JSMD vs. DON

Last updated Jun 5, 2026

JSMD (Janus Henderson Small/Mid Cap Growth Alpha ETF) and DON (WisdomTree US MidCap Dividend ETF) are both exchange-traded funds - JSMD is a Mid Cap Growth Equities fund tracking the Janus Small Mid Cap Growth Alpha Index, while DON is a Mid Cap Value Equities fund tracking the WisdomTree U.S. MidCap Dividend Index. Both are passively managed. Over the past 10 years, JSMD returned 13.52%/yr vs 9.18%/yr for DON. A 0.78 correlation means they provide meaningful diversification when combined. JSMD charges 0.30%/yr vs 0.38%/yr for DON.

Performance

JSMD vs. DON - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Henderson Small/Mid Cap Growth Alpha ETF (JSMD) and WisdomTree US MidCap Dividend ETF (DON). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JSMD achieves a 19.44% return, which is significantly higher than DON's 8.08% return. Over the past 10 years, JSMD has outperformed DON with an annualized return of 13.52%, while DON has yielded a comparatively lower 9.18% annualized return.

JSMD

• 1D: 1.81%
• 1M: 6.87%
• YTD: 19.44%
• 6M: 17.09%
• 1Y: 30.08%
• 3Y*: 19.27%
• 5Y*: 8.14%
• 10Y*: 13.52%

DON

• 1D: 0.78%
• 1M: 0.42%
• YTD: 8.08%
• 6M: 7.79%
• 1Y: 15.89%
• 3Y*: 14.06%
• 5Y*: 7.71%
• 10Y*: 9.18%

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

JSMD vs. DON - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF	19.44%	9.25%	15.08%	26.81%	-22.84%	8.40%	30.79%	31.05%	-4.73%	24.46%
DON WisdomTree US MidCap Dividend ETF	8.08%	3.86%	14.20%	14.04%	-4.72%	30.29%	-5.40%	23.31%	-8.26%	14.86%

Correlation

The correlation between JSMD and DON is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.78
Correlation (All Time) Calculated using the full available price history since Feb 26, 2016	0.78

The correlation between JSMD and DON has been stable across timeframes, ranging from 0.72 to 0.81 - a consistent structural relationship.

JSMD vs. DON - Sectors Allocation Comparison

Sectors	JSMD	DON
Industrials	26.6%	17.1%
Healthcare	19.5%	2.4%
Technology	18.7%	4.5%
Consumer Cyclical	9.4%	11.5%
Financial Services	9.1%	21.1%
Real Estate	3.8%	9.3%
Communication Services	3.4%	3.9%
Basic Materials	2.5%	6.4%
Consumer Defensive	2.1%	3.6%
Energy	1.7%	7.9%
Utilities	-	6.9%

Return for Risk

JSMD vs. DON — Risk / Return Rank

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

JSMD

JSMD Risk / Return Rank: 40
JSMD Sharpe Ratio Rank: 40
JSMD Sortino Ratio Rank: 38
JSMD Omega Ratio Rank: 38
JSMD Calmar Ratio Rank: 43
JSMD Martin Ratio Rank: 43

DON

DON Risk / Return Rank: 35
DON Sharpe Ratio Rank: 34
DON Sortino Ratio Rank: 37
DON Omega Ratio Rank: 32
DON Calmar Ratio Rank: 36
DON Martin Ratio Rank: 36

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.

JSMD vs. DON - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson Small/Mid Cap Growth Alpha ETF (JSMD) and WisdomTree US MidCap Dividend ETF (DON). 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.

