JSMD vs. PVAL

Last updated Jun 14, 2026

JSMD (Janus Henderson Small/Mid Cap Growth Alpha ETF) and PVAL (Putnam Focused Large Cap Value ETF) are both exchange-traded funds - JSMD is a Mid Cap Growth Equities fund tracking the Janus Small Mid Cap Growth Alpha Index, while PVAL is a Large Cap Value Equities fund actively managed by Putnam. JSMD is passively managed, while PVAL is actively managed. Over the past 5 years, JSMD returned 7.74%/yr vs 16.29%/yr for PVAL. Their correlation of 0.80 suggests significant overlap in exposure. JSMD charges 0.30%/yr vs 0.55%/yr for PVAL.

Performance

JSMD vs. PVAL - 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 Putnam Focused Large Cap Value ETF (PVAL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JSMD achieves a 18.04% return, which is significantly higher than PVAL's 13.07% return.

JSMD

• 1D: 0.29%
• 1M: 4.71%
• YTD: 18.04%
• 6M: 15.17%
• 1Y: 30.30%
• 3Y*: 17.13%
• 5Y*: 7.74%
• 10Y*: 13.65%

PVAL

• 1D: 1.06%
• 1M: 3.05%
• YTD: 13.07%
• 6M: 13.55%
• 1Y: 32.98%
• 3Y*: 23.14%
• 5Y*: 16.29%
• 10Y*: —

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

JSMD vs. PVAL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF	18.04%	9.25%	15.08%	26.81%	-22.84%	2.17%
PVAL Putnam Focused Large Cap Value ETF	13.07%	24.13%	19.30%	18.41%	-2.61%	11.77%

Correlation

The correlation between JSMD and PVAL is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (All Time) Calculated using the full available price history since May 26, 2021	0.80

The correlation between JSMD and PVAL has been stable across timeframes, ranging from 0.78 to 0.80 - a consistent structural relationship.

JSMD vs. PVAL - Sectors Allocation Comparison

Sectors	JSMD	PVAL
Technology	28.1%	11.9%
Industrials	23.3%	12.1%
Healthcare	18.7%	12.6%
Financial Services	8.9%	19.1%
Consumer Cyclical	8.7%	10.2%
Basic Materials	3.0%	4.4%
Communication Services	2.9%	5.8%
Real Estate	2.8%	2.1%
Consumer Defensive	2.5%	8.3%
Energy	1.1%	8.4%
Utilities	-	5.0%

Return for Risk

JSMD vs. PVAL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

JSMD

JSMD Risk / Return Rank: 35
JSMD Sharpe Ratio Rank: 34
JSMD Sortino Ratio Rank: 33
JSMD Omega Ratio Rank: 32
JSMD Calmar Ratio Rank: 37
JSMD Martin Ratio Rank: 39

PVAL

PVAL Risk / Return Rank: 90
PVAL Sharpe Ratio Rank: 93
PVAL Sortino Ratio Rank: 92
PVAL Omega Ratio Rank: 91
PVAL Calmar Ratio Rank: 88
PVAL Martin Ratio Rank: 88

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. PVAL - 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 Putnam Focused Large Cap Value ETF (PVAL). 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	PVAL	Difference
Sharpe ratio: Return per unit of total volatility	1.07	2.89	-1.82
Sortino ratio: Return per unit of downside risk	1.55	4.03	-2.48
Omega ratio: Gain probability vs. loss probability	1.19	1.52	-0.33
Calmar ratio: Return relative to maximum drawdown	1.60	4.45	-2.84
Martin ratio: Return relative to average drawdown	5.42	16.87	-11.46

JSMD vs. PVAL - Sharpe Ratio Comparison

The current JSMD Sharpe Ratio is 1.07, which is lower than the PVAL Sharpe Ratio of 2.89. The chart below compares the historical Sharpe Ratios of JSMD and PVAL, 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. PVAL - Drawdown Comparison

The maximum JSMD drawdown since its inception was -38.98%, which is greater than PVAL's maximum drawdown of -16.64%. Use the drawdown chart below to compare losses from any high point for JSMD and PVAL.

Drawdown Indicators

	JSMD	PVAL	Difference
Max Drawdown Largest peak-to-trough decline	-38.98%	-16.64%	-22.34%
Max Drawdown (1Y) Largest decline over 1 year	-14.86%	-7.22%	-7.64%
Max Drawdown (3Y) Largest decline over 3 years	-24.01%	-15.42%	-8.59%
Max Drawdown (5Y) Largest decline over 5 years	-32.18%	-16.64%	-15.54%
Max Drawdown (10Y) Largest decline over 10 years	-38.98%	—	—
Current Drawdown Current decline from peak	-1.17%	0.00%	-1.17%
Average Drawdown Average peak-to-trough decline	-7.47%	-3.01%	-4.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.43%	1.90%	+2.53%

Volatility

JSMD vs. PVAL - Volatility Comparison

Janus Henderson Small/Mid Cap Growth Alpha ETF (JSMD) has a higher volatility of 8.22% compared to Putnam Focused Large Cap Value ETF (PVAL) at 3.68%. This indicates that JSMD's price experiences larger fluctuations and is considered to be riskier than PVAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JSMD	PVAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.22%	3.68%	+4.54%
Volatility (6M) Calculated over the trailing 6-month period	17.21%	8.57%	+8.64%
Volatility (1Y) Calculated over the trailing 1-year period	22.48%	11.12%	+11.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.98%	15.32%	+7.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.82%	15.25%	+7.57%

JSMD vs. PVAL - Expense Ratio Comparison

JSMD has a 0.30% expense ratio, which is lower than PVAL's 0.55% expense ratio.

Dividends

JSMD vs. PVAL - Dividend Comparison

JSMD's dividend yield for the trailing twelve months is around 0.47%, less than PVAL's 0.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF	0.47%	0.54%	0.76%	0.44%	0.40%	0.28%	0.24%	0.32%	0.53%	0.30%	0.36%
PVAL Putnam Focused Large Cap Value ETF	0.97%	1.00%	1.34%	1.33%	0.59%	0.47%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JSMD and PVAL in my portfolio?

JSMD and PVAL have a correlation of 0.78, 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 PVAL?

JSMD has higher volatility (8.22%) compared to PVAL (3.68%). In terms of maximum drawdown, JSMD dropped -38.98% vs PVAL's -16.64%.

Which ETF is better, JSMD or PVAL?

On 5-year performance, PVAL leads with 16.29% vs 7.74% for JSMD. On fees, JSMD is cheaper at 0.30% per year. On volatility, PVAL has been the lower-risk option at 3.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JSMD or PVAL?

Over the 5-year period, PVAL has performed better with a 16.29% return vs 7.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JSMD or PVAL?

JSMD is cheaper with a 0.30% expense ratio, compared with 0.55% for PVAL.

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

PVAL has the higher dividend yield at 0.97%, compared with 0.47% for JSMD.

What is the main difference between JSMD and PVAL?

JSMD is categorized as Mid Cap Growth Equities, while PVAL is Large Cap Value Equities. They also come from different issuers: Janus Henderson and Putnam. Their fees differ too: 0.30% for JSMD and 0.55% for PVAL.

Which has better risk-adjusted returns?

PVAL currently has the higher Sharpe Ratio (2.89 vs 1.07), 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.