JSMD vs. IMCG

Last updated Jun 24, 2026

JSMD (Janus Henderson Small/Mid Cap Growth Alpha ETF) and IMCG (iShares Morningstar Mid-Cap Growth ETF) are both Mid Cap Growth Equities funds - JSMD tracks the Janus Small Mid Cap Growth Alpha Index while IMCG tracks the Morningstar US Mid Cap Broad Growth Index. Both are passively managed. Over the past 10 years, JSMD returned 13.87%/yr vs 14.83%/yr for IMCG. Their correlation of 0.88 suggests significant overlap in exposure. JSMD charges 0.30%/yr vs 0.06%/yr for IMCG.

Performance

JSMD vs. IMCG - 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 Mid-Cap Growth ETF (IMCG). 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 IMCG's 20.55% return. Over the past 10 years, JSMD has underperformed IMCG with an annualized return of 13.87%, while IMCG has yielded a comparatively higher 14.83% 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%

IMCG

• 1D: -1.53%
• 1M: 5.21%
• YTD: 20.55%
• 6M: 18.49%
• 1Y: 23.77%
• 3Y*: 18.73%
• 5Y*: 7.83%
• 10Y*: 14.83%

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

JSMD vs. IMCG - 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%
IMCG iShares Morningstar Mid-Cap Growth ETF	20.55%	6.55%	18.14%	20.73%	-25.79%	15.39%	45.64%	35.70%	-3.68%	25.57%

Correlation

The correlation between JSMD and IMCG is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.93
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 IMCG has been stable across timeframes, ranging from 0.88 to 0.93 - a consistent structural relationship.

JSMD vs. IMCG - Sectors Allocation Comparison

Sectors	JSMD	IMCG
Technology	28.1%	34.9%
Industrials	23.3%	25.3%
Healthcare	18.7%	6.9%
Financial Services	8.9%	8.6%
Consumer Cyclical	8.7%	9.1%
Basic Materials	3.0%	4.3%
Communication Services	2.9%	2.4%
Real Estate	2.8%	3.1%
Consumer Defensive	2.5%	1.2%
Energy	1.1%	1.7%
Utilities	-	2.5%

Return for Risk

JSMD vs. IMCG — 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

IMCG

IMCG Risk / Return Rank: 45
IMCG Sharpe Ratio Rank: 42
IMCG Sortino Ratio Rank: 42
IMCG Omega Ratio Rank: 40
IMCG Calmar Ratio Rank: 49
IMCG Martin Ratio Rank: 54

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. IMCG - 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 Mid-Cap Growth ETF (IMCG). 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	IMCG	Difference
Sharpe ratio: Return per unit of total volatility	1.30	1.42	-0.13
Sortino ratio: Return per unit of downside risk	1.87	2.04	-0.17
Omega ratio: Gain probability vs. loss probability	1.23	1.25	-0.02
Calmar ratio: Return relative to maximum drawdown	1.90	2.35	-0.44
Martin ratio: Return relative to average drawdown	6.44	8.95	-2.51

JSMD vs. IMCG - Sharpe Ratio Comparison

The current JSMD Sharpe Ratio is 1.30, which is comparable to the IMCG Sharpe Ratio of 1.42. The chart below compares the historical Sharpe Ratios of JSMD and IMCG, 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. IMCG - Drawdown Comparison

The maximum JSMD drawdown since its inception was -38.98%, smaller than the maximum IMCG drawdown of -58.96%. Use the drawdown chart below to compare losses from any high point for JSMD and IMCG.

Drawdown Indicators

	JSMD	IMCG	Difference
Max Drawdown Largest peak-to-trough decline	-38.98%	-58.96%	+19.98%
Max Drawdown (1Y) Largest decline over 1 year	-14.86%	-10.17%	-4.69%
Max Drawdown (3Y) Largest decline over 3 years	-24.01%	-21.92%	-2.09%
Max Drawdown (5Y) Largest decline over 5 years	-32.18%	-35.08%	+2.90%
Max Drawdown (10Y) Largest decline over 10 years	-38.98%	-35.08%	-3.90%
Current Drawdown Current decline from peak	-1.55%	-1.53%	-0.02%
Average Drawdown Average peak-to-trough decline	-7.45%	-9.20%	+1.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.39%	2.66%	+1.73%

Volatility

JSMD vs. IMCG - Volatility Comparison

Janus Henderson Small/Mid Cap Growth Alpha ETF (JSMD) and iShares Morningstar Mid-Cap Growth ETF (IMCG) have volatilities of 7.47% and 7.43%, 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	IMCG	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.47%	7.43%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	17.05%	14.09%	+2.96%
Volatility (1Y) Calculated over the trailing 1-year period	21.80%	16.78%	+5.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.01%	20.37%	+2.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.83%	20.59%	+2.24%

JSMD vs. IMCG - Expense Ratio Comparison

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

Dividends

JSMD vs. IMCG - Dividend Comparison

JSMD's dividend yield for the trailing twelve months is around 0.46%, less than IMCG's 0.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IMCG iShares Morningstar Mid-Cap Growth ETF	0.62%	0.78%	0.78%	0.85%	0.91%	0.41%	0.09%	0.30%	0.35%	0.45%	0.52%	0.38%
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 IMCG in my portfolio?

With a correlation of 0.91, JSMD and IMCG 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 IMCG?

JSMD has higher volatility (7.47%) compared to IMCG (7.43%). In terms of maximum drawdown, JSMD dropped -38.98% vs IMCG's -58.96%.

Which ETF is better, JSMD or IMCG?

On 10-year performance, IMCG leads with 14.83% vs 13.87% for JSMD. On fees, IMCG is cheaper at 0.06% 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 IMCG?

Over the 10-year period, IMCG has performed better with a 14.83% 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 IMCG?

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

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

IMCG has the higher dividend yield at 0.62%, compared with 0.46% for JSMD.

What is the main difference between JSMD and IMCG?

JSMD tracks Janus Small Mid Cap Growth Alpha Index, while IMCG tracks Morningstar US Mid Cap Broad Growth Index. They also come from different issuers: Janus Henderson and iShares. Their fees differ too: 0.30% for JSMD and 0.06% for IMCG.

Which has better risk-adjusted returns?

IMCG currently has the higher Sharpe Ratio (1.42 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.