JSMD vs. SYLD

Last updated Aug 2, 2026

JSMD (Janus Henderson Small/Mid Cap Growth Alpha ETF) and SYLD (Cambria Shareholder Yield ETF) are both exchange-traded funds - JSMD is a Mid Cap Growth Equities fund tracking the Janus Small Mid Cap Growth Alpha Index, while SYLD is a Mid Cap Value Equities fund actively managed by Cambria. JSMD is passively managed, while SYLD is actively managed. Over the past 10 years, JSMD returned 12.75%/yr vs 13.60%/yr for SYLD. Their 0.72 correlation means they have sometimes moved together and sometimes differently. JSMD charges 0.30%/yr vs 0.59%/yr for SYLD.

Performance

JSMD vs. SYLD - 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 Cambria Shareholder Yield ETF (SYLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JSMD achieves a 13.78% return, which is significantly lower than SYLD's 21.09% return. Over the past 10 years, JSMD has underperformed SYLD with an annualized return of 12.75%, while SYLD has yielded a comparatively higher 13.60% annualized return.

JSMD

• 1D: -1.00%
• 1M: -5.25%
• 6M: 9.33%
• YTD: 13.78%
• 1Y: 19.38%
• 3Y*: 13.42%
• 5Y*: 7.00%
• 10Y*: 12.75%
• ALL TIME*: 13.74%

SYLD

• 1D: -0.62%
• 1M: 3.76%
• 6M: 14.53%
• YTD: 21.09%
• 1Y: 33.00%
• 3Y*: 11.24%
• 5Y*: 8.69%
• 10Y*: 13.60%
• ALL TIME*: 12.50%

*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	$5.67M	$7.18M	$7.83M
SYLD Cambria Shareholder Yield ETF	$2.75M	$2.44M	$3.15M

JSMD vs. SYLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF	13.78%	9.25%	15.08%	26.81%	-22.84%	8.40%	30.79%	31.05%	-4.73%	24.46%
SYLD Cambria Shareholder Yield ETF	21.09%	3.94%	3.37%	16.46%	-6.14%	48.59%	13.61%	26.98%	-13.51%	20.03%

Correlation

The correlation between JSMD and SYLD is 0.49, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.49
Correlation (3Y) Balances recent behavior with more history.	0.69
Correlation (5Y) Shows whether the relationship held over a longer period.	0.74
Correlation (10Y) Provides a long-term view across more market conditions.	0.72
Correlation (All Time) Calculated using the full available price history since Feb 25, 2016	0.72

Over the past year, the correlation between JSMD and SYLD has dropped to 0.49 - well below their long-term average of 0.72, suggesting their price drivers have been diverging.

JSMD vs. SYLD - Sectors Allocation Comparison

Sectors	JSMD	SYLD
Technology	27.7%	3.1%
Industrials	22.1%	8.0%
Healthcare	20.3%	6.0%
Financial Services	9.3%	22.2%
Consumer Cyclical	9.0%	23.9%
Real Estate	2.9%	-
Communication Services	2.7%	7.2%
Basic Materials	2.6%	7.8%
Consumer Defensive	2.4%	8.8%
Energy	1.0%	13.1%
Utilities	-	-

Return for Risk

JSMD vs. SYLD — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

JSMD

JSMD Risk / Return Rank: 33
JSMD Sharpe Ratio Rank: 32
JSMD Sortino Ratio Rank: 32
JSMD Omega Ratio Rank: 30
JSMD Calmar Ratio Rank: 35
JSMD Martin Ratio Rank: 37

SYLD

SYLD Risk / Return Rank: 88
SYLD Sharpe Ratio Rank: 87
SYLD Sortino Ratio Rank: 90
SYLD Omega Ratio Rank: 84
SYLD Calmar Ratio Rank: 93
SYLD Martin Ratio Rank: 88

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. SYLD - 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 Cambria Shareholder Yield ETF (SYLD). 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	SYLD	Difference
Sharpe ratio: Return per unit of total volatility	0.78	2.07	-1.29
Sortino ratio: Return per unit of downside risk	1.22	3.13	-1.90
Omega ratio: Gain probability vs. loss probability	1.14	1.36	-0.21
Calmar ratio: Return relative to maximum drawdown	1.18	4.46	-3.29
Martin ratio: Return relative to average drawdown	3.73	13.19	-9.46

