JNRFX vs. SLASX

Last updated Aug 5, 2026

JNRFX (Janus Henderson Research Fund Class D) and SLASX (Selected American Shares Fund) are both mutual funds - JNRFX is a Large Cap Growth Equities fund actively managed by Janus Henderson, while SLASX is a Large Cap Blend Equities fund managed by Davis. Over the past 10 years, JNRFX returned 15.79%/yr vs 13.41%/yr for SLASX. Their correlation of 0.81 means they have usually moved in the same direction. JNRFX charges 0.83%/yr vs 0.98%/yr for SLASX.

Performance

JNRFX vs. SLASX - Performance Comparison

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

Returns By Period

In the year-to-date period, JNRFX achieves a 4.82% return, which is significantly lower than SLASX's 15.42% return. Over the past 10 years, JNRFX has outperformed SLASX with an annualized return of 15.79%, while SLASX has yielded a comparatively lower 13.41% 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%

SLASX

• 1D: 1.13%
• 1M: 3.41%
• 6M: 10.36%
• YTD: 15.42%
• 1Y: 33.42%
• 3Y*: 22.42%
• 5Y*: 12.36%
• 10Y*: 13.41%
• ALL TIME*: 10.46%

*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)
JNRFX Janus Henderson Research Fund Class D	$0.00	$0.00	$0.00
SLASX Selected American Shares Fund	$0.00	$0.00	$0.00

JNRFX vs. SLASX - 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%
SLASX Selected American Shares Fund	15.42%	26.72%	17.60%	32.47%	-20.33%	17.71%	11.61%	31.20%	-13.96%	21.80%

Correlation

The correlation between JNRFX and SLASX is 0.61, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.61
Correlation (3Y) Balances recent behavior with more history.	0.69
Correlation (5Y) Shows whether the relationship held over a longer period.	0.77
Correlation (10Y) Provides a long-term view across more market conditions.	0.78
Correlation (All Time) Calculated using the full available price history since May 4, 1993	0.81

Over the past year, the correlation between JNRFX and SLASX has dropped to 0.61 - well below their long-term average of 0.81, suggesting their price drivers have been diverging.

Return for Risk

JNRFX vs. SLASX — 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

SLASX

SLASX Risk / Return Rank: 94
SLASX Sharpe Ratio Rank: 96
SLASX Sortino Ratio Rank: 93
SLASX Omega Ratio Rank: 90
SLASX Calmar Ratio Rank: 94
SLASX Martin Ratio Rank: 95

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. SLASX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson Research Fund Class D (JNRFX) and Selected American Shares Fund (SLASX). 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	SLASX	Difference
Sharpe ratio: Return per unit of total volatility	0.65	2.75	-2.10
Sortino ratio: Return per unit of downside risk	1.02	3.70	-2.68
Omega ratio: Gain probability vs. loss probability	1.12	1.48	-0.35
Calmar ratio: Return relative to maximum drawdown	0.70	4.32	-3.62
Martin ratio: Return relative to average drawdown	2.23	17.23	-15.00

JNRFX vs. SLASX - Sharpe Ratio Comparison

The current JNRFX Sharpe Ratio is 0.65, which is lower than the SLASX Sharpe Ratio of 2.75. The chart below compares the historical Sharpe Ratios of JNRFX and SLASX, 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. SLASX - Drawdown Comparison

The maximum JNRFX drawdown since its inception was -74.74%, which is greater than SLASX's maximum drawdown of -58.43%. Use the drawdown chart below to compare losses from any high point for JNRFX and SLASX.

Drawdown Indicators

	JNRFX	SLASX	Difference
Max Drawdown Largest peak-to-trough decline	-74.74%	-58.43%	-16.31%
Max Drawdown (1Y) Largest decline over 1 year	-17.05%	-8.14%	-8.91%
Max Drawdown (3Y) Largest decline over 3 years	-22.66%	-22.14%	-0.52%
Max Drawdown (5Y) Largest decline over 5 years	-36.48%	-31.41%	-5.07%
Max Drawdown (10Y) Largest decline over 10 years	-36.48%	-36.59%	+0.11%
Current Drawdown Current decline from peak	-4.27%	0.00%	-4.27%
Average Drawdown Average peak-to-trough decline	-24.85%	-8.15%	-16.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.35%	2.04%	+3.31%

Volatility

JNRFX vs. SLASX - Volatility Comparison

Janus Henderson Research Fund Class D (JNRFX) has a higher volatility of 7.20% compared to Selected American Shares Fund (SLASX) at 3.26%. This indicates that JNRFX's price experiences larger fluctuations and is considered to be riskier than SLASX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JNRFX	SLASX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.20%	3.26%	+3.94%
Volatility (6M) Calculated over the trailing 6-month period	15.45%	9.29%	+6.16%
Volatility (1Y) Calculated over the trailing 1-year period	18.58%	12.82%	+5.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.47%	19.88%	+2.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.51%	20.10%	+1.41%

JNRFX vs. SLASX - Expense Ratio Comparison

JNRFX has a 0.83% expense ratio, which is lower than SLASX's 0.98% expense ratio.

Dividends

JNRFX vs. SLASX - Dividend Comparison

JNRFX's dividend yield for the trailing twelve months is around 11.39%, more than SLASX's 8.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SLASX Selected American Shares Fund	8.37%	11.56%	20.21%	7.72%	7.85%	12.55%	2.76%	5.06%	18.16%	7.01%	14.99%	21.13%

Frequently Asked Questions

Can I hold both JNRFX and SLASX in my portfolio?

JNRFX and SLASX have a correlation of 0.61, 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 SLASX?

JNRFX has higher volatility (7.20%) compared to SLASX (3.26%). In terms of maximum drawdown, JNRFX dropped -74.74% vs SLASX's -58.43%.

Which has better risk-adjusted returns?

SLASX currently has the higher Sharpe Ratio (2.75 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.