JSMD vs. JSML

Last updated Jun 24, 2026

JSMD (Janus Henderson Small/Mid Cap Growth Alpha ETF) and JSML (Janus Henderson Small Cap Growth Alpha ETF) are both exchange-traded funds - JSMD is a Mid Cap Growth Equities fund tracking the Janus Small Mid Cap Growth Alpha Index, while JSML is a Small Cap Growth Equities fund tracking the Janus Small Cap Growth Alpha Index. Both are passively managed. Over the past 10 years, JSMD returned 13.87%/yr vs 13.59%/yr for JSML. Their correlation of 0.87 suggests significant overlap in exposure. Both charge a 0.30% expense ratio.

Performance

JSMD vs. JSML - 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 Small Cap Growth Alpha ETF (JSML). 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 JSML's 23.76% return. Both investments have delivered pretty close results over the past 10 years, with JSMD having a 13.87% annualized return and JSML not far behind at 13.59%.

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%

JSML

• 1D: -1.54%
• 1M: 7.36%
• YTD: 23.76%
• 6M: 20.73%
• 1Y: 38.96%
• 3Y*: 19.76%
• 5Y*: 6.64%
• 10Y*: 13.59%

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

JSMD vs. JSML - 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%
JSML Janus Henderson Small Cap Growth Alpha ETF	23.76%	13.41%	12.45%	30.09%	-29.40%	3.08%	35.38%	32.50%	-2.53%	20.93%

Correlation

The correlation between JSMD and JSML is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Feb 25, 2016	0.87

The correlation between JSMD and JSML shifts across timeframes, from 0.87 (all time) to 0.97 (1 year), reflecting how their relationship changes across market environments.

JSMD vs. JSML - Sectors Allocation Comparison

Sectors	JSMD	JSML
Technology	28.1%	24.9%
Industrials	23.3%	22.7%
Healthcare	18.7%	21.6%
Financial Services	8.9%	10.2%
Consumer Cyclical	8.7%	8.5%
Basic Materials	3.0%	2.4%
Communication Services	2.9%	2.0%
Real Estate	2.8%	2.0%
Consumer Defensive	2.5%	1.5%
Energy	1.1%	1.8%
Utilities	-	-

Return for Risk

JSMD vs. JSML — 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

JSML

JSML Risk / Return Rank: 55
JSML Sharpe Ratio Rank: 56
JSML Sortino Ratio Rank: 54
JSML Omega Ratio Rank: 50
JSML Calmar Ratio Rank: 58
JSML Martin Ratio Rank: 58

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. JSML - 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 Small Cap Growth Alpha ETF (JSML). 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	JSML	Difference
Sharpe ratio: Return per unit of total volatility	1.30	1.76	-0.46
Sortino ratio: Return per unit of downside risk	1.87	2.41	-0.55
Omega ratio: Gain probability vs. loss probability	1.23	1.30	-0.07
Calmar ratio: Return relative to maximum drawdown	1.90	2.64	-0.73
Martin ratio: Return relative to average drawdown	6.44	9.34	-2.90

JSMD vs. JSML - Sharpe Ratio Comparison

The current JSMD Sharpe Ratio is 1.30, which is comparable to the JSML Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of JSMD and JSML, 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. JSML - Drawdown Comparison

The maximum JSMD drawdown since its inception was -38.98%, roughly equal to the maximum JSML drawdown of -39.65%. Use the drawdown chart below to compare losses from any high point for JSMD and JSML.

Drawdown Indicators

	JSMD	JSML	Difference
Max Drawdown Largest peak-to-trough decline	-38.98%	-39.65%	+0.67%
Max Drawdown (1Y) Largest decline over 1 year	-14.86%	-14.84%	-0.02%
Max Drawdown (3Y) Largest decline over 3 years	-24.01%	-25.60%	+1.59%
Max Drawdown (5Y) Largest decline over 5 years	-32.18%	-37.91%	+5.73%
Max Drawdown (10Y) Largest decline over 10 years	-38.98%	-39.65%	+0.67%
Current Drawdown Current decline from peak	-1.55%	-1.54%	-0.01%
Average Drawdown Average peak-to-trough decline	-7.45%	-10.81%	+3.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.39%	4.18%	+0.21%

Volatility

JSMD vs. JSML - Volatility Comparison

Janus Henderson Small/Mid Cap Growth Alpha ETF (JSMD) and Janus Henderson Small Cap Growth Alpha ETF (JSML) have volatilities of 7.47% and 7.54%, 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	JSML	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.47%	7.54%	-0.07%
Volatility (6M) Calculated over the trailing 6-month period	17.05%	16.93%	+0.12%
Volatility (1Y) Calculated over the trailing 1-year period	21.80%	22.28%	-0.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.01%	24.51%	-1.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.83%	24.32%	-1.49%

JSMD vs. JSML - Expense Ratio Comparison

Both JSMD and JSML have an expense ratio of 0.30%.

Dividends

JSMD vs. JSML - Dividend Comparison

JSMD's dividend yield for the trailing twelve months is around 0.46%, less than JSML's 0.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
JSML Janus Henderson Small Cap Growth Alpha ETF	0.77%	0.94%	1.19%	0.49%	0.67%	0.46%	0.30%	0.27%	0.76%	0.42%	0.52%

Frequently Asked Questions

Can I hold both JSMD and JSML in my portfolio?

With a correlation of 0.97, JSMD and JSML 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 JSML?

JSML has higher volatility (7.54%) compared to JSMD (7.47%). In terms of maximum drawdown, JSMD dropped -38.98% vs JSML's -39.65%.

Which ETF is better, JSMD or JSML?

On 10-year performance, JSMD leads with 13.87% vs 13.59% for JSML. Both ETFs have the same 0.30% expense ratio. 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 JSML?

Over the 10-year period, JSMD has performed better with a 13.87% return vs 13.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JSMD or JSML?

JSMD and JSML have the same expense ratio: 0.30% per year.

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

JSML has the higher dividend yield at 0.77%, compared with 0.46% for JSMD.

What is the main difference between JSMD and JSML?

JSMD is categorized as Mid Cap Growth Equities, while JSML is Small Cap Growth Equities. JSMD tracks Janus Small Mid Cap Growth Alpha Index, while JSML tracks Janus Small Cap Growth Alpha Index.

Which has better risk-adjusted returns?

JSML currently has the higher Sharpe Ratio (1.76 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.