IJK vs. JSMD

Last updated Jul 17, 2026

IJK (iShares S&P MidCap 400 Growth ETF) and JSMD (Janus Henderson Small/Mid Cap Growth Alpha ETF) are both Mid Cap Growth Equities funds - IJK tracks the S&P MidCap 400 Growth Index while JSMD tracks the Janus Small Mid Cap Growth Alpha Index. Both are passively managed. Over the past 10 years, IJK returned 11.02%/yr vs 13.14%/yr for JSMD. Their correlation of 0.90 suggests significant overlap in exposure. IJK charges 0.17%/yr vs 0.30%/yr for JSMD.

Performance

IJK vs. JSMD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares S&P MidCap 400 Growth ETF (IJK) and Janus Henderson Small/Mid Cap Growth Alpha ETF (JSMD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with IJK having a 17.02% return and JSMD slightly higher at 17.41%. Over the past 10 years, IJK has underperformed JSMD with an annualized return of 11.02%, while JSMD has yielded a comparatively higher 13.14% annualized return.

IJK

• 1D: -0.32%
• 1M: -1.95%
• 6M: 9.42%
• YTD: 17.02%
• 1Y: 24.10%
• 3Y*: 14.55%
• 5Y*: 8.49%
• 10Y*: 11.02%

JSMD

• 1D: -1.39%
• 1M: -0.93%
• 6M: 9.85%
• YTD: 17.41%
• 1Y: 22.75%
• 3Y*: 14.72%
• 5Y*: 8.56%
• 10Y*: 13.14%

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

IJK vs. JSMD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IJK iShares S&P MidCap 400 Growth ETF	17.02%	7.28%	15.68%	17.41%	-19.03%	18.68%	22.45%	25.96%	-10.53%	19.64%
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF	17.41%	9.25%	15.08%	26.81%	-22.84%	8.40%	30.79%	31.05%	-4.73%	24.46%

Correlation

The correlation between IJK and JSMD is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Feb 25, 2016	0.90

The correlation between IJK and JSMD has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.

IJK vs. JSMD - Sectors Allocation Comparison

Sectors	IJK	JSMD
Industrials	30.2%	23.3%
Technology	24.8%	28.1%
Healthcare	13.7%	18.7%
Consumer Cyclical	7.5%	8.7%
Financial Services	6.7%	8.9%
Real Estate	5.3%	2.8%
Basic Materials	3.5%	3.0%
Energy	3.2%	1.1%
Utilities	2.0%	-
Consumer Defensive	1.8%	2.5%
Communication Services	1.4%	2.9%

Return for Risk

IJK vs. JSMD — Risk / Return Rank

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

IJK

IJK Risk / Return Rank: 54
IJK Sharpe Ratio Rank: 48
IJK Sortino Ratio Rank: 50
IJK Omega Ratio Rank: 45
IJK Calmar Ratio Rank: 61
IJK Martin Ratio Rank: 66

JSMD

JSMD Risk / Return Rank: 36
JSMD Sharpe Ratio Rank: 35
JSMD Sortino Ratio Rank: 34
JSMD Omega Ratio Rank: 33
JSMD Calmar Ratio Rank: 37
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.

IJK vs. JSMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P MidCap 400 Growth ETF (IJK) 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.

	IJK	JSMD	Difference
Sharpe ratio: Return per unit of total volatility	1.37	1.03	+0.33
Sortino ratio: Return per unit of downside risk	2.01	1.54	+0.47
Omega ratio: Gain probability vs. loss probability	1.24	1.19	+0.06
Calmar ratio: Return relative to maximum drawdown	2.44	1.54	+0.90
Martin ratio: Return relative to average drawdown	9.32	5.12	+4.20

IJK vs. JSMD - Sharpe Ratio Comparison

The current IJK Sharpe Ratio is 1.37, which is higher than the JSMD Sharpe Ratio of 1.03. The chart below compares the historical Sharpe Ratios of IJK 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

IJK vs. JSMD - Drawdown Comparison

The maximum IJK drawdown since its inception was -54.47%, which is greater than JSMD's maximum drawdown of -38.98%. Use the drawdown chart below to compare losses from any high point for IJK and JSMD.

Drawdown Indicators

	IJK	JSMD	Difference
Max Drawdown Largest peak-to-trough decline	-54.47%	-38.98%	-15.49%
Max Drawdown (1Y) Largest decline over 1 year	-9.92%	-14.86%	+4.94%
Max Drawdown (3Y) Largest decline over 3 years	-25.63%	-24.01%	-1.62%
Max Drawdown (5Y) Largest decline over 5 years	-29.24%	-32.18%	+2.94%
Max Drawdown (10Y) Largest decline over 10 years	-39.25%	-38.98%	-0.27%
Current Drawdown Current decline from peak	-3.73%	-5.59%	+1.86%
Average Drawdown Average peak-to-trough decline	-10.76%	-7.42%	-3.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.59%	4.45%	-1.86%

Volatility

IJK vs. JSMD - Volatility Comparison

The current volatility for iShares S&P MidCap 400 Growth ETF (IJK) is 4.51%, while Janus Henderson Small/Mid Cap Growth Alpha ETF (JSMD) has a volatility of 6.01%. This indicates that IJK 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

	IJK	JSMD	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.51%	6.01%	-1.50%
Volatility (6M) Calculated over the trailing 6-month period	13.89%	17.49%	-3.60%
Volatility (1Y) Calculated over the trailing 1-year period	17.73%	22.16%	-4.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.80%	23.09%	-2.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.06%	22.80%	-1.74%

IJK vs. JSMD - Expense Ratio Comparison

IJK has a 0.17% expense ratio, which is lower than JSMD's 0.30% expense ratio.

Dividends

IJK vs. JSMD - Dividend Comparison

IJK's dividend yield for the trailing twelve months is around 0.54%, more than JSMD's 0.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IJK iShares S&P MidCap 400 Growth ETF	0.54%	0.66%	0.79%	1.13%	1.08%	0.50%	0.70%	1.09%	1.13%	0.93%	1.15%	1.12%
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 IJK and JSMD in my portfolio?

With a correlation of 0.91, IJK and JSMD move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, IJK or JSMD?

JSMD has higher volatility (6.01%) compared to IJK (4.51%). In terms of maximum drawdown, IJK dropped -54.47% vs JSMD's -38.98%.

Which ETF is better, IJK or JSMD?

On 10-year performance, JSMD leads with 13.14% vs 11.02% for IJK. On fees, IJK is cheaper at 0.17% per year. On volatility, IJK has been the lower-risk option at 4.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IJK or JSMD?

Over the 10-year period, JSMD has performed better with a 13.14% return vs 11.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IJK or JSMD?

IJK is cheaper with a 0.17% expense ratio, compared with 0.30% for JSMD.

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

IJK has the higher dividend yield at 0.54%, compared with 0.43% for JSMD.

What is the main difference between IJK and JSMD?

IJK tracks S&P MidCap 400 Growth Index, while JSMD tracks Janus Small Mid Cap Growth Alpha Index. They also come from different issuers: iShares and Janus Henderson. Their fees differ too: 0.17% for IJK and 0.30% for JSMD.

Which has better risk-adjusted returns?

IJK currently has the higher Sharpe Ratio (1.37 vs 1.03), 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.