JLQD vs. JSML

Last updated Jun 4, 2026

JLQD (Janus Henderson Corporate Bond ETF) and JSML (Janus Henderson Small Cap Growth Alpha ETF) are both exchange-traded funds - JLQD is a Corporate Bonds fund tracking the Bloomberg U.S. Corporate Bond Index, while JSML is a Small Cap Growth Equities fund tracking the Janus Small Cap Growth Alpha Index. Both are passively managed. Over the past 3 years, JLQD returned 5.54%/yr vs 18.71%/yr for JSML. At a 0.30 correlation, their price movements are largely independent. JLQD charges 0.20%/yr vs 0.30%/yr for JSML.

Performance

JLQD vs. JSML - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Henderson Corporate Bond ETF (JLQD) and Janus Henderson Small Cap Growth Alpha ETF (JSML). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JLQD achieves a 0.24% return, which is significantly lower than JSML's 19.06% return.

JLQD

• 1D: -0.21%
• 1M: 0.42%
• YTD: 0.24%
• 6M: 0.13%
• 1Y: 6.25%
• 3Y*: 5.54%
• 5Y*: —
• 10Y*: —

JSML

• 1D: -0.84%
• 1M: 7.59%
• YTD: 19.06%
• 6M: 17.83%
• 1Y: 33.64%
• 3Y*: 18.71%
• 5Y*: 6.09%
• 10Y*: 12.88%

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

JLQD vs. JSML - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
JLQD Janus Henderson Corporate Bond ETF	0.24%	7.77%	3.21%	8.76%	-15.99%	-1.25%
JSML Janus Henderson Small Cap Growth Alpha ETF	19.06%	13.41%	12.45%	30.09%	-29.40%	-5.66%

Correlation

The correlation between JLQD and JSML is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (3Y) Calculated over the trailing 3-year period	0.35
Correlation (All Time) Calculated using the full available price history since Sep 10, 2021	0.30

The correlation between JLQD and JSML shifts across timeframes, from 0.30 (all time) to 0.42 (1 year), reflecting how their relationship changes across market environments.

JLQD vs. JSML - Sectors Allocation Comparison

Sectors	JLQD	JSML
Financial Services	2.8%	9.2%
Basic Materials	-	2.9%
Communication Services	-	2.1%
Consumer Cyclical	-	5.8%
Consumer Defensive	-	2.6%
Energy	-	2.2%
Healthcare	-	20.9%
Industrials	-	23.4%
Real Estate	-	3.4%
Technology	-	24.8%
Utilities	-	-

Return for Risk

JLQD vs. JSML — Risk / Return Rank

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

JLQD

JLQD Risk / Return Rank: 47
JLQD Sharpe Ratio Rank: 47
JLQD Sortino Ratio Rank: 50
JLQD Omega Ratio Rank: 47
JLQD Calmar Ratio Rank: 45
JLQD Martin Ratio Rank: 47

JSML

JSML Risk / Return Rank: 45
JSML Sharpe Ratio Rank: 45
JSML Sortino Ratio Rank: 44
JSML Omega Ratio Rank: 42
JSML Calmar Ratio Rank: 46
JSML Martin Ratio Rank: 48

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.

JLQD vs. JSML - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson Corporate Bond ETF (JLQD) and Janus Henderson Small Cap Growth Alpha ETF (JSML). 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.

	JLQD	JSML	Difference
Sharpe ratio Return per unit of total volatility	1.62	1.57	+0.05
Sortino ratio Return per unit of downside risk	2.41	2.21	+0.21
Omega ratio Gain probability vs. loss probability	1.29	1.27	+0.02
Calmar ratio Return relative to maximum drawdown	2.19	2.28	-0.09
Martin ratio Return relative to average drawdown	7.63	8.08	-0.46
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JLQD vs. JSML - Sharpe Ratio Comparison

The current JLQD Sharpe Ratio is 1.62, which is comparable to the JSML Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of JLQD and JSML, 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

	JLQD	JSML	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.62	1.57	+0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.25	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.53	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.02	0.56	-0.54

Drawdowns

JLQD vs. JSML - Drawdown Comparison

The maximum JLQD drawdown since its inception was -21.17%, smaller than the maximum JSML drawdown of -39.65%. Use the drawdown chart below to compare losses from any high point for JLQD and JSML.

Drawdown Indicators

	JLQD	JSML	Difference
Max Drawdown Largest peak-to-trough decline	-21.17%	-39.65%	+18.48%
Max Drawdown (1Y) Largest decline over 1 year	-2.87%	-14.84%	+11.97%
Max Drawdown (3Y) Largest decline over 3 years	-6.84%	-25.60%	+18.76%
Max Drawdown (5Y) Largest decline over 5 years	—	-37.91%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-39.65%	—
Current Drawdown Current decline from peak	-0.97%	-0.84%	-0.13%
Average Drawdown Average peak-to-trough decline	-8.77%	-10.86%	+2.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.82%	4.17%	-3.35%

Volatility

JLQD vs. JSML - Volatility Comparison

The current volatility for Janus Henderson Corporate Bond ETF (JLQD) is 1.25%, while Janus Henderson Small Cap Growth Alpha ETF (JSML) has a volatility of 7.49%. This indicates that JLQD experiences smaller price fluctuations and is considered to be less risky than JSML based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JLQD	JSML	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.25%	7.49%	-6.24%
Volatility (6M) Calculated over the trailing 6-month period	2.78%	15.94%	-13.16%
Volatility (1Y) Calculated over the trailing 1-year period	3.88%	21.56%	-17.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.32%	24.34%	-18.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.32%	24.27%	-17.95%

JLQD vs. JSML - Expense Ratio Comparison

JLQD has a 0.20% expense ratio, which is lower than JSML's 0.30% expense ratio.

Dividends

JLQD vs. JSML - Dividend Comparison

JLQD's dividend yield for the trailing twelve months is around 5.44%, more than JSML's 0.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
JLQD Janus Henderson Corporate Bond ETF	5.44%	5.28%	5.36%	3.99%	2.77%	0.83%	0.00%	0.00%	0.00%	0.00%	0.00%
JSML Janus Henderson Small Cap Growth Alpha ETF	0.80%	0.94%	1.19%	0.49%	0.67%	0.46%	0.30%	0.27%	0.76%	0.42%	0.52%

Frequently Asked Questions

Can I hold both JLQD and JSML in my portfolio?

JLQD and JSML have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JLQD or JSML?

JSML has higher volatility (7.49%) compared to JLQD (1.25%). In terms of maximum drawdown, JLQD dropped -21.17% vs JSML's -39.65%.

Which ETF is better, JLQD or JSML?

On 3-year performance, JSML leads with 18.71% vs 5.54% for JLQD. On fees, JLQD is cheaper at 0.20% per year. On volatility, JLQD has been the lower-risk option at 1.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JLQD or JSML?

Over the 3-year period, JSML has performed better with a 18.71% return vs 5.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JLQD or JSML?

JLQD is cheaper with a 0.20% expense ratio, compared with 0.30% for JSML.

Which ETF pays a higher dividend yield, JLQD or JSML?

JLQD has the higher dividend yield at 5.44%, compared with 0.80% for JSML.

What is the main difference between JLQD and JSML?

JLQD is categorized as Corporate Bonds, while JSML is Small Cap Growth Equities. JLQD tracks Bloomberg U.S. Corporate Bond Index, while JSML tracks Janus Small Cap Growth Alpha Index. Their fees differ too: 0.20% for JLQD and 0.30% for JSML.

Which has better risk-adjusted returns?

JLQD currently has the higher Sharpe Ratio (1.62 vs 1.57), 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.