	JSMD	DON	Difference
Sharpe ratio: Return per unit of total volatility	1.39	1.23	+0.16
Sortino ratio: Return per unit of downside risk	1.95	1.88	+0.07
Omega ratio: Gain probability vs. loss probability	1.24	1.21	+0.03
Calmar ratio: Return relative to maximum drawdown	2.03	1.76	+0.27
Martin ratio: Return relative to average drawdown	6.86	5.49	+1.37
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JSMD vs. DON - Sharpe Ratio Comparison

The current JSMD Sharpe Ratio is 1.39, which is comparable to the DON Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of JSMD and DON, 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

	JSMD	DON	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.39	1.23	+0.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.36	0.44	-0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.60	0.45	+0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	0.42	+0.22

Drawdowns

JSMD vs. DON - Drawdown Comparison

The maximum JSMD drawdown since its inception was -38.98%, smaller than the maximum DON drawdown of -61.94%. Use the drawdown chart below to compare losses from any high point for JSMD and DON.

Drawdown Indicators

	JSMD	DON	Difference
Max Drawdown Largest peak-to-trough decline	-38.98%	-61.94%	+22.96%
Max Drawdown (1Y) Largest decline over 1 year	-14.86%	-9.05%	-5.81%
Max Drawdown (3Y) Largest decline over 3 years	-24.01%	-21.46%	-2.55%
Max Drawdown (5Y) Largest decline over 5 years	-32.18%	-21.46%	-10.72%
Max Drawdown (10Y) Largest decline over 10 years	-38.98%	-46.80%	+7.82%
Current Drawdown Current decline from peak	0.00%	-1.16%	+1.16%
Average Drawdown Average peak-to-trough decline	-7.48%	-7.90%	+0.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.40%	2.90%	+1.50%

Volatility

JSMD vs. DON - Volatility Comparison

Janus Henderson Small/Mid Cap Growth Alpha ETF (JSMD) has a higher volatility of 6.55% compared to WisdomTree US MidCap Dividend ETF (DON) at 3.04%. This indicates that JSMD's price experiences larger fluctuations and is considered to be riskier than DON based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JSMD	DON	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.55%	3.04%	+3.51%
Volatility (6M) Calculated over the trailing 6-month period	16.25%	8.87%	+7.38%
Volatility (1Y) Calculated over the trailing 1-year period	21.76%	12.97%	+8.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.84%	17.77%	+5.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.75%	20.25%	+2.50%

JSMD vs. DON - Expense Ratio Comparison

JSMD has a 0.30% expense ratio, which is lower than DON's 0.38% expense ratio.

Dividends

JSMD vs. DON - Dividend Comparison

JSMD's dividend yield for the trailing twelve months is around 0.46%, less than DON's 2.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DON WisdomTree US MidCap Dividend ETF	2.34%	2.53%	2.27%	2.41%	2.71%	2.12%	2.77%	2.38%	2.55%	2.25%	2.48%	2.89%
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF	0.46%	0.54%	0.76%	0.44%	0.40%	0.28%	0.24%	0.32%	0.53%	0.30%	0.36%	0.00%

Frequently Asked Questions

Can I hold both JSMD and DON in my portfolio?

JSMD and DON have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JSMD or DON?

JSMD has higher volatility (6.55%) compared to DON (3.04%). In terms of maximum drawdown, JSMD dropped -38.98% vs DON's -61.94%.

Which ETF is better, JSMD or DON?

On 10-year performance, JSMD leads with 13.52% vs 9.18% for DON. On fees, JSMD is cheaper at 0.30% per year. On volatility, DON has been the lower-risk option at 3.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JSMD or DON?

Over the 10-year period, JSMD has performed better with a 13.52% return vs 9.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JSMD or DON?

JSMD is cheaper with a 0.30% expense ratio, compared with 0.38% for DON.

Which ETF pays a higher dividend yield, JSMD or DON?

DON has the higher dividend yield at 2.34%, compared with 0.46% for JSMD.

What is the main difference between JSMD and DON?

JSMD is categorized as Mid Cap Growth Equities, while DON is Mid Cap Value Equities. JSMD tracks Janus Small Mid Cap Growth Alpha Index, while DON tracks WisdomTree U.S. MidCap Dividend Index. They also come from different issuers: Janus Henderson and WisdomTree. Their fees differ too: 0.30% for JSMD and 0.38% for DON.

Which has better risk-adjusted returns?

JSMD currently has the higher Sharpe Ratio (1.39 vs 1.23), 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.