JA vs. JSMD

Last updated Jun 30, 2026

JA (Janus Henderson AA-A CLO ETF) and JSMD (Janus Henderson Small/Mid Cap Growth Alpha ETF) are both exchange-traded funds - JA is a CLO fund actively managed by Janus Henderson, while JSMD is a Mid Cap Growth Equities fund tracking the Janus Small Mid Cap Growth Alpha Index. JA is actively managed, while JSMD is passively managed. At a correlation of -0.05, they often move in opposite directions. JA charges 0.29%/yr vs 0.30%/yr for JSMD.

Performance

JA vs. JSMD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Henderson AA-A CLO ETF (JA) and Janus Henderson Small/Mid Cap Growth Alpha ETF (JSMD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

JA

• 1D: 0.02%
• 1M: 0.30%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

JSMD

• 1D: 2.12%
• 1M: 4.42%
• YTD: 22.55%
• 6M: 19.95%
• 1Y: 29.78%
• 3Y*: 17.78%
• 5Y*: 8.66%
• 10Y*: 13.99%

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

JA vs. JSMD - Yearly Performance Comparison

	2026 (YTD)
JA Janus Henderson AA-A CLO ETF	1.64%
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF	16.37%

Correlation

The correlation between JA and JSMD is -0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 19, 2026	-0.05

Return for Risk

JA vs. JSMD — Risk / Return Rank

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

JA

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

JSMD

JSMD Risk / Return Rank: 44
JSMD Sharpe Ratio Rank: 44
JSMD Sortino Ratio Rank: 43
JSMD Omega Ratio Rank: 41
JSMD Calmar Ratio Rank: 46
JSMD Martin Ratio Rank: 46

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.

JA vs. JSMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson AA-A CLO ETF (JA) 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.

	JA	JSMD	Difference
Sharpe ratio: Return per unit of total volatility	—	1.37	—
Sortino ratio: Return per unit of downside risk	—	1.96	—
Omega ratio: Gain probability vs. loss probability	—	1.24	—
Calmar ratio: Return relative to maximum drawdown	—	2.01	—
Martin ratio: Return relative to average drawdown	—	6.81	—

Drawdowns

JA vs. JSMD - Drawdown Comparison

The maximum JA drawdown since its inception was -0.51%, smaller than the maximum JSMD drawdown of -38.98%. Use the drawdown chart below to compare losses from any high point for JA and JSMD.

Drawdown Indicators

	JA	JSMD	Difference
Max Drawdown Largest peak-to-trough decline	-0.51%	-38.98%	+38.47%
Max Drawdown (1Y) Largest decline over 1 year	—	-14.86%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-24.01%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-32.18%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-38.98%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.05%	-7.44%	+7.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	4.39%	—

Volatility

Volatility by Period

	JA	JSMD	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	7.47%	—
Volatility (6M) Calculated over the trailing 6-month period	—	17.09%	—
Volatility (1Y) Calculated over the trailing 1-year period	1.52%	21.84%	-20.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.52%	23.03%	-21.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.52%	22.79%	-21.27%

JA vs. JSMD - Expense Ratio Comparison

JA has a 0.29% expense ratio, which is lower than JSMD's 0.30% expense ratio.

Dividends

JA vs. JSMD - Dividend Comparison

JA's dividend yield for the trailing twelve months is around 1.28%, more than JSMD's 0.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
JA Janus Henderson AA-A CLO ETF	1.28%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF	0.45%	0.54%	0.76%	0.44%	0.40%	0.28%	0.24%	0.32%	0.53%	0.30%	0.36%

Frequently Asked Questions

Can I hold both JA and JSMD in my portfolio?

JA and JSMD have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, JA or JSMD?

On fees, JA is cheaper at 0.29% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, JA or JSMD?

JA is cheaper with a 0.29% expense ratio, compared with 0.30% for JSMD.

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

JA has the higher dividend yield at 1.28%, compared with 0.45% for JSMD.

What is the main difference between JA and JSMD?

JA is categorized as CLO, while JSMD is Mid Cap Growth Equities. Their fees differ too: 0.29% for JA and 0.30% for JSMD.