JSMD vs. IBHI
JSMD (Janus Henderson Small/Mid Cap Growth Alpha ETF) and IBHI (iShares iBonds 2029 Term High Yield and Income ETF) are both exchange-traded funds - JSMD is a Mid Cap Growth Equities fund tracking the Janus Small Mid Cap Growth Alpha Index, while IBHI is a High Yield Bonds fund tracking the Bloomberg 2029 Term High Yield and Income Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, JSMD returned 17.13%/yr vs 8.77%/yr for IBHI. A 0.64 correlation means they provide meaningful diversification when combined. JSMD charges 0.30%/yr vs 0.35%/yr for IBHI.
Performance
JSMD vs. IBHI - Performance Comparison
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Returns By Period
In the year-to-date period, JSMD achieves a 18.04% return, which is significantly higher than IBHI's 1.47% return.
JSMD
- 1D
- 0.29%
- 1M
- 4.71%
- YTD
- 18.04%
- 6M
- 15.17%
- 1Y
- 30.30%
- 3Y*
- 17.13%
- 5Y*
- 7.74%
- 10Y*
- 13.65%
IBHI
- 1D
- 0.13%
- 1M
- 0.67%
- YTD
- 1.47%
- 6M
- 2.17%
- 1Y
- 6.95%
- 3Y*
- 8.77%
- 5Y*
- —
- 10Y*
- —
JSMD vs. IBHI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF | 18.04% | 9.25% | 15.08% | 26.81% | -11.51% |
IBHI iShares iBonds 2029 Term High Yield and Income ETF | 1.47% | 7.88% | 8.33% | 14.21% | -8.52% |
Correlation
The correlation between JSMD and IBHI is 0.62, 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 | 0.62 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.59 |
Correlation (All Time) Calculated using the full available price history since Mar 10, 2022 | 0.64 |
The correlation between JSMD and IBHI has been stable across timeframes, ranging from 0.59 to 0.64 - a consistent structural relationship.
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Return for Risk
JSMD vs. IBHI — Risk / Return Rank
JSMD
IBHI
JSMD vs. IBHI - 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 iShares iBonds 2029 Term High Yield and Income ETF (IBHI). 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 | IBHI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.71 | ||
| Sortino ratioReturn per unit of downside risk | -1.18 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.33 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 1.60 | 3.22 | -1.61 |
| Martin ratioReturn relative to average drawdown | 5.42 | 14.06 | -8.64 |
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Drawdowns
JSMD vs. IBHI - Drawdown Comparison
The maximum JSMD drawdown since its inception was -38.98%, which is greater than IBHI's maximum drawdown of -13.65%. Use the drawdown chart below to compare losses from any high point for JSMD and IBHI.
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Drawdown Indicators
| JSMD | IBHI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.98% | -13.65% | -25.33% |
Max Drawdown (1Y)Largest decline over 1 year | -14.86% | -2.11% | -12.75% |
Max Drawdown (3Y)Largest decline over 3 years | -24.01% | -5.73% | -18.28% |
Max Drawdown (5Y)Largest decline over 5 years | -32.18% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -38.98% | — | — |
Current DrawdownCurrent decline from peak | -1.17% | -0.21% | -0.96% |
Average DrawdownAverage peak-to-trough decline | -7.47% | -2.83% | -4.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.43% | 0.48% | +3.95% |
Volatility
JSMD vs. IBHI - Volatility Comparison
Janus Henderson Small/Mid Cap Growth Alpha ETF (JSMD) has a higher volatility of 8.22% compared to iShares iBonds 2029 Term High Yield and Income ETF (IBHI) at 0.97%. This indicates that JSMD's price experiences larger fluctuations and is considered to be riskier than IBHI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| JSMD | IBHI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.22% | 0.97% | +7.25% |
Volatility (6M)Calculated over the trailing 6-month period | 17.21% | 2.79% | +14.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.48% | 3.82% | +18.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.98% | 7.96% | +15.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.82% | 7.96% | +14.86% |
JSMD vs. IBHI - Expense Ratio Comparison
JSMD has a 0.30% expense ratio, which is lower than IBHI's 0.35% expense ratio.
Dividends
JSMD vs. IBHI - Dividend Comparison
JSMD's dividend yield for the trailing twelve months is around 0.47%, less than IBHI's 6.70% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
IBHI iShares iBonds 2029 Term High Yield and Income ETF | 6.70% | 6.79% | 6.66% | 6.48% | 5.26% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF | 0.47% | 0.54% | 0.76% | 0.44% | 0.40% | 0.28% | 0.24% | 0.32% | 0.53% | 0.30% | 0.36% |
Frequently Asked Questions
JSMD and IBHI have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
JSMD has higher volatility (8.22%) compared to IBHI (0.97%). In terms of maximum drawdown, JSMD dropped -38.98% vs IBHI's -13.65%.
On 3-year performance, JSMD leads with 17.13% vs 8.77% for IBHI. On fees, JSMD is cheaper at 0.30% per year. On volatility, IBHI has been the lower-risk option at 0.97%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, JSMD has performed better with a 17.13% return vs 8.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JSMD is cheaper with a 0.30% expense ratio, compared with 0.35% for IBHI.
IBHI has the higher dividend yield at 6.70%, compared with 0.47% for JSMD.
JSMD is categorized as Mid Cap Growth Equities, while IBHI is High Yield Bonds. JSMD tracks Janus Small Mid Cap Growth Alpha Index, while IBHI tracks Bloomberg 2029 Term High Yield and Income Index - Benchmark TR Gross. They also come from different issuers: Janus Henderson and iShares. Their fees differ too: 0.30% for JSMD and 0.35% for IBHI.
IBHI currently has the higher Sharpe Ratio (1.78 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.
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