank: 48
IEFA Sharpe Ratio Rank: 49
IEFA Sortino Ratio Rank: 49
IEFA Omega Ratio Rank: 48
IEFA Calmar Ratio Rank: 45
IEFA Martin Ratio Rank: 52

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.

IEFA vs. JSMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI EAFE ETF (IEFA) 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.

	IEFA	JSMD	Difference
Sharpe ratio: Return per unit of total volatility	1.28	0.99	+0.29
Sortino ratio: Return per unit of downside risk	1.87	1.49	+0.38
Omega ratio: Gain probability vs. loss probability	1.23	1.18	+0.05
Calmar ratio: Return relative to maximum drawdown	1.74	1.48	+0.26
Martin ratio: Return relative to average drawdown	6.57	4.89	+1.69

IEFA vs. JSMD - Sharpe Ratio Comparison

The current IEFA Sharpe Ratio is 1.28, which is comparable to the JSMD Sharpe Ratio of 0.99. The chart below compares the historical Sharpe Ratios of IEFA 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

IEFA vs. JSMD - Drawdown Comparison

The maximum IEFA drawdown since its inception was -34.78%, smaller than the maximum JSMD drawdown of -38.98%. Use the drawdown chart below to compare losses from any high point for IEFA and JSMD.

Drawdown Indicators

	IEFA	JSMD	Difference
Max Drawdown Largest peak-to-trough decline	-34.78%	-38.98%	+4.20%
Max Drawdown (1Y) Largest decline over 1 year	-11.50%	-14.86%	+3.36%
Max Drawdown (3Y) Largest decline over 3 years	-13.76%	-24.01%	+10.25%
Max Drawdown (5Y) Largest decline over 5 years	-30.41%	-32.18%	+1.77%
Max Drawdown (10Y) Largest decline over 10 years	-34.78%	-38.98%	+4.20%
Current Drawdown Current decline from peak	-2.79%	-5.98%	+3.19%
Average Drawdown Average peak-to-trough decline	-6.64%	-7.42%	+0.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.04%	4.48%	-1.44%

Volatility

IEFA vs. JSMD - Volatility Comparison

The current volatility for iShares Core MSCI EAFE ETF (IEFA) is 3.99%, while Janus Henderson Small/Mid Cap Growth Alpha ETF (JSMD) has a volatility of 5.96%. This indicates that IEFA 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

	IEFA	JSMD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.99%	5.96%	-1.97%
Volatility (6M) Calculated over the trailing 6-month period	13.45%	17.45%	-4.00%
Volatility (1Y) Calculated over the trailing 1-year period	15.64%	22.19%	-6.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.59%	23.07%	-6.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.01%	22.81%	-5.80%

IEFA vs. JSMD - Expense Ratio Comparison

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

Dividends

IEFA vs. JSMD - Dividend Comparison

IEFA's dividend yield for the trailing twelve months is around 3.44%, more than JSMD's 0.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IEFA iShares Core MSCI EAFE ETF	3.44%	3.55%	3.47%	3.20%	2.70%	3.32%	1.90%	3.18%	3.46%	2.57%	2.96%	2.63%
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 IEFA and JSMD in my portfolio?

IEFA and JSMD have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IEFA or JSMD?

JSMD has higher volatility (5.96%) compared to IEFA (3.99%). In terms of maximum drawdown, IEFA dropped -34.78% vs JSMD's -38.98%.

Which ETF is better, IEFA or JSMD?

On 10-year performance, JSMD leads with 12.94% vs 9.33% for IEFA. On fees, IEFA is cheaper at 0.07% per year. On volatility, IEFA has been the lower-risk option at 3.99%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IEFA or JSMD?

Over the 10-year period, JSMD has performed better with a 12.94% return vs 9.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IEFA or JSMD?

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

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

IEFA has the higher dividend yield at 3.44%, compared with 0.43% for JSMD.

What is the main difference between IEFA and JSMD?

IEFA is categorized as Foreign Large Cap Equities, while JSMD is Mid Cap Growth Equities. IEFA tracks MSCI EAFE IMI Index (Net), while JSMD tracks Janus Small Mid Cap Growth Alpha Index. They also come from different issuers: iShares and Janus Henderson. Their fees differ too: 0.07% for IEFA and 0.30% for JSMD.

Which has better risk-adjusted returns?

IEFA currently has the higher Sharpe Ratio (1.28 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.