JAMRX vs. SWPPX

Last updated Jun 3, 2026

JAMRX (Janus Henderson Research Fund Class I) and SWPPX (Schwab S&P 500 Index Fund) are both mutual funds - JAMRX is a Large Cap Growth Equities fund actively managed by Janus Henderson, while SWPPX is a Large Cap Blend Equities fund tracking the S&P 500 Index. JAMRX is actively managed, while SWPPX is passively managed. Over the past 10 years, JAMRX returned 17.26%/yr vs 15.62%/yr for SWPPX. Their correlation of 0.91 suggests significant overlap in exposure. JAMRX charges 0.64%/yr vs 0.02%/yr for SWPPX.

Performance

JAMRX vs. SWPPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Henderson Research Fund Class I (JAMRX) and Schwab S&P 500 Index Fund (SWPPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JAMRX achieves a 9.45% return, which is significantly lower than SWPPX's 11.52% return. Over the past 10 years, JAMRX has outperformed SWPPX with an annualized return of 17.26%, while SWPPX has yielded a comparatively lower 15.62% annualized return.

JAMRX

• 1D: 1.31%
• 1M: 7.77%
• YTD: 9.45%
• 6M: 8.62%
• 1Y: 26.52%
• 3Y*: 28.36%
• 5Y*: 15.73%
• 10Y*: 17.26%

SWPPX

• 1D: 0.26%
• 1M: 5.22%
• YTD: 11.52%
• 6M: 11.92%
• 1Y: 29.52%
• 3Y*: 22.67%
• 5Y*: 14.15%
• 10Y*: 15.62%

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

JAMRX vs. SWPPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JAMRX Janus Henderson Research Fund Class I	9.45%	18.32%	41.65%	43.02%	-30.03%	20.08%	32.67%	35.28%	-2.84%	25.89%
SWPPX Schwab S&P 500 Index Fund	11.52%	17.87%	24.96%	26.26%	-18.14%	28.67%	18.38%	31.46%	-4.47%	21.81%

Correlation

The correlation between JAMRX and SWPPX is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since May 21, 1997	0.91

The correlation between JAMRX and SWPPX has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.

Return for Risk

JAMRX vs. SWPPX — Risk / Return Rank

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

JAMRX

JAMRX Risk / Return Rank: 28
JAMRX Sharpe Ratio Rank: 36
JAMRX Sortino Ratio Rank: 32
JAMRX Omega Ratio Rank: 33
JAMRX Calmar Ratio Rank: 18
JAMRX Martin Ratio Rank: 20

SWPPX

SWPPX Risk / Return Rank: 74
SWPPX Sharpe Ratio Rank: 77
SWPPX Sortino Ratio Rank: 68
SWPPX Omega Ratio Rank: 68
SWPPX Calmar Ratio Rank: 74
SWPPX Martin Ratio Rank: 84

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.

JAMRX vs. SWPPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson Research Fund Class I (JAMRX) and Schwab S&P 500 Index Fund (SWPPX). 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.

	JAMRX	SWPPX	Difference
Sharpe ratio Return per unit of total volatility	1.74	2.54	-0.80
Sortino ratio Return per unit of downside risk	2.38	3.44	-1.07
Omega ratio Gain probability vs. loss probability	1.30	1.46	-0.16
Calmar ratio Return relative to maximum drawdown	1.60	3.38	-1.78
Martin ratio Return relative to average drawdown	5.53	15.82	-10.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JAMRX vs. SWPPX - Sharpe Ratio Comparison

The current JAMRX Sharpe Ratio is 1.74, which is lower than the SWPPX Sharpe Ratio of 2.54. The chart below compares the historical Sharpe Ratios of JAMRX and SWPPX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	JAMRX	SWPPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.74	2.54	-0.80
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.71	0.84	-0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.81	0.86	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	0.51	+0.08

Drawdowns

JAMRX vs. SWPPX - Drawdown Comparison

The maximum JAMRX drawdown since its inception was -71.20%, which is greater than SWPPX's maximum drawdown of -55.06%. Use the drawdown chart below to compare losses from any high point for JAMRX and SWPPX.

Drawdown Indicators

	JAMRX	SWPPX	Difference
Max Drawdown Largest peak-to-trough decline	-71.20%	-55.06%	-16.14%
Max Drawdown (1Y) Largest decline over 1 year	-17.09%	-8.89%	-8.20%
Max Drawdown (3Y) Largest decline over 3 years	-22.66%	-18.74%	-3.92%
Max Drawdown (5Y) Largest decline over 5 years	-36.53%	-24.51%	-12.02%
Max Drawdown (10Y) Largest decline over 10 years	-36.53%	-33.80%	-2.73%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-21.65%	-9.95%	-11.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.95%	1.90%	+3.05%

Volatility

JAMRX vs. SWPPX - Volatility Comparison

Janus Henderson Research Fund Class I (JAMRX) has a higher volatility of 3.73% compared to Schwab S&P 500 Index Fund (SWPPX) at 2.83%. This indicates that JAMRX's price experiences larger fluctuations and is considered to be riskier than SWPPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JAMRX	SWPPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.73%	2.83%	+0.90%
Volatility (6M) Calculated over the trailing 6-month period	12.33%	8.99%	+3.34%
Volatility (1Y) Calculated over the trailing 1-year period	15.90%	11.90%	+4.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.13%	16.93%	+5.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.37%	18.23%	+3.14%

JAMRX vs. SWPPX - Expense Ratio Comparison

JAMRX has a 0.64% expense ratio, which is higher than SWPPX's 0.02% expense ratio.

Dividends

JAMRX vs. SWPPX - Dividend Comparison

JAMRX's dividend yield for the trailing twelve months is around 10.94%, more than SWPPX's 0.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JAMRX Janus Henderson Research Fund Class I	10.94%	11.98%	10.22%	2.88%	0.28%	13.02%	2.91%	10.27%	10.92%	8.17%	5.60%	9.61%
SWPPX Schwab S&P 500 Index Fund	0.99%	1.11%	1.23%	1.43%	1.67%	1.27%	1.81%	1.95%	2.67%	1.79%	2.55%	3.17%

Frequently Asked Questions

Can I hold both JAMRX and SWPPX in my portfolio?

With a correlation of 0.91, JAMRX and SWPPX 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, JAMRX or SWPPX?

JAMRX has higher volatility (3.73%) compared to SWPPX (2.83%). In terms of maximum drawdown, JAMRX dropped -71.20% vs SWPPX's -55.06%.

Which has better risk-adjusted returns?

SWPPX currently has the higher Sharpe Ratio (2.54 vs 1.74), 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.