JNRFX vs. JAGLX

Last updated Jun 23, 2026

JNRFX (Janus Henderson Research Fund) and JAGLX (Janus Henderson Global Life Sciences Fund Class T) are both mutual funds - JNRFX is a Large Cap Growth Equities fund managed by Janus Henderson, while JAGLX is a Health & Biotech Equities fund actively managed by Janus Henderson. Over the past 10 years, JNRFX returned 16.80%/yr vs 11.69%/yr for JAGLX. A 0.73 correlation means they provide meaningful diversification when combined. JNRFX charges 0.66%/yr vs 0.92%/yr for JAGLX.

Performance

JNRFX vs. JAGLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Henderson Research Fund (JNRFX) and Janus Henderson Global Life Sciences Fund Class T (JAGLX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JNRFX achieves a 7.85% return, which is significantly higher than JAGLX's 0.53% return. Over the past 10 years, JNRFX has outperformed JAGLX with an annualized return of 16.80%, while JAGLX has yielded a comparatively lower 11.69% annualized return.

JNRFX

• 1D: 1.56%
• 1M: 2.58%
• YTD: 7.85%
• 6M: 7.50%
• 1Y: 23.71%
• 3Y*: 24.76%
• 5Y*: 13.84%
• 10Y*: 16.80%

JAGLX

• 1D: -0.39%
• 1M: 0.72%
• YTD: 0.53%
• 6M: 0.00%
• 1Y: 31.08%
• 3Y*: 11.89%
• 5Y*: 8.09%
• 10Y*: 11.69%

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

JNRFX vs. JAGLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JNRFX Janus Henderson Research Fund	7.85%	18.45%	35.13%	43.14%	-29.96%	20.19%	32.82%	35.40%	-2.73%	25.90%
JAGLX Janus Henderson Global Life Sciences Fund Class T	0.53%	24.72%	8.50%	7.41%	-2.79%	6.66%	25.52%	29.12%	4.05%	22.13%

Correlation

The correlation between JNRFX and JAGLX is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (5Y) Calculated over the trailing 5-year period	0.56
Correlation (10Y) Calculated over the trailing 10-year period	0.65
Correlation (All Time) Calculated using the full available price history since Dec 31, 1998	0.73

Over the past year, the correlation between JNRFX and JAGLX has dropped to 0.31 - well below their long-term average of 0.73, suggesting their price drivers have been diverging.

Return for Risk

JNRFX vs. JAGLX — Risk / Return Rank

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

JNRFX

JNRFX Risk / Return Rank: 22
JNRFX Sharpe Ratio Rank: 25
JNRFX Sortino Ratio Rank: 24
JNRFX Omega Ratio Rank: 25
JNRFX Calmar Ratio Rank: 16
JNRFX Martin Ratio Rank: 19

JAGLX

JAGLX Risk / Return Rank: 59
JAGLX Sharpe Ratio Rank: 56
JAGLX Sortino Ratio Rank: 60
JAGLX Omega Ratio Rank: 50
JAGLX Calmar Ratio Rank: 73
JAGLX Martin Ratio Rank: 53

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.

JNRFX vs. JAGLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson Research Fund (JNRFX) and Janus Henderson Global Life Sciences Fund Class T (JAGLX). 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.

	JNRFX	JAGLX	Difference
Sharpe ratio: Return per unit of total volatility	1.36	2.03	-0.68
Sortino ratio: Return per unit of downside risk	1.91	2.98	-1.06
Omega ratio: Gain probability vs. loss probability	1.24	1.36	-0.11
Calmar ratio: Return relative to maximum drawdown	1.35	3.17	-1.82
Martin ratio: Return relative to average drawdown	4.60	10.08	-5.48

JNRFX vs. JAGLX - Sharpe Ratio Comparison

The current JNRFX Sharpe Ratio is 1.36, which is lower than the JAGLX Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of JNRFX and JAGLX, 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

JNRFX vs. JAGLX - Drawdown Comparison

The maximum JNRFX drawdown since its inception was -74.74%, which is greater than JAGLX's maximum drawdown of -58.96%. Use the drawdown chart below to compare losses from any high point for JNRFX and JAGLX.

Drawdown Indicators

	JNRFX	JAGLX	Difference
Max Drawdown Largest peak-to-trough decline	-74.74%	-58.96%	-15.78%
Max Drawdown (1Y) Largest decline over 1 year	-17.05%	-9.71%	-7.34%
Max Drawdown (3Y) Largest decline over 3 years	-22.66%	-17.41%	-5.25%
Max Drawdown (5Y) Largest decline over 5 years	-36.48%	-22.25%	-14.23%
Max Drawdown (10Y) Largest decline over 10 years	-36.48%	-27.38%	-9.10%
Current Drawdown Current decline from peak	-1.51%	-2.48%	+0.97%
Average Drawdown Average peak-to-trough decline	-24.93%	-17.40%	-7.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.01%	3.05%	+1.96%

Volatility

JNRFX vs. JAGLX - Volatility Comparison

Janus Henderson Research Fund (JNRFX) has a higher volatility of 7.19% compared to Janus Henderson Global Life Sciences Fund Class T (JAGLX) at 5.38%. This indicates that JNRFX's price experiences larger fluctuations and is considered to be riskier than JAGLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JNRFX	JAGLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.19%	5.38%	+1.81%
Volatility (6M) Calculated over the trailing 6-month period	13.82%	11.25%	+2.57%
Volatility (1Y) Calculated over the trailing 1-year period	17.01%	15.13%	+1.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.20%	15.98%	+6.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.41%	17.42%	+3.99%

JNRFX vs. JAGLX - Expense Ratio Comparison

JNRFX has a 0.66% expense ratio, which is lower than JAGLX's 0.92% expense ratio.

Dividends

JNRFX vs. JAGLX - Dividend Comparison

JNRFX's dividend yield for the trailing twelve months is around 11.07%, more than JAGLX's 4.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JAGLX Janus Henderson Global Life Sciences Fund Class T	4.50%	4.53%	10.98%	4.22%	0.14%	9.78%	7.75%	6.17%	13.38%	0.89%	1.13%	9.09%
JNRFX Janus Henderson Research Fund	11.07%	11.94%	5.11%	2.93%	0.43%	13.01%	2.98%	10.37%	11.06%	8.22%	5.41%	9.21%

Frequently Asked Questions

Can I hold both JNRFX and JAGLX in my portfolio?

JNRFX and JAGLX have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JNRFX or JAGLX?

JNRFX has higher volatility (7.19%) compared to JAGLX (5.38%). In terms of maximum drawdown, JNRFX dropped -74.74% vs JAGLX's -58.96%.

Which has better risk-adjusted returns?

JAGLX currently has the higher Sharpe Ratio (2.03 vs 1.36), 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.