JSMD vs. QQQJ

Last updated Aug 4, 2026

JSMD (Janus Henderson Small/Mid Cap Growth Alpha ETF) and QQQJ (Invesco NASDAQ Next Gen 100 ETF) are both Mid Cap Growth Equities funds - JSMD tracks the Janus Small Mid Cap Growth Alpha Index while QQQJ tracks the NASDAQ Next Generation 100 Index. Both are passively managed. Over the past 5 years, JSMD returned 7.42%/yr vs 6.33%/yr for QQQJ. Their correlation of 0.89 means they have usually moved in the same direction. JSMD charges 0.30%/yr vs 0.15%/yr for QQQJ.

Performance

JSMD vs. QQQJ - 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 Invesco NASDAQ Next Gen 100 ETF (QQQJ). 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 lower than QQQJ's 21.27% 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%

QQQJ

• 1D: 1.46%
• 1M: -1.78%
• 6M: 15.74%
• YTD: 21.27%
• 1Y: 36.09%
• 3Y*: 20.50%
• 5Y*: 6.33%
• 10Y*: —
• ALL TIME*: 10.01%

*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
QQQJ Invesco NASDAQ Next Gen 100 ETF	$4.93M	$6.31M	$6.15M

JSMD vs. QQQJ - 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%	11.42%
QQQJ Invesco NASDAQ Next Gen 100 ETF	21.27%	20.44%	15.36%	13.68%	-28.25%	9.76%	15.34%

Correlation

The correlation between JSMD and QQQJ is 0.87, 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.	0.87
Correlation (3Y) Balances recent behavior with more history.	0.87
Correlation (5Y) Shows whether the relationship held over a longer period.	0.90
Correlation (All Time) Calculated using the full available price history since Oct 13, 2020	0.89

The correlation between JSMD and QQQJ has been stable across timeframes, ranging from 0.87 to 0.90 - a consistent structural relationship.

JSMD vs. QQQJ - Sectors Allocation Comparison

Sectors	JSMD	QQQJ
Technology	27.7%	34.2%
Industrials	22.1%	13.6%
Healthcare	20.3%	23.3%
Financial Services	9.3%	2.0%
Consumer Cyclical	9.0%	11.8%
Real Estate	2.9%	-
Communication Services	2.7%	5.9%
Basic Materials	2.6%	2.5%
Consumer Defensive	2.4%	2.9%
Energy	1.0%	1.1%
Utilities	-	2.8%

Return for Risk

JSMD vs. QQQJ — 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

QQQJ

QQQJ Risk / Return Rank: 80
QQQJ Sharpe Ratio Rank: 80
QQQJ Sortino Ratio Rank: 79
QQQJ Omega Ratio Rank: 77
QQQJ Calmar Ratio Rank: 82
QQQJ Martin Ratio Rank: 85

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. QQQJ - 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 Invesco NASDAQ Next Gen 100 ETF (QQQJ). 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	QQQJ	Difference
Sharpe ratio: Return per unit of total volatility	0.98	1.89	-0.91
Sortino ratio: Return per unit of downside risk	1.49	2.60	-1.11
Omega ratio: Gain probability vs. loss probability	1.18	1.33	-0.15
Calmar ratio: Return relative to maximum drawdown	1.49	3.06	-1.57
Martin ratio: Return relative to average drawdown	4.72	12.04	-7.31

JSMD vs. QQQJ - Sharpe Ratio Comparison

The current JSMD Sharpe Ratio is 0.98, which is lower than the QQQJ Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of JSMD and QQQJ, 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. QQQJ - Drawdown Comparison

The maximum JSMD drawdown since its inception was -38.98%, roughly equal to the maximum QQQJ drawdown of -39.57%. Use the drawdown chart below to compare losses from any high point for JSMD and QQQJ.

Drawdown Indicators

	JSMD	QQQJ	Difference
Max Drawdown Largest peak-to-trough decline	-38.98%	-39.57%	+0.59%
Max Drawdown (1Y) Largest decline over 1 year	-14.86%	-11.84%	-3.02%
Max Drawdown (3Y) Largest decline over 3 years	-24.01%	-22.46%	-1.55%
Max Drawdown (5Y) Largest decline over 5 years	-32.18%	-39.57%	+7.39%
Max Drawdown (10Y) Largest decline over 10 years	-38.98%	—	—
Current Drawdown Current decline from peak	-6.42%	-2.26%	-4.16%
Average Drawdown Average peak-to-trough decline	-7.42%	-15.37%	+7.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.69%	3.01%	+1.68%

Volatility

JSMD vs. QQQJ - Volatility Comparison

Janus Henderson Small/Mid Cap Growth Alpha ETF (JSMD) has a higher volatility of 6.57% compared to Invesco NASDAQ Next Gen 100 ETF (QQQJ) at 3.85%. This indicates that JSMD's price experiences larger fluctuations and is considered to be riskier than QQQJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JSMD	QQQJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.57%	3.85%	+2.72%
Volatility (6M) Calculated over the trailing 6-month period	17.87%	15.45%	+2.42%
Volatility (1Y) Calculated over the trailing 1-year period	22.59%	19.21%	+3.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.15%	22.16%	+0.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.87%	21.97%	+0.90%

JSMD vs. QQQJ - Expense Ratio Comparison

JSMD has a 0.30% expense ratio, which is higher than QQQJ's 0.15% expense ratio.

Dividends

JSMD vs. QQQJ - Dividend Comparison

JSMD's dividend yield for the trailing twelve months is around 0.43%, less than QQQJ's 0.55% 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%
QQQJ Invesco NASDAQ Next Gen 100 ETF	0.55%	0.85%	0.77%	0.67%	0.76%	0.91%	0.09%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JSMD and QQQJ in my portfolio?

JSMD and QQQJ have a correlation of 0.87, 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 QQQJ?

JSMD has higher volatility (6.57%) compared to QQQJ (3.85%). In terms of maximum drawdown, JSMD dropped -38.98% vs QQQJ's -39.57%.

Which ETF is better, JSMD or QQQJ?

On 5-year performance, JSMD leads with 7.42% vs 6.33% for QQQJ. On fees, QQQJ is cheaper at 0.15% per year. On volatility, QQQJ has been the lower-risk option at 3.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JSMD or QQQJ?

Over the 5-year period, JSMD has performed better with a 7.42% return vs 6.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JSMD or QQQJ?

QQQJ is cheaper with a 0.15% expense ratio, compared with 0.30% for JSMD.

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

QQQJ has the higher dividend yield at 0.55%, compared with 0.43% for JSMD.

What is the main difference between JSMD and QQQJ?

JSMD tracks Janus Small Mid Cap Growth Alpha Index, while QQQJ tracks NASDAQ Next Generation 100 Index. They also come from different issuers: Janus Henderson and Invesco. Their fees differ too: 0.30% for JSMD and 0.15% for QQQJ.

Which has better risk-adjusted returns?

QQQJ currently has the higher Sharpe Ratio (1.89 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.