JSMD vs. JIII

Last updated Aug 4, 2026

JSMD (Janus Henderson Small/Mid Cap Growth Alpha ETF) and JIII (Janus Henderson 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 JIII is a Multisector Bonds fund actively managed by Janus Henderson. JSMD is passively managed, while JIII is actively managed. Over the past year, JSMD returned 22.10% vs 4.76% for JIII. Their 0.38 correlation means their historical movements had little consistent relationship. JSMD charges 0.30%/yr vs 0.54%/yr for JIII.

Performance

JSMD vs. JIII - 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 Janus Henderson Income ETF (JIII). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JSMD achieves a 16.38% return, which is significantly higher than JIII's 1.45% 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%

JIII

• 1D: 0.26%
• 1M: -0.42%
• 6M: 1.02%
• YTD: 1.45%
• 1Y: 4.76%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.95%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
JIII Janus Henderson Income ETF	$497.65K	$594.07K	$758.21K
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF	$5.51M	$7.19M	$7.86M

JSMD vs. JIII - Yearly Performance Comparison

	2026 (YTD)	2025	2024
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF	16.38%	9.25%	-5.97%
JIII Janus Henderson Income ETF	1.45%	8.28%	0.54%

Correlation

The correlation between JSMD and JIII is 0.46, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.46
Correlation (All Time) Calculated using the full available price history since Nov 13, 2024	0.38

Return for Risk

JSMD vs. JIII — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

JSMD

JSMD Risk / Return Rank: 39
JSMD Sharpe Ratio Rank: 38
JSMD Sortino Ratio Rank: 38
JSMD Omega Ratio Rank: 36
JSMD Calmar Ratio Rank: 41
JSMD Martin Ratio Rank: 42

JIII

JIII Risk / Return Rank: 53
JIII Sharpe Ratio Rank: 49
JIII Sortino Ratio Rank: 50
JIII Omega Ratio Rank: 53
JIII Calmar Ratio Rank: 54
JIII Martin Ratio Rank: 60

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

JSMD vs. JIII - 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 Janus Henderson Income ETF (JIII). 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	JIII	Difference
Sharpe ratio: Return per unit of total volatility	0.98	1.31	-0.33
Sortino ratio: Return per unit of downside risk	1.49	1.91	-0.42
Omega ratio: Gain probability vs. loss probability	1.18	1.26	-0.08
Calmar ratio: Return relative to maximum drawdown	1.49	2.11	-0.61
Martin ratio: Return relative to average drawdown	4.72	7.65	-2.93

JSMD vs. JIII - Sharpe Ratio Comparison

The current JSMD Sharpe Ratio is 0.98, which is comparable to the JIII Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of JSMD and JIII, 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. JIII - Drawdown Comparison

The maximum JSMD drawdown since its inception was -38.98%, which is greater than JIII's maximum drawdown of -3.55%. Use the drawdown chart below to compare losses from any high point for JSMD and JIII.

Drawdown Indicators

	JSMD	JIII	Difference
Max Drawdown Largest peak-to-trough decline	-38.98%	-3.55%	-35.43%
Max Drawdown (1Y) Largest decline over 1 year	-14.86%	-2.27%	-12.59%
Max Drawdown (3Y) Largest decline over 3 years	-24.01%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-32.18%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-38.98%	—	—
Current Drawdown Current decline from peak	-6.42%	-0.59%	-5.83%
Average Drawdown Average peak-to-trough decline	-7.42%	-0.49%	-6.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.69%	0.62%	+4.07%

Volatility

JSMD vs. JIII - Volatility Comparison

Janus Henderson Small/Mid Cap Growth Alpha ETF (JSMD) has a higher volatility of 6.57% compared to Janus Henderson Income ETF (JIII) at 0.86%. This indicates that JSMD's price experiences larger fluctuations and is considered to be riskier than JIII based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JSMD	JIII	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.57%	0.86%	+5.71%
Volatility (6M) Calculated over the trailing 6-month period	17.87%	2.97%	+14.90%
Volatility (1Y) Calculated over the trailing 1-year period	22.59%	3.65%	+18.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.15%	3.93%	+19.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.87%	3.93%	+18.94%

JSMD vs. JIII - Expense Ratio Comparison

JSMD has a 0.30% expense ratio, which is lower than JIII's 0.54% expense ratio.

Dividends

JSMD vs. JIII - Dividend Comparison

JSMD's dividend yield for the trailing twelve months is around 0.43%, less than JIII's 7.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
JIII Janus Henderson Income ETF	7.33%	7.33%	0.44%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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%

Frequently Asked Questions

Can I hold both JSMD and JIII in my portfolio?

JSMD and JIII have a correlation of 0.46, 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 JIII?

JSMD has higher volatility (6.57%) compared to JIII (0.86%). In terms of maximum drawdown, JSMD dropped -38.98% vs JIII's -3.55%.

Which ETF is better, JSMD or JIII?

On 1-year performance, JSMD leads with 22.10% vs 4.76% for JIII. On fees, JSMD is cheaper at 0.30% per year. On volatility, JIII has been the lower-risk option at 0.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JSMD or JIII?

Over the 1-year period, JSMD has performed better with a 22.10% return vs 4.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JSMD or JIII?

JSMD is cheaper with a 0.30% expense ratio, compared with 0.54% for JIII.

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

JIII has the higher dividend yield at 7.33%, compared with 0.43% for JSMD.

What is the main difference between JSMD and JIII?

JSMD is categorized as Mid Cap Growth Equities, while JIII is Multisector Bonds. Their fees differ too: 0.30% for JSMD and 0.54% for JIII.

Which has better risk-adjusted returns?

JIII currently has the higher Sharpe Ratio (1.31 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.