JSMD vs. PAMC

Last updated Aug 4, 2026

JSMD (Janus Henderson Small/Mid Cap Growth Alpha ETF) and PAMC (Pacer Lunt MidCap Multi-Factor Alternator ETF) are both Mid Cap Growth Equities funds - JSMD tracks the Janus Small Mid Cap Growth Alpha Index while PAMC tracks the Lunt Capital U.S. MidCap Multi-Factor Rotation Index. Both are passively managed. Over the past 5 years, JSMD returned 7.42%/yr vs 9.85%/yr for PAMC. Their correlation of 0.87 means they have usually moved in the same direction. JSMD charges 0.30%/yr vs 0.60%/yr for PAMC.

Performance

JSMD vs. PAMC - 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 Pacer Lunt MidCap Multi-Factor Alternator ETF (PAMC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with JSMD having a 16.38% return and PAMC slightly higher at 16.89%.

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%

PAMC

• 1D: 1.08%
• 1M: 0.11%
• 6M: 11.10%
• YTD: 16.89%
• 1Y: 27.33%
• 3Y*: 16.37%
• 5Y*: 9.85%
• 10Y*: —
• ALL TIME*: 15.38%

*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)
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF	$5.51M	$7.19M	$7.86M
PAMC Pacer Lunt MidCap Multi-Factor Alternator ETF	$181.46K	$141.60K	$352.24K

JSMD vs. PAMC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF	16.38%	9.25%	15.08%	26.81%	-22.84%	8.40%	36.17%
PAMC Pacer Lunt MidCap Multi-Factor Alternator ETF	16.89%	1.54%	26.20%	19.30%	-12.15%	13.15%	34.86%

Correlation

The correlation between JSMD and PAMC is 0.83, 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.	0.83
Correlation (3Y) Balances recent behavior with more history.	0.87
Correlation (5Y) Shows whether the relationship held over a longer period.	0.89
Correlation (All Time) Calculated using the full available price history since Jun 25, 2020	0.87

The correlation between JSMD and PAMC has been stable across timeframes, ranging from 0.83 to 0.89 - a consistent structural relationship.

JSMD vs. PAMC - Sectors Allocation Comparison

Sectors	JSMD	PAMC
Technology	27.7%	10.8%
Industrials	22.1%	23.2%
Healthcare	20.3%	5.8%
Financial Services	9.3%	19.8%
Consumer Cyclical	9.0%	12.5%
Real Estate	2.9%	6.8%
Communication Services	2.7%	0.8%
Basic Materials	2.6%	5.5%
Consumer Defensive	2.4%	3.4%
Energy	1.0%	7.8%
Utilities	-	3.5%

Return for Risk

JSMD vs. PAMC — 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

PAMC

PAMC Risk / Return Rank: 65
PAMC Sharpe Ratio Rank: 58
PAMC Sortino Ratio Rank: 61
PAMC Omega Ratio Rank: 59
PAMC Calmar Ratio Rank: 73
PAMC Martin Ratio Rank: 74

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. PAMC - 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 Pacer Lunt MidCap Multi-Factor Alternator ETF (PAMC). 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	PAMC	Difference
Sharpe ratio: Return per unit of total volatility	0.98	1.46	-0.47
Sortino ratio: Return per unit of downside risk	1.49	2.14	-0.65
Omega ratio: Gain probability vs. loss probability	1.18	1.27	-0.09
Calmar ratio: Return relative to maximum drawdown	1.49	2.68	-1.19
Martin ratio: Return relative to average drawdown	4.72	9.70	-4.97

JSMD vs. PAMC - Sharpe Ratio Comparison

The current JSMD Sharpe Ratio is 0.98, which is lower than the PAMC Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of JSMD and PAMC, 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. PAMC - Drawdown Comparison

The maximum JSMD drawdown since its inception was -38.98%, which is greater than PAMC's maximum drawdown of -27.04%. Use the drawdown chart below to compare losses from any high point for JSMD and PAMC.

Drawdown Indicators

	JSMD	PAMC	Difference
Max Drawdown Largest peak-to-trough decline	-38.98%	-27.04%	-11.94%
Max Drawdown (1Y) Largest decline over 1 year	-14.86%	-10.24%	-4.62%
Max Drawdown (3Y) Largest decline over 3 years	-24.01%	-26.07%	+2.06%
Max Drawdown (5Y) Largest decline over 5 years	-32.18%	-26.61%	-5.57%
Max Drawdown (10Y) Largest decline over 10 years	-38.98%	—	—
Current Drawdown Current decline from peak	-6.42%	-2.25%	-4.17%
Average Drawdown Average peak-to-trough decline	-7.42%	-7.32%	-0.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.69%	2.83%	+1.86%

Volatility

JSMD vs. PAMC - Volatility Comparison

Janus Henderson Small/Mid Cap Growth Alpha ETF (JSMD) has a higher volatility of 6.57% compared to Pacer Lunt MidCap Multi-Factor Alternator ETF (PAMC) at 4.35%. This indicates that JSMD's price experiences larger fluctuations and is considered to be riskier than PAMC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JSMD	PAMC	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.57%	4.35%	+2.22%
Volatility (6M) Calculated over the trailing 6-month period	17.87%	14.15%	+3.72%
Volatility (1Y) Calculated over the trailing 1-year period	22.59%	18.88%	+3.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.15%	20.22%	+2.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.87%	20.62%	+2.25%

JSMD vs. PAMC - Expense Ratio Comparison

JSMD has a 0.30% expense ratio, which is lower than PAMC's 0.60% expense ratio.

Dividends

JSMD vs. PAMC - Dividend Comparison

JSMD's dividend yield for the trailing twelve months is around 0.43%, less than PAMC's 1.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
PAMC Pacer Lunt MidCap Multi-Factor Alternator ETF	1.11%	1.11%	0.97%	0.69%	1.29%	0.36%	0.30%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JSMD and PAMC in my portfolio?

JSMD and PAMC have a correlation of 0.83, 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 PAMC?

JSMD has higher volatility (6.57%) compared to PAMC (4.35%). In terms of maximum drawdown, JSMD dropped -38.98% vs PAMC's -27.04%.

Which ETF is better, JSMD or PAMC?

On 5-year performance, PAMC leads with 9.85% vs 7.42% for JSMD. On fees, JSMD is cheaper at 0.30% per year. On volatility, PAMC has been the lower-risk option at 4.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JSMD or PAMC?

Over the 5-year period, PAMC has performed better with a 9.85% return vs 7.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JSMD or PAMC?

JSMD is cheaper with a 0.30% expense ratio, compared with 0.60% for PAMC.

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

PAMC has the higher dividend yield at 1.11%, compared with 0.43% for JSMD.

What is the main difference between JSMD and PAMC?

JSMD tracks Janus Small Mid Cap Growth Alpha Index, while PAMC tracks Lunt Capital U.S. MidCap Multi-Factor Rotation Index. They also come from different issuers: Janus Henderson and Pacer. Their fees differ too: 0.30% for JSMD and 0.60% for PAMC.

Which has better risk-adjusted returns?

PAMC currently has the higher Sharpe Ratio (1.46 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.