JDMNX vs. QQQ

Last updated Jun 4, 2026

JDMNX (Janus Henderson Enterprise Fund Class N) and QQQ (Invesco QQQ ETF) are both funds - JDMNX is a Mid Cap Growth Equities fund actively managed by Janus Henderson, while QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index. JDMNX is actively managed, while QQQ is passively managed. Over the past 10 years, JDMNX returned 12.78%/yr vs 21.94%/yr for QQQ. A 0.80 correlation means they provide meaningful diversification when combined. JDMNX charges 0.66%/yr vs 0.18%/yr for QQQ.

Performance

JDMNX vs. QQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Henderson Enterprise Fund Class N (JDMNX) and Invesco QQQ ETF (QQQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JDMNX achieves a 6.63% return, which is significantly lower than QQQ's 21.30% return. Over the past 10 years, JDMNX has underperformed QQQ with an annualized return of 12.78%, while QQQ has yielded a comparatively higher 21.94% annualized return.

JDMNX

• 1D: 0.31%
• 1M: 5.54%
• YTD: 6.63%
• 6M: 7.03%
• 1Y: 13.90%
• 3Y*: 13.06%
• 5Y*: 7.38%
• 10Y*: 12.78%

QQQ

• 1D: -0.26%
• 1M: 10.60%
• YTD: 21.30%
• 6M: 19.66%
• 1Y: 41.82%
• 3Y*: 28.78%
• 5Y*: 17.97%
• 10Y*: 21.94%

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

JDMNX vs. QQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JDMNX Janus Henderson Enterprise Fund Class N	6.63%	7.77%	15.40%	18.15%	-15.92%	17.17%	20.55%	35.41%	-0.80%	26.41%
QQQ Invesco QQQ ETF	21.30%	20.77%	25.58%	54.86%	-32.58%	27.42%	48.62%	38.96%	-0.13%	32.66%

Correlation

The correlation between JDMNX and QQQ is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (10Y) Calculated over the trailing 10-year period	0.78
Correlation (All Time) Calculated using the full available price history since Jul 13, 2012	0.80

The correlation between JDMNX and QQQ shifts across timeframes, from 0.68 (1 year) to 0.80 (all time), reflecting how their relationship changes across market environments.

Return for Risk

JDMNX vs. QQQ — Risk / Return Rank

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

JDMNX

JDMNX Risk / Return Rank: 15
JDMNX Sharpe Ratio Rank: 15
JDMNX Sortino Ratio Rank: 16
JDMNX Omega Ratio Rank: 15
JDMNX Calmar Ratio Rank: 15
JDMNX Martin Ratio Rank: 17

QQQ

QQQ Risk / Return Rank: 73
QQQ Sharpe Ratio Rank: 79
QQQ Sortino Ratio Rank: 75
QQQ Omega Ratio Rank: 74
QQQ Calmar Ratio Rank: 69
QQQ Martin Ratio Rank: 71

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.

JDMNX vs. QQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson Enterprise Fund Class N (JDMNX) and Invesco QQQ ETF (QQQ). 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.

	JDMNX	QQQ	Difference
Sharpe ratio Return per unit of total volatility	1.10	2.64	-1.54
Sortino ratio Return per unit of downside risk	1.66	3.45	-1.79
Omega ratio Gain probability vs. loss probability	1.20	1.45	-0.26
Calmar ratio Return relative to maximum drawdown	1.33	3.51	-2.18
Martin ratio Return relative to average drawdown	4.64	13.49	-8.85
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JDMNX vs. QQQ - Sharpe Ratio Comparison

The current JDMNX Sharpe Ratio is 1.10, which is lower than the QQQ Sharpe Ratio of 2.64. The chart below compares the historical Sharpe Ratios of JDMNX and QQQ, 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

	JDMNX	QQQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.10	2.64	-1.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.42	0.81	-0.39
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.69	0.99	-0.30
Sharpe Ratio (All Time) Calculated using the full available price history	0.78	0.41	+0.37

Drawdowns

JDMNX vs. QQQ - Drawdown Comparison

The maximum JDMNX drawdown since its inception was -38.24%, smaller than the maximum QQQ drawdown of -82.97%. Use the drawdown chart below to compare losses from any high point for JDMNX and QQQ.

Drawdown Indicators

	JDMNX	QQQ	Difference
Max Drawdown Largest peak-to-trough decline	-38.24%	-82.97%	+44.73%
Max Drawdown (1Y) Largest decline over 1 year	-11.37%	-11.96%	+0.59%
Max Drawdown (3Y) Largest decline over 3 years	-19.53%	-22.77%	+3.24%
Max Drawdown (5Y) Largest decline over 5 years	-24.15%	-35.12%	+10.97%
Max Drawdown (10Y) Largest decline over 10 years	-38.24%	-35.12%	-3.12%
Current Drawdown Current decline from peak	0.00%	-0.26%	+0.26%
Average Drawdown Average peak-to-trough decline	-4.16%	-32.79%	+28.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.26%	3.11%	+0.15%

Volatility

JDMNX vs. QQQ - Volatility Comparison

The current volatility for Janus Henderson Enterprise Fund Class N (JDMNX) is 4.19%, while Invesco QQQ ETF (QQQ) has a volatility of 4.49%. This indicates that JDMNX experiences smaller price fluctuations and is considered to be less risky than QQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JDMNX	QQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.19%	4.49%	-0.30%
Volatility (6M) Calculated over the trailing 6-month period	10.55%	12.10%	-1.55%
Volatility (1Y) Calculated over the trailing 1-year period	13.78%	15.94%	-2.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.67%	22.38%	-4.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.71%	22.29%	-3.58%

JDMNX vs. QQQ - Expense Ratio Comparison

JDMNX has a 0.66% expense ratio, which is higher than QQQ's 0.18% expense ratio.

Dividends

JDMNX vs. QQQ - Dividend Comparison

JDMNX's dividend yield for the trailing twelve months is around 6.99%, more than QQQ's 0.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JDMNX Janus Henderson Enterprise Fund Class N	6.99%	7.46%	7.00%	7.40%	10.36%	15.92%	8.49%	4.52%	6.48%	1.76%	1.86%	3.62%
QQQ Invesco QQQ ETF	0.38%	0.45%	0.56%	0.62%	0.80%	0.43%	0.55%	0.74%	0.91%	0.84%	1.06%	0.99%

Frequently Asked Questions

Can I hold both JDMNX and QQQ in my portfolio?

JDMNX and QQQ have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JDMNX or QQQ?

QQQ has higher volatility (4.49%) compared to JDMNX (4.19%). In terms of maximum drawdown, JDMNX dropped -38.24% vs QQQ's -82.97%.

Which has better risk-adjusted returns?

QQQ currently has the higher Sharpe Ratio (2.64 vs 1.10), 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.