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JSMD vs. JSML
Performance
Return for Risk
Dividends
Drawdowns
Volatility

JSMD vs. JSML

Last updated Apr 1, 2026

Compare and contrast key facts about Janus Henderson Small/Mid Cap Growth Alpha ETF (JSMD) and Janus Henderson Small Cap Growth Alpha ETF (JSML).

JSMD and JSML are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. JSMD is a passively managed fund by Janus Henderson that tracks the performance of the Janus Small Mid Cap Growth Alpha Index. It was launched on Feb 25, 2016. JSML is a passively managed fund by Janus Henderson that tracks the performance of the Janus Small Cap Growth Alpha Index. It was launched on Feb 25, 2016. Both JSMD and JSML are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

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.

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JSMD vs. JSML - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
JSMD
Janus Henderson Small/Mid Cap Growth Alpha ETF		-2.61%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		-4.74%13.41%12.45%30.09%-29.40%3.08%35.38%32.50%-2.53%20.93%

Returns By Period

In the year-to-date period, JSMD achieves a -2.61% return, which is significantly higher than JSML's -4.74% return. Over the past 10 years, JSMD has outperformed JSML with an annualized return of 11.87%, while JSML has yielded a comparatively lower 10.94% annualized return.

JSMD

1D
5.07%
1M
-6.84%
YTD
-2.61%
6M
-4.86%
1Y
14.01%
3Y*
12.89%
5Y*
3.69%
10Y*
11.87%

JSML

1D
4.25%
1M
-7.42%
YTD
-4.74%
6M
-6.13%
1Y
15.83%
3Y*
12.75%
5Y*
1.14%
10Y*
10.94%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Janus Henderson Small/Mid Cap Growth Alpha ETF

Janus Henderson Small Cap Growth Alpha ETF

Often compared with JSMD:
JSMD vs. XMHQJSMD vs. PEXLJSMD vs. JANEXJSMD vs. VOTJSMD vs. COWZJSMD vs. ARKKJSMD vs. VOO
Often compared with JSML:
JSML vs. OMFSJSML vs. PSCTJSML vs. FRTYJSML vs. TMFXJSML vs. IJRJSML vs. IWMJSML vs. OBMCX

JSMD vs. JSML - Expense Ratio Comparison

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

JSMD
Janus Henderson Small/Mid Cap Growth Alpha ETF
JSML
Janus Henderson Small Cap Growth Alpha ETF

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: 3636
Overall Rank
JSMD Sharpe Ratio Rank: 3232
Sharpe Ratio Rank
JSMD Sortino Ratio Rank: 3434
Sortino Ratio Rank
JSMD Omega Ratio Rank: 3131
Omega Ratio Rank
JSMD Calmar Ratio Rank: 4343
Calmar Ratio Rank
JSMD Martin Ratio Rank: 3838
Martin Ratio Rank
JSML
JSML Risk / Return Rank: 4242
Overall Rank
JSML Sharpe Ratio Rank: 3737
Sharpe Ratio Rank
JSML Sortino Ratio Rank: 4040
Sortino Ratio Rank
JSML Omega Ratio Rank: 3434
Omega Ratio Rank
JSML Calmar Ratio Rank: 5252
Calmar Ratio Rank
JSML Martin Ratio Rank: 4747
Martin Ratio Rank
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.

JSMDJSMLDifference

Sharpe ratio

Return per unit of total volatility

0.57

0.66

-0.09

Sortino ratio

Return per unit of downside risk

0.96

1.09

-0.13

Omega ratio

Gain probability vs. loss probability

1.12

1.14

-0.01

Calmar ratio

Return relative to maximum drawdown

1.05

1.29

-0.24

Martin ratio

Return relative to average drawdown

3.43

4.44

-1.01

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. JSML - Sharpe Ratio Comparison

The current JSMD Sharpe Ratio is 0.57, which is comparable to the JSML Sharpe Ratio of 0.66. The chart below compares the historical Sharpe Ratios of JSMD and JSML, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

JSMDJSMLDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.57

0.66

-0.09

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.16

0.05

+0.12

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.53

0.45

+0.07

Sharpe Ratio (All Time)

Calculated using the full available price history

0.55

0.47

+0.08

Correlation

The correlation between JSMD and JSML is 0.86, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

JSMD vs. JSML - Dividend Comparison

JSMD's dividend yield for the trailing twelve months is around 0.57%, less than JSML's 0.66% yield.

TTM2025202420232022202120202019201820172016
JSMD
Janus Henderson Small/Mid Cap Growth Alpha ETF		0.57%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		0.66%0.94%1.19%0.49%0.67%0.46%0.30%0.27%0.76%0.42%0.52%

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.

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Drawdown Indicators

JSMDJSMLDifference

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 (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

-10.53%

-11.22%

+0.69%

Average Drawdown

Average peak-to-trough decline

-7.58%

-11.02%

+3.44%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.56%

4.32%

+0.24%

Volatility

JSMD vs. JSML - Volatility Comparison

Janus Henderson Small/Mid Cap Growth Alpha ETF (JSMD) has a higher volatility of 9.67% compared to Janus Henderson Small Cap Growth Alpha ETF (JSML) at 9.14%. This indicates that JSMD's price experiences larger fluctuations and is considered to be riskier than JSML based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

JSMDJSMLDifference

Volatility (1M)

Calculated over the trailing 1-month period

9.67%

9.14%

+0.53%

Volatility (6M)

Calculated over the trailing 6-month period

16.69%

16.36%

+0.33%

Volatility (1Y)

Calculated over the trailing 1-year period

24.54%

24.08%

+0.46%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.67%

24.19%

-1.52%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.64%

24.16%

-1.52%