JSMD vs. FMDE

Last updated Jun 9, 2026

JSMD (Janus Henderson Small/Mid Cap Growth Alpha ETF) and FMDE (Fidelity Enhanced Mid Cap ETF) are both exchange-traded funds - JSMD is a Mid Cap Growth Equities fund tracking the Janus Small Mid Cap Growth Alpha Index, while FMDE is a Mid Cap Blend Equities fund actively managed by Fidelity. JSMD is passively managed, while FMDE is actively managed. Over the past year, JSMD returned 23.66% vs 17.86% for FMDE. Their correlation of 0.90 suggests significant overlap in exposure. JSMD charges 0.30%/yr vs 0.23%/yr for FMDE.

Performance

JSMD vs. FMDE - 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 Enhanced Mid Cap ETF (FMDE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JSMD achieves a 15.35% return, which is significantly higher than FMDE's 8.21% return.

JSMD

• 1D: 0.70%
• 1M: 1.65%
• YTD: 15.35%
• 6M: 12.87%
• 1Y: 23.66%
• 3Y*: 17.18%
• 5Y*: 7.35%
• 10Y*: 13.27%

FMDE

• 1D: -0.18%
• 1M: 1.08%
• YTD: 8.21%
• 6M: 8.53%
• 1Y: 17.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

JSMD vs. FMDE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF	15.35%	9.25%	15.08%	10.47%
FMDE Fidelity Enhanced Mid Cap ETF	8.21%	12.19%	21.76%	8.91%

Correlation

The correlation between JSMD and FMDE is 0.88, 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	0.88
Correlation (All Time) Calculated using the full available price history since Nov 21, 2023	0.90

The correlation between JSMD and FMDE has been stable across timeframes, ranging from 0.88 to 0.90 - a consistent structural relationship.

JSMD vs. FMDE - Sectors Allocation Comparison

Sectors	JSMD	FMDE
Technology	24.9%	20.6%
Industrials	22.8%	20.1%
Healthcare	18.7%	7.8%
Consumer Cyclical	9.8%	12.1%
Financial Services	8.9%	12.9%
Communication Services	3.3%	3.8%
Real Estate	2.8%	5.7%
Basic Materials	2.6%	3.9%
Consumer Defensive	1.8%	1.7%
Energy	1.6%	6.4%
Utilities	-	5.0%

Return for Risk

JSMD vs. FMDE — Risk / Return Rank

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

JSMD

JSMD Risk / Return Rank: 34
JSMD Sharpe Ratio Rank: 33
JSMD Sortino Ratio Rank: 32
JSMD Omega Ratio Rank: 32
JSMD Calmar Ratio Rank: 36
JSMD Martin Ratio Rank: 38

FMDE

FMDE Risk / Return Rank: 45
FMDE Sharpe Ratio Rank: 41
FMDE Sortino Ratio Rank: 41
FMDE Omega Ratio Rank: 39
FMDE Calmar Ratio Rank: 48
FMDE Martin Ratio Rank: 54

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. FMDE - 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 Enhanced Mid Cap ETF (FMDE). 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	FMDE	Difference
Sharpe ratio: Return per unit of total volatility	1.07	1.31	-0.23
Sortino ratio: Return per unit of downside risk	1.55	1.89	-0.34
Omega ratio: Gain probability vs. loss probability	1.20	1.23	-0.04
Calmar ratio: Return relative to maximum drawdown	1.60	2.15	-0.55
Martin ratio: Return relative to average drawdown	5.38	8.49	-3.11
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. FMDE - Sharpe Ratio Comparison

The current JSMD Sharpe Ratio is 1.07, which is comparable to the FMDE Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of JSMD and FMDE, 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	FMDE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.07	1.31	-0.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.32	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.58	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	1.28	-0.66

Drawdowns

JSMD vs. FMDE - Drawdown Comparison

The maximum JSMD drawdown since its inception was -38.98%, which is greater than FMDE's maximum drawdown of -21.10%. Use the drawdown chart below to compare losses from any high point for JSMD and FMDE.

Drawdown Indicators

	JSMD	FMDE	Difference
Max Drawdown Largest peak-to-trough decline	-38.98%	-21.10%	-17.88%
Max Drawdown (1Y) Largest decline over 1 year	-14.86%	-8.33%	-6.53%
Max Drawdown (3Y) Largest decline over 3 years	-24.01%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-32.18%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-38.98%	—	—
Current Drawdown Current decline from peak	-3.42%	-2.19%	-1.23%
Average Drawdown Average peak-to-trough decline	-7.48%	-2.64%	-4.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.41%	2.11%	+2.30%

Volatility

JSMD vs. FMDE - Volatility Comparison

Janus Henderson Small/Mid Cap Growth Alpha ETF (JSMD) has a higher volatility of 7.33% compared to Fidelity Enhanced Mid Cap ETF (FMDE) at 3.52%. This indicates that JSMD's price experiences larger fluctuations and is considered to be riskier than FMDE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JSMD	FMDE	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.33%	3.52%	+3.81%
Volatility (6M) Calculated over the trailing 6-month period	16.77%	10.03%	+6.74%
Volatility (1Y) Calculated over the trailing 1-year period	22.16%	13.75%	+8.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.92%	16.15%	+6.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.80%	16.15%	+6.65%

JSMD vs. FMDE - Expense Ratio Comparison

JSMD has a 0.30% expense ratio, which is higher than FMDE's 0.23% expense ratio.

Dividends

JSMD vs. FMDE - Dividend Comparison

JSMD's dividend yield for the trailing twelve months is around 0.48%, less than FMDE's 1.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
FMDE Fidelity Enhanced Mid Cap ETF	1.13%	1.23%	1.11%	0.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF	0.48%	0.54%	0.76%	0.44%	0.40%	0.28%	0.24%	0.32%	0.53%	0.30%	0.36%

Frequently Asked Questions

Can I hold both JSMD and FMDE in my portfolio?

JSMD and FMDE have a correlation of 0.88, 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 FMDE?

JSMD has higher volatility (7.33%) compared to FMDE (3.52%). In terms of maximum drawdown, JSMD dropped -38.98% vs FMDE's -21.10%.

Which ETF is better, JSMD or FMDE?

On 1-year performance, JSMD leads with 23.66% vs 17.86% for FMDE. On fees, FMDE is cheaper at 0.23% per year. On volatility, FMDE has been the lower-risk option at 3.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JSMD or FMDE?

Over the 1-year period, JSMD has performed better with a 23.66% return vs 17.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JSMD or FMDE?

FMDE is cheaper with a 0.23% expense ratio, compared with 0.30% for JSMD.

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

FMDE has the higher dividend yield at 1.13%, compared with 0.48% for JSMD.

What is the main difference between JSMD and FMDE?

JSMD is categorized as Mid Cap Growth Equities, while FMDE is Mid Cap Blend Equities. They also come from different issuers: Janus Henderson and Fidelity. Their fees differ too: 0.30% for JSMD and 0.23% for FMDE.

Which has better risk-adjusted returns?

FMDE currently has the higher Sharpe Ratio (1.31 vs 1.07), 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.