JSML vs. BKSE

Last updated Jun 4, 2026

JSML (Janus Henderson Small Cap Growth Alpha ETF) and BKSE (BNY Mellon US Small Cap Core Equity ETF) are both Small Cap Growth Equities funds - JSML tracks the Janus Small Cap Growth Alpha Index while BKSE tracks the Morningstar US Small Cap Index. Both are passively managed. Over the past 5 years, JSML returned 6.09%/yr vs 6.89%/yr for BKSE. Their correlation of 0.91 suggests significant overlap in exposure. JSML charges 0.30%/yr vs 0.04%/yr for BKSE.

Performance

JSML vs. BKSE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Henderson Small Cap Growth Alpha ETF (JSML) and BNY Mellon US Small Cap Core Equity ETF (BKSE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JSML achieves a 19.06% return, which is significantly higher than BKSE's 13.03% return.

JSML

• 1D: -0.84%
• 1M: 7.59%
• YTD: 19.06%
• 6M: 17.83%
• 1Y: 33.64%
• 3Y*: 18.71%
• 5Y*: 6.09%
• 10Y*: 12.88%

BKSE

• 1D: -1.11%
• 1M: 2.60%
• YTD: 13.03%
• 6M: 12.11%
• 1Y: 32.65%
• 3Y*: 17.40%
• 5Y*: 6.89%
• 10Y*: —

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

JSML vs. BKSE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
JSML Janus Henderson Small Cap Growth Alpha ETF	19.06%	13.41%	12.45%	30.09%	-29.40%	3.08%	72.98%
BKSE BNY Mellon US Small Cap Core Equity ETF	13.03%	13.09%	9.56%	22.37%	-18.44%	16.18%	55.56%

Correlation

The correlation between JSML and BKSE is 0.88, 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	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (All Time) Calculated using the full available price history since Apr 13, 2020	0.91

The correlation between JSML and BKSE has been stable across timeframes, ranging from 0.88 to 0.92 - a consistent structural relationship.

JSML vs. BKSE - Sectors Allocation Comparison

Sectors	JSML	BKSE
Technology	24.8%	16.8%
Industrials	23.4%	15.4%
Healthcare	20.9%	11.4%
Financial Services	9.2%	16.4%
Consumer Cyclical	5.8%	13.3%
Real Estate	3.4%	6.6%
Basic Materials	2.9%	4.5%
Consumer Defensive	2.6%	3.2%
Energy	2.2%	7.0%
Communication Services	2.1%	2.2%
Utilities	-	3.4%

Return for Risk

JSML vs. BKSE — Risk / Return Rank

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

JSML

JSML Risk / Return Rank: 45
JSML Sharpe Ratio Rank: 45
JSML Sortino Ratio Rank: 44
JSML Omega Ratio Rank: 42
JSML Calmar Ratio Rank: 46
JSML Martin Ratio Rank: 48

BKSE

BKSE Risk / Return Rank: 60
BKSE Sharpe Ratio Rank: 54
BKSE Sortino Ratio Rank: 57
BKSE Omega Ratio Rank: 50
BKSE Calmar Ratio Rank: 70
BKSE Martin Ratio Rank: 66

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.

JSML vs. BKSE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson Small Cap Growth Alpha ETF (JSML) and BNY Mellon US Small Cap Core Equity ETF (BKSE). 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.

	JSML	BKSE	Difference
Sharpe ratio: Return per unit of total volatility	1.57	1.87	-0.30
Sortino ratio: Return per unit of downside risk	2.21	2.71	-0.51
Omega ratio: Gain probability vs. loss probability	1.27	1.32	-0.05
Calmar ratio: Return relative to maximum drawdown	2.28	3.49	-1.21
Martin ratio: Return relative to average drawdown	8.08	12.15	-4.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JSML vs. BKSE - Sharpe Ratio Comparison

The current JSML Sharpe Ratio is 1.57, which is comparable to the BKSE Sharpe Ratio of 1.87. The chart below compares the historical Sharpe Ratios of JSML and BKSE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	JSML	BKSE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.57	1.87	-0.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.25	0.32	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	0.73	-0.17

Drawdowns

JSML vs. BKSE - Drawdown Comparison

The maximum JSML drawdown since its inception was -39.65%, which is greater than BKSE's maximum drawdown of -29.08%. Use the drawdown chart below to compare losses from any high point for JSML and BKSE.

