JAMRX vs. VOO

Last updated Jun 3, 2026

JAMRX (Janus Henderson Research Fund Class I) and VOO (Vanguard S&P 500 ETF) are both funds - JAMRX is a Large Cap Growth Equities fund actively managed by Janus Henderson, while VOO is a S&P 500 fund tracking the S&P 500 Index. JAMRX is actively managed, while VOO is passively managed. Over the past 10 years, JAMRX returned 17.26%/yr vs 15.65%/yr for VOO. Their correlation of 0.94 suggests significant overlap in exposure. JAMRX charges 0.64%/yr vs 0.03%/yr for VOO.

Performance

JAMRX vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Henderson Research Fund Class I (JAMRX) and Vanguard S&P 500 ETF (VOO). 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 VOO's 11.69% return. Over the past 10 years, JAMRX has outperformed VOO with an annualized return of 17.26%, while VOO has yielded a comparatively lower 15.65% 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%

VOO

• 1D: 0.14%
• 1M: 5.39%
• YTD: 11.69%
• 6M: 12.11%
• 1Y: 29.68%
• 3Y*: 22.73%
• 5Y*: 14.26%
• 10Y*: 15.65%

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

JAMRX vs. VOO - 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%
VOO Vanguard S&P 500 ETF	11.69%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-4.50%	21.77%

Correlation

The correlation between JAMRX and VOO 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	0.91
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 Sep 10, 2010	0.94

The correlation between JAMRX and VOO has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.

Return for Risk

JAMRX vs. VOO — 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

VOO

VOO Risk / Return Rank: 75
VOO Sharpe Ratio Rank: 77
VOO Sortino Ratio Rank: 75
VOO Omega Ratio Rank: 76
VOO Calmar Ratio Rank: 68
VOO Martin Ratio Rank: 80

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. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson Research Fund Class I (JAMRX) and Vanguard S&P 500 ETF (VOO). 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	VOO	Difference
Sharpe ratio Return per unit of total volatility	1.74	2.53	-0.79
Sortino ratio Return per unit of downside risk	2.38	3.43	-1.05
Omega ratio Gain probability vs. loss probability	1.30	1.46	-0.16
Calmar ratio Return relative to maximum drawdown	1.60	3.42	-1.82
Martin ratio Return relative to average drawdown	5.53	15.95	-10.42
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. VOO - Sharpe Ratio Comparison

The current JAMRX Sharpe Ratio is 1.74, which is lower than the VOO Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of JAMRX and VOO, 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	VOO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.74	2.53	-0.79
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.71	0.85	-0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.81	0.87	-0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	0.89	-0.29

Drawdowns

JAMRX vs. VOO - Drawdown Comparison

The maximum JAMRX drawdown since its inception was -71.20%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for JAMRX and VOO.

Drawdown Indicators

	JAMRX	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-71.20%	-33.99%	-37.21%
Max Drawdown (1Y) Largest decline over 1 year	-17.09%	-8.90%	-8.19%
Max Drawdown (3Y) Largest decline over 3 years	-22.66%	-18.69%	-3.97%
Max Drawdown (5Y) Largest decline over 5 years	-36.53%	-24.52%	-12.01%
Max Drawdown (10Y) Largest decline over 10 years	-36.53%	-33.99%	-2.54%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-21.65%	-3.69%	-17.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.95%	1.91%	+3.04%

Volatility

JAMRX vs. VOO - Volatility Comparison

Janus Henderson Research Fund Class I (JAMRX) has a higher volatility of 3.73% compared to Vanguard S&P 500 ETF (VOO) at 2.74%. This indicates that JAMRX's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JAMRX	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.73%	2.74%	+0.99%
Volatility (6M) Calculated over the trailing 6-month period	12.33%	8.88%	+3.45%
Volatility (1Y) Calculated over the trailing 1-year period	15.90%	11.78%	+4.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.13%	16.81%	+5.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.37%	18.01%	+3.36%

JAMRX vs. VOO - Expense Ratio Comparison

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

Dividends

JAMRX vs. VOO - Dividend Comparison

JAMRX's dividend yield for the trailing twelve months is around 10.94%, more than VOO's 1.02% 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%
VOO Vanguard S&P 500 ETF	1.02%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both JAMRX and VOO in my portfolio?

With a correlation of 0.91, JAMRX and VOO 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 VOO?

JAMRX has higher volatility (3.73%) compared to VOO (2.74%). In terms of maximum drawdown, JAMRX dropped -71.20% vs VOO's -33.99%.

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (2.53 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.