JNRFX vs. JANBX

Last updated Aug 5, 2026

JNRFX (Janus Henderson Research Fund Class D) and JANBX (Janus Henderson Balanced Fund) are both mutual funds - JNRFX is a Large Cap Growth Equities fund actively managed by Janus Henderson, while JANBX is a Diversified Portfolio fund managed by Janus Henderson. Over the past 10 years, JNRFX returned 15.79%/yr vs 10.17%/yr for JANBX. Their correlation of 0.90 means they have usually moved in the same direction. JNRFX charges 0.83%/yr vs 0.70%/yr for JANBX.

Performance

JNRFX vs. JANBX - Performance Comparison

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

Returns By Period

As of year-to-date, both investments have demonstrated similar returns, with JNRFX at 4.82% and JANBX at 4.82%. Over the past 10 years, JNRFX has outperformed JANBX with an annualized return of 15.79%, while JANBX has yielded a comparatively lower 10.17% annualized return.

JNRFX

• 1D: 2.32%
• 1M: 0.26%
• 6M: 8.41%
• YTD: 4.82%
• 1Y: 9.78%
• 3Y*: 22.57%
• 5Y*: 12.09%
• 10Y*: 15.79%
• ALL TIME*: 10.01%

JANBX

• 1D: 0.95%
• 1M: 1.23%
• 6M: 5.23%
• YTD: 4.82%
• 1Y: 9.94%
• 3Y*: 13.65%
• 5Y*: 7.08%
• 10Y*: 10.17%
• ALL TIME*: 7.20%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
JANBX Janus Henderson Balanced Fund	$0.00	$0.00	$0.00
JNRFX Janus Henderson Research Fund Class D	$0.00	$0.00	$0.00

JNRFX vs. JANBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JNRFX Janus Henderson Research Fund Class D	4.82%	18.45%	35.13%	43.14%	-29.96%	20.19%	32.82%	35.40%	-2.73%	25.90%
JANBX Janus Henderson Balanced Fund	4.82%	14.99%	15.36%	15.38%	-16.60%	17.22%	14.34%	22.53%	0.64%	17.78%

Correlation

The correlation between JNRFX and JANBX is 0.93, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.93
Correlation (3Y) Balances recent behavior with more history.	0.92
Correlation (5Y) Shows whether the relationship held over a longer period.	0.93
Correlation (10Y) Provides a long-term view across more market conditions.	0.93
Correlation (All Time) Calculated using the full available price history since May 4, 1993	0.90

The correlation between JNRFX and JANBX has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.

Return for Risk

JNRFX vs. JANBX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

JNRFX

JNRFX Risk / Return Rank: 15
JNRFX Sharpe Ratio Rank: 16
JNRFX Sortino Ratio Rank: 16
JNRFX Omega Ratio Rank: 16
JNRFX Calmar Ratio Rank: 13
JNRFX Martin Ratio Rank: 15

JANBX

JANBX Risk / Return Rank: 33
JANBX Sharpe Ratio Rank: 33
JANBX Sortino Ratio Rank: 33
JANBX Omega Ratio Rank: 32
JANBX Calmar Ratio Rank: 28
JANBX Martin Ratio Rank: 37

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

JNRFX vs. JANBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson Research Fund Class D (JNRFX) and Janus Henderson Balanced Fund (JANBX). 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	JANBX	Difference
Sharpe ratio: Return per unit of total volatility	0.65	1.18	-0.54
Sortino ratio: Return per unit of downside risk	1.02	1.72	-0.70
Omega ratio: Gain probability vs. loss probability	1.12	1.21	-0.09
Calmar ratio: Return relative to maximum drawdown	0.70	1.38	-0.68
Martin ratio: Return relative to average drawdown	2.23	5.82	-3.59

JNRFX vs. JANBX - Sharpe Ratio Comparison

The current JNRFX Sharpe Ratio is 0.65, which is lower than the JANBX Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of JNRFX and JANBX, 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. JANBX - Drawdown Comparison

The maximum JNRFX drawdown since its inception was -74.74%, which is greater than JANBX's maximum drawdown of -31.70%. Use the drawdown chart below to compare losses from any high point for JNRFX and JANBX.

Drawdown Indicators

	JNRFX	JANBX	Difference
Max Drawdown Largest peak-to-trough decline	-74.74%	-31.70%	-43.04%
Max Drawdown (1Y) Largest decline over 1 year	-17.05%	-8.13%	-8.92%
Max Drawdown (3Y) Largest decline over 3 years	-22.66%	-11.91%	-10.75%
Max Drawdown (5Y) Largest decline over 5 years	-36.48%	-21.52%	-14.96%
Max Drawdown (10Y) Largest decline over 10 years	-36.48%	-22.49%	-13.99%
Current Drawdown Current decline from peak	-4.27%	0.00%	-4.27%
Average Drawdown Average peak-to-trough decline	-24.85%	-6.61%	-18.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.35%	1.92%	+3.43%

Volatility

JNRFX vs. JANBX - Volatility Comparison

Janus Henderson Research Fund Class D (JNRFX) has a higher volatility of 7.20% compared to Janus Henderson Balanced Fund (JANBX) at 2.86%. This indicates that JNRFX's price experiences larger fluctuations and is considered to be riskier than JANBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JNRFX	JANBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.20%	2.86%	+4.34%
Volatility (6M) Calculated over the trailing 6-month period	15.45%	7.74%	+7.71%
Volatility (1Y) Calculated over the trailing 1-year period	18.58%	9.50%	+9.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.47%	11.32%	+11.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.51%	11.20%	+10.31%

JNRFX vs. JANBX - Expense Ratio Comparison

JNRFX has a 0.83% expense ratio, which is higher than JANBX's 0.70% expense ratio.

Dividends

JNRFX vs. JANBX - Dividend Comparison

JNRFX's dividend yield for the trailing twelve months is around 11.39%, more than JANBX's 8.41% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JANBX Janus Henderson Balanced Fund	8.41%	8.78%	6.96%	2.25%	1.95%	4.50%	2.49%	2.85%	7.06%	4.65%	2.55%	5.81%
JNRFX Janus Henderson Research Fund Class D	11.39%	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 JANBX in my portfolio?

With a correlation of 0.93, JNRFX and JANBX 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, JNRFX or JANBX?

JNRFX has higher volatility (7.20%) compared to JANBX (2.86%). In terms of maximum drawdown, JNRFX dropped -74.74% vs JANBX's -31.70%.

Which has better risk-adjusted returns?

JANBX currently has the higher Sharpe Ratio (1.18 vs 0.65), 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.