JAGLX vs. XBI

Last updated Jun 26, 2026

JAGLX (Janus Henderson Global Life Sciences Fund Class T) and XBI (SPDR S&P Biotech ETF) are both Health & Biotech Equities funds. JAGLX is actively managed, while XBI is passively managed. Over the past 10 years, JAGLX returned 12.47%/yr vs 11.96%/yr for XBI. Their correlation of 0.84 suggests significant overlap in exposure. JAGLX charges 0.92%/yr vs 0.35%/yr for XBI.

Performance

JAGLX vs. XBI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Henderson Global Life Sciences Fund Class T (JAGLX) and SPDR S&P Biotech ETF (XBI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JAGLX achieves a 4.65% return, which is significantly lower than XBI's 24.45% return. Both investments have delivered pretty close results over the past 10 years, with JAGLX having a 12.47% annualized return and XBI not far behind at 11.96%.

JAGLX

• 1D: 0.95%
• 1M: 5.19%
• YTD: 4.65%
• 6M: 3.64%
• 1Y: 34.69%
• 3Y*: 13.76%
• 5Y*: 8.52%
• 10Y*: 12.47%

XBI

• 1D: 1.26%
• 1M: 13.79%
• YTD: 24.45%
• 6M: 20.14%
• 1Y: 82.88%
• 3Y*: 22.41%
• 5Y*: 1.92%
• 10Y*: 11.96%

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

JAGLX vs. XBI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JAGLX Janus Henderson Global Life Sciences Fund Class T	4.65%	24.72%	8.50%	7.41%	-2.79%	6.66%	25.52%	29.12%	4.05%	22.13%
XBI SPDR S&P Biotech ETF	24.45%	35.89%	1.01%	7.60%	-25.87%	-20.45%	48.33%	32.56%	-15.28%	43.77%

Correlation

The correlation between JAGLX and XBI is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (10Y) Calculated over the trailing 10-year period	0.82
Correlation (All Time) Calculated using the full available price history since Feb 6, 2006	0.85

The correlation between JAGLX and XBI has been stable across timeframes, ranging from 0.79 to 0.84 - a consistent structural relationship.

Return for Risk

JAGLX vs. XBI — Risk / Return Rank

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

JAGLX

JAGLX Risk / Return Rank: 79
JAGLX Sharpe Ratio Rank: 81
JAGLX Sortino Ratio Rank: 81
JAGLX Omega Ratio Rank: 73
JAGLX Calmar Ratio Rank: 86
JAGLX Martin Ratio Rank: 71

XBI

XBI Risk / Return Rank: 94
XBI Sharpe Ratio Rank: 95
XBI Sortino Ratio Rank: 93
XBI Omega Ratio Rank: 89
XBI Calmar Ratio Rank: 97
XBI Martin Ratio Rank: 95

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.

JAGLX vs. XBI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson Global Life Sciences Fund Class T (JAGLX) and SPDR S&P Biotech ETF (XBI). 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.

	JAGLX	XBI	Difference
Sharpe ratio: Return per unit of total volatility	2.25	3.15	-0.89
Sortino ratio: Return per unit of downside risk	3.26	4.01	-0.74
Omega ratio: Gain probability vs. loss probability	1.39	1.48	-0.09
Calmar ratio: Return relative to maximum drawdown	3.54	8.57	-5.03
Martin ratio: Return relative to average drawdown	11.25	25.32	-14.08

JAGLX vs. XBI - Sharpe Ratio Comparison

The current JAGLX Sharpe Ratio is 2.25, which is comparable to the XBI Sharpe Ratio of 3.15. The chart below compares the historical Sharpe Ratios of JAGLX and XBI, 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

JAGLX vs. XBI - Drawdown Comparison

The maximum JAGLX drawdown since its inception was -58.96%, smaller than the maximum XBI drawdown of -63.89%. Use the drawdown chart below to compare losses from any high point for JAGLX and XBI.

Drawdown Indicators

	JAGLX	XBI	Difference
Max Drawdown Largest peak-to-trough decline	-58.96%	-63.89%	+4.93%
Max Drawdown (1Y) Largest decline over 1 year	-9.71%	-9.72%	+0.01%
Max Drawdown (3Y) Largest decline over 3 years	-17.41%	-32.99%	+15.58%
Max Drawdown (5Y) Largest decline over 5 years	-22.25%	-54.71%	+32.46%
Max Drawdown (10Y) Largest decline over 10 years	-27.38%	-63.89%	+36.51%
Current Drawdown Current decline from peak	0.00%	-12.30%	+12.30%
Average Drawdown Average peak-to-trough decline	-17.39%	-20.93%	+3.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.05%	3.28%	-0.23%

Volatility

JAGLX vs. XBI - Volatility Comparison

The current volatility for Janus Henderson Global Life Sciences Fund Class T (JAGLX) is 5.72%, while SPDR S&P Biotech ETF (XBI) has a volatility of 9.94%. This indicates that JAGLX experiences smaller price fluctuations and is considered to be less risky than XBI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JAGLX	XBI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.72%	9.94%	-4.22%
Volatility (6M) Calculated over the trailing 6-month period	11.41%	21.13%	-9.72%
Volatility (1Y) Calculated over the trailing 1-year period	15.28%	26.48%	-11.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.01%	32.30%	-16.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.39%	32.00%	-14.61%

JAGLX vs. XBI - Expense Ratio Comparison

JAGLX has a 0.92% expense ratio, which is higher than XBI's 0.35% expense ratio.

Dividends

JAGLX vs. XBI - Dividend Comparison

JAGLX's dividend yield for the trailing twelve months is around 4.33%, more than XBI's 0.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JAGLX Janus Henderson Global Life Sciences Fund Class T	4.33%	4.53%	10.98%	4.22%	0.14%	9.78%	7.75%	6.17%	13.38%	0.89%	1.13%	9.09%
XBI SPDR S&P Biotech ETF	0.38%	0.37%	0.15%	0.02%	0.00%	0.04%	0.20%	0.00%	0.28%	0.24%	0.26%	0.61%

Frequently Asked Questions

Can I hold both JAGLX and XBI in my portfolio?

JAGLX and XBI have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JAGLX or XBI?

XBI has higher volatility (9.94%) compared to JAGLX (5.72%). In terms of maximum drawdown, JAGLX dropped -58.96% vs XBI's -63.89%.

Which has better risk-adjusted returns?

XBI currently has the higher Sharpe Ratio (3.15 vs 2.25), 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.