JSMD vs. FDEGX

Last updated Jul 21, 2026

JSMD (Janus Henderson Small/Mid Cap Growth Alpha ETF) and FDEGX (Fidelity Growth Strategies Fund) are both Mid Cap Growth Equities funds. Over the past 10 years, JSMD returned 12.94%/yr vs 11.34%/yr for FDEGX. Their correlation of 0.85 suggests significant overlap in exposure. JSMD charges 0.30%/yr vs 0.63%/yr for FDEGX.

Performance

JSMD vs. FDEGX - 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 Fidelity Growth Strategies Fund (FDEGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JSMD achieves a 16.93% return, which is significantly higher than FDEGX's 5.33% return. Over the past 10 years, JSMD has outperformed FDEGX with an annualized return of 12.94%, while FDEGX has yielded a comparatively lower 11.34% annualized return.

JSMD

• 1D: -0.37%
• 1M: -2.82%
• 6M: 9.06%
• YTD: 16.93%
• 1Y: 21.86%
• 3Y*: 14.51%
• 5Y*: 7.87%
• 10Y*: 12.94%
• ALL TIME*: 14.08%

FDEGX

• 1D: -0.69%
• 1M: -7.51%
• 6M: -0.12%
• YTD: 5.33%
• 1Y: -5.12%
• 3Y*: 11.99%
• 5Y*: 6.04%
• 10Y*: 11.34%
• ALL TIME*: 9.48%

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

JSMD vs. FDEGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF	16.93%	9.25%	15.08%	26.81%	-22.84%	8.40%	30.79%	31.05%	-4.73%	24.46%
FDEGX Fidelity Growth Strategies Fund	5.33%	2.88%	26.57%	20.93%	-26.50%	21.30%	29.34%	36.59%	-6.92%	21.03%

Correlation

The correlation between JSMD and FDEGX is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Feb 25, 2016	0.85

The correlation between JSMD and FDEGX has been stable across timeframes, ranging from 0.85 to 0.91 - a consistent structural relationship.

Return for Risk

JSMD vs. FDEGX — Risk / Return Rank

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

JSMD

JSMD Risk / Return Rank: 37
JSMD Sharpe Ratio Rank: 36
JSMD Sortino Ratio Rank: 36
JSMD Omega Ratio Rank: 34
JSMD Calmar Ratio Rank: 38
JSMD Martin Ratio Rank: 41

FDEGX

FDEGX Risk / Return Rank: 2
FDEGX Sharpe Ratio Rank: 2
FDEGX Sortino Ratio Rank: 2
FDEGX Omega Ratio Rank: 2
FDEGX Calmar Ratio Rank: 2
FDEGX Martin Ratio Rank: 2

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. FDEGX - 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 Fidelity Growth Strategies Fund (FDEGX). 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.

	JSMD	FDEGX	Difference
Sharpe ratio: Return per unit of total volatility	0.99	-0.20	+1.19
Sortino ratio: Return per unit of downside risk	1.49	-0.12	+1.61
Omega ratio: Gain probability vs. loss probability	1.18	0.99	+0.19
Calmar ratio: Return relative to maximum drawdown	1.48	-0.23	+1.71
Martin ratio: Return relative to average drawdown	4.89	-0.57	+5.45

JSMD vs. FDEGX - Sharpe Ratio Comparison

The current JSMD Sharpe Ratio is 0.99, which is higher than the FDEGX Sharpe Ratio of -0.20. The chart below compares the historical Sharpe Ratios of JSMD and FDEGX, 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

JSMD vs. FDEGX - Drawdown Comparison

The maximum JSMD drawdown since its inception was -38.98%, smaller than the maximum FDEGX drawdown of -85.96%. Use the drawdown chart below to compare losses from any high point for JSMD and FDEGX.

Drawdown Indicators

	JSMD	FDEGX	Difference
Max Drawdown Largest peak-to-trough decline	-38.98%	-85.96%	+46.98%
Max Drawdown (1Y) Largest decline over 1 year	-14.86%	-20.45%	+5.59%
Max Drawdown (3Y) Largest decline over 3 years	-24.01%	-26.04%	+2.03%
Max Drawdown (5Y) Largest decline over 5 years	-32.18%	-36.62%	+4.44%
Max Drawdown (10Y) Largest decline over 10 years	-38.98%	-36.62%	-2.36%
Current Drawdown Current decline from peak	-5.98%	-9.66%	+3.68%
Average Drawdown Average peak-to-trough decline	-7.42%	-36.71%	+29.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.48%	8.20%	-3.72%

Volatility

JSMD vs. FDEGX - Volatility Comparison

The current volatility for Janus Henderson Small/Mid Cap Growth Alpha ETF (JSMD) is 5.96%, while Fidelity Growth Strategies Fund (FDEGX) has a volatility of 6.72%. This indicates that JSMD experiences smaller price fluctuations and is considered to be less risky than FDEGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JSMD	FDEGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.96%	6.72%	-0.76%
Volatility (6M) Calculated over the trailing 6-month period	17.45%	17.71%	-0.26%
Volatility (1Y) Calculated over the trailing 1-year period	22.19%	23.41%	-1.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.07%	23.62%	-0.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.81%	22.16%	+0.65%

JSMD vs. FDEGX - Expense Ratio Comparison

JSMD has a 0.30% expense ratio, which is lower than FDEGX's 0.63% expense ratio.

Dividends

JSMD vs. FDEGX - Dividend Comparison

JSMD's dividend yield for the trailing twelve months is around 0.43%, while FDEGX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDEGX Fidelity Growth Strategies Fund	0.00%	0.00%	7.89%	0.05%	0.00%	14.15%	8.37%	3.65%	0.75%	0.05%	0.59%	0.13%
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF	0.43%	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 FDEGX in my portfolio?

With a correlation of 0.91, JSMD and FDEGX 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, JSMD or FDEGX?

FDEGX has higher volatility (6.72%) compared to JSMD (5.96%). In terms of maximum drawdown, JSMD dropped -38.98% vs FDEGX's -85.96%.

Which has better risk-adjusted returns?

JSMD currently has the higher Sharpe Ratio (0.99 vs -0.20), 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.