JMID vs. VNLA

Last updated Jun 5, 2026

JMID (Janus Henderson Mid Cap Growth Alpha ETF) and VNLA (Janus Henderson Short Duration Income ETF) are both exchange-traded funds - JMID is a Mid Cap Growth Equities fund actively managed by Janus Henderson, while VNLA is a Ultrashort Bond fund tracking the FTSE 3-Month U.S. Treasury Bill Index. JMID is actively managed, while VNLA is passively managed. Over the past year, JMID returned 14.19% vs 4.75% for VNLA. At a 0.18 correlation, their price movements are largely independent. JMID charges 0.30%/yr vs 0.23%/yr for VNLA.

Performance

JMID vs. VNLA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Henderson Mid Cap Growth Alpha ETF (JMID) and Janus Henderson Short Duration Income ETF (VNLA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JMID achieves a 10.46% return, which is significantly higher than VNLA's 1.49% return.

JMID

• 1D: 0.81%
• 1M: 4.35%
• YTD: 10.46%
• 6M: 9.00%
• 1Y: 14.19%
• 3Y*: —
• 5Y*: —
• 10Y*: —

VNLA

• 1D: 0.06%
• 1M: 0.41%
• YTD: 1.49%
• 6M: 1.89%
• 1Y: 4.75%
• 3Y*: 5.78%
• 5Y*: 3.80%
• 10Y*: —

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

JMID vs. VNLA - Yearly Performance Comparison

	2026 (YTD)	2025	2024
JMID Janus Henderson Mid Cap Growth Alpha ETF	10.46%	5.56%	11.37%
VNLA Janus Henderson Short Duration Income ETF	1.49%	5.45%	1.65%

Correlation

The correlation between JMID and VNLA is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
Correlation (All Time) Calculated using the full available price history since Sep 19, 2024	0.18

JMID vs. VNLA - Sectors Allocation Comparison

Sectors	JMID	VNLA
Industrials	27.2%	33.3%
Consumer Cyclical	20.6%	-
Technology	18.4%	-
Healthcare	13.9%	-
Financial Services	6.0%	-
Communication Services	4.0%	-
Consumer Defensive	3.5%	-
Real Estate	2.4%	-
Energy	2.0%	66.7%
Basic Materials	1.3%	-
Utilities	0.9%	-

Return for Risk

JMID vs. VNLA — Risk / Return Rank

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

JMID

JMID Risk / Return Rank: 26
JMID Sharpe Ratio Rank: 25
JMID Sortino Ratio Rank: 25
JMID Omega Ratio Rank: 23
JMID Calmar Ratio Rank: 28
JMID Martin Ratio Rank: 31

VNLA

VNLA Risk / Return Rank: 98
VNLA Sharpe Ratio Rank: 99
VNLA Sortino Ratio Rank: 99
VNLA Omega Ratio Rank: 99
VNLA Calmar Ratio Rank: 97
VNLA Martin Ratio Rank: 98

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.

JMID vs. VNLA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson Mid Cap Growth Alpha ETF (JMID) and Janus Henderson Short Duration Income ETF (VNLA). 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.

	JMID	VNLA	Difference
Sharpe ratio: Return per unit of total volatility	0.86	7.55	-6.68
Sortino ratio: Return per unit of downside risk	1.33	15.48	-14.16
Omega ratio: Gain probability vs. loss probability	1.15	3.58	-2.42
Calmar ratio: Return relative to maximum drawdown	1.32	11.15	-9.84
Martin ratio: Return relative to average drawdown	4.42	57.33	-52.91
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JMID vs. VNLA - Sharpe Ratio Comparison

The current JMID Sharpe Ratio is 0.86, which is lower than the VNLA Sharpe Ratio of 7.55. The chart below compares the historical Sharpe Ratios of JMID and VNLA, 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

	JMID	VNLA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.86	7.55	-6.68
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	3.67	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.77	2.10	-1.33

Drawdowns

JMID vs. VNLA - Drawdown Comparison

The maximum JMID drawdown since its inception was -25.58%, which is greater than VNLA's maximum drawdown of -4.49%. Use the drawdown chart below to compare losses from any high point for JMID and VNLA.

Drawdown Indicators

	JMID	VNLA	Difference
Max Drawdown Largest peak-to-trough decline	-25.58%	-4.49%	-21.09%
Max Drawdown (1Y) Largest decline over 1 year	-10.82%	-0.43%	-10.39%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.49%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-1.76%	—
Current Drawdown Current decline from peak	-0.28%	0.00%	-0.28%
Average Drawdown Average peak-to-trough decline	-4.57%	-0.23%	-4.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.22%	0.08%	+3.14%

Volatility

JMID vs. VNLA - Volatility Comparison

Janus Henderson Mid Cap Growth Alpha ETF (JMID) has a higher volatility of 4.23% compared to Janus Henderson Short Duration Income ETF (VNLA) at 0.18%. This indicates that JMID's price experiences larger fluctuations and is considered to be riskier than VNLA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JMID	VNLA	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.23%	0.18%	+4.05%
Volatility (6M) Calculated over the trailing 6-month period	12.68%	0.46%	+12.22%
Volatility (1Y) Calculated over the trailing 1-year period	16.56%	0.63%	+15.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.58%	1.04%	+20.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.58%	1.42%	+20.16%

JMID vs. VNLA - Expense Ratio Comparison

JMID has a 0.30% expense ratio, which is higher than VNLA's 0.23% expense ratio.

Dividends

JMID vs. VNLA - Dividend Comparison

JMID's dividend yield for the trailing twelve months is around 0.63%, less than VNLA's 4.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
JMID Janus Henderson Mid Cap Growth Alpha ETF	0.63%	0.75%	0.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VNLA Janus Henderson Short Duration Income ETF	4.78%	4.84%	4.97%	3.95%	4.35%	1.67%	1.21%	3.13%	2.43%	1.79%	0.08%

Frequently Asked Questions

Can I hold both JMID and VNLA in my portfolio?

JMID and VNLA have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JMID or VNLA?

JMID has higher volatility (4.23%) compared to VNLA (0.18%). In terms of maximum drawdown, JMID dropped -25.58% vs VNLA's -4.49%.

Which ETF is better, JMID or VNLA?

On 1-year performance, JMID leads with 14.19% vs 4.75% for VNLA. On fees, VNLA is cheaper at 0.23% per year. On volatility, VNLA has been the lower-risk option at 0.18%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JMID or VNLA?

Over the 1-year period, JMID has performed better with a 14.19% return vs 4.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JMID or VNLA?

VNLA is cheaper with a 0.23% expense ratio, compared with 0.30% for JMID.

Which ETF pays a higher dividend yield, JMID or VNLA?

VNLA has the higher dividend yield at 4.78%, compared with 0.63% for JMID.

What is the main difference between JMID and VNLA?

JMID is categorized as Mid Cap Growth Equities, while VNLA is Ultrashort Bond. Their fees differ too: 0.30% for JMID and 0.23% for VNLA.

Which has better risk-adjusted returns?

VNLA currently has the higher Sharpe Ratio (7.55 vs 0.86), 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.