JMGRX vs. SPMD

Last updated Jun 4, 2026

JMGRX (Janus Enterprise Fund Class I) and SPMD (SPDR Portfolio S&P 400 Mid Cap ETF) are both funds - JMGRX is a Mid Cap Growth Equities fund tracking the Russell Midcap® Growth Index, while SPMD is a Mid Cap Blend Equities fund tracking the S&P MidCap 400 Index. Both are passively managed. Over the past 10 years, JMGRX returned 12.68%/yr vs 11.51%/yr for SPMD. Their correlation of 0.87 suggests significant overlap in exposure. JMGRX charges 0.76%/yr vs 0.05%/yr for SPMD.

Performance

JMGRX vs. SPMD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Enterprise Fund Class I (JMGRX) and SPDR Portfolio S&P 400 Mid Cap ETF (SPMD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JMGRX achieves a 6.59% return, which is significantly lower than SPMD's 14.16% return. Over the past 10 years, JMGRX has outperformed SPMD with an annualized return of 12.68%, while SPMD has yielded a comparatively lower 11.51% annualized return.

JMGRX

• 1D: 0.32%
• 1M: 5.54%
• YTD: 6.59%
• 6M: 6.98%
• 1Y: 13.79%
• 3Y*: 12.95%
• 5Y*: 7.27%
• 10Y*: 12.68%

SPMD

• 1D: -0.08%
• 1M: 3.86%
• YTD: 14.16%
• 6M: 14.41%
• 1Y: 25.49%
• 3Y*: 16.15%
• 5Y*: 8.20%
• 10Y*: 11.51%

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

JMGRX vs. SPMD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JMGRX Janus Enterprise Fund Class I	6.59%	7.66%	15.28%	18.03%	-15.99%	17.07%	20.43%	35.28%	-0.88%	26.36%
SPMD SPDR Portfolio S&P 400 Mid Cap ETF	14.16%	7.44%	13.91%	16.48%	-13.13%	24.76%	13.46%	25.19%	-10.34%	15.12%

Correlation

The correlation between JMGRX and SPMD is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.91
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 Dec 1, 2005	0.87

The correlation between JMGRX and SPMD has been stable across timeframes, ranging from 0.87 to 0.92 - a consistent structural relationship.

Return for Risk

JMGRX vs. SPMD — Risk / Return Rank

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

JMGRX

JMGRX Risk / Return Rank: 15
JMGRX Sharpe Ratio Rank: 15
JMGRX Sortino Ratio Rank: 16
JMGRX Omega Ratio Rank: 14
JMGRX Calmar Ratio Rank: 15
JMGRX Martin Ratio Rank: 17

SPMD

SPMD Risk / Return Rank: 51
SPMD Sharpe Ratio Rank: 46
SPMD Sortino Ratio Rank: 48
SPMD Omega Ratio Rank: 45
SPMD Calmar Ratio Rank: 57
SPMD Martin Ratio Rank: 59

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. SPMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Enterprise Fund Class I (JMGRX) and SPDR Portfolio S&P 400 Mid Cap ETF (SPMD). 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.

	JMGRX	SPMD	Difference
Sharpe ratio: Return per unit of total volatility	1.09	1.65	-0.56
Sortino ratio: Return per unit of downside risk	1.65	2.41	-0.76
Omega ratio: Gain probability vs. loss probability	1.19	1.29	-0.10
Calmar ratio: Return relative to maximum drawdown	1.32	2.89	-1.57
Martin ratio: Return relative to average drawdown	4.60	10.61	-6.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JMGRX vs. SPMD - Sharpe Ratio Comparison

The current JMGRX Sharpe Ratio is 1.09, which is lower than the SPMD Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of JMGRX and SPMD, 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

	JMGRX	SPMD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.09	1.65	-0.56
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.41	0.42	0.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.68	0.55	+0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	0.45	+0.15

Drawdowns

JMGRX vs. SPMD - Drawdown Comparison

The maximum JMGRX drawdown since its inception was -55.48%, roughly equal to the maximum SPMD drawdown of -57.62%. Use the drawdown chart below to compare losses from any high point for JMGRX and SPMD.

Drawdown Indicators

	JMGRX	SPMD	Difference
Max Drawdown Largest peak-to-trough decline	-55.48%	-57.62%	+2.14%
Max Drawdown (1Y) Largest decline over 1 year	-11.39%	-8.86%	-2.53%
Max Drawdown (3Y) Largest decline over 3 years	-19.55%	-24.08%	+4.53%
Max Drawdown (5Y) Largest decline over 5 years	-24.21%	-24.08%	-0.13%
Max Drawdown (10Y) Largest decline over 10 years	-38.25%	-41.86%	+3.61%
Current Drawdown Current decline from peak	0.00%	-0.08%	+0.08%
Average Drawdown Average peak-to-trough decline	-5.72%	-8.12%	+2.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.27%	2.41%	+0.86%

Volatility

JMGRX vs. SPMD - Volatility Comparison

Janus Enterprise Fund Class I (JMGRX) and SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) have volatilities of 4.19% and 4.38%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JMGRX	SPMD	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.19%	4.38%	-0.19%
Volatility (6M) Calculated over the trailing 6-month period	10.56%	11.37%	-0.81%
Volatility (1Y) Calculated over the trailing 1-year period	13.77%	15.57%	-1.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.67%	19.70%	-2.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.71%	21.18%	-2.47%

JMGRX vs. SPMD - Expense Ratio Comparison

JMGRX has a 0.76% expense ratio, which is higher than SPMD's 0.05% expense ratio.

Dividends

JMGRX vs. SPMD - Dividend Comparison

JMGRX's dividend yield for the trailing twelve months is around 7.00%, more than SPMD's 1.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JMGRX Janus Enterprise Fund Class I	7.00%	7.46%	6.97%	7.46%	10.42%	15.91%	8.44%	4.47%	6.42%	1.77%	1.81%	3.63%
SPMD SPDR Portfolio S&P 400 Mid Cap ETF	1.23%	1.39%	1.42%	1.47%	1.64%	1.24%	1.30%	1.57%	1.85%	1.97%	2.13%	5.33%

Frequently Asked Questions

Can I hold both JMGRX and SPMD in my portfolio?

JMGRX and SPMD have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JMGRX or SPMD?

SPMD has higher volatility (4.38%) compared to JMGRX (4.19%). In terms of maximum drawdown, JMGRX dropped -55.48% vs SPMD's -57.62%.

Which has better risk-adjusted returns?

SPMD currently has the higher Sharpe Ratio (1.65 vs 1.09), 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.