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JSMD vs. SPAXX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

JSMD vs. SPAXX

Last updated Jun 16, 2026

JSMD (Janus Henderson Small/Mid Cap Growth Alpha ETF) and SPAXX (Fidelity Government Money Market Fund) are both funds - JSMD is a Mid Cap Growth Equities fund tracking the Janus Small Mid Cap Growth Alpha Index, while SPAXX is a Money Market fund actively managed by Fidelity. JSMD is passively managed, while SPAXX is actively managed. Over the past 5 years, JSMD returned 8.38%/yr vs 1.45%/yr for SPAXX. At a 0.00 correlation, their price movements are largely independent. JSMD charges 0.30%/yr vs 0.42%/yr for SPAXX.

Performance

JSMD vs. SPAXX - 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 Fidelity Government Money Market Fund (SPAXX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, JSMD achieves a 19.55% return, which is significantly higher than SPAXX's 1.37% return.

JSMD

1D
1.27%
1M
6.04%
YTD
19.55%
6M
17.80%
1Y
31.95%
3Y*
17.83%
5Y*
8.38%
10Y*
13.87%

SPAXX

1D
0.00%
1M
0.28%
YTD
1.37%
6M
1.67%
1Y
3.66%
3Y*
2.42%
5Y*
1.45%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

JSMD vs. SPAXX - Yearly Performance Comparison

2026 (YTD)20252024202320222021
JSMD
Janus Henderson Small/Mid Cap Growth Alpha ETF		19.55%9.25%15.08%26.81%-22.84%1.59%
SPAXX
Fidelity Government Money Market Fund		1.37%3.96%1.54%0.41%0.00%0.00%

Correlation

The correlation between JSMD and SPAXX is -0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.05

Correlation (3Y)
Calculated over the trailing 3-year period

-0.01

Correlation (5Y)
Calculated over the trailing 5-year period

0.00

Correlation (All Time)
Calculated using the full available price history since May 25, 2021

0.00

Compare stocks, funds, or ETFs

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Janus Henderson Small/Mid Cap Growth Alpha ETF

Fidelity Government Money Market Fund

Often compared with JSMD:
JSMD vs. XMHQJSMD vs. PEXLJSMD vs. JANEXJSMD vs. VOTJSMD vs. SYLDJSMD vs. TMSLJSMD vs. ARKK
Often compared with SPAXX:
SPAXX vs. SGOVSPAXX vs. VMFXXSPAXX vs. SNSXXSPAXX vs. SWVXXSPAXX vs. BILSPAXX vs. BNDSPAXX vs. TFLO

Return for Risk

JSMD vs. SPAXX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
JSMD
JSMD Risk / Return Rank: 4545
Overall Rank
JSMD Sharpe Ratio Rank: 4646
Sharpe Ratio Rank
JSMD Sortino Ratio Rank: 4444
Sortino Ratio Rank
JSMD Omega Ratio Rank: 4343
Omega Ratio Rank
JSMD Calmar Ratio Rank: 4646
Calmar Ratio Rank
JSMD Martin Ratio Rank: 4747
Martin Ratio Rank
SPAXX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. SPAXX - 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 Fidelity Government Money Market Fund (SPAXX). 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.

JSMDSPAXXDifference
Sharpe ratioReturn per unit of total volatility
1.48
3.65

-2.17

Sortino ratioReturn per unit of downside risk
2.08

—

—

Omega ratioGain probability vs. loss probability

1.26

—

—

Calmar ratioReturn relative to maximum drawdown

2.16

—

—

Martin ratioReturn relative to average drawdown

7.31

—

—

JSMD vs. SPAXX - Sharpe Ratio Comparison

The current JSMD Sharpe Ratio is 1.48, which is lower than the SPAXX Sharpe Ratio of 3.65. The chart below compares the historical Sharpe Ratios of JSMD and SPAXX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

JSMD vs. SPAXX - Drawdown Comparison

The maximum JSMD drawdown since its inception was -38.98%, which is greater than SPAXX's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for JSMD and SPAXX.

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Drawdown Indicators

JSMDSPAXXDifference

Max Drawdown

Largest peak-to-trough decline

-38.98%

0.00%

-38.98%

Max Drawdown (1Y)

Largest decline over 1 year

-14.86%

0.00%

-14.86%

Max Drawdown (3Y)

Largest decline over 3 years

-24.01%

0.00%

-24.01%

Max Drawdown (5Y)

Largest decline over 5 years

-32.18%

0.00%

-32.18%

Max Drawdown (10Y)

Largest decline over 10 years

-38.98%

—

—

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-7.46%

0.00%

-7.46%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.38%

0.00%

+4.38%

Volatility

JSMD vs. SPAXX - Volatility Comparison

Janus Henderson Small/Mid Cap Growth Alpha ETF (JSMD) has a higher volatility of 8.24% compared to Fidelity Government Money Market Fund (SPAXX) at 0.28%. This indicates that JSMD's price experiences larger fluctuations and is considered to be riskier than SPAXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

JSMDSPAXXDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.24%

0.28%

+7.96%

Volatility (6M)

Calculated over the trailing 6-month period

17.21%

0.66%

+16.55%

Volatility (1Y)

Calculated over the trailing 1-year period

21.80%

1.03%

+20.77%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.99%

0.69%

+22.30%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.83%

0.69%

+22.14%

JSMD vs. SPAXX - Expense Ratio Comparison

JSMD has a 0.30% expense ratio, which is lower than SPAXX's 0.42% expense ratio.

Dividends

JSMD vs. SPAXX - Dividend Comparison

JSMD's dividend yield for the trailing twelve months is around 0.46%, less than SPAXX's 3.59% yield.

PositionTTM2025202420232022202120202019201820172016
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%
SPAXX
Fidelity Government Money Market Fund		3.59%3.88%1.53%0.41%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

JSMD and SPAXX have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

JSMD has higher volatility (8.24%) compared to SPAXX (0.28%). In terms of maximum drawdown, JSMD dropped -38.98% vs SPAXX's 0.00%.

SPAXX currently has the higher Sharpe Ratio (3.65 vs 1.48), 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.

Portfolio Optimizer

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