JSML vs. DWAS

Last updated Jun 25, 2026

JSML (Janus Henderson Small Cap Growth Alpha ETF) and DWAS (Invesco DWA SmallCap Momentum ETF) are both exchange-traded funds - JSML is a Small Cap Growth Equities fund tracking the Janus Small Cap Growth Alpha Index, while DWAS is a Momentum fund tracking the Dorsey Wright SmallCap Technical Leaders Index. Both are passively managed. Over the past 10 years, JSML returned 13.62%/yr vs 13.84%/yr for DWAS. Their correlation of 0.82 suggests significant overlap in exposure. JSML charges 0.30%/yr vs 0.60%/yr for DWAS.

Performance

JSML vs. DWAS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Henderson Small Cap Growth Alpha ETF (JSML) and Invesco DWA SmallCap Momentum ETF (DWAS). 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 JSML having a 24.06% return and DWAS slightly higher at 24.45%. Both investments have delivered pretty close results over the past 10 years, with JSML having a 13.62% annualized return and DWAS not far ahead at 13.84%.

JSML

• 1D: 0.24%
• 1M: 7.62%
• YTD: 24.06%
• 6M: 20.85%
• 1Y: 36.90%
• 3Y*: 19.86%
• 5Y*: 6.56%
• 10Y*: 13.62%

DWAS

• 1D: -0.34%
• 1M: 6.03%
• YTD: 24.45%
• 6M: 20.91%
• 1Y: 43.18%
• 3Y*: 17.49%
• 5Y*: 6.84%
• 10Y*: 13.84%

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

JSML vs. DWAS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JSML Janus Henderson Small Cap Growth Alpha ETF	24.06%	13.41%	12.45%	30.09%	-29.40%	3.08%	35.38%	32.50%	-2.53%	20.93%
DWAS Invesco DWA SmallCap Momentum ETF	24.45%	6.09%	9.81%	16.88%	-18.51%	19.75%	32.32%	31.39%	-10.68%	20.84%

Correlation

The correlation between JSML and DWAS is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.82
Correlation (All Time) Calculated using the full available price history since Feb 25, 2016	0.82

The correlation between JSML and DWAS has been stable across timeframes, ranging from 0.82 to 0.89 - a consistent structural relationship.

JSML vs. DWAS - Sectors Allocation Comparison

Sectors	JSML	DWAS
Technology	24.9%	20.9%
Industrials	22.7%	18.0%
Healthcare	21.6%	25.9%
Financial Services	10.2%	13.3%
Consumer Cyclical	8.5%	5.9%
Basic Materials	2.4%	3.9%
Communication Services	2.0%	1.1%
Real Estate	2.0%	1.2%
Energy	1.8%	6.5%
Consumer Defensive	1.5%	3.0%
Utilities	-	0.3%

Return for Risk

JSML vs. DWAS — Risk / Return Rank

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

JSML

JSML Risk / Return Rank: 55
JSML Sharpe Ratio Rank: 55
JSML Sortino Ratio Rank: 54
JSML Omega Ratio Rank: 50
JSML Calmar Ratio Rank: 57
JSML Martin Ratio Rank: 57

DWAS

DWAS Risk / Return Rank: 68
DWAS Sharpe Ratio Rank: 61
DWAS Sortino Ratio Rank: 59
DWAS Omega Ratio Rank: 53
DWAS Calmar Ratio Rank: 86
DWAS Martin Ratio Rank: 80

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. DWAS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson Small Cap Growth Alpha ETF (JSML) and Invesco DWA SmallCap Momentum ETF (DWAS). 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.

