JSMD vs. HFXI

Last updated Jul 21, 2026

JSMD (Janus Henderson Small/Mid Cap Growth Alpha ETF) and HFXI (IQ 50 Percent Hedged FTSE International ETF) are both exchange-traded funds - JSMD is a Mid Cap Growth Equities fund tracking the Janus Small Mid Cap Growth Alpha Index, while HFXI is a Foreign Large Cap Equities fund tracking the FTSE Developed ex North America 50% Hedged to USD Index. Both are passively managed. Over the past 10 years, JSMD returned 12.94%/yr vs 11.03%/yr for HFXI. A 0.68 correlation means they provide meaningful diversification when combined. JSMD charges 0.30%/yr vs 0.20%/yr for HFXI.

Performance

JSMD vs. HFXI - 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 IQ 50 Percent Hedged FTSE International ETF (HFXI). 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 HFXI's 13.95% return. Over the past 10 years, JSMD has outperformed HFXI with an annualized return of 12.94%, while HFXI has yielded a comparatively lower 11.03% 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%

HFXI

• 1D: -0.49%
• 1M: -5.10%
• 6M: 8.59%
• YTD: 13.95%
• 1Y: 29.40%
• 3Y*: 18.31%
• 5Y*: 11.89%
• 10Y*: 11.03%
• ALL TIME*: 9.15%

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

JSMD vs. HFXI - 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%
HFXI IQ 50 Percent Hedged FTSE International ETF	13.95%	30.10%	7.58%	19.56%	-10.71%	13.96%	6.88%	23.67%	-12.69%	22.68%

Correlation

The correlation between JSMD and HFXI is 0.70, 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	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (10Y) Calculated over the trailing 10-year period	0.69
Correlation (All Time) Calculated using the full available price history since Feb 25, 2016	0.68

The correlation between JSMD and HFXI has been stable across timeframes, ranging from 0.68 to 0.73 - a consistent structural relationship.

JSMD vs. HFXI - Sectors Allocation Comparison

Sectors	JSMD	HFXI
Technology	27.7%	17.9%
Industrials	22.1%	19.2%
Healthcare	20.3%	9.0%
Financial Services	9.3%	21.9%
Consumer Cyclical	9.0%	7.9%
Real Estate	2.9%	2.3%
Communication Services	2.7%	3.5%
Basic Materials	2.6%	6.0%
Consumer Defensive	2.4%	6.0%
Energy	1.0%	3.2%
Utilities	-	3.2%

Return for Risk

JSMD vs. HFXI — 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

HFXI

HFXI Risk / Return Rank: 75
HFXI Sharpe Ratio Rank: 76
HFXI Sortino Ratio Rank: 73
HFXI Omega Ratio Rank: 77
HFXI Calmar Ratio Rank: 73
HFXI Martin Ratio Rank: 75

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. HFXI - 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 IQ 50 Percent Hedged FTSE International ETF (HFXI). 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	HFXI	Difference
Sharpe ratio: Return per unit of total volatility	0.99	1.81	-0.82
Sortino ratio: Return per unit of downside risk	1.49	2.49	-1.00
Omega ratio: Gain probability vs. loss probability	1.18	1.34	-0.16
Calmar ratio: Return relative to maximum drawdown	1.48	2.72	-1.25
Martin ratio: Return relative to average drawdown	4.89	10.22	-5.33

JSMD vs. HFXI - Sharpe Ratio Comparison

The current JSMD Sharpe Ratio is 0.99, which is lower than the HFXI Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of JSMD and HFXI, 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. HFXI - Drawdown Comparison

The maximum JSMD drawdown since its inception was -38.98%, which is greater than HFXI's maximum drawdown of -32.42%. Use the drawdown chart below to compare losses from any high point for JSMD and HFXI.

Drawdown Indicators

	JSMD	HFXI	Difference
Max Drawdown Largest peak-to-trough decline	-38.98%	-32.42%	-6.56%
Max Drawdown (1Y) Largest decline over 1 year	-14.86%	-10.84%	-4.02%
Max Drawdown (3Y) Largest decline over 3 years	-24.01%	-13.52%	-10.49%
Max Drawdown (5Y) Largest decline over 5 years	-32.18%	-22.35%	-9.83%
Max Drawdown (10Y) Largest decline over 10 years	-38.98%	-32.42%	-6.56%
Current Drawdown Current decline from peak	-5.98%	-5.17%	-0.81%
Average Drawdown Average peak-to-trough decline	-7.42%	-5.42%	-2.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.48%	2.88%	+1.60%

Volatility

JSMD vs. HFXI - Volatility Comparison

Janus Henderson Small/Mid Cap Growth Alpha ETF (JSMD) and IQ 50 Percent Hedged FTSE International ETF (HFXI) have volatilities of 5.96% and 5.93%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JSMD	HFXI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.96%	5.93%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	17.45%	14.58%	+2.87%
Volatility (1Y) Calculated over the trailing 1-year period	22.19%	16.37%	+5.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.07%	15.16%	+7.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.81%	16.57%	+6.24%

JSMD vs. HFXI - Expense Ratio Comparison

JSMD has a 0.30% expense ratio, which is higher than HFXI's 0.20% expense ratio.

Dividends

JSMD vs. HFXI - Dividend Comparison

JSMD's dividend yield for the trailing twelve months is around 0.43%, less than HFXI's 3.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HFXI IQ 50 Percent Hedged FTSE International ETF	3.40%	4.19%	2.68%	2.49%	4.65%	3.10%	2.00%	3.19%	4.33%	2.56%	2.71%	0.78%
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 HFXI in my portfolio?

JSMD and HFXI have a correlation of 0.70, 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 HFXI?

JSMD has higher volatility (5.96%) compared to HFXI (5.93%). In terms of maximum drawdown, JSMD dropped -38.98% vs HFXI's -32.42%.

Which ETF is better, JSMD or HFXI?

On 10-year performance, JSMD leads with 12.94% vs 11.03% for HFXI. On fees, HFXI is cheaper at 0.20% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JSMD or HFXI?

Over the 10-year period, JSMD has performed better with a 12.94% return vs 11.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JSMD or HFXI?

HFXI is cheaper with a 0.20% expense ratio, compared with 0.30% for JSMD.

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

HFXI has the higher dividend yield at 3.40%, compared with 0.43% for JSMD.

What is the main difference between JSMD and HFXI?

JSMD is categorized as Mid Cap Growth Equities, while HFXI is Foreign Large Cap Equities. JSMD tracks Janus Small Mid Cap Growth Alpha Index, while HFXI tracks FTSE Developed ex North America 50% Hedged to USD Index. They also come from different issuers: Janus Henderson and New York Life. Their fees differ too: 0.30% for JSMD and 0.20% for HFXI.

Which has better risk-adjusted returns?

HFXI currently has the higher Sharpe Ratio (1.81 vs 0.99), 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.