JANEX vs. JSMD

Last updated Jun 24, 2026

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 13.07%/yr vs 13.87%/yr for JSMD. Their correlation of 0.87 suggests significant overlap in exposure. JANEX charges 0.79%/yr vs 0.30%/yr for JSMD.

Performance

JANEX vs. JSMD - Performance Comparison

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

Returns By Period

In the year-to-date period, JANEX achieves a 7.13% return, which is significantly lower than JSMD's 19.16% return. Over the past 10 years, JANEX has underperformed JSMD with an annualized return of 13.07%, while JSMD has yielded a comparatively higher 13.87% annualized return.

JANEX

• 1D: 0.71%
• 1M: 2.27%
• YTD: 7.13%
• 6M: 5.33%
• 1Y: 13.83%
• 3Y*: 12.83%
• 5Y*: 7.12%
• 10Y*: 13.07%

JSMD

• 1D: -1.55%
• 1M: 4.18%
• YTD: 19.16%
• 6M: 15.79%
• 1Y: 28.16%
• 3Y*: 18.47%
• 5Y*: 8.05%
• 10Y*: 13.87%

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

JANEX vs. JSMD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JANEX Janus Henderson Enterprise Fund	7.13%	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	19.16%	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 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Feb 25, 2016	0.87

The correlation between JANEX and JSMD has been stable across timeframes, ranging from 0.85 to 0.90 - a consistent structural relationship.

Return for Risk

JANEX vs. JSMD — 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: 15
JANEX Calmar Ratio Rank: 15
JANEX Martin Ratio Rank: 19

JSMD

JSMD Risk / Return Rank: 39
JSMD Sharpe Ratio Rank: 39
JSMD Sortino Ratio Rank: 38
JSMD Omega Ratio Rank: 36
JSMD Calmar Ratio Rank: 40
JSMD Martin Ratio Rank: 42

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. 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 ratio: Return per unit of total volatility	1.04	1.30	-0.26
Sortino ratio: Return per unit of downside risk	1.56	1.87	-0.31
Omega ratio: Gain probability vs. loss probability	1.18	1.23	-0.04
Calmar ratio: Return relative to maximum drawdown	1.30	1.90	-0.60
Martin ratio: Return relative to average drawdown	4.51	6.44	-1.93

JANEX vs. JSMD - Sharpe Ratio Comparison

The current JANEX Sharpe Ratio is 1.04, which is comparable to the JSMD Sharpe Ratio of 1.30. The chart below compares the historical Sharpe Ratios of JANEX and JSMD, 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. 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.

Drawdown Indicators

	JANEX	JSMD	Difference
Max Drawdown Largest 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 Drawdown Current decline from peak	-0.59%	-1.55%	+0.96%
Average Drawdown Average peak-to-trough decline	-25.08%	-7.45%	-17.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.28%	4.39%	-1.11%

Volatility

JANEX vs. JSMD - Volatility Comparison

The current volatility for Janus Henderson Enterprise Fund (JANEX) is 4.85%, while Janus Henderson Small/Mid Cap Growth Alpha ETF (JSMD) has a volatility of 7.47%. 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.

Volatility by Period

	JANEX	JSMD	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.85%	7.47%	-2.62%
Volatility (6M) Calculated over the trailing 6-month period	11.22%	17.05%	-5.83%
Volatility (1Y) Calculated over the trailing 1-year period	14.25%	21.80%	-7.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.75%	23.01%	-5.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.75%	22.83%	-4.08%

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 7.01%, more than JSMD's 0.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JANEX Janus Henderson Enterprise Fund	7.01%	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	0.46%	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

Can I hold both JANEX and JSMD in my portfolio?

JANEX and JSMD have a correlation of 0.85, 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 JSMD?

JSMD has higher volatility (7.47%) compared to JANEX (4.85%). In terms of maximum drawdown, JANEX dropped -79.85% vs JSMD's -38.98%.

Which has better risk-adjusted returns?

JSMD currently has the higher Sharpe Ratio (1.30 vs 1.04), 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.