JSMD vs. TMSL

Last updated Jun 23, 2026

JSMD (Janus Henderson Small/Mid Cap Growth Alpha ETF) and TMSL (T. Rowe Price Small-Mid Cap ETF) are both exchange-traded funds - JSMD is a Mid Cap Growth Equities fund tracking the Janus Small Mid Cap Growth Alpha Index, while TMSL is a Mid Cap Blend Equities fund actively managed by T. Rowe Price. JSMD is passively managed, while TMSL is actively managed. Over the past 3 years, JSMD returned 19.09%/yr vs 21.51%/yr for TMSL. Their correlation of 0.91 suggests significant overlap in exposure. JSMD charges 0.30%/yr vs 0.55%/yr for TMSL.

Performance

JSMD vs. TMSL - 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 T. Rowe Price Small-Mid Cap ETF (TMSL). 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 21.03% return and TMSL slightly higher at 21.23%.

JSMD

• 1D: 0.59%
• 1M: 5.82%
• YTD: 21.03%
• 6M: 17.17%
• 1Y: 31.78%
• 3Y*: 19.09%
• 5Y*: 8.61%
• 10Y*: 14.05%

TMSL

• 1D: 1.26%
• 1M: 5.61%
• YTD: 21.23%
• 6M: 18.95%
• 1Y: 36.84%
• 3Y*: 21.51%
• 5Y*: —
• 10Y*: —

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

JSMD vs. TMSL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF	21.03%	9.25%	15.08%	9.15%
TMSL T. Rowe Price Small-Mid Cap ETF	21.23%	11.95%	15.81%	11.79%

Correlation

The correlation between JSMD and TMSL is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (All Time) Calculated using the full available price history since Jun 15, 2023	0.91

The correlation between JSMD and TMSL has been stable across timeframes, ranging from 0.90 to 0.92 - a consistent structural relationship.

JSMD vs. TMSL - Sectors Allocation Comparison

Sectors	JSMD	TMSL
Technology	28.1%	25.8%
Industrials	23.3%	19.3%
Healthcare	18.7%	13.8%
Financial Services	8.9%	13.6%
Consumer Cyclical	8.7%	9.0%
Basic Materials	3.0%	4.1%
Communication Services	2.9%	1.0%
Real Estate	2.8%	4.3%
Consumer Defensive	2.5%	1.6%
Energy	1.1%	5.9%
Utilities	-	1.5%

Return for Risk

JSMD vs. TMSL — Risk / Return Rank

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

JSMD

JSMD Risk / Return Rank: 43
JSMD Sharpe Ratio Rank: 43
JSMD Sortino Ratio Rank: 42
JSMD Omega Ratio Rank: 40
JSMD Calmar Ratio Rank: 45
JSMD Martin Ratio Rank: 45

TMSL

TMSL Risk / Return Rank: 66
TMSL Sharpe Ratio Rank: 64
TMSL Sortino Ratio Rank: 64
TMSL Omega Ratio Rank: 62
TMSL Calmar Ratio Rank: 68
TMSL Martin Ratio Rank: 74

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. TMSL - 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 T. Rowe Price Small-Mid Cap ETF (TMSL). 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	TMSL	Difference
Sharpe ratio: Return per unit of total volatility	1.47	2.04	-0.57
Sortino ratio: Return per unit of downside risk	2.07	2.88	-0.81
Omega ratio: Gain probability vs. loss probability	1.26	1.36	-0.11
Calmar ratio: Return relative to maximum drawdown	2.15	3.31	-1.16
Martin ratio: Return relative to average drawdown	7.27	13.46	-6.19

JSMD vs. TMSL - Sharpe Ratio Comparison

The current JSMD Sharpe Ratio is 1.47, which is comparable to the TMSL Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of JSMD and TMSL, 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. TMSL - Drawdown Comparison

The maximum JSMD drawdown since its inception was -38.98%, which is greater than TMSL's maximum drawdown of -24.39%. Use the drawdown chart below to compare losses from any high point for JSMD and TMSL.

Drawdown Indicators

	JSMD	TMSL	Difference
Max Drawdown Largest peak-to-trough decline	-38.98%	-24.39%	-14.59%
Max Drawdown (1Y) Largest decline over 1 year	-14.86%	-11.19%	-3.67%
Max Drawdown (3Y) Largest decline over 3 years	-24.01%	-24.39%	+0.38%
Max Drawdown (5Y) Largest decline over 5 years	-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	-7.45%	-3.89%	-3.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.38%	2.75%	+1.63%

Volatility

JSMD vs. TMSL - Volatility Comparison

Janus Henderson Small/Mid Cap Growth Alpha ETF (JSMD) has a higher volatility of 7.24% compared to T. Rowe Price Small-Mid Cap ETF (TMSL) at 6.67%. This indicates that JSMD's price experiences larger fluctuations and is considered to be riskier than TMSL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JSMD	TMSL	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.24%	6.67%	+0.57%
Volatility (6M) Calculated over the trailing 6-month period	16.99%	14.67%	+2.32%
Volatility (1Y) Calculated over the trailing 1-year period	21.78%	18.16%	+3.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.00%	18.57%	+4.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.83%	18.57%	+4.26%

JSMD vs. TMSL - Expense Ratio Comparison

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

Dividends

JSMD vs. TMSL - Dividend Comparison

JSMD's dividend yield for the trailing twelve months is around 0.46%, less than TMSL's 0.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
TMSL T. Rowe Price Small-Mid Cap ETF	0.47%	0.57%	0.44%	0.34%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JSMD and TMSL in my portfolio?

JSMD and TMSL have a correlation of 0.90, 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 TMSL?

JSMD has higher volatility (7.24%) compared to TMSL (6.67%). In terms of maximum drawdown, JSMD dropped -38.98% vs TMSL's -24.39%.

Which ETF is better, JSMD or TMSL?

On 3-year performance, TMSL leads with 21.51% vs 19.09% for JSMD. On fees, JSMD is cheaper at 0.30% per year. On volatility, TMSL has been the lower-risk option at 6.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JSMD or TMSL?

Over the 3-year period, TMSL has performed better with a 21.51% return vs 19.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JSMD or TMSL?

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

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

TMSL has the higher dividend yield at 0.47%, compared with 0.46% for JSMD.

What is the main difference between JSMD and TMSL?

JSMD is categorized as Mid Cap Growth Equities, while TMSL is Mid Cap Blend Equities. They also come from different issuers: Janus Henderson and T. Rowe Price. Their fees differ too: 0.30% for JSMD and 0.55% for TMSL.

Which has better risk-adjusted returns?

TMSL currently has the higher Sharpe Ratio (2.04 vs 1.47), 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.