JIII vs. JSMD

Last updated Jun 23, 2026

JIII (Janus Henderson Income ETF) and JSMD (Janus Henderson Small/Mid Cap Growth Alpha ETF) are both exchange-traded funds - JIII is a Multisector Bonds fund actively managed by Janus Henderson, while JSMD is a Mid Cap Growth Equities fund tracking the Janus Small Mid Cap Growth Alpha Index. JIII is actively managed, while JSMD is passively managed. Over the past year, JIII returned 6.67% vs 31.78% for JSMD. At a 0.37 correlation, their price movements are largely independent. JIII charges 0.54%/yr vs 0.30%/yr for JSMD.

Performance

JIII vs. JSMD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Henderson Income ETF (JIII) 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, JIII achieves a 1.60% return, which is significantly lower than JSMD's 21.03% return.

JIII

• 1D: -0.15%
• 1M: 1.10%
• YTD: 1.60%
• 6M: 1.88%
• 1Y: 6.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —

JSMD

• 1D: 0.59%
• 1M: 5.82%
• YTD: 21.03%
• 6M: 17.17%
• 1Y: 31.78%
• 3Y*: 19.09%
• 5Y*: 8.61%
• 10Y*: 14.05%

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

JIII vs. JSMD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
JIII Janus Henderson Income ETF	1.60%	8.28%	0.54%
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF	21.03%	9.25%	-5.97%

Correlation

The correlation between JIII and JSMD is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (All Time) Calculated using the full available price history since Nov 13, 2024	0.37

Return for Risk

JIII vs. JSMD — Risk / Return Rank

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

JIII

JIII Risk / Return Rank: 61
JIII Sharpe Ratio Rank: 56
JIII Sortino Ratio Rank: 59
JIII Omega Ratio Rank: 64
JIII Calmar Ratio Rank: 62
JIII Martin Ratio Rank: 64

JSMD

JSMD Risk / Return Rank: 43
JSMD Sharpe Ratio Rank: 43
JSMD Sortino Ratio Rank: 42
JSMD Omega Ratio Rank: 40
JSMD Calmar Ratio Rank: 45
JSMD Martin Ratio Rank: 45

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.

JIII vs. JSMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson Income ETF (JIII) 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.

	JIII	JSMD	Difference
Sharpe ratio: Return per unit of total volatility	1.84	1.47	+0.37
Sortino ratio: Return per unit of downside risk	2.71	2.07	+0.64
Omega ratio: Gain probability vs. loss probability	1.37	1.26	+0.11
Calmar ratio: Return relative to maximum drawdown	2.95	2.15	+0.80
Martin ratio: Return relative to average drawdown	11.12	7.27	+3.85

JIII vs. JSMD - Sharpe Ratio Comparison

The current JIII Sharpe Ratio is 1.84, which is comparable to the JSMD Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of JIII 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

JIII vs. JSMD - Drawdown Comparison

The maximum JIII drawdown since its inception was -3.55%, smaller than the maximum JSMD drawdown of -38.98%. Use the drawdown chart below to compare losses from any high point for JIII and JSMD.

Drawdown Indicators

	JIII	JSMD	Difference
Max Drawdown Largest peak-to-trough decline	-3.55%	-38.98%	+35.43%
Max Drawdown (1Y) Largest decline over 1 year	-2.27%	-14.86%	+12.59%
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	-0.45%	0.00%	-0.45%
Average Drawdown Average peak-to-trough decline	-0.49%	-7.45%	+6.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.60%	4.38%	-3.78%

Volatility

JIII vs. JSMD - Volatility Comparison

The current volatility for Janus Henderson Income ETF (JIII) is 1.28%, while Janus Henderson Small/Mid Cap Growth Alpha ETF (JSMD) has a volatility of 7.24%. This indicates that JIII 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

	JIII	JSMD	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.28%	7.24%	-5.96%
Volatility (6M) Calculated over the trailing 6-month period	2.88%	16.99%	-14.11%
Volatility (1Y) Calculated over the trailing 1-year period	3.64%	21.78%	-18.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.00%	23.00%	-19.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.00%	22.83%	-18.83%

JIII vs. JSMD - Expense Ratio Comparison

JIII has a 0.54% expense ratio, which is higher than JSMD's 0.30% expense ratio.

Dividends

JIII vs. JSMD - Dividend Comparison

JIII's dividend yield for the trailing twelve months is around 7.40%, more than JSMD's 0.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
JIII Janus Henderson Income ETF	7.40%	7.33%	0.44%	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 JIII and JSMD in my portfolio?

JIII and JSMD have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JIII or JSMD?

JSMD has higher volatility (7.24%) compared to JIII (1.28%). In terms of maximum drawdown, JIII dropped -3.55% vs JSMD's -38.98%.

Which ETF is better, JIII or JSMD?

On 1-year performance, JSMD leads with 31.78% vs 6.67% for JIII. On fees, JSMD is cheaper at 0.30% per year. On volatility, JIII has been the lower-risk option at 1.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JIII or JSMD?

Over the 1-year period, JSMD has performed better with a 31.78% return vs 6.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JIII or JSMD?

JSMD is cheaper with a 0.30% expense ratio, compared with 0.54% for JIII.

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

JIII has the higher dividend yield at 7.40%, compared with 0.46% for JSMD.

What is the main difference between JIII and JSMD?

JIII is categorized as Multisector Bonds, while JSMD is Mid Cap Growth Equities. Their fees differ too: 0.54% for JIII and 0.30% for JSMD.

Which has better risk-adjusted returns?

JIII currently has the higher Sharpe Ratio (1.84 vs 1.47), 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.