JDBAX vs. SPY

Last updated Jun 4, 2026

JDBAX (Janus Henderson Balanced Fund Class A) and SPY (State Street SPDR S&P 500 ETF) are both funds - JDBAX is a Diversified Portfolio fund managed by Janus Henderson, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, JDBAX returned 10.95%/yr vs 15.49%/yr for SPY. Their correlation of 0.93 suggests significant overlap in exposure. JDBAX charges 0.89%/yr vs 0.09%/yr for SPY.

Performance

JDBAX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Henderson Balanced Fund Class A (JDBAX) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JDBAX achieves a 3.84% return, which is significantly lower than SPY's 10.91% return. Over the past 10 years, JDBAX has underperformed SPY with an annualized return of 10.95%, while SPY has yielded a comparatively higher 15.49% annualized return.

JDBAX

• 1D: 0.00%
• 1M: 3.13%
• YTD: 3.84%
• 6M: 3.83%
• 1Y: 14.97%
• 3Y*: 15.57%
• 5Y*: 8.84%
• 10Y*: 10.95%

SPY

• 1D: -0.70%
• 1M: 5.05%
• YTD: 10.91%
• 6M: 10.91%
• 1Y: 27.98%
• 3Y*: 22.35%
• 5Y*: 13.83%
• 10Y*: 15.49%

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

JDBAX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JDBAX Janus Henderson Balanced Fund Class A	3.84%	14.78%	20.54%	15.17%	-16.75%	16.99%	14.14%	25.01%	0.39%	18.23%
SPY State Street SPDR S&P 500 ETF	10.91%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between JDBAX and SPY is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Jan 26, 2005	0.93

The correlation between JDBAX and SPY has been stable across timeframes, ranging from 0.93 to 0.95 - a consistent structural relationship.

Return for Risk

JDBAX vs. SPY — Risk / Return Rank

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

JDBAX

JDBAX Risk / Return Rank: 35
JDBAX Sharpe Ratio Rank: 37
JDBAX Sortino Ratio Rank: 37
JDBAX Omega Ratio Rank: 37
JDBAX Calmar Ratio Rank: 26
JDBAX Martin Ratio Rank: 37

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 75

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.

JDBAX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson Balanced Fund Class A (JDBAX) and State Street SPDR S&P 500 ETF (SPY). 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.

	JDBAX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.77	2.38	-0.61
Sortino ratio: Return per unit of downside risk	2.54	3.24	-0.70
Omega ratio: Gain probability vs. loss probability	1.32	1.43	-0.11
Calmar ratio: Return relative to maximum drawdown	1.89	3.16	-1.27
Martin ratio: Return relative to average drawdown	8.15	14.72	-6.57
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JDBAX vs. SPY - Sharpe Ratio Comparison

The current JDBAX Sharpe Ratio is 1.77, which is comparable to the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of JDBAX and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	JDBAX	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.77	2.38	-0.61
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.78	0.82	-0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.98	0.87	+0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.67	0.59	+0.09

Drawdowns

JDBAX vs. SPY - Drawdown Comparison

The maximum JDBAX drawdown since its inception was -34.14%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for JDBAX and SPY.

Drawdown Indicators

	JDBAX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-34.14%	-55.19%	+21.05%
Max Drawdown (1Y) Largest decline over 1 year	-8.16%	-8.88%	+0.72%
Max Drawdown (3Y) Largest decline over 3 years	-11.96%	-18.76%	+6.80%
Max Drawdown (5Y) Largest decline over 5 years	-21.63%	-24.50%	+2.87%
Max Drawdown (10Y) Largest decline over 10 years	-22.48%	-33.72%	+11.24%
Current Drawdown Current decline from peak	0.00%	-0.70%	+0.70%
Average Drawdown Average peak-to-trough decline	-5.38%	-9.05%	+3.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.89%	1.91%	-0.02%

Volatility

JDBAX vs. SPY - Volatility Comparison

The current volatility for Janus Henderson Balanced Fund Class A (JDBAX) is 2.46%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 2.84%. This indicates that JDBAX experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JDBAX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.46%	2.84%	-0.38%
Volatility (6M) Calculated over the trailing 6-month period	6.94%	8.90%	-1.96%
Volatility (1Y) Calculated over the trailing 1-year period	8.71%	11.83%	-3.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.34%	17.05%	-5.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.27%	17.94%	-6.67%

JDBAX vs. SPY - Expense Ratio Comparison

JDBAX has a 0.89% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

JDBAX vs. SPY - Dividend Comparison

JDBAX's dividend yield for the trailing twelve months is around 8.34%, more than SPY's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JDBAX Janus Henderson Balanced Fund Class A	8.34%	8.62%	11.67%	2.08%	1.76%	4.34%	2.35%	4.62%	6.84%	5.05%	2.43%	5.68%
SPY State Street SPDR S&P 500 ETF	0.98%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both JDBAX and SPY in my portfolio?

With a correlation of 0.95, JDBAX and SPY 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, JDBAX or SPY?

SPY has higher volatility (2.84%) compared to JDBAX (2.46%). In terms of maximum drawdown, JDBAX dropped -34.14% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.38 vs 1.77), 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.