JSMD vs. DON

Last updated Apr 1, 2026

Compare and contrast key facts about Janus Henderson Small/Mid Cap Growth Alpha ETF (JSMD) and WisdomTree US MidCap Dividend ETF (DON).

JSMD and DON are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. JSMD is a passively managed fund by Janus Henderson that tracks the performance of the Janus Small Mid Cap Growth Alpha Index. It was launched on Feb 25, 2016. DON is a passively managed fund by WisdomTree that tracks the performance of the WisdomTree MidCap Dividend Index. It was launched on Jun 16, 2006. Both JSMD and DON are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

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.

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	-2.61%	9.25%	15.08%	26.81%	-22.84%	8.40%	30.79%	31.05%	-4.73%	24.46%
DON WisdomTree US MidCap Dividend ETF	2.25%	3.86%	14.20%	14.04%	-4.72%	30.29%	-5.40%	23.31%	-8.26%	14.86%

Returns By Period

In the year-to-date period, JSMD achieves a -2.61% return, which is significantly lower than DON's 2.25% return. Over the past 10 years, JSMD has outperformed DON with an annualized return of 11.87%, while DON has yielded a comparatively lower 8.98% annualized return.

JSMD

• 1D: 5.07%
• 1M: -6.84%
• YTD: -2.61%
• 6M: -4.86%
• 1Y: 14.01%
• 3Y*: 12.89%
• 5Y*: 3.69%
• 10Y*: 11.87%

DON

• 1D: 1.78%
• 1M: -5.15%
• YTD: 2.25%
• 6M: 1.70%
• 1Y: 8.75%
• 3Y*: 11.36%
• 5Y*: 7.79%
• 10Y*: 8.98%

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

JSMD vs. DON - Expense Ratio Comparison

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

DON

WisdomTree US MidCap Dividend ETF

JSMD

Janus Henderson Small/Mid Cap Growth Alpha ETF

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: 36
JSMD Sharpe Ratio Rank: 32
JSMD Sortino Ratio Rank: 34
JSMD Omega Ratio Rank: 31
JSMD Calmar Ratio Rank: 43
JSMD Martin Ratio Rank: 38

DON

DON Risk / Return Rank: 29
DON Sharpe Ratio Rank: 28
DON Sortino Ratio Rank: 29
DON Omega Ratio Rank: 28
DON Calmar Ratio Rank: 30
DON Martin Ratio Rank: 31

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	0.57	0.48	+0.10
Sortino ratio Return per unit of downside risk	0.96	0.81	+0.16
Omega ratio Gain probability vs. loss probability	1.12	1.11	+0.01
Calmar ratio Return relative to maximum drawdown	1.05	0.69	+0.36
Martin ratio Return relative to average drawdown	3.43	2.61	+0.82
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 0.57, which is comparable to the DON Sharpe Ratio of 0.48. The chart below compares the historical Sharpe Ratios of JSMD and DON, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	JSMD	DON	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.57	0.48	+0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.16	0.44	-0.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	0.44	+0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	0.41	+0.14

Correlation

The correlation between JSMD and DON is 0.78, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

JSMD vs. DON - Dividend Comparison

JSMD's dividend yield for the trailing twelve months is around 0.57%, less than DON's 2.41% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF	0.57%	0.54%	0.76%	0.44%	0.40%	0.28%	0.24%	0.32%	0.53%	0.30%	0.36%	0.00%
DON WisdomTree US MidCap Dividend ETF	2.41%	2.53%	2.27%	2.41%	2.71%	2.12%	2.77%	2.38%	2.55%	2.25%	2.48%	2.89%

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%	-13.82%	-1.04%
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	-10.53%	-6.50%	-4.03%
Average Drawdown Average peak-to-trough decline	-7.58%	-7.95%	+0.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.56%	3.66%	+0.90%

Volatility

JSMD vs. DON - Volatility Comparison

Janus Henderson Small/Mid Cap Growth Alpha ETF (JSMD) has a higher volatility of 9.67% compared to WisdomTree US MidCap Dividend ETF (DON) at 4.16%. 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	9.67%	4.16%	+5.51%
Volatility (6M) Calculated over the trailing 6-month period	16.69%	9.55%	+7.14%
Volatility (1Y) Calculated over the trailing 1-year period	24.54%	18.43%	+6.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.67%	17.86%	+4.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.64%	20.26%	+2.38%