JARTX vs. VMGAX

Last updated Jun 25, 2026

JARTX (Janus Henderson Forty Fund) and VMGAX (Vanguard Mega Cap Growth Index Fund Institutional Shares) are both Large Cap Growth Equities funds. Over the past 10 years, JARTX returned 16.24%/yr vs 18.98%/yr for VMGAX. Their correlation of 0.95 suggests significant overlap in exposure. JARTX charges 1.20%/yr vs 0.06%/yr for VMGAX.

Performance

JARTX vs. VMGAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Henderson Forty Fund (JARTX) and Vanguard Mega Cap Growth Index Fund Institutional Shares (VMGAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JARTX achieves a 0.94% return, which is significantly lower than VMGAX's 3.62% return. Over the past 10 years, JARTX has underperformed VMGAX with an annualized return of 16.24%, while VMGAX has yielded a comparatively higher 18.98% annualized return.

JARTX

• 1D: -2.65%
• 1M: -2.72%
• YTD: 0.94%
• 6M: -0.12%
• 1Y: 12.47%
• 3Y*: 19.71%
• 5Y*: 8.45%
• 10Y*: 16.24%

VMGAX

• 1D: -2.15%
• 1M: -3.94%
• YTD: 3.62%
• 6M: 2.13%
• 1Y: 19.91%
• 3Y*: 23.32%
• 5Y*: 13.85%
• 10Y*: 18.98%

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

JARTX vs. VMGAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JARTX Janus Henderson Forty Fund	0.94%	17.88%	27.76%	39.50%	-33.81%	22.30%	38.69%	36.30%	1.10%	29.05%
VMGAX Vanguard Mega Cap Growth Index Fund Institutional Shares	3.62%	20.73%	32.98%	51.57%	-33.55%	28.50%	41.02%	37.54%	-2.86%	29.49%

Correlation

The correlation between JARTX and VMGAX is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Dec 27, 2007	0.95

The correlation between JARTX and VMGAX has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.

Return for Risk

JARTX vs. VMGAX — Risk / Return Rank

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

JARTX

JARTX Risk / Return Rank: 10
JARTX Sharpe Ratio Rank: 11
JARTX Sortino Ratio Rank: 11
JARTX Omega Ratio Rank: 11
JARTX Calmar Ratio Rank: 9
JARTX Martin Ratio Rank: 10

VMGAX

VMGAX Risk / Return Rank: 20
VMGAX Sharpe Ratio Rank: 23
VMGAX Sortino Ratio Rank: 21
VMGAX Omega Ratio Rank: 22
VMGAX Calmar Ratio Rank: 16
VMGAX 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.

JARTX vs. VMGAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson Forty Fund (JARTX) and Vanguard Mega Cap Growth Index Fund Institutional Shares (VMGAX). 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.

	JARTX	VMGAX	Difference
Sharpe ratio: Return per unit of total volatility	0.80	1.25	-0.45
Sortino ratio: Return per unit of downside risk	1.18	1.75	-0.57
Omega ratio: Gain probability vs. loss probability	1.15	1.22	-0.07
Calmar ratio: Return relative to maximum drawdown	0.78	1.29	-0.51
Martin ratio: Return relative to average drawdown	2.49	4.36	-1.87

JARTX vs. VMGAX - Sharpe Ratio Comparison

The current JARTX Sharpe Ratio is 0.80, which is lower than the VMGAX Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of JARTX and VMGAX, 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

JARTX vs. VMGAX - Drawdown Comparison

The maximum JARTX drawdown since its inception was -56.70%, which is greater than VMGAX's maximum drawdown of -47.97%. Use the drawdown chart below to compare losses from any high point for JARTX and VMGAX.

Drawdown Indicators

	JARTX	VMGAX	Difference
Max Drawdown Largest peak-to-trough decline	-56.70%	-47.97%	-8.73%
Max Drawdown (1Y) Largest decline over 1 year	-19.19%	-16.78%	-2.41%
Max Drawdown (3Y) Largest decline over 3 years	-22.22%	-23.45%	+1.23%
Max Drawdown (5Y) Largest decline over 5 years	-41.09%	-36.03%	-5.06%
Max Drawdown (10Y) Largest decline over 10 years	-41.09%	-36.03%	-5.06%
Current Drawdown Current decline from peak	-7.22%	-7.16%	-0.06%
Average Drawdown Average peak-to-trough decline	-16.81%	-7.43%	-9.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.00%	4.97%	+1.03%

Volatility

JARTX vs. VMGAX - Volatility Comparison

Janus Henderson Forty Fund (JARTX) has a higher volatility of 8.02% compared to Vanguard Mega Cap Growth Index Fund Institutional Shares (VMGAX) at 7.12%. This indicates that JARTX's price experiences larger fluctuations and is considered to be riskier than VMGAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JARTX	VMGAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.02%	7.12%	+0.90%
Volatility (6M) Calculated over the trailing 6-month period	14.98%	13.82%	+1.16%
Volatility (1Y) Calculated over the trailing 1-year period	18.78%	17.38%	+1.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.21%	22.88%	-0.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.54%	21.97%	-0.43%

JARTX vs. VMGAX - Expense Ratio Comparison

JARTX has a 1.20% expense ratio, which is higher than VMGAX's 0.06% expense ratio.

Dividends

JARTX vs. VMGAX - Dividend Comparison

JARTX's dividend yield for the trailing twelve months is around 13.53%, more than VMGAX's 0.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JARTX Janus Henderson Forty Fund	13.53%	13.65%	11.51%	9.10%	0.06%	10.26%	8.38%	7.05%	8.95%	14.50%	6.57%	15.93%
VMGAX Vanguard Mega Cap Growth Index Fund Institutional Shares	0.34%	0.36%	0.44%	0.51%	0.71%	0.42%	0.65%	0.86%	1.13%	1.23%	1.53%	1.44%

Frequently Asked Questions

Can I hold both JARTX and VMGAX in my portfolio?

With a correlation of 0.93, JARTX and VMGAX 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, JARTX or VMGAX?

JARTX has higher volatility (8.02%) compared to VMGAX (7.12%). In terms of maximum drawdown, JARTX dropped -56.70% vs VMGAX's -47.97%.

Which has better risk-adjusted returns?

VMGAX currently has the higher Sharpe Ratio (1.25 vs 0.80), 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.