JATTX vs. FSMD

Last updated Jun 24, 2026

JATTX (Janus Henderson Triton Fund Class T) and FSMD (Fidelity Small-Mid Multifactor ETF) are both Small Cap Growth Equities funds. Over the past 5 years, JATTX returned 4.26%/yr vs 10.30%/yr for FSMD. Their correlation of 0.90 suggests significant overlap in exposure. JATTX charges 0.91%/yr vs 0.29%/yr for FSMD.

Performance

JATTX vs. FSMD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Henderson Triton Fund Class T (JATTX) and Fidelity Small-Mid Multifactor ETF (FSMD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JATTX achieves a 15.03% return, which is significantly lower than FSMD's 17.21% return.

JATTX

• 1D: 1.16%
• 1M: 3.76%
• YTD: 15.03%
• 6M: 12.83%
• 1Y: 26.58%
• 3Y*: 14.29%
• 5Y*: 4.26%
• 10Y*: 10.88%

FSMD

• 1D: -1.31%
• 1M: 3.70%
• YTD: 17.21%
• 6M: 15.00%
• 1Y: 27.16%
• 3Y*: 18.35%
• 5Y*: 10.30%
• 10Y*: —

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

JATTX vs. FSMD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
JATTX Janus Henderson Triton Fund Class T	15.03%	9.54%	10.30%	14.52%	-23.75%	6.63%	28.41%	8.45%
FSMD Fidelity Small-Mid Multifactor ETF	17.21%	8.70%	15.18%	17.37%	-11.15%	26.40%	8.94%	8.81%

Correlation

The correlation between JATTX and FSMD is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (All Time) Calculated using the full available price history since Feb 28, 2019	0.90

The correlation between JATTX and FSMD has been stable across timeframes, ranging from 0.89 to 0.92 - a consistent structural relationship.

Return for Risk

JATTX vs. FSMD — Risk / Return Rank

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

JATTX

JATTX Risk / Return Rank: 43
JATTX Sharpe Ratio Rank: 39
JATTX Sortino Ratio Rank: 40
JATTX Omega Ratio Rank: 34
JATTX Calmar Ratio Rank: 49
JATTX Martin Ratio Rank: 55

FSMD

FSMD Risk / Return Rank: 58
FSMD Sharpe Ratio Rank: 53
FSMD Sortino Ratio Rank: 55
FSMD Omega Ratio Rank: 50
FSMD Calmar Ratio Rank: 67
FSMD Martin Ratio Rank: 66

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.

JATTX vs. FSMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson Triton Fund Class T (JATTX) and Fidelity Small-Mid Multifactor ETF (FSMD). 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.

	JATTX	FSMD	Difference
Sharpe ratio: Return per unit of total volatility	1.69	1.74	-0.05
Sortino ratio: Return per unit of downside risk	2.46	2.53	-0.06
Omega ratio: Gain probability vs. loss probability	1.29	1.30	-0.02
Calmar ratio: Return relative to maximum drawdown	2.55	3.23	-0.69
Martin ratio: Return relative to average drawdown	10.41	11.62	-1.22

JATTX vs. FSMD - Sharpe Ratio Comparison

The current JATTX Sharpe Ratio is 1.69, which is comparable to the FSMD Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of JATTX and FSMD, 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

JATTX vs. FSMD - Drawdown Comparison

The maximum JATTX drawdown since its inception was -57.77%, which is greater than FSMD's maximum drawdown of -40.67%. Use the drawdown chart below to compare losses from any high point for JATTX and FSMD.

Drawdown Indicators

	JATTX	FSMD	Difference
Max Drawdown Largest peak-to-trough decline	-57.77%	-40.67%	-17.10%
Max Drawdown (1Y) Largest decline over 1 year	-11.09%	-8.44%	-2.65%
Max Drawdown (3Y) Largest decline over 3 years	-23.90%	-22.16%	-1.74%
Max Drawdown (5Y) Largest decline over 5 years	-31.90%	-22.16%	-9.74%
Max Drawdown (10Y) Largest decline over 10 years	-39.71%	—	—
Current Drawdown Current decline from peak	0.00%	-1.31%	+1.31%
Average Drawdown Average peak-to-trough decline	-8.75%	-5.96%	-2.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.71%	2.34%	+0.37%

Volatility

JATTX vs. FSMD - Volatility Comparison

Janus Henderson Triton Fund Class T (JATTX) has a higher volatility of 5.70% compared to Fidelity Small-Mid Multifactor ETF (FSMD) at 5.08%. This indicates that JATTX's price experiences larger fluctuations and is considered to be riskier than FSMD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JATTX	FSMD	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.70%	5.08%	+0.62%
Volatility (6M) Calculated over the trailing 6-month period	13.20%	12.00%	+1.20%
Volatility (1Y) Calculated over the trailing 1-year period	16.76%	15.76%	+1.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.73%	18.54%	+1.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.63%	21.41%	-0.78%

JATTX vs. FSMD - Expense Ratio Comparison

JATTX has a 0.91% expense ratio, which is higher than FSMD's 0.29% expense ratio.

Dividends

JATTX vs. FSMD - Dividend Comparison

JATTX's dividend yield for the trailing twelve months is around 10.03%, more than FSMD's 1.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSMD Fidelity Small-Mid Multifactor ETF	1.24%	1.33%	1.29%	1.37%	1.54%	1.18%	1.32%	1.37%	0.00%	0.00%	0.00%	0.00%
JATTX Janus Henderson Triton Fund Class T	10.03%	11.54%	7.74%	7.29%	6.35%	20.71%	4.17%	4.30%	7.56%	5.11%	2.83%	7.89%

Frequently Asked Questions

Can I hold both JATTX and FSMD in my portfolio?

JATTX and FSMD have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JATTX or FSMD?

JATTX has higher volatility (5.70%) compared to FSMD (5.08%). In terms of maximum drawdown, JATTX dropped -57.77% vs FSMD's -40.67%.

Which has better risk-adjusted returns?

FSMD currently has the higher Sharpe Ratio (1.74 vs 1.69), 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.