JSMD vs. ILCV

Last updated Jun 9, 2026

JSMD (Janus Henderson Small/Mid Cap Growth Alpha ETF) and ILCV (iShares Morningstar Value ETF) are both exchange-traded funds - JSMD is a Mid Cap Growth Equities fund tracking the Janus Small Mid Cap Growth Alpha Index, while ILCV is a Large Cap Value Equities fund tracking the Morningstar US Large-Mid Cap Broad Value Index. Both are passively managed. Over the past 10 years, JSMD returned 13.27%/yr vs 11.58%/yr for ILCV. A 0.73 correlation means they provide meaningful diversification when combined. JSMD charges 0.30%/yr vs 0.04%/yr for ILCV.

Performance

JSMD vs. ILCV - 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 Morningstar Value ETF (ILCV). 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 ILCV's 7.35% return. Over the past 10 years, JSMD has outperformed ILCV with an annualized return of 13.27%, while ILCV has yielded a comparatively lower 11.58% annualized 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%

ILCV

• 1D: -0.06%
• 1M: 1.03%
• YTD: 7.35%
• 6M: 7.96%
• 1Y: 25.66%
• 3Y*: 18.09%
• 5Y*: 11.47%
• 10Y*: 11.58%

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

JSMD vs. ILCV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF	15.35%	9.25%	15.08%	26.81%	-22.84%	8.40%	30.79%	31.05%	-4.73%	24.46%
ILCV iShares Morningstar Value ETF	7.35%	18.79%	17.03%	14.43%	-7.02%	26.71%	-0.84%	25.19%	-6.24%	15.00%

Correlation

The correlation between JSMD and ILCV is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.73
Correlation (All Time) Calculated using the full available price history since Feb 26, 2016	0.73

The correlation between JSMD and ILCV has been stable across timeframes, ranging from 0.73 to 0.80 - a consistent structural relationship.

JSMD vs. ILCV - Sectors Allocation Comparison

Sectors	JSMD	ILCV
Technology	24.9%	23.8%
Industrials	22.8%	8.8%
Healthcare	18.7%	11.5%
Consumer Cyclical	9.8%	9.5%
Financial Services	8.9%	16.5%
Communication Services	3.3%	8.0%
Real Estate	2.8%	2.0%
Basic Materials	2.6%	2.4%
Consumer Defensive	1.8%	7.6%
Energy	1.6%	6.0%
Utilities	-	3.5%

Return for Risk

JSMD vs. ILCV — 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

ILCV

ILCV Risk / Return Rank: 86
ILCV Sharpe Ratio Rank: 87
ILCV Sortino Ratio Rank: 88
ILCV Omega Ratio Rank: 86
ILCV Calmar Ratio Rank: 82
ILCV Martin Ratio Rank: 85

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. ILCV - 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 Morningstar Value ETF (ILCV). 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	ILCV	Difference
Sharpe ratio: Return per unit of total volatility	1.07	2.61	-1.53
Sortino ratio: Return per unit of downside risk	1.55	3.67	-2.11
Omega ratio: Gain probability vs. loss probability	1.20	1.47	-0.28
Calmar ratio: Return relative to maximum drawdown	1.60	3.93	-2.33
Martin ratio: Return relative to average drawdown	5.38	16.24	-10.86
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. ILCV - Sharpe Ratio Comparison

The current JSMD Sharpe Ratio is 1.07, which is lower than the ILCV Sharpe Ratio of 2.61. The chart below compares the historical Sharpe Ratios of JSMD and ILCV, 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	ILCV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.07	2.61	-1.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.32	0.81	-0.49
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.58	0.70	-0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	0.46	+0.17

Drawdowns

JSMD vs. ILCV - Drawdown Comparison

The maximum JSMD drawdown since its inception was -38.98%, smaller than the maximum ILCV drawdown of -58.63%. Use the drawdown chart below to compare losses from any high point for JSMD and ILCV.

Drawdown Indicators

	JSMD	ILCV	Difference
Max Drawdown Largest peak-to-trough decline	-38.98%	-58.63%	+19.65%
Max Drawdown (1Y) Largest decline over 1 year	-14.86%	-6.55%	-8.31%
Max Drawdown (3Y) Largest decline over 3 years	-24.01%	-14.95%	-9.06%
Max Drawdown (5Y) Largest decline over 5 years	-32.18%	-18.58%	-13.60%
Max Drawdown (10Y) Largest decline over 10 years	-38.98%	-35.53%	-3.45%
Current Drawdown Current decline from peak	-3.42%	-1.33%	-2.09%
Average Drawdown Average peak-to-trough decline	-7.48%	-9.32%	+1.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.41%	1.58%	+2.83%

Volatility

JSMD vs. ILCV - Volatility Comparison

Janus Henderson Small/Mid Cap Growth Alpha ETF (JSMD) has a higher volatility of 7.33% compared to iShares Morningstar Value ETF (ILCV) at 2.33%. This indicates that JSMD's price experiences larger fluctuations and is considered to be riskier than ILCV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JSMD	ILCV	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.33%	2.33%	+5.00%
Volatility (6M) Calculated over the trailing 6-month period	16.77%	7.12%	+9.65%
Volatility (1Y) Calculated over the trailing 1-year period	22.16%	9.90%	+12.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.92%	14.23%	+8.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.80%	16.67%	+6.13%

JSMD vs. ILCV - Expense Ratio Comparison

JSMD has a 0.30% expense ratio, which is higher than ILCV's 0.04% expense ratio.

Dividends

JSMD vs. ILCV - Dividend Comparison

JSMD's dividend yield for the trailing twelve months is around 0.48%, less than ILCV's 1.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ILCV iShares Morningstar Value ETF	1.63%	1.77%	1.99%	2.27%	2.32%	2.01%	2.96%	2.70%	2.93%	2.32%	2.76%	3.01%
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%	0.00%

Frequently Asked Questions

Can I hold both JSMD and ILCV in my portfolio?

JSMD and ILCV have a correlation of 0.74, 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 ILCV?

JSMD has higher volatility (7.33%) compared to ILCV (2.33%). In terms of maximum drawdown, JSMD dropped -38.98% vs ILCV's -58.63%.

Which ETF is better, JSMD or ILCV?

On 10-year performance, JSMD leads with 13.27% vs 11.58% for ILCV. On fees, ILCV is cheaper at 0.04% per year. On volatility, ILCV has been the lower-risk option at 2.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JSMD or ILCV?

Over the 10-year period, JSMD has performed better with a 13.27% return vs 11.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JSMD or ILCV?

ILCV is cheaper with a 0.04% expense ratio, compared with 0.30% for JSMD.

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

ILCV has the higher dividend yield at 1.63%, compared with 0.48% for JSMD.

What is the main difference between JSMD and ILCV?

JSMD is categorized as Mid Cap Growth Equities, while ILCV is Large Cap Value Equities. JSMD tracks Janus Small Mid Cap Growth Alpha Index, while ILCV tracks Morningstar US Large-Mid Cap Broad Value Index. They also come from different issuers: Janus Henderson and iShares. Their fees differ too: 0.30% for JSMD and 0.04% for ILCV.

Which has better risk-adjusted returns?

ILCV currently has the higher Sharpe Ratio (2.61 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.