JSMD vs. FYC

Last updated Jun 24, 2026

JSMD (Janus Henderson Small/Mid Cap Growth Alpha ETF) and FYC (First Trust Small Cap Growth AlphaDEX Fund) are both exchange-traded funds - JSMD is a Mid Cap Growth Equities fund tracking the Janus Small Mid Cap Growth Alpha Index, while FYC is a Small Cap Growth Equities fund tracking the NASDAQ AlphaDEX Small Cap Growth Index. Both are passively managed. Over the past 10 years, JSMD returned 13.87%/yr vs 15.10%/yr for FYC. Their correlation of 0.88 suggests significant overlap in exposure. JSMD charges 0.30%/yr vs 0.71%/yr for FYC.

Performance

JSMD vs. FYC - 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 First Trust Small Cap Growth AlphaDEX Fund (FYC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JSMD achieves a 19.16% return, which is significantly lower than FYC's 25.16% return. Over the past 10 years, JSMD has underperformed FYC with an annualized return of 13.87%, while FYC has yielded a comparatively higher 15.10% annualized return.

JSMD

• 1D: -1.55%
• 1M: 4.18%
• YTD: 19.16%
• 6M: 15.79%
• 1Y: 28.16%
• 3Y*: 18.47%
• 5Y*: 8.05%
• 10Y*: 13.87%

FYC

• 1D: -0.75%
• 1M: 5.13%
• YTD: 25.16%
• 6M: 22.15%
• 1Y: 56.72%
• 3Y*: 28.14%
• 5Y*: 10.63%
• 10Y*: 15.10%

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

JSMD vs. FYC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF	19.16%	9.25%	15.08%	26.81%	-22.84%	8.40%	30.79%	31.05%	-4.73%	24.46%
FYC First Trust Small Cap Growth AlphaDEX Fund	25.16%	24.24%	23.99%	14.52%	-25.86%	21.64%	32.34%	16.79%	-5.54%	22.97%

Correlation

The correlation between JSMD and FYC is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Feb 25, 2016	0.88

The correlation between JSMD and FYC has been stable across timeframes, ranging from 0.88 to 0.92 - a consistent structural relationship.

JSMD vs. FYC - Sectors Allocation Comparison

Sectors	JSMD	FYC
Technology	28.1%	17.5%
Industrials	23.3%	18.7%
Healthcare	18.7%	25.3%
Financial Services	8.9%	8.9%
Consumer Cyclical	8.7%	9.5%
Basic Materials	3.0%	3.7%
Communication Services	2.9%	3.7%
Real Estate	2.8%	5.7%
Consumer Defensive	2.5%	3.2%
Energy	1.1%	2.2%
Utilities	-	1.6%

Return for Risk

JSMD vs. FYC — Risk / Return Rank

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

JSMD

JSMD Risk / Return Rank: 39
JSMD Sharpe Ratio Rank: 39
JSMD Sortino Ratio Rank: 38
JSMD Omega Ratio Rank: 36
JSMD Calmar Ratio Rank: 40
JSMD Martin Ratio Rank: 42

FYC

FYC Risk / Return Rank: 85
FYC Sharpe Ratio Rank: 86
FYC Sortino Ratio Rank: 84
FYC Omega Ratio Rank: 76
FYC Calmar Ratio Rank: 91
FYC Martin Ratio Rank: 90

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. FYC - 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 First Trust Small Cap Growth AlphaDEX Fund (FYC). 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	FYC	Difference
Sharpe ratio: Return per unit of total volatility	1.30	2.64	-1.34
Sortino ratio: Return per unit of downside risk	1.87	3.51	-1.65
Omega ratio: Gain probability vs. loss probability	1.23	1.42	-0.19
Calmar ratio: Return relative to maximum drawdown	1.90	5.44	-3.53
Martin ratio: Return relative to average drawdown	6.44	19.70	-13.27

JSMD vs. FYC - Sharpe Ratio Comparison

The current JSMD Sharpe Ratio is 1.30, which is lower than the FYC Sharpe Ratio of 2.64. The chart below compares the historical Sharpe Ratios of JSMD and FYC, 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. FYC - Drawdown Comparison

The maximum JSMD drawdown since its inception was -38.98%, smaller than the maximum FYC drawdown of -47.85%. Use the drawdown chart below to compare losses from any high point for JSMD and FYC.

Drawdown Indicators

	JSMD	FYC	Difference
Max Drawdown Largest peak-to-trough decline	-38.98%	-47.85%	+8.87%
Max Drawdown (1Y) Largest decline over 1 year	-14.86%	-10.48%	-4.38%
Max Drawdown (3Y) Largest decline over 3 years	-24.01%	-27.79%	+3.78%
Max Drawdown (5Y) Largest decline over 5 years	-32.18%	-35.37%	+3.19%
Max Drawdown (10Y) Largest decline over 10 years	-38.98%	-47.85%	+8.87%
Current Drawdown Current decline from peak	-1.55%	-0.75%	-0.80%
Average Drawdown Average peak-to-trough decline	-7.45%	-9.63%	+2.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.39%	2.89%	+1.50%

Volatility

JSMD vs. FYC - Volatility Comparison

Janus Henderson Small/Mid Cap Growth Alpha ETF (JSMD) has a higher volatility of 7.47% compared to First Trust Small Cap Growth AlphaDEX Fund (FYC) at 7.00%. This indicates that JSMD's price experiences larger fluctuations and is considered to be riskier than FYC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JSMD	FYC	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.47%	7.00%	+0.47%
Volatility (6M) Calculated over the trailing 6-month period	17.05%	15.77%	+1.28%
Volatility (1Y) Calculated over the trailing 1-year period	21.80%	21.65%	+0.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.01%	23.73%	-0.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.83%	24.61%	-1.78%

JSMD vs. FYC - Expense Ratio Comparison

JSMD has a 0.30% expense ratio, which is lower than FYC's 0.71% expense ratio.

Dividends

JSMD vs. FYC - Dividend Comparison

JSMD's dividend yield for the trailing twelve months is around 0.46%, more than FYC's 0.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FYC First Trust Small Cap Growth AlphaDEX Fund	0.06%	0.08%	0.72%	0.58%	0.00%	0.63%	0.12%	0.39%	0.09%	0.10%	0.31%	0.21%
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 FYC in my portfolio?

With a correlation of 0.92, JSMD and FYC 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 FYC?

JSMD has higher volatility (7.47%) compared to FYC (7.00%). In terms of maximum drawdown, JSMD dropped -38.98% vs FYC's -47.85%.

Which ETF is better, JSMD or FYC?

On 10-year performance, FYC leads with 15.10% vs 13.87% for JSMD. On fees, JSMD is cheaper at 0.30% per year. On volatility, FYC has been the lower-risk option at 7.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JSMD or FYC?

Over the 10-year period, FYC has performed better with a 15.10% return vs 13.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JSMD or FYC?

JSMD is cheaper with a 0.30% expense ratio, compared with 0.71% for FYC.

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

JSMD has the higher dividend yield at 0.46%, compared with 0.06% for FYC.

What is the main difference between JSMD and FYC?

JSMD is categorized as Mid Cap Growth Equities, while FYC is Small Cap Growth Equities. JSMD tracks Janus Small Mid Cap Growth Alpha Index, while FYC tracks NASDAQ AlphaDEX Small Cap Growth Index. They also come from different issuers: Janus Henderson and First Trust. Their fees differ too: 0.30% for JSMD and 0.71% for FYC.

Which has better risk-adjusted returns?

FYC currently has the higher Sharpe Ratio (2.64 vs 1.30), 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.