JHMM vs. JSMD

Last updated Jul 17, 2026

JHMM (John Hancock Multifactor Mid Cap ETF) and JSMD (Janus Henderson Small/Mid Cap Growth Alpha ETF) are both Mid Cap Growth Equities funds - JHMM tracks the John Hancock Dimensional Mid Cap Index while JSMD tracks the Janus Small Mid Cap Growth Alpha Index. Both are passively managed. Over the past 10 years, JHMM returned 11.64%/yr vs 13.14%/yr for JSMD. Their correlation of 0.88 suggests significant overlap in exposure. JHMM charges 0.42%/yr vs 0.30%/yr for JSMD.

Performance

JHMM vs. JSMD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in John Hancock Multifactor Mid Cap ETF (JHMM) 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, JHMM achieves a 13.68% return, which is significantly lower than JSMD's 17.41% return. Over the past 10 years, JHMM has underperformed JSMD with an annualized return of 11.64%, while JSMD has yielded a comparatively higher 13.14% annualized return.

JHMM

• 1D: 0.52%
• 1M: 0.06%
• 6M: 7.64%
• YTD: 13.68%
• 1Y: 21.68%
• 3Y*: 14.57%
• 5Y*: 8.98%
• 10Y*: 11.64%

JSMD

• 1D: -1.39%
• 1M: -0.93%
• 6M: 9.85%
• YTD: 17.41%
• 1Y: 22.75%
• 3Y*: 14.72%
• 5Y*: 8.56%
• 10Y*: 13.14%

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

JHMM vs. JSMD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JHMM John Hancock Multifactor Mid Cap ETF	13.68%	10.73%	14.61%	14.53%	-15.30%	24.54%	16.22%	30.01%	-9.57%	19.96%
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF	17.41%	9.25%	15.08%	26.81%	-22.84%	8.40%	30.79%	31.05%	-4.73%	24.46%

Correlation

The correlation between JHMM and JSMD is 0.88, 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	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Feb 25, 2016	0.88

The correlation between JHMM and JSMD has been stable across timeframes, ranging from 0.88 to 0.92 - a consistent structural relationship.

JHMM vs. JSMD - Sectors Allocation Comparison

Sectors	JHMM	JSMD
Technology	19.3%	28.1%
Industrials	19.0%	23.3%
Financial Services	14.8%	8.9%
Consumer Cyclical	10.8%	8.7%
Healthcare	10.5%	18.7%
Real Estate	5.2%	2.8%
Utilities	5.1%	-
Energy	4.8%	1.1%
Basic Materials	4.1%	3.0%
Consumer Defensive	3.6%	2.5%
Communication Services	2.7%	2.9%

Return for Risk

JHMM vs. JSMD — Risk / Return Rank

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

JHMM

JHMM Risk / Return Rank: 59
JHMM Sharpe Ratio Rank: 56
JHMM Sortino Ratio Rank: 58
JHMM Omega Ratio Rank: 52
JHMM Calmar Ratio Rank: 63
JHMM Martin Ratio Rank: 68

JSMD

JSMD Risk / Return Rank: 36
JSMD Sharpe Ratio Rank: 35
JSMD Sortino Ratio Rank: 34
JSMD Omega Ratio Rank: 33
JSMD Calmar Ratio Rank: 37
JSMD Martin Ratio Rank: 40

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.

JHMM vs. JSMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for John Hancock Multifactor Mid Cap ETF (JHMM) 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.

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.

	JHMM	JSMD	Difference
Sharpe ratio: Return per unit of total volatility	1.52	1.03	+0.49
Sortino ratio: Return per unit of downside risk	2.22	1.54	+0.68
Omega ratio: Gain probability vs. loss probability	1.27	1.19	+0.08
Calmar ratio: Return relative to maximum drawdown	2.52	1.54	+0.98
Martin ratio: Return relative to average drawdown	9.67	5.12	+4.55

JHMM vs. JSMD - Sharpe Ratio Comparison

The current JHMM Sharpe Ratio is 1.52, which is higher than the JSMD Sharpe Ratio of 1.03. The chart below compares the historical Sharpe Ratios of JHMM and JSMD, 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

JHMM vs. JSMD - Drawdown Comparison

The maximum JHMM drawdown since its inception was -40.71%, roughly equal to the maximum JSMD drawdown of -38.98%. Use the drawdown chart below to compare losses from any high point for JHMM and JSMD.

