JHAI vs. JSMD

Last updated Jun 5, 2026

JHAI (Janus Henderson Global Artificial Intelligence ETF) and JSMD (Janus Henderson Small/Mid Cap Growth Alpha ETF) are both exchange-traded funds - JHAI is a Technology Equities fund actively managed by Janus Henderson, while JSMD is a Mid Cap Growth Equities fund tracking the Janus Small Mid Cap Growth Alpha Index. JHAI is actively managed, while JSMD is passively managed. A 0.73 correlation means they provide meaningful diversification when combined. JHAI charges 0.59%/yr vs 0.30%/yr for JSMD.

Performance

JHAI vs. JSMD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Henderson Global Artificial Intelligence ETF (JHAI) 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, JHAI achieves a 30.33% return, which is significantly higher than JSMD's 19.44% return.

JHAI

• 1D: -0.73%
• 1M: 13.08%
• YTD: 30.33%
• 6M: 29.31%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

JSMD

• 1D: 1.81%
• 1M: 6.87%
• YTD: 19.44%
• 6M: 17.09%
• 1Y: 30.08%
• 3Y*: 19.27%
• 5Y*: 8.14%
• 10Y*: 13.52%

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

JHAI vs. JSMD - Yearly Performance Comparison

	2026 (YTD)	2025
JHAI Janus Henderson Global Artificial Intelligence ETF	30.33%	10.00%
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF	19.44%	2.36%

Correlation

The correlation between JHAI and JSMD is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 21, 2025	0.73

Return for Risk

JHAI vs. JSMD — Risk / Return Rank

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

JSMD

JSMD Risk / Return Rank: 40
JSMD Sharpe Ratio Rank: 40
JSMD Sortino Ratio Rank: 38
JSMD Omega Ratio Rank: 38
JSMD Calmar Ratio Rank: 43
JSMD Martin Ratio Rank: 43

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.

JHAI vs. JSMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson Global Artificial Intelligence ETF (JHAI) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	JHAI	JSMD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.39	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.36	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.60	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.29	0.65	+1.64

Drawdowns

JHAI vs. JSMD - Drawdown Comparison

The maximum JHAI drawdown since its inception was -15.38%, smaller than the maximum JSMD drawdown of -38.98%. Use the drawdown chart below to compare losses from any high point for JHAI and JSMD.

Drawdown Indicators

	JHAI	JSMD	Difference
Max Drawdown Largest peak-to-trough decline	-15.38%	-38.98%	+23.60%
Max Drawdown (1Y) Largest decline over 1 year	—	-14.86%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-24.01%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-32.18%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-38.98%	—
Current Drawdown Current decline from peak	-2.22%	0.00%	-2.22%
Average Drawdown Average peak-to-trough decline	-3.62%	-7.48%	+3.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	4.40%	—

Volatility

Volatility by Period

	JHAI	JSMD	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	6.55%	—
Volatility (6M) Calculated over the trailing 6-month period	—	16.25%	—
Volatility (1Y) Calculated over the trailing 1-year period	25.48%	21.76%	+3.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.48%	22.84%	+2.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.48%	22.75%	+2.73%

JHAI vs. JSMD - Expense Ratio Comparison

JHAI has a 0.59% expense ratio, which is higher than JSMD's 0.30% expense ratio.

Dividends

JHAI vs. JSMD - Dividend Comparison

JHAI's dividend yield for the trailing twelve months is around 0.32%, less than JSMD's 0.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
JHAI Janus Henderson Global Artificial Intelligence ETF	0.32%	0.32%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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%

Frequently Asked Questions

Can I hold both JHAI and JSMD in my portfolio?

JHAI and JSMD have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, JHAI or JSMD?

On fees, JSMD is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, JHAI or JSMD?

JSMD is cheaper with a 0.30% expense ratio, compared with 0.59% for JHAI.

Which ETF pays a higher dividend yield, JHAI or JSMD?

JSMD has the higher dividend yield at 0.46%, compared with 0.32% for JHAI.

What is the main difference between JHAI and JSMD?

JHAI is categorized as Technology Equities, while JSMD is Mid Cap Growth Equities. Their fees differ too: 0.59% for JHAI and 0.30% for JSMD.