Drawdown Indicators

	JSML	BKSE	Difference
Max Drawdown Largest peak-to-trough decline	-39.65%	-29.08%	-10.57%
Max Drawdown (1Y) Largest decline over 1 year	-14.84%	-9.40%	-5.44%
Max Drawdown (3Y) Largest decline over 3 years	-25.60%	-26.76%	+1.16%
Max Drawdown (5Y) Largest decline over 5 years	-37.91%	-29.08%	-8.83%
Max Drawdown (10Y) Largest decline over 10 years	-39.65%	—	—
Current Drawdown Current decline from peak	-0.84%	-1.11%	+0.27%
Average Drawdown Average peak-to-trough decline	-10.86%	-9.06%	-1.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.17%	2.69%	+1.48%

Volatility

JSML vs. BKSE - Volatility Comparison

Janus Henderson Small Cap Growth Alpha ETF (JSML) has a higher volatility of 7.49% compared to BNY Mellon US Small Cap Core Equity ETF (BKSE) at 4.47%. This indicates that JSML's price experiences larger fluctuations and is considered to be riskier than BKSE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JSML	BKSE	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.49%	4.47%	+3.02%
Volatility (6M) Calculated over the trailing 6-month period	15.94%	11.96%	+3.98%
Volatility (1Y) Calculated over the trailing 1-year period	21.56%	17.63%	+3.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.34%	21.43%	+2.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.27%	22.30%	+1.97%

JSML vs. BKSE - Expense Ratio Comparison

JSML has a 0.30% expense ratio, which is higher than BKSE's 0.04% expense ratio.

Dividends

JSML vs. BKSE - Dividend Comparison

JSML's dividend yield for the trailing twelve months is around 0.80%, less than BKSE's 1.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
BKSE BNY Mellon US Small Cap Core Equity ETF	1.16%	1.26%	1.55%	1.38%	1.50%	1.17%	0.82%	0.00%	0.00%	0.00%	0.00%
JSML Janus Henderson Small Cap Growth Alpha ETF	0.80%	0.94%	1.19%	0.49%	0.67%	0.46%	0.30%	0.27%	0.76%	0.42%	0.52%

Frequently Asked Questions

Can I hold both JSML and BKSE in my portfolio?

JSML and BKSE have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JSML or BKSE?

JSML has higher volatility (7.49%) compared to BKSE (4.47%). In terms of maximum drawdown, JSML dropped -39.65% vs BKSE's -29.08%.

Which ETF is better, JSML or BKSE?

On 5-year performance, BKSE leads with 6.89% vs 6.09% for JSML. On fees, BKSE is cheaper at 0.04% per year. On volatility, BKSE has been the lower-risk option at 4.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JSML or BKSE?

Over the 5-year period, BKSE has performed better with a 6.89% return vs 6.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JSML or BKSE?

BKSE is cheaper with a 0.04% expense ratio, compared with 0.30% for JSML.

Which ETF pays a higher dividend yield, JSML or BKSE?

BKSE has the higher dividend yield at 1.16%, compared with 0.80% for JSML.

What is the main difference between JSML and BKSE?

JSML tracks Janus Small Cap Growth Alpha Index, while BKSE tracks Morningstar US Small Cap Index. They also come from different issuers: Janus Henderson and BNY Mellon. Their fees differ too: 0.30% for JSML and 0.04% for BKSE.

Which has better risk-adjusted returns?

BKSE currently has the higher Sharpe Ratio (1.87 vs 1.57), 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.