	JSML	DWAS	Difference
Sharpe ratio: Return per unit of total volatility	1.67	1.81	-0.14
Sortino ratio: Return per unit of downside risk	2.31	2.46	-0.15
Omega ratio: Gain probability vs. loss probability	1.29	1.30	-0.01
Calmar ratio: Return relative to maximum drawdown	2.50	4.33	-1.83
Martin ratio: Return relative to average drawdown	8.85	13.95	-5.10

JSML vs. DWAS - Sharpe Ratio Comparison

The current JSML Sharpe Ratio is 1.67, which is comparable to the DWAS Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of JSML and DWAS, 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

JSML vs. DWAS - Drawdown Comparison

The maximum JSML drawdown since its inception was -39.65%, smaller than the maximum DWAS drawdown of -46.16%. Use the drawdown chart below to compare losses from any high point for JSML and DWAS.

Drawdown Indicators

	JSML	DWAS	Difference
Max Drawdown Largest peak-to-trough decline	-39.65%	-46.16%	+6.51%
Max Drawdown (1Y) Largest decline over 1 year	-14.84%	-10.02%	-4.82%
Max Drawdown (3Y) Largest decline over 3 years	-25.60%	-33.83%	+8.23%
Max Drawdown (5Y) Largest decline over 5 years	-37.91%	-33.83%	-4.08%
Max Drawdown (10Y) Largest decline over 10 years	-39.65%	-46.16%	+6.51%
Current Drawdown Current decline from peak	-1.30%	-2.13%	+0.83%
Average Drawdown Average peak-to-trough decline	-10.81%	-10.27%	-0.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.18%	3.11%	+1.07%

Volatility

JSML vs. DWAS - Volatility Comparison

The current volatility for Janus Henderson Small Cap Growth Alpha ETF (JSML) is 7.52%, while Invesco DWA SmallCap Momentum ETF (DWAS) has a volatility of 8.91%. This indicates that JSML experiences smaller price fluctuations and is considered to be less risky than DWAS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JSML	DWAS	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.52%	8.91%	-1.39%
Volatility (6M) Calculated over the trailing 6-month period	16.87%	18.07%	-1.20%
Volatility (1Y) Calculated over the trailing 1-year period	22.28%	23.94%	-1.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.50%	25.85%	-1.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.31%	26.69%	-2.38%

JSML vs. DWAS - Expense Ratio Comparison

JSML has a 0.30% expense ratio, which is lower than DWAS's 0.60% expense ratio.

Dividends

JSML vs. DWAS - Dividend Comparison

JSML's dividend yield for the trailing twelve months is around 0.77%, while DWAS has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DWAS Invesco DWA SmallCap Momentum ETF	0.00%	0.07%	0.79%	1.42%	0.81%	0.16%	0.21%	0.13%	0.04%	0.20%	0.52%	0.19%
JSML Janus Henderson Small Cap Growth Alpha ETF	0.77%	0.94%	1.19%	0.49%	0.67%	0.46%	0.30%	0.27%	0.76%	0.42%	0.52%	0.00%

Frequently Asked Questions

Can I hold both JSML and DWAS in my portfolio?

JSML and DWAS have a correlation of 0.89, 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 DWAS?

DWAS has higher volatility (8.91%) compared to JSML (7.52%). In terms of maximum drawdown, JSML dropped -39.65% vs DWAS's -46.16%.

Which ETF is better, JSML or DWAS?

On 10-year performance, DWAS leads with 13.84% vs 13.62% for JSML. On fees, JSML is cheaper at 0.30% per year. On volatility, JSML has been the lower-risk option at 7.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JSML or DWAS?

Over the 10-year period, DWAS has performed better with a 13.84% return vs 13.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JSML or DWAS?

JSML is cheaper with a 0.30% expense ratio, compared with 0.60% for DWAS.

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

JSML has the higher dividend yield at 0.77%, compared with 0.00% for DWAS.

What is the main difference between JSML and DWAS?

JSML is categorized as Small Cap Growth Equities, while DWAS is Momentum. JSML tracks Janus Small Cap Growth Alpha Index, while DWAS tracks Dorsey Wright SmallCap Technical Leaders Index. They also come from different issuers: Janus Henderson and Invesco. Their fees differ too: 0.30% for JSML and 0.60% for DWAS.

Which has better risk-adjusted returns?

DWAS currently has the higher Sharpe Ratio (1.81 vs 1.67), 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.