IPO vs. JSMD

Last updated Jul 17, 2026

IPO (Renaissance IPO ETF) and JSMD (Janus Henderson Small/Mid Cap Growth Alpha ETF) are both Mid Cap Growth Equities funds - IPO tracks the Renaissance IPO Index while JSMD tracks the Janus Small Mid Cap Growth Alpha Index. Both are passively managed. Over the past 10 years, IPO returned 10.51%/yr vs 13.14%/yr for JSMD. A 0.74 correlation means they provide meaningful diversification when combined. IPO charges 0.60%/yr vs 0.30%/yr for JSMD.

Performance

IPO vs. JSMD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Renaissance IPO ETF (IPO) 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 IPO having a 16.64% return and JSMD slightly higher at 17.41%. Over the past 10 years, IPO has underperformed JSMD with an annualized return of 10.51%, while JSMD has yielded a comparatively higher 13.14% annualized return.

IPO

• 1D: -2.87%
• 1M: -7.21%
• 6M: 11.58%
• YTD: 16.64%
• 1Y: 19.87%
• 3Y*: 14.63%
• 5Y*: -2.41%
• 10Y*: 10.51%

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)

IPO vs. JSMD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IPO Renaissance IPO ETF	16.64%	5.45%	15.68%	52.55%	-57.26%	-10.31%	107.88%	34.11%	-17.24%	37.16%
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 IPO 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	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (10Y) Calculated over the trailing 10-year period	0.74
Correlation (All Time) Calculated using the full available price history since Feb 25, 2016	0.74

The correlation between IPO and JSMD has been stable across timeframes, ranging from 0.72 to 0.79 - a consistent structural relationship.

IPO vs. JSMD - Sectors Allocation Comparison

Sectors	IPO	JSMD
Technology	46.6%	28.1%
Consumer Cyclical	12.2%	8.7%
Healthcare	8.9%	18.7%
Industrials	8.8%	23.3%
Consumer Defensive	7.8%	2.5%
Communication Services	6.7%	2.9%
Financial Services	4.4%	8.9%
Real Estate	3.5%	2.8%
Energy	0.9%	1.1%
Utilities	0.2%	-
Basic Materials	-	3.0%

Return for Risk

IPO vs. JSMD — Risk / Return Rank

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

IPO

IPO Risk / Return Rank: 22
IPO Sharpe Ratio Rank: 22
IPO Sortino Ratio Rank: 23
IPO Omega Ratio Rank: 22
IPO Calmar Ratio Rank: 21
IPO Martin Ratio Rank: 20

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.

IPO vs. JSMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Renaissance IPO ETF (IPO) 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.

	IPO	JSMD	Difference
Sharpe ratio: Return per unit of total volatility	0.64	1.03	-0.39
Sortino ratio: Return per unit of downside risk	1.08	1.54	-0.47
Omega ratio: Gain probability vs. loss probability	1.12	1.19	-0.06
Calmar ratio: Return relative to maximum drawdown	0.76	1.54	-0.78
Martin ratio: Return relative to average drawdown	1.69	5.12	-3.43

IPO vs. JSMD - Sharpe Ratio Comparison

The current IPO Sharpe Ratio is 0.64, which is lower than the JSMD Sharpe Ratio of 1.03. The chart below compares the historical Sharpe Ratios of IPO 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

IPO vs. JSMD - Drawdown Comparison

The maximum IPO drawdown since its inception was -68.76%, which is greater than JSMD's maximum drawdown of -38.98%. Use the drawdown chart below to compare losses from any high point for IPO and JSMD.

Drawdown Indicators

	IPO	JSMD	Difference
Max Drawdown Largest peak-to-trough decline	-68.76%	-38.98%	-29.78%
Max Drawdown (1Y) Largest decline over 1 year	-26.24%	-14.86%	-11.38%
Max Drawdown (3Y) Largest decline over 3 years	-32.04%	-24.01%	-8.03%
Max Drawdown (5Y) Largest decline over 5 years	-66.02%	-32.18%	-33.84%
Max Drawdown (10Y) Largest decline over 10 years	-68.76%	-38.98%	-29.78%
Current Drawdown Current decline from peak	-29.52%	-5.59%	-23.93%
Average Drawdown Average peak-to-trough decline	-22.94%	-7.42%	-15.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.79%	4.45%	+7.34%

Volatility

IPO vs. JSMD - Volatility Comparison

Renaissance IPO ETF (IPO) has a higher volatility of 9.40% compared to Janus Henderson Small/Mid Cap Growth Alpha ETF (JSMD) at 6.01%. This indicates that IPO's price experiences larger fluctuations and is considered to be riskier than JSMD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IPO	JSMD	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.40%	6.01%	+3.39%
Volatility (6M) Calculated over the trailing 6-month period	24.52%	17.49%	+7.03%
Volatility (1Y) Calculated over the trailing 1-year period	31.00%	22.16%	+8.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.18%	23.09%	+13.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.64%	22.80%	+8.84%

IPO vs. JSMD - Expense Ratio Comparison

IPO has a 0.60% expense ratio, which is higher than JSMD's 0.30% expense ratio.

Dividends

IPO vs. JSMD - Dividend Comparison

IPO's dividend yield for the trailing twelve months is around 0.45%, more than JSMD's 0.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IPO Renaissance IPO ETF	0.45%	0.66%	0.12%	0.00%	0.00%	0.00%	0.10%	0.26%	0.49%	0.43%	0.40%	0.11%
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 IPO and JSMD in my portfolio?

IPO 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, IPO or JSMD?

IPO has higher volatility (9.40%) compared to JSMD (6.01%). In terms of maximum drawdown, IPO dropped -68.76% vs JSMD's -38.98%.

Which ETF is better, IPO or JSMD?

On 10-year performance, JSMD leads with 13.14% vs 10.51% for IPO. On fees, JSMD is cheaper at 0.30% per year. On volatility, JSMD has been the lower-risk option at 6.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IPO or JSMD?

Over the 10-year period, JSMD has performed better with a 13.14% return vs 10.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IPO or JSMD?

JSMD is cheaper with a 0.30% expense ratio, compared with 0.60% for IPO.

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

IPO has the higher dividend yield at 0.45%, compared with 0.43% for JSMD.

What is the main difference between IPO and JSMD?

IPO tracks Renaissance IPO Index, while JSMD tracks Janus Small Mid Cap Growth Alpha Index. They also come from different issuers: Renaissance Capital and Janus Henderson. Their fees differ too: 0.60% for IPO and 0.30% for JSMD.

Which has better risk-adjusted returns?

JSMD currently has the higher Sharpe Ratio (1.03 vs 0.64), 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.