JACAX vs. JNRFX

Last updated Jun 24, 2026

JACAX (Janus Henderson VIT Forty Portfolio) and JNRFX (Janus Henderson Research Fund) are both Large Cap Growth Equities funds from Janus Henderson. Over the past 10 years, JACAX returned 17.15%/yr vs 16.94%/yr for JNRFX. Their correlation of 0.94 suggests significant overlap in exposure. JACAX charges 0.77%/yr vs 0.66%/yr for JNRFX.

Performance

JACAX vs. JNRFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Henderson VIT Forty Portfolio (JACAX) and Janus Henderson Research Fund (JNRFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JACAX achieves a 3.37% return, which is significantly lower than JNRFX's 6.24% return. Both investments have delivered pretty close results over the past 10 years, with JACAX having a 17.15% annualized return and JNRFX not far behind at 16.94%.

JACAX

• 1D: -1.40%
• 1M: -0.42%
• YTD: 3.37%
• 6M: 2.49%
• 1Y: 17.83%
• 3Y*: 21.07%
• 5Y*: 9.59%
• 10Y*: 17.15%

JNRFX

• 1D: -1.50%
• 1M: 1.05%
• YTD: 6.24%
• 6M: 5.12%
• 1Y: 20.73%
• 3Y*: 24.58%
• 5Y*: 13.09%
• 10Y*: 16.94%

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

JACAX vs. JNRFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JACAX Janus Henderson VIT Forty Portfolio	3.37%	18.31%	28.47%	39.96%	-33.20%	23.08%	38.78%	37.19%	1.94%	30.39%
JNRFX Janus Henderson Research Fund	6.24%	18.45%	35.13%	43.14%	-29.96%	20.19%	32.82%	35.40%	-2.73%	25.90%

Correlation

The correlation between JACAX and JNRFX is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.98
Correlation (All Time) Calculated using the full available price history since Apr 30, 1997	0.94

The correlation between JACAX and JNRFX has been stable across timeframes, ranging from 0.94 to 0.98 - a consistent structural relationship.

Return for Risk

JACAX vs. JNRFX — Risk / Return Rank

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

JACAX

JACAX Risk / Return Rank: 14
JACAX Sharpe Ratio Rank: 15
JACAX Sortino Ratio Rank: 15
JACAX Omega Ratio Rank: 15
JACAX Calmar Ratio Rank: 11
JACAX Martin Ratio Rank: 12

JNRFX

JNRFX Risk / Return Rank: 20
JNRFX Sharpe Ratio Rank: 23
JNRFX Sortino Ratio Rank: 22
JNRFX Omega Ratio Rank: 23
JNRFX Calmar Ratio Rank: 15
JNRFX Martin Ratio Rank: 18

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.

JACAX vs. JNRFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson VIT Forty Portfolio (JACAX) and Janus Henderson Research Fund (JNRFX). 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.

	JACAX	JNRFX	Difference
Sharpe ratio: Return per unit of total volatility	1.02	1.29	-0.27
Sortino ratio: Return per unit of downside risk	1.47	1.82	-0.35
Omega ratio: Gain probability vs. loss probability	1.18	1.23	-0.05
Calmar ratio: Return relative to maximum drawdown	0.99	1.29	-0.30
Martin ratio: Return relative to average drawdown	3.17	4.38	-1.21

JACAX vs. JNRFX - Sharpe Ratio Comparison

The current JACAX Sharpe Ratio is 1.02, which is comparable to the JNRFX Sharpe Ratio of 1.29. The chart below compares the historical Sharpe Ratios of JACAX and JNRFX, 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

JACAX vs. JNRFX - Drawdown Comparison

The maximum JACAX drawdown since its inception was -57.74%, smaller than the maximum JNRFX drawdown of -74.74%. Use the drawdown chart below to compare losses from any high point for JACAX and JNRFX.

Drawdown Indicators

	JACAX	JNRFX	Difference
Max Drawdown Largest peak-to-trough decline	-57.74%	-74.74%	+17.00%
Max Drawdown (1Y) Largest decline over 1 year	-19.05%	-17.05%	-2.00%
Max Drawdown (3Y) Largest decline over 3 years	-22.10%	-22.66%	+0.56%
Max Drawdown (5Y) Largest decline over 5 years	-40.60%	-36.48%	-4.12%
Max Drawdown (10Y) Largest decline over 10 years	-40.60%	-36.48%	-4.12%
Current Drawdown Current decline from peak	-4.99%	-2.98%	-2.01%
Average Drawdown Average peak-to-trough decline	-16.74%	-24.92%	+8.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.96%	5.01%	+0.95%

Volatility

JACAX vs. JNRFX - Volatility Comparison

Janus Henderson VIT Forty Portfolio (JACAX) and Janus Henderson Research Fund (JNRFX) have volatilities of 7.61% and 7.28%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JACAX	JNRFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.61%	7.28%	+0.33%
Volatility (6M) Calculated over the trailing 6-month period	14.76%	13.79%	+0.97%
Volatility (1Y) Calculated over the trailing 1-year period	18.56%	17.10%	+1.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.16%	22.22%	-0.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.64%	21.43%	+0.21%

JACAX vs. JNRFX - Expense Ratio Comparison

JACAX has a 0.77% expense ratio, which is higher than JNRFX's 0.66% expense ratio.

Dividends

JACAX vs. JNRFX - Dividend Comparison

JACAX's dividend yield for the trailing twelve months is around 33.08%, more than JNRFX's 11.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JACAX Janus Henderson VIT Forty Portfolio	33.08%	12.42%	5.57%	0.17%	21.09%	12.14%	6.42%	7.80%	16.87%	5.10%	14.93%	23.91%
JNRFX Janus Henderson Research Fund	11.24%	11.94%	5.11%	2.93%	0.43%	13.01%	2.98%	10.37%	11.06%	8.22%	5.41%	9.21%

Frequently Asked Questions

Can I hold both JACAX and JNRFX in my portfolio?

With a correlation of 0.96, JACAX and JNRFX 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, JACAX or JNRFX?

JACAX has higher volatility (7.61%) compared to JNRFX (7.28%). In terms of maximum drawdown, JACAX dropped -57.74% vs JNRFX's -74.74%.

Which has better risk-adjusted returns?

JNRFX currently has the higher Sharpe Ratio (1.29 vs 1.02), 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.