JANEX vs. JSMD
JANEX (Janus Henderson Enterprise Fund) and JSMD (Janus Henderson Small/Mid Cap Growth Alpha ETF) are both Mid Cap Growth Equities funds from Janus Henderson. Over the past 10 years, JANEX returned 12.37%/yr vs 12.75%/yr for JSMD. Their correlation of 0.86 means they have usually moved in the same direction. JANEX charges 0.79%/yr vs 0.30%/yr for JSMD.
Performance
JANEX vs. JSMD - Performance Comparison
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Returns By Period
In the year-to-date period, JANEX achieves a 7.83% return, which is significantly lower than JSMD's 13.78% return. Both investments have delivered pretty close results over the past 10 years, with JANEX having a 12.37% annualized return and JSMD not far ahead at 12.75%.
JANEX
- 1D
- 0.28%
- 1M
- -0.93%
- 6M
- 7.93%
- YTD
- 7.83%
- 1Y
- 12.57%
- 3Y*
- 10.82%
- 5Y*
- 6.55%
- 10Y*
- 12.37%
- ALL TIME*
- 9.87%
JSMD
- 1D
- -1.00%
- 1M
- -5.25%
- 6M
- 9.33%
- YTD
- 13.78%
- 1Y
- 19.38%
- 3Y*
- 13.42%
- 5Y*
- 7.00%
- 10Y*
- 12.75%
- ALL TIME*
- 13.74%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $5.67M | $7.18M | $7.83M |
JANEX vs. JSMD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
JANEX Janus Henderson Enterprise Fund | 7.83% | 7.64% | 15.25% | 17.99% | -16.03% | 17.02% | 20.38% | 35.22% | -0.95% | 26.36% |
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF | 13.78% | 9.25% | 15.08% | 26.81% | -22.84% | 8.40% | 30.79% | 31.05% | -4.73% | 24.46% |
Correlation
The correlation between JANEX and JSMD is 0.82, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.82 |
Correlation (3Y) Balances recent behavior with more history. | 0.86 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.90 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.87 |
Correlation (All Time) Calculated using the full available price history since Feb 25, 2016 | 0.86 |
The correlation between JANEX and JSMD has been stable across timeframes, ranging from 0.82 to 0.90 - a consistent structural relationship.
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Return for Risk
JANEX vs. JSMD — Risk / Return Rank
JANEX
JSMD
JANEX vs. JSMD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Janus Henderson Enterprise Fund (JANEX) and Janus Henderson Small/Mid Cap Growth Alpha ETF (JSMD). 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 | JSMD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.03 | ||
| Sortino ratioReturn per unit of downside risk | -0.06 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.14 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.94 | 1.18 | -0.23 |
| Martin ratioReturn relative to average drawdown | 3.29 | 3.73 | -0.44 |
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Drawdowns
JANEX vs. JSMD - Drawdown Comparison
The maximum JANEX drawdown since its inception was -79.85%, which is greater than JSMD's maximum drawdown of -38.98%. Use the drawdown chart below to compare losses from any high point for JANEX and JSMD.
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Drawdown Indicators
| JANEX | JSMD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -79.85% | -38.98% | -40.87% |
Max Drawdown (1Y)Largest decline over 1 year | -11.40% | -14.86% | +3.46% |
Max Drawdown (3Y)Largest decline over 3 years | -19.57% | -24.01% | +4.44% |
Max Drawdown (5Y)Largest decline over 5 years | -24.24% | -32.18% | +7.94% |
Max Drawdown (10Y)Largest decline over 10 years | -38.24% | -38.98% | +0.74% |
Current DrawdownCurrent decline from peak | -1.33% | -8.50% | +7.17% |
Average DrawdownAverage peak-to-trough decline | -25.00% | -7.42% | -17.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.26% | 4.67% | -1.41% |
Volatility
JANEX vs. JSMD - Volatility Comparison
The current volatility for Janus Henderson Enterprise Fund (JANEX) is 3.03%, while Janus Henderson Small/Mid Cap Growth Alpha ETF (JSMD) has a volatility of 6.39%. This indicates that JANEX experiences smaller price fluctuations and is considered to be less risky than JSMD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| JANEX | JSMD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.03% | 6.39% | -3.36% |
Volatility (6M)Calculated over the trailing 6-month period | 11.34% | 17.88% | -6.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.38% | 22.52% | -8.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.73% | 23.12% | -5.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.68% | 22.85% | -4.17% |
JANEX vs. JSMD - Expense Ratio Comparison
JANEX has a 0.79% expense ratio, which is higher than JSMD's 0.30% expense ratio.
Dividends
JANEX vs. JSMD - Dividend Comparison
JANEX's dividend yield for the trailing twelve months is around 6.97%, more than JSMD's 0.44% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
JANEX Janus Henderson Enterprise Fund | 6.97% | 7.51% | 7.00% | 7.52% | 10.51% | 15.98% | 8.46% | 4.45% | 6.38% | 1.78% | 1.64% | 3.64% |
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF | 0.44% | 0.54% | 0.76% | 0.44% | 0.40% | 0.28% | 0.24% | 0.32% | 0.53% | 0.30% | 0.36% | 0.00% |
Frequently Asked Questions
JANEX and JSMD have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
JSMD has higher volatility (6.39%) compared to JANEX (3.03%). In terms of maximum drawdown, JANEX dropped -79.85% vs JSMD's -38.98%.
JSMD currently has the higher Sharpe Ratio (0.78 vs 0.75), 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.
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