JAMRX vs. FSSNX

Last updated Aug 4, 2026

JAMRX (Janus Henderson Research Fund Class I) and FSSNX (Fidelity Small Cap Index Fund) are both mutual funds - JAMRX is a Large Cap Growth Equities fund actively managed by Janus Henderson, while FSSNX is a Small Cap Blend Equities fund tracking the Russell 2000 Index. JAMRX is actively managed, while FSSNX is passively managed. Over the past 10 years, JAMRX returned 16.11%/yr vs 10.85%/yr for FSSNX. Their 0.76 correlation means they have sometimes moved together and sometimes differently. JAMRX charges 0.64%/yr vs 0.03%/yr for FSSNX.

Performance

JAMRX vs. FSSNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Henderson Research Fund Class I (JAMRX) and Fidelity Small Cap Index Fund (FSSNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JAMRX achieves a 2.38% return, which is significantly lower than FSSNX's 18.92% return. Over the past 10 years, JAMRX has outperformed FSSNX with an annualized return of 16.11%, while FSSNX has yielded a comparatively lower 10.85% annualized return.

JAMRX

• 1D: 1.26%
• 1M: -2.02%
• 6M: 3.68%
• YTD: 2.38%
• 1Y: 9.27%
• 3Y*: 22.62%
• 5Y*: 12.55%
• 10Y*: 16.11%
• ALL TIME*: 12.41%

FSSNX

• 1D: -0.49%
• 1M: -2.11%
• 6M: 11.73%
• YTD: 18.92%
• 1Y: 37.08%
• 3Y*: 15.40%
• 5Y*: 7.24%
• 10Y*: 10.85%
• ALL TIME*: 11.76%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FSSNX Fidelity Small Cap Index Fund	$0.00	$0.00	$0.00
JAMRX Janus Henderson Research Fund Class I	$0.00	$0.00	$0.00

JAMRX vs. FSSNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JAMRX Janus Henderson Research Fund Class I	2.38%	18.32%	41.65%	43.02%	-30.03%	20.08%	32.67%	35.28%	-2.84%	25.89%
FSSNX Fidelity Small Cap Index Fund	18.92%	12.94%	11.71%	17.11%	-20.28%	14.70%	19.99%	25.70%	-11.24%	14.54%

Correlation

The correlation between JAMRX and FSSNX is 0.65, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.65
Correlation (3Y) Balances recent behavior with more history.	0.62
Correlation (5Y) Shows whether the relationship held over a longer period.	0.72
Correlation (10Y) Provides a long-term view across more market conditions.	0.71
Correlation (All Time) Calculated using the full available price history since Sep 9, 2011	0.76

The correlation between JAMRX and FSSNX shifts across timeframes, from 0.62 (3 years) to 0.76 (all time), reflecting how their relationship changes across market environments.

Return for Risk

JAMRX vs. FSSNX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

JAMRX

JAMRX Risk / Return Rank: 9
JAMRX Sharpe Ratio Rank: 9
JAMRX Sortino Ratio Rank: 9
JAMRX Omega Ratio Rank: 9
JAMRX Calmar Ratio Rank: 8
JAMRX Martin Ratio Rank: 9

FSSNX

FSSNX Risk / Return Rank: 76
FSSNX Sharpe Ratio Rank: 74
FSSNX Sortino Ratio Rank: 72
FSSNX Omega Ratio Rank: 64
FSSNX Calmar Ratio Rank: 87
FSSNX Martin Ratio Rank: 85

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

JAMRX vs. FSSNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson Research Fund Class I (JAMRX) and Fidelity Small Cap Index Fund (FSSNX). 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.

	JAMRX	FSSNX	Difference
Sharpe ratio: Return per unit of total volatility	0.38	1.78	-1.39
Sortino ratio: Return per unit of downside risk	0.66	2.53	-1.87
Omega ratio: Gain probability vs. loss probability	1.08	1.30	-0.22
Calmar ratio: Return relative to maximum drawdown	0.42	3.13	-2.72
Martin ratio: Return relative to average drawdown	1.32	11.12	-9.80

JAMRX vs. FSSNX - Sharpe Ratio Comparison

The current JAMRX Sharpe Ratio is 0.38, which is lower than the FSSNX Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of JAMRX and FSSNX, 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

JAMRX vs. FSSNX - Drawdown Comparison

The maximum JAMRX drawdown since its inception was -71.20%, which is greater than FSSNX's maximum drawdown of -41.72%. Use the drawdown chart below to compare losses from any high point for JAMRX and FSSNX.

Drawdown Indicators

	JAMRX	FSSNX	Difference
Max Drawdown Largest peak-to-trough decline	-71.20%	-41.72%	-29.48%
Max Drawdown (1Y) Largest decline over 1 year	-17.09%	-11.00%	-6.09%
Max Drawdown (3Y) Largest decline over 3 years	-22.66%	-27.45%	+4.79%
Max Drawdown (5Y) Largest decline over 5 years	-36.53%	-31.87%	-4.66%
Max Drawdown (10Y) Largest decline over 10 years	-36.53%	-41.72%	+5.19%
Current Drawdown Current decline from peak	-6.46%	-3.01%	-3.45%
Average Drawdown Average peak-to-trough decline	-21.56%	-8.22%	-13.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.37%	3.10%	+2.27%

Volatility

JAMRX vs. FSSNX - Volatility Comparison

Janus Henderson Research Fund Class I (JAMRX) has a higher volatility of 6.94% compared to Fidelity Small Cap Index Fund (FSSNX) at 3.82%. This indicates that JAMRX's price experiences larger fluctuations and is considered to be riskier than FSSNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JAMRX	FSSNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.94%	3.82%	+3.12%
Volatility (6M) Calculated over the trailing 6-month period	15.34%	14.15%	+1.19%
Volatility (1Y) Calculated over the trailing 1-year period	18.53%	19.42%	-0.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.53%	22.54%	-0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.54%	23.42%	-1.88%

JAMRX vs. FSSNX - Expense Ratio Comparison

JAMRX has a 0.64% expense ratio, which is higher than FSSNX's 0.03% expense ratio.

Dividends

JAMRX vs. FSSNX - Dividend Comparison

JAMRX's dividend yield for the trailing twelve months is around 11.70%, more than FSSNX's 1.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSSNX Fidelity Small Cap Index Fund	1.06%	1.08%	1.04%	1.43%	1.26%	3.92%	0.94%	2.96%	4.94%	3.37%	2.27%	2.66%
JAMRX Janus Henderson Research Fund Class I	11.70%	11.98%	10.22%	2.88%	0.28%	13.02%	2.91%	10.27%	10.92%	8.17%	5.60%	9.61%

Frequently Asked Questions

Can I hold both JAMRX and FSSNX in my portfolio?

JAMRX and FSSNX have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JAMRX or FSSNX?

JAMRX has higher volatility (6.94%) compared to FSSNX (3.82%). In terms of maximum drawdown, JAMRX dropped -71.20% vs FSSNX's -41.72%.

Which has better risk-adjusted returns?

FSSNX currently has the higher Sharpe Ratio (1.78 vs 0.38), 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.