Drawdown Indicators

	JHMM	JSMD	Difference
Max Drawdown Largest peak-to-trough decline	-40.71%	-38.98%	-1.73%
Max Drawdown (1Y) Largest decline over 1 year	-8.64%	-14.86%	+6.22%
Max Drawdown (3Y) Largest decline over 3 years	-21.88%	-24.01%	+2.13%
Max Drawdown (5Y) Largest decline over 5 years	-24.10%	-32.18%	+8.08%
Max Drawdown (10Y) Largest decline over 10 years	-40.71%	-38.98%	-1.73%
Current Drawdown Current decline from peak	-1.08%	-5.59%	+4.51%
Average Drawdown Average peak-to-trough decline	-5.38%	-7.42%	+2.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.25%	4.45%	-2.20%

Volatility

JHMM vs. JSMD - Volatility Comparison

The current volatility for John Hancock Multifactor Mid Cap ETF (JHMM) is 3.29%, while Janus Henderson Small/Mid Cap Growth Alpha ETF (JSMD) has a volatility of 6.01%. This indicates that JHMM experiences smaller price fluctuations and is considered to be less risky than JSMD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JHMM	JSMD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.29%	6.01%	-2.72%
Volatility (6M) Calculated over the trailing 6-month period	10.75%	17.49%	-6.74%
Volatility (1Y) Calculated over the trailing 1-year period	14.35%	22.16%	-7.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.34%	23.09%	-4.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.54%	22.80%	-3.26%

JHMM vs. JSMD - Expense Ratio Comparison

JHMM has a 0.42% expense ratio, which is higher than JSMD's 0.30% expense ratio.

Dividends

JHMM vs. JSMD - Dividend Comparison

JHMM's dividend yield for the trailing twelve months is around 0.89%, more than JSMD's 0.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JHMM John Hancock Multifactor Mid Cap ETF	0.89%	0.98%	1.01%	1.17%	1.16%	0.72%	1.04%	1.02%	1.36%	0.90%	1.15%	0.33%
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF	0.43%	0.54%	0.76%	0.44%	0.40%	0.28%	0.24%	0.32%	0.53%	0.30%	0.36%	0.00%

Frequently Asked Questions

Can I hold both JHMM and JSMD in my portfolio?

JHMM and JSMD have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JHMM or JSMD?

JSMD has higher volatility (6.01%) compared to JHMM (3.29%). In terms of maximum drawdown, JHMM dropped -40.71% vs JSMD's -38.98%.

Which ETF is better, JHMM or JSMD?

On 10-year performance, JSMD leads with 13.14% vs 11.64% for JHMM. On fees, JSMD is cheaper at 0.30% per year. On volatility, JHMM has been the lower-risk option at 3.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JHMM or JSMD?

Over the 10-year period, JSMD has performed better with a 13.14% return vs 11.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JHMM or JSMD?

JSMD is cheaper with a 0.30% expense ratio, compared with 0.42% for JHMM.

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

JHMM has the higher dividend yield at 0.89%, compared with 0.43% for JSMD.

What is the main difference between JHMM and JSMD?

JHMM tracks John Hancock Dimensional Mid Cap Index, while JSMD tracks Janus Small Mid Cap Growth Alpha Index. They also come from different issuers: Manulife and Janus Henderson. Their fees differ too: 0.42% for JHMM and 0.30% for JSMD.

Which has better risk-adjusted returns?

JHMM currently has the higher Sharpe Ratio (1.52 vs 1.03), 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.