JANEX vs. FISMX

Last updated Jun 16, 2026

JANEX (Janus Henderson Enterprise Fund) and FISMX (Fidelity International Small Cap Fund) are both mutual funds - JANEX is a Mid Cap Growth Equities fund managed by Janus Henderson, while FISMX is a Foreign Small & Mid Cap Equities fund managed by Fidelity. Over the past 10 years, JANEX returned 12.82%/yr vs 9.23%/yr for FISMX. A 0.63 correlation means they provide meaningful diversification when combined. JANEX charges 0.79%/yr vs 1.01%/yr for FISMX.

Performance

JANEX vs. FISMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Henderson Enterprise Fund (JANEX) and Fidelity International Small Cap Fund (FISMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JANEX achieves a 6.82% return, which is significantly lower than FISMX's 9.34% return. Over the past 10 years, JANEX has outperformed FISMX with an annualized return of 12.82%, while FISMX has yielded a comparatively lower 9.23% annualized return.

JANEX

• 1D: 0.17%
• 1M: 3.74%
• YTD: 6.82%
• 6M: 6.03%
• 1Y: 14.78%
• 3Y*: 12.30%
• 5Y*: 6.94%
• 10Y*: 12.82%

FISMX

• 1D: 0.55%
• 1M: 0.73%
• YTD: 9.34%
• 6M: 10.06%
• 1Y: 17.15%
• 3Y*: 13.51%
• 5Y*: 6.09%
• 10Y*: 9.23%

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

JANEX vs. FISMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JANEX Janus Henderson Enterprise Fund	6.82%	7.64%	15.25%	17.99%	-16.03%	17.02%	20.38%	35.22%	-0.95%	26.36%
FISMX Fidelity International Small Cap Fund	9.34%	24.73%	0.05%	19.62%	-16.66%	13.44%	9.98%	21.45%	-16.08%	31.58%

Correlation

The correlation between JANEX and FISMX is 0.64, 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	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (10Y) Calculated over the trailing 10-year period	0.68
Correlation (All Time) Calculated using the full available price history since Sep 19, 2002	0.63

The correlation between JANEX and FISMX has been stable across timeframes, ranging from 0.63 to 0.71 - a consistent structural relationship.

Return for Risk

JANEX vs. FISMX — Risk / Return Rank

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

JANEX

JANEX Risk / Return Rank: 16
JANEX Sharpe Ratio Rank: 15
JANEX Sortino Ratio Rank: 16
JANEX Omega Ratio Rank: 14
JANEX Calmar Ratio Rank: 15
JANEX Martin Ratio Rank: 17

FISMX

FISMX Risk / Return Rank: 25
FISMX Sharpe Ratio Rank: 25
FISMX Sortino Ratio Rank: 26
FISMX Omega Ratio Rank: 27
FISMX Calmar Ratio Rank: 22
FISMX Martin Ratio Rank: 25

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.

JANEX vs. FISMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson Enterprise Fund (JANEX) and Fidelity International Small Cap Fund (FISMX). 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.

	JANEX	FISMX	Difference
Sharpe ratio: Return per unit of total volatility	0.93	1.25	-0.32
Sortino ratio: Return per unit of downside risk	1.41	1.84	-0.43
Omega ratio: Gain probability vs. loss probability	1.17	1.24	-0.07
Calmar ratio: Return relative to maximum drawdown	1.15	1.50	-0.34
Martin ratio: Return relative to average drawdown	4.01	5.27	-1.26

JANEX vs. FISMX - Sharpe Ratio Comparison

The current JANEX Sharpe Ratio is 0.93, which is comparable to the FISMX Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of JANEX and FISMX, 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

JANEX vs. FISMX - Drawdown Comparison

The maximum JANEX drawdown since its inception was -79.85%, which is greater than FISMX's maximum drawdown of -60.94%. Use the drawdown chart below to compare losses from any high point for JANEX and FISMX.

Drawdown Indicators

	JANEX	FISMX	Difference
Max Drawdown Largest peak-to-trough decline	-79.85%	-60.94%	-18.91%
Max Drawdown (1Y) Largest decline over 1 year	-11.40%	-10.71%	-0.69%
Max Drawdown (3Y) Largest decline over 3 years	-19.57%	-12.70%	-6.87%
Max Drawdown (5Y) Largest decline over 5 years	-24.24%	-31.07%	+6.83%
Max Drawdown (10Y) Largest decline over 10 years	-38.24%	-38.80%	+0.56%
Current Drawdown Current decline from peak	-0.85%	-1.83%	+0.98%
Average Drawdown Average peak-to-trough decline	-25.09%	-10.63%	-14.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.28%	3.04%	+0.24%

Volatility

JANEX vs. FISMX - Volatility Comparison

Janus Henderson Enterprise Fund (JANEX) and Fidelity International Small Cap Fund (FISMX) have volatilities of 4.61% and 4.85%, 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

	JANEX	FISMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.61%	4.85%	-0.24%
Volatility (6M) Calculated over the trailing 6-month period	10.98%	10.81%	+0.17%
Volatility (1Y) Calculated over the trailing 1-year period	14.13%	12.78%	+1.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.72%	13.66%	+4.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.73%	14.08%	+4.65%

JANEX vs. FISMX - Expense Ratio Comparison

JANEX has a 0.79% expense ratio, which is lower than FISMX's 1.01% expense ratio.

Dividends

JANEX vs. FISMX - Dividend Comparison

JANEX's dividend yield for the trailing twelve months is around 7.03%, more than FISMX's 3.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FISMX Fidelity International Small Cap Fund	3.28%	3.58%	2.64%	1.87%	0.70%	7.28%	0.83%	2.32%	6.14%	2.46%	2.70%	2.80%
JANEX Janus Henderson Enterprise Fund	7.03%	7.51%	7.00%	7.52%	10.51%	15.98%	8.46%	4.45%	6.38%	1.78%	1.64%	3.64%

Frequently Asked Questions

Can I hold both JANEX and FISMX in my portfolio?

JANEX and FISMX have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JANEX or FISMX?

FISMX has higher volatility (4.85%) compared to JANEX (4.61%). In terms of maximum drawdown, JANEX dropped -79.85% vs FISMX's -60.94%.

Which has better risk-adjusted returns?

FISMX currently has the higher Sharpe Ratio (1.25 vs 0.93), 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.