JSMD vs. SYLD - Sharpe Ratio Comparison

The current JSMD Sharpe Ratio is 0.78, which is lower than the SYLD Sharpe Ratio of 2.07. The chart below compares the historical Sharpe Ratios of JSMD and SYLD, 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. SYLD - Drawdown Comparison

The maximum JSMD drawdown since its inception was -38.98%, smaller than the maximum SYLD drawdown of -45.36%. Use the drawdown chart below to compare losses from any high point for JSMD and SYLD.

Drawdown Indicators

	JSMD	SYLD	Difference
Max Drawdown Largest peak-to-trough decline	-38.98%	-45.36%	+6.38%
Max Drawdown (1Y) Largest decline over 1 year	-14.86%	-6.93%	-7.93%
Max Drawdown (3Y) Largest decline over 3 years	-24.01%	-26.62%	+2.61%
Max Drawdown (5Y) Largest decline over 5 years	-32.18%	-26.62%	-5.56%
Max Drawdown (10Y) Largest decline over 10 years	-38.98%	-45.36%	+6.38%
Current Drawdown Current decline from peak	-8.50%	-1.86%	-6.64%
Average Drawdown Average peak-to-trough decline	-7.42%	-5.61%	-1.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.67%	2.34%	+2.33%

Volatility

JSMD vs. SYLD - Volatility Comparison

Janus Henderson Small/Mid Cap Growth Alpha ETF (JSMD) has a higher volatility of 6.39% compared to Cambria Shareholder Yield ETF (SYLD) at 3.97%. This indicates that JSMD's price experiences larger fluctuations and is considered to be riskier than SYLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JSMD	SYLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.39%	3.97%	+2.42%
Volatility (6M) Calculated over the trailing 6-month period	17.88%	9.26%	+8.62%
Volatility (1Y) Calculated over the trailing 1-year period	22.52%	15.01%	+7.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.12%	20.26%	+2.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.85%	22.92%	-0.07%

JSMD vs. SYLD - Expense Ratio Comparison

JSMD has a 0.30% expense ratio, which is lower than SYLD's 0.59% expense ratio.

Dividends

JSMD vs. SYLD - Dividend Comparison

JSMD's dividend yield for the trailing twelve months is around 0.44%, less than SYLD's 1.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF	0.44%	0.54%	0.76%	0.44%	0.40%	0.28%	0.24%	0.32%	0.53%	0.30%	0.36%	0.00%
SYLD Cambria Shareholder Yield ETF	1.83%	2.25%	2.04%	1.92%	2.20%	2.37%	1.99%	2.08%	2.52%	1.57%	1.92%	6.93%

Frequently Asked Questions

Can I hold both JSMD and SYLD in my portfolio?

JSMD and SYLD have a correlation of 0.49, 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 SYLD?

JSMD has higher volatility (6.39%) compared to SYLD (3.97%). In terms of maximum drawdown, JSMD dropped -38.98% vs SYLD's -45.36%.

Which ETF is better, JSMD or SYLD?

On 10-year performance, SYLD leads with 13.60% vs 12.75% for JSMD. On fees, JSMD is cheaper at 0.30% per year. On volatility, SYLD has been the lower-risk option at 3.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JSMD or SYLD?

Over the 10-year period, SYLD has performed better with a 13.60% return vs 12.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JSMD or SYLD?

JSMD is cheaper with a 0.30% expense ratio, compared with 0.59% for SYLD.

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

SYLD has the higher dividend yield at 1.83%, compared with 0.44% for JSMD.

What is the main difference between JSMD and SYLD?

JSMD is categorized as Mid Cap Growth Equities, while SYLD is Mid Cap Value Equities. They also come from different issuers: Janus Henderson and Cambria. Their fees differ too: 0.30% for JSMD and 0.59% for SYLD.

Which has better risk-adjusted returns?

SYLD currently has the higher Sharpe Ratio (2.07 vs 0.78), 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.