JNSTX vs. JNRFX

Last updated Jun 24, 2026

JNSTX (Janus Henderson Short Duration Flexible Bond Fund) and JNRFX (Janus Henderson Research Fund) are both mutual funds - JNSTX is a Short-Term Bond fund managed by Janus Henderson, while JNRFX is a Large Cap Growth Equities fund managed by Janus Henderson. Over the past 10 years, JNSTX returned 2.17%/yr vs 16.94%/yr for JNRFX. At a 0.03 correlation, their price movements are largely independent. JNSTX charges 0.53%/yr vs 0.66%/yr for JNRFX.

Performance

JNSTX vs. JNRFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Henderson Short Duration Flexible Bond Fund (JNSTX) and Janus Henderson Research Fund (JNRFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JNSTX achieves a 0.78% return, which is significantly lower than JNRFX's 6.24% return. Over the past 10 years, JNSTX has underperformed JNRFX with an annualized return of 2.17%, while JNRFX has yielded a comparatively higher 16.94% annualized return.

JNSTX

• 1D: -0.35%
• 1M: 0.36%
• YTD: 0.78%
• 6M: 1.17%
• 1Y: 4.26%
• 3Y*: 5.20%
• 5Y*: 2.11%
• 10Y*: 2.17%

JNRFX

• 1D: -1.50%
• 1M: 1.05%
• YTD: 6.24%
• 6M: 5.12%
• 1Y: 20.73%
• 3Y*: 24.58%
• 5Y*: 13.09%
• 10Y*: 16.94%

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

JNSTX vs. JNRFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JNSTX Janus Henderson Short Duration Flexible Bond Fund	0.78%	5.89%	5.27%	4.67%	-5.44%	-0.09%	4.81%	4.09%	0.90%	1.28%
JNRFX Janus Henderson Research Fund	6.24%	18.45%	35.13%	43.14%	-29.96%	20.19%	32.82%	35.40%	-2.73%	25.90%

Correlation

The correlation between JNSTX and JNRFX is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (3Y) Calculated over the trailing 3-year period	0.07
Correlation (5Y) Calculated over the trailing 5-year period	0.10
Correlation (10Y) Calculated over the trailing 10-year period	0.06
Correlation (All Time) Calculated using the full available price history since Dec 16, 2010	0.03

Return for Risk

JNSTX vs. JNRFX — Risk / Return Rank

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

JNSTX

JNSTX Risk / Return Rank: 63
JNSTX Sharpe Ratio Rank: 35
JNSTX Sortino Ratio Rank: 45
JNSTX Omega Ratio Rank: 86
JNSTX Calmar Ratio Rank: 71
JNSTX Martin Ratio Rank: 80

JNRFX

JNRFX Risk / Return Rank: 20
JNRFX Sharpe Ratio Rank: 23
JNRFX Sortino Ratio Rank: 22
JNRFX Omega Ratio Rank: 23
JNRFX Calmar Ratio Rank: 15
JNRFX Martin Ratio Rank: 18

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.

JNSTX vs. JNRFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson Short Duration Flexible Bond Fund (JNSTX) and Janus Henderson Research Fund (JNRFX). 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.

	JNSTX	JNRFX	Difference
Sharpe ratio: Return per unit of total volatility	1.58	1.29	+0.30
Sortino ratio: Return per unit of downside risk	2.61	1.82	+0.79
Omega ratio: Gain probability vs. loss probability	1.55	1.23	+0.32
Calmar ratio: Return relative to maximum drawdown	3.11	1.29	+1.82
Martin ratio: Return relative to average drawdown	13.96	4.38	+9.59

JNSTX vs. JNRFX - Sharpe Ratio Comparison

The current JNSTX Sharpe Ratio is 1.58, which is comparable to the JNRFX Sharpe Ratio of 1.29. The chart below compares the historical Sharpe Ratios of JNSTX and JNRFX, 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

JNSTX vs. JNRFX - Drawdown Comparison

The maximum JNSTX drawdown since its inception was -8.11%, smaller than the maximum JNRFX drawdown of -74.74%. Use the drawdown chart below to compare losses from any high point for JNSTX and JNRFX.

Drawdown Indicators

	JNSTX	JNRFX	Difference
Max Drawdown Largest peak-to-trough decline	-8.11%	-74.74%	+66.63%
Max Drawdown (1Y) Largest decline over 1 year	-1.37%	-17.05%	+15.68%
Max Drawdown (3Y) Largest decline over 3 years	-1.37%	-22.66%	+21.29%
Max Drawdown (5Y) Largest decline over 5 years	-8.11%	-36.48%	+28.37%
Max Drawdown (10Y) Largest decline over 10 years	-8.11%	-36.48%	+28.37%
Current Drawdown Current decline from peak	-0.35%	-2.98%	+2.63%
Average Drawdown Average peak-to-trough decline	-0.92%	-24.92%	+24.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.31%	5.01%	-4.70%

Volatility

JNSTX vs. JNRFX - Volatility Comparison

The current volatility for Janus Henderson Short Duration Flexible Bond Fund (JNSTX) is 0.80%, while Janus Henderson Research Fund (JNRFX) has a volatility of 7.28%. This indicates that JNSTX experiences smaller price fluctuations and is considered to be less risky than JNRFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JNSTX	JNRFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.80%	7.28%	-6.48%
Volatility (6M) Calculated over the trailing 6-month period	1.96%	13.79%	-11.83%
Volatility (1Y) Calculated over the trailing 1-year period	2.71%	17.10%	-14.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.21%	22.22%	-19.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.79%	21.43%	-18.64%

JNSTX vs. JNRFX - Expense Ratio Comparison

JNSTX has a 0.53% expense ratio, which is lower than JNRFX's 0.66% expense ratio.

Dividends

JNSTX vs. JNRFX - Dividend Comparison

JNSTX's dividend yield for the trailing twelve months is around 4.90%, less than JNRFX's 11.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JNRFX Janus Henderson Research Fund	11.24%	11.94%	5.11%	2.93%	0.43%	13.01%	2.98%	10.37%	11.06%	8.22%	5.41%	9.21%
JNSTX Janus Henderson Short Duration Flexible Bond Fund	4.90%	4.65%	4.76%	3.12%	1.92%	1.55%	2.05%	2.33%	2.24%	1.61%	1.24%	1.30%

Frequently Asked Questions

Can I hold both JNSTX and JNRFX in my portfolio?

JNSTX and JNRFX have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JNSTX or JNRFX?

JNRFX has higher volatility (7.28%) compared to JNSTX (0.80%). In terms of maximum drawdown, JNSTX dropped -8.11% vs JNRFX's -74.74%.

Which has better risk-adjusted returns?

JNSTX currently has the higher Sharpe Ratio (1.58 vs 1.29), 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.