JSMD vs. IJR

Last updated Jun 16, 2026

JSMD (Janus Henderson Small/Mid Cap Growth Alpha ETF) and IJR (iShares Core S&P Small-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 IJR is a Small Cap Blend Equities fund tracking the S&P SmallCap 600 Index. Both are passively managed. Over the past 10 years, JSMD returned 13.87%/yr vs 11.21%/yr for IJR. Their correlation of 0.84 suggests significant overlap in exposure. JSMD charges 0.30%/yr vs 0.06%/yr for IJR.

Performance

JSMD vs. IJR - 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 iShares Core S&P Small-Cap ETF (IJR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with JSMD having a 19.55% return and IJR slightly higher at 19.86%. Over the past 10 years, JSMD has outperformed IJR with an annualized return of 13.87%, while IJR has yielded a comparatively lower 11.21% annualized return.

JSMD

• 1D: 1.27%
• 1M: 6.04%
• YTD: 19.55%
• 6M: 17.80%
• 1Y: 31.95%
• 3Y*: 17.83%
• 5Y*: 8.38%
• 10Y*: 13.87%

IJR

• 1D: 0.11%
• 1M: 7.39%
• YTD: 19.86%
• 6M: 16.97%
• 1Y: 37.16%
• 3Y*: 15.09%
• 5Y*: 6.35%
• 10Y*: 11.21%

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

JSMD vs. IJR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF	19.55%	9.25%	15.08%	26.81%	-22.84%	8.40%	30.79%	31.05%	-4.73%	24.46%
IJR iShares Core S&P Small-Cap ETF	19.86%	5.89%	8.63%	16.06%	-16.20%	26.58%	11.28%	22.82%	-8.51%	13.15%

Correlation

The correlation between JSMD and IJR is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Feb 25, 2016	0.84

The correlation between JSMD and IJR has been stable across timeframes, ranging from 0.84 to 0.88 - a consistent structural relationship.

JSMD vs. IJR - Sectors Allocation Comparison

Sectors	JSMD	IJR
Technology	28.1%	15.9%
Industrials	23.3%	16.0%
Healthcare	18.7%	11.0%
Financial Services	8.9%	16.0%
Consumer Cyclical	8.7%	12.5%
Basic Materials	3.0%	4.7%
Communication Services	2.9%	3.2%
Real Estate	2.8%	7.5%
Consumer Defensive	2.5%	3.2%
Energy	1.1%	6.8%
Utilities	-	1.9%

Return for Risk

JSMD vs. IJR — Risk / Return Rank

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

JSMD

JSMD Risk / Return Rank: 45
JSMD Sharpe Ratio Rank: 46
JSMD Sortino Ratio Rank: 44
JSMD Omega Ratio Rank: 43
JSMD Calmar Ratio Rank: 46
JSMD Martin Ratio Rank: 47

IJR

IJR Risk / Return Rank: 77
IJR Sharpe Ratio Rank: 74
IJR Sortino Ratio Rank: 76
IJR Omega Ratio Rank: 68
IJR Calmar Ratio Rank: 86
IJR Martin Ratio Rank: 82

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. IJR - 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 Core S&P Small-Cap ETF (IJR). 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	IJR	Difference
Sharpe ratio: Return per unit of total volatility	1.48	2.12	-0.64
Sortino ratio: Return per unit of downside risk	2.08	3.03	-0.95
Omega ratio: Gain probability vs. loss probability	1.26	1.36	-0.10
Calmar ratio: Return relative to maximum drawdown	2.16	4.30	-2.14
Martin ratio: Return relative to average drawdown	7.31	14.44	-7.13

JSMD vs. IJR - Sharpe Ratio Comparison

The current JSMD Sharpe Ratio is 1.48, which is lower than the IJR Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of JSMD and IJR, 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. IJR - Drawdown Comparison

The maximum JSMD drawdown since its inception was -38.98%, smaller than the maximum IJR drawdown of -58.15%. Use the drawdown chart below to compare losses from any high point for JSMD and IJR.

Drawdown Indicators

	JSMD	IJR	Difference
Max Drawdown Largest peak-to-trough decline	-38.98%	-58.15%	+19.17%
Max Drawdown (1Y) Largest decline over 1 year	-14.86%	-8.68%	-6.18%
Max Drawdown (3Y) Largest decline over 3 years	-24.01%	-28.02%	+4.01%
Max Drawdown (5Y) Largest decline over 5 years	-32.18%	-28.02%	-4.16%
Max Drawdown (10Y) Largest decline over 10 years	-38.98%	-44.36%	+5.38%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-7.46%	-9.27%	+1.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.38%	2.58%	+1.80%

Volatility

JSMD vs. IJR - Volatility Comparison

Janus Henderson Small/Mid Cap Growth Alpha ETF (JSMD) has a higher volatility of 8.24% compared to iShares Core S&P Small-Cap ETF (IJR) at 5.17%. This indicates that JSMD's price experiences larger fluctuations and is considered to be riskier than IJR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JSMD	IJR	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.24%	5.17%	+3.07%
Volatility (6M) Calculated over the trailing 6-month period	17.21%	11.93%	+5.28%
Volatility (1Y) Calculated over the trailing 1-year period	21.80%	17.67%	+4.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.99%	21.44%	+1.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.83%	22.93%	-0.10%

JSMD vs. IJR - Expense Ratio Comparison

JSMD has a 0.30% expense ratio, which is higher than IJR's 0.06% expense ratio.

Dividends

JSMD vs. IJR - Dividend Comparison

JSMD's dividend yield for the trailing twelve months is around 0.46%, less than IJR's 1.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IJR iShares Core S&P Small-Cap ETF	1.42%	1.44%	2.05%	1.31%	1.41%	1.53%	1.11%	1.44%	1.58%	1.20%	1.22%	1.48%
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 IJR in my portfolio?

JSMD and IJR have a correlation of 0.87, 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 IJR?

JSMD has higher volatility (8.24%) compared to IJR (5.17%). In terms of maximum drawdown, JSMD dropped -38.98% vs IJR's -58.15%.

Which ETF is better, JSMD or IJR?

On 10-year performance, JSMD leads with 13.87% vs 11.21% for IJR. On fees, IJR is cheaper at 0.06% per year. On volatility, IJR has been the lower-risk option at 5.17%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JSMD or IJR?

Over the 10-year period, JSMD has performed better with a 13.87% return vs 11.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JSMD or IJR?

IJR is cheaper with a 0.06% expense ratio, compared with 0.30% for JSMD.

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

IJR has the higher dividend yield at 1.42%, compared with 0.46% for JSMD.

What is the main difference between JSMD and IJR?

JSMD is categorized as Mid Cap Growth Equities, while IJR is Small Cap Blend Equities. JSMD tracks Janus Small Mid Cap Growth Alpha Index, while IJR tracks S&P SmallCap 600 Index. They also come from different issuers: Janus Henderson and iShares. Their fees differ too: 0.30% for JSMD and 0.06% for IJR.

Which has better risk-adjusted returns?

IJR currently has the higher Sharpe Ratio (2.12 vs 1.48), 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.