JSMD vs. IVOG
JSMD (Janus Henderson Small/Mid Cap Growth Alpha ETF) and IVOG (Vanguard S&P Mid-Cap 400 Growth ETF) are both Mid Cap Growth Equities funds - JSMD tracks the Janus Small Mid Cap Growth Alpha Index while IVOG tracks the S&P MidCap 400 Growth Index. Both are passively managed. Over the past 10 years, JSMD returned 12.80%/yr vs 10.93%/yr for IVOG. Their correlation of 0.90 means they have usually moved in the same direction. JSMD charges 0.30%/yr vs 0.10%/yr for IVOG.
Performance
JSMD vs. IVOG - Performance Comparison
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Returns By Period
In the year-to-date period, JSMD achieves a 16.38% return, which is significantly lower than IVOG's 17.52% return. Over the past 10 years, JSMD has outperformed IVOG with an annualized return of 12.80%, while IVOG has yielded a comparatively lower 10.93% annualized return.
JSMD
- 1D
- 2.28%
- 1M
- -3.09%
- 6M
- 10.51%
- YTD
- 16.38%
- 1Y
- 22.10%
- 3Y*
- 15.15%
- 5Y*
- 7.42%
- 10Y*
- 12.80%
- ALL TIME*
- 13.97%
IVOG
- 1D
- 1.42%
- 1M
- -1.51%
- 6M
- 11.66%
- YTD
- 17.52%
- 1Y
- 24.56%
- 3Y*
- 14.95%
- 5Y*
- 7.84%
- 10Y*
- 10.93%
- ALL TIME*
- 12.31%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.45M | $2.86M | $3.13M | |
| $5.51M | $7.19M | $7.86M |
JSMD vs. IVOG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF | 16.38% | 9.25% | 15.08% | 26.81% | -22.84% | 8.40% | 30.79% | 31.05% | -4.73% | 24.46% |
IVOG Vanguard S&P Mid-Cap 400 Growth ETF | 17.52% | 7.34% | 15.62% | 17.36% | -19.08% | 18.85% | 22.60% | 26.13% | -10.58% | 19.90% |
Correlation
The correlation between JSMD and IVOG is 0.90, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.90 |
Correlation (3Y) Balances recent behavior with more history. | 0.91 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.93 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.90 |
Correlation (All Time) Calculated using the full available price history since Feb 25, 2016 | 0.90 |
The correlation between JSMD and IVOG has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.
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Return for Risk
JSMD vs. IVOG — Risk / Return Rank
JSMD
IVOG
JSMD vs. IVOG - 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 Vanguard S&P Mid-Cap 400 Growth ETF (IVOG). 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 | IVOG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.40 | ||
| Sortino ratioReturn per unit of downside risk | -0.55 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.25 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 1.49 | 2.55 | -1.05 |
| Martin ratioReturn relative to average drawdown | 4.72 | 9.19 | -4.46 |
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Drawdowns
JSMD vs. IVOG - Drawdown Comparison
The maximum JSMD drawdown since its inception was -38.98%, roughly equal to the maximum IVOG drawdown of -39.32%. Use the drawdown chart below to compare losses from any high point for JSMD and IVOG.
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Drawdown Indicators
| JSMD | IVOG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.98% | -39.32% | +0.34% |
Max Drawdown (1Y)Largest decline over 1 year | -14.86% | -9.69% | -5.17% |
Max Drawdown (3Y)Largest decline over 3 years | -24.01% | -25.61% | +1.60% |
Max Drawdown (5Y)Largest decline over 5 years | -32.18% | -29.31% | -2.87% |
Max Drawdown (10Y)Largest decline over 10 years | -38.98% | -39.32% | +0.34% |
Current DrawdownCurrent decline from peak | -6.42% | -3.44% | -2.98% |
Average DrawdownAverage peak-to-trough decline | -7.42% | -5.84% | -1.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.69% | 2.68% | +2.01% |
Volatility
JSMD vs. IVOG - Volatility Comparison
Janus Henderson Small/Mid Cap Growth Alpha ETF (JSMD) has a higher volatility of 6.57% compared to Vanguard S&P Mid-Cap 400 Growth ETF (IVOG) at 4.48%. This indicates that JSMD's price experiences larger fluctuations and is considered to be riskier than IVOG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| JSMD | IVOG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.57% | 4.48% | +2.09% |
Volatility (6M)Calculated over the trailing 6-month period | 17.87% | 14.00% | +3.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.59% | 17.89% | +4.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.15% | 20.71% | +2.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.87% | 20.62% | +2.25% |
JSMD vs. IVOG - Expense Ratio Comparison
JSMD has a 0.30% expense ratio, which is higher than IVOG's 0.10% expense ratio.
Dividends
JSMD vs. IVOG - Dividend Comparison
JSMD's dividend yield for the trailing twelve months is around 0.43%, less than IVOG's 0.55% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IVOG Vanguard S&P Mid-Cap 400 Growth ETF | 0.55% | 0.64% | 0.79% | 1.15% | 1.05% | 0.47% | 0.74% | 1.17% | 1.01% | 0.93% | 1.11% | 1.04% |
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
With a correlation of 0.90, JSMD and IVOG 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.
JSMD has higher volatility (6.57%) compared to IVOG (4.48%). In terms of maximum drawdown, JSMD dropped -38.98% vs IVOG's -39.32%.
On 10-year performance, JSMD leads with 12.80% vs 10.93% for IVOG. On fees, IVOG is cheaper at 0.10% per year. On volatility, IVOG has been the lower-risk option at 4.48%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, JSMD has performed better with a 12.80% return vs 10.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IVOG is cheaper with a 0.10% expense ratio, compared with 0.30% for JSMD.
IVOG has the higher dividend yield at 0.55%, compared with 0.43% for JSMD.
JSMD tracks Janus Small Mid Cap Growth Alpha Index, while IVOG tracks S&P MidCap 400 Growth Index. They also come from different issuers: Janus Henderson and Vanguard. Their fees differ too: 0.30% for JSMD and 0.10% for IVOG.
IVOG currently has the higher Sharpe Ratio (1.38 vs 0.98), 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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