JSMD vs. VNLA
JSMD (Janus Henderson Small/Mid Cap Growth Alpha ETF) and VNLA (Janus Henderson Short Duration Income ETF) are both exchange-traded funds - JSMD is a Mid Cap Growth Equities fund tracking the Janus Small Mid Cap Growth Alpha Index, while VNLA is a Ultrashort Bond fund tracking the ICE BofA U.S. 3-Month Treasury Bill Total Return Index. Both are passively managed. Over the past 5 years, JSMD returned 7.42%/yr vs 3.91%/yr for VNLA. Their 0.05 correlation means their historical movements had little consistent relationship. JSMD charges 0.30%/yr vs 0.23%/yr for VNLA.
Performance
JSMD vs. VNLA - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, JSMD achieves a 16.38% return, which is significantly higher than VNLA's 2.06% 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%
VNLA
- 1D
- -0.02%
- 1M
- 0.19%
- 6M
- 1.67%
- YTD
- 2.06%
- 1Y
- 4.25%
- 3Y*
- 5.60%
- 5Y*
- 3.91%
- 10Y*
- —
- ALL TIME*
- 2.99%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $5.51M | $7.19M | $7.86M | |
| $22.62M | $18.81M | $18.89M |
JSMD vs. VNLA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF | 16.38% | 9.25% | 15.08% | 26.81% | -22.84% | 8.40% | 30.79% | 31.05% | -4.73% | 24.46% |
VNLA Janus Henderson Short Duration Income ETF | 2.06% | 5.45% | 6.41% | 6.09% | -0.17% | -0.18% | 3.01% | 4.43% | 0.02% | 2.11% |
Correlation
The correlation between JSMD and VNLA is 0.23, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.23 |
Correlation (3Y) Balances recent behavior with more history. | 0.19 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.13 |
Correlation (All Time) Calculated using the full available price history since Nov 17, 2016 | 0.05 |
The correlation between JSMD and VNLA shifts across timeframes, from 0.05 (all time) to 0.23 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
JSMD vs. VNLA — Risk / Return Rank
JSMD
VNLA
JSMD vs. VNLA - 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 Janus Henderson Short Duration Income ETF (VNLA). 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 | VNLA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -5.92 | ||
| Sortino ratioReturn per unit of downside risk | -11.87 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 3.18 | -2.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.49 | 9.99 | -8.50 |
| Martin ratioReturn relative to average drawdown | 4.72 | 51.13 | -46.40 |
Loading charts...
Drawdowns
JSMD vs. VNLA - Drawdown Comparison
The maximum JSMD drawdown since its inception was -38.98%, which is greater than VNLA's maximum drawdown of -4.49%. Use the drawdown chart below to compare losses from any high point for JSMD and VNLA.
Loading charts...
Drawdown Indicators
| JSMD | VNLA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.98% | -4.49% | -34.49% |
Max Drawdown (1Y)Largest decline over 1 year | -14.86% | -0.43% | -14.43% |
Max Drawdown (3Y)Largest decline over 3 years | -24.01% | -0.49% | -23.52% |
Max Drawdown (5Y)Largest decline over 5 years | -32.18% | -1.76% | -30.42% |
Max Drawdown (10Y)Largest decline over 10 years | -38.98% | — | — |
Current DrawdownCurrent decline from peak | -6.42% | -0.02% | -6.40% |
Average DrawdownAverage peak-to-trough decline | -7.42% | -0.23% | -7.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.69% | 0.08% | +4.61% |
Volatility
JSMD vs. VNLA - Volatility Comparison
Janus Henderson Small/Mid Cap Growth Alpha ETF (JSMD) has a higher volatility of 6.57% compared to Janus Henderson Short Duration Income ETF (VNLA) at 0.15%. This indicates that JSMD's price experiences larger fluctuations and is considered to be riskier than VNLA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| JSMD | VNLA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.57% | 0.15% | +6.42% |
Volatility (6M)Calculated over the trailing 6-month period | 17.87% | 0.50% | +17.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.59% | 0.62% | +21.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.15% | 1.04% | +22.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.87% | 1.41% | +21.46% |
JSMD vs. VNLA - Expense Ratio Comparison
JSMD has a 0.30% expense ratio, which is higher than VNLA's 0.23% expense ratio.
Dividends
JSMD vs. VNLA - Dividend Comparison
JSMD's dividend yield for the trailing twelve months is around 0.43%, less than VNLA's 4.74% 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% |
VNLA Janus Henderson Short Duration Income ETF | 4.74% | 4.84% | 4.97% | 3.95% | 4.35% | 1.67% | 1.21% | 3.13% | 2.43% | 1.79% | 0.08% |
Frequently Asked Questions
JSMD and VNLA have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
JSMD has higher volatility (6.57%) compared to VNLA (0.15%). In terms of maximum drawdown, JSMD dropped -38.98% vs VNLA's -4.49%.
On 5-year performance, JSMD leads with 7.42% vs 3.91% for VNLA. On fees, VNLA is cheaper at 0.23% per year. On volatility, VNLA has been the lower-risk option at 0.15%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, JSMD has performed better with a 7.42% return vs 3.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VNLA is cheaper with a 0.23% expense ratio, compared with 0.30% for JSMD.
VNLA has the higher dividend yield at 4.74%, compared with 0.43% for JSMD.
JSMD is categorized as Mid Cap Growth Equities, while VNLA is Ultrashort Bond. JSMD tracks Janus Small Mid Cap Growth Alpha Index, while VNLA tracks ICE BofA U.S. 3-Month Treasury Bill Total Return Index. Their fees differ too: 0.30% for JSMD and 0.23% for VNLA.
VNLA currently has the higher Sharpe Ratio (6.91 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.
Find the right allocation for JSMD and VNLA
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer