JANEX vs. FMDGX

Last updated Apr 2, 2026

Compare and contrast key facts about Janus Henderson Enterprise Fund (JANEX) and Fidelity Mid Cap Growth Index Fund (FMDGX).

JANEX is managed by Janus Henderson. It was launched on Sep 1, 1992. FMDGX is managed by Fidelity. It was launched on Jul 11, 2019.

Performance

JANEX vs. FMDGX - Performance Comparison

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

JANEX vs. FMDGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
JANEX Janus Henderson Enterprise Fund	-5.96%	7.64%	15.25%	17.99%	-16.03%	17.02%	20.38%	5.75%
FMDGX Fidelity Mid Cap Growth Index Fund	-6.36%	8.60%	22.03%	25.79%	-26.67%	12.67%	34.84%	4.63%

Returns By Period

In the year-to-date period, JANEX achieves a -5.96% return, which is significantly higher than FMDGX's -6.36% return.

JANEX

• 1D: 2.72%
• 1M: -5.69%
• YTD: -5.96%
• 6M: -3.90%
• 1Y: 5.14%
• 3Y*: 8.26%
• 5Y*: 4.89%
• 10Y*: 11.55%

FMDGX

• 1D: 3.60%
• 1M: -6.39%
• YTD: -6.36%
• 6M: -9.60%
• 1Y: 8.49%
• 3Y*: 12.67%
• 5Y*: 4.92%
• 10Y*: —

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

JANEX vs. FMDGX - Expense Ratio Comparison

JANEX has a 0.79% expense ratio, which is higher than FMDGX's 0.05% expense ratio.

JANEX

Janus Henderson Enterprise Fund

FMDGX

Fidelity Mid Cap Growth Index Fund

Return for Risk

JANEX vs. FMDGX — Risk / Return Rank

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

JANEX

JANEX Risk / Return Rank: 12
JANEX Sharpe Ratio Rank: 11
JANEX Sortino Ratio Rank: 11
JANEX Omega Ratio Rank: 11
JANEX Calmar Ratio Rank: 15
JANEX Martin Ratio Rank: 15

FMDGX

FMDGX Risk / Return Rank: 16
FMDGX Sharpe Ratio Rank: 14
FMDGX Sortino Ratio Rank: 16
FMDGX Omega Ratio Rank: 14
FMDGX Calmar Ratio Rank: 20
FMDGX Martin Ratio Rank: 18

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. FMDGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson Enterprise Fund (JANEX) and Fidelity Mid Cap Growth Index Fund (FMDGX). 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.

	JANEX	FMDGX	Difference
Sharpe ratio Return per unit of total volatility	0.29	0.41	-0.12
Sortino ratio Return per unit of downside risk	0.55	0.76	-0.21
Omega ratio Gain probability vs. loss probability	1.07	1.10	-0.03
Calmar ratio Return relative to maximum drawdown	0.45	0.63	-0.18
Martin ratio Return relative to average drawdown	1.56	1.97	-0.41
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JANEX vs. FMDGX - Sharpe Ratio Comparison

The current JANEX Sharpe Ratio is 0.29, which is comparable to the FMDGX Sharpe Ratio of 0.41. The chart below compares the historical Sharpe Ratios of JANEX and FMDGX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	JANEX	FMDGX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.29	0.41	-0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	0.22	+0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.62	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.38	+0.05

Correlation

The correlation between JANEX and FMDGX is 0.90, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

JANEX vs. FMDGX - Dividend Comparison

JANEX's dividend yield for the trailing twelve months is around 7.99%, more than FMDGX's 1.98% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JANEX Janus Henderson Enterprise Fund	7.99%	7.51%	7.00%	7.52%	10.51%	15.98%	8.46%	4.45%	6.38%	1.78%	1.64%	3.64%
FMDGX Fidelity Mid Cap Growth Index Fund	1.98%	1.85%	0.47%	0.63%	0.81%	6.43%	0.36%	0.29%	0.00%	0.00%	0.00%	0.00%

Drawdowns

JANEX vs. FMDGX - Drawdown Comparison

The maximum JANEX drawdown since its inception was -79.85%, which is greater than FMDGX's maximum drawdown of -38.59%. Use the drawdown chart below to compare losses from any high point for JANEX and FMDGX.

Drawdown Indicators

	JANEX	FMDGX	Difference
Max Drawdown Largest peak-to-trough decline	-79.85%	-38.59%	-41.26%
Max Drawdown (1Y) Largest decline over 1 year	-12.56%	-14.75%	+2.19%
Max Drawdown (5Y) Largest decline over 5 years	-24.24%	-38.59%	+14.35%
Max Drawdown (10Y) Largest decline over 10 years	-38.24%	—	—
Current Drawdown Current decline from peak	-8.99%	-11.68%	+2.69%
Average Drawdown Average peak-to-trough decline	-25.23%	-11.34%	-13.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.60%	4.70%	-1.10%

Volatility

JANEX vs. FMDGX - Volatility Comparison

The current volatility for Janus Henderson Enterprise Fund (JANEX) is 5.41%, while Fidelity Mid Cap Growth Index Fund (FMDGX) has a volatility of 6.94%. This indicates that JANEX experiences smaller price fluctuations and is considered to be less risky than FMDGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JANEX	FMDGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.41%	6.94%	-1.53%
Volatility (6M) Calculated over the trailing 6-month period	10.46%	13.16%	-2.70%
Volatility (1Y) Calculated over the trailing 1-year period	18.67%	23.17%	-4.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.62%	22.41%	-4.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.67%	24.50%	-5.83%