JMGRX vs. FSMAX

Last updated Jun 24, 2026

JMGRX (Janus Enterprise Fund Class I) and FSMAX (Fidelity Extended Market Index Fund) are both mutual funds - JMGRX is a Mid Cap Growth Equities fund tracking the Russell Midcap® Growth Index, while FSMAX is a Mid Cap Blend Equities fund tracking the Dow Jones U.S. Completion Total Stock Market Index. Both are passively managed. Over the past 10 years, JMGRX returned 13.12%/yr vs 12.60%/yr for FSMAX. Their correlation of 0.92 suggests significant overlap in exposure. JMGRX charges 0.76%/yr vs 0.04%/yr for FSMAX.

Performance

JMGRX vs. FSMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Enterprise Fund Class I (JMGRX) and Fidelity Extended Market Index Fund (FSMAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JMGRX achieves a 7.14% return, which is significantly lower than FSMAX's 15.43% return. Both investments have delivered pretty close results over the past 10 years, with JMGRX having a 13.12% annualized return and FSMAX not far behind at 12.60%.

JMGRX

• 1D: 0.71%
• 1M: 2.27%
• YTD: 7.14%
• 6M: 5.34%
• 1Y: 13.85%
• 3Y*: 12.86%
• 5Y*: 7.15%
• 10Y*: 13.12%

FSMAX

• 1D: -0.11%
• 1M: 4.21%
• YTD: 15.43%
• 6M: 13.08%
• 1Y: 29.23%
• 3Y*: 20.24%
• 5Y*: 6.38%
• 10Y*: 12.60%

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

JMGRX vs. FSMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JMGRX Janus Enterprise Fund Class I	7.14%	7.66%	15.28%	18.03%	-15.99%	17.07%	20.43%	35.28%	-0.88%	26.36%
FSMAX Fidelity Extended Market Index Fund	15.43%	11.40%	16.99%	25.36%	-26.44%	12.41%	32.28%	28.01%	-9.44%	18.04%

Correlation

The correlation between JMGRX and FSMAX is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Sep 8, 2011	0.92

The correlation between JMGRX and FSMAX has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.

Return for Risk

JMGRX vs. FSMAX — Risk / Return Rank

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

JMGRX

JMGRX Risk / Return Rank: 16
JMGRX Sharpe Ratio Rank: 16
JMGRX Sortino Ratio Rank: 17
JMGRX Omega Ratio Rank: 15
JMGRX Calmar Ratio Rank: 16
JMGRX Martin Ratio Rank: 19

FSMAX

FSMAX Risk / Return Rank: 47
FSMAX Sharpe Ratio Rank: 41
FSMAX Sortino Ratio Rank: 38
FSMAX Omega Ratio Rank: 35
FSMAX Calmar Ratio Rank: 66
FSMAX Martin Ratio Rank: 55

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.

JMGRX vs. FSMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Enterprise Fund Class I (JMGRX) and Fidelity Extended Market Index Fund (FSMAX). 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.

	JMGRX	FSMAX	Difference
Sharpe ratio: Return per unit of total volatility	1.04	1.71	-0.67
Sortino ratio: Return per unit of downside risk	1.56	2.39	-0.83
Omega ratio: Gain probability vs. loss probability	1.18	1.29	-0.11
Calmar ratio: Return relative to maximum drawdown	1.30	2.97	-1.66
Martin ratio: Return relative to average drawdown	4.52	10.42	-5.90

JMGRX vs. FSMAX - Sharpe Ratio Comparison

The current JMGRX Sharpe Ratio is 1.04, which is lower than the FSMAX Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of JMGRX and FSMAX, 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

JMGRX vs. FSMAX - Drawdown Comparison

The maximum JMGRX drawdown since its inception was -55.48%, which is greater than FSMAX's maximum drawdown of -50.55%. Use the drawdown chart below to compare losses from any high point for JMGRX and FSMAX.

Drawdown Indicators

	JMGRX	FSMAX	Difference
Max Drawdown Largest peak-to-trough decline	-55.48%	-50.55%	-4.93%
Max Drawdown (1Y) Largest decline over 1 year	-11.39%	-10.26%	-1.13%
Max Drawdown (3Y) Largest decline over 3 years	-19.55%	-26.82%	+7.27%
Max Drawdown (5Y) Largest decline over 5 years	-24.21%	-36.31%	+12.10%
Max Drawdown (10Y) Largest decline over 10 years	-38.25%	-50.55%	+12.30%
Current Drawdown Current decline from peak	-0.59%	-0.22%	-0.37%
Average Drawdown Average peak-to-trough decline	-5.71%	-12.13%	+6.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.28%	2.92%	+0.36%

Volatility

JMGRX vs. FSMAX - Volatility Comparison

The current volatility for Janus Enterprise Fund Class I (JMGRX) is 4.84%, while Fidelity Extended Market Index Fund (FSMAX) has a volatility of 6.07%. This indicates that JMGRX experiences smaller price fluctuations and is considered to be less risky than FSMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JMGRX	FSMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.84%	6.07%	-1.23%
Volatility (6M) Calculated over the trailing 6-month period	11.22%	13.28%	-2.06%
Volatility (1Y) Calculated over the trailing 1-year period	14.24%	17.83%	-3.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.75%	22.43%	-4.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.75%	30.28%	-11.53%

JMGRX vs. FSMAX - Expense Ratio Comparison

JMGRX has a 0.76% expense ratio, which is higher than FSMAX's 0.04% expense ratio.

Dividends

JMGRX vs. FSMAX - Dividend Comparison

JMGRX's dividend yield for the trailing twelve months is around 6.96%, more than FSMAX's 0.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSMAX Fidelity Extended Market Index Fund	0.50%	0.57%	0.48%	1.17%	1.90%	7.49%	2.14%	4.30%	6.09%	5.44%	4.85%	6.34%
JMGRX Janus Enterprise Fund Class I	6.96%	7.46%	6.97%	7.46%	10.42%	15.91%	8.44%	4.47%	6.42%	1.77%	1.81%	3.63%

Frequently Asked Questions

Can I hold both JMGRX and FSMAX in my portfolio?

With a correlation of 0.91, JMGRX and FSMAX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, JMGRX or FSMAX?

FSMAX has higher volatility (6.07%) compared to JMGRX (4.84%). In terms of maximum drawdown, JMGRX dropped -55.48% vs FSMAX's -50.55%.

Which has better risk-adjusted returns?

FSMAX currently has the higher Sharpe Ratio (1.71 vs 1.04), 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.