JSML vs. FRTY

Last updated Jun 23, 2026

JSML (Janus Henderson Small Cap Growth Alpha ETF) and FRTY (Alger Mid Cap 40 ETF) are both exchange-traded funds - JSML is a Small Cap Growth Equities fund tracking the Janus Small Cap Growth Alpha Index, while FRTY is a Mid Cap Growth Equities fund actively managed by Alger Group Holdings LLC. JSML is passively managed, while FRTY is actively managed. Over the past 5 years, JSML returned 7.21%/yr vs 4.22%/yr for FRTY. A 0.74 correlation means they provide meaningful diversification when combined. JSML charges 0.30%/yr vs 0.60%/yr for FRTY.

Performance

JSML vs. FRTY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Henderson Small Cap Growth Alpha ETF (JSML) and Alger Mid Cap 40 ETF (FRTY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JSML achieves a 25.69% return, which is significantly higher than FRTY's 14.80% return.

JSML

• 1D: 1.23%
• 1M: 9.04%
• YTD: 25.69%
• 6M: 21.85%
• 1Y: 41.85%
• 3Y*: 20.38%
• 5Y*: 7.21%
• 10Y*: 13.77%

FRTY

• 1D: 0.04%
• 1M: 8.73%
• YTD: 14.80%
• 6M: 13.31%
• 1Y: 31.77%
• 3Y*: 24.89%
• 5Y*: 4.22%
• 10Y*: —

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

JSML vs. FRTY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
JSML Janus Henderson Small Cap Growth Alpha ETF	25.69%	13.41%	12.45%	30.09%	-29.40%	-2.90%
FRTY Alger Mid Cap 40 ETF	14.80%	12.82%	38.86%	16.81%	-42.23%	2.46%

Correlation

The correlation between JSML and FRTY is 0.75, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (All Time) Calculated using the full available price history since Mar 1, 2021	0.74

The correlation between JSML and FRTY has been stable across timeframes, ranging from 0.69 to 0.75 - a consistent structural relationship.

JSML vs. FRTY - Sectors Allocation Comparison

Sectors	JSML	FRTY
Technology	24.9%	32.4%
Industrials	22.7%	26.0%
Healthcare	21.6%	20.0%
Financial Services	10.2%	5.2%
Consumer Cyclical	8.5%	4.0%
Basic Materials	2.4%	0.0%
Communication Services	2.0%	10.7%
Real Estate	2.0%	-
Energy	1.8%	6.6%
Consumer Defensive	1.5%	1.0%
Utilities	-	1.7%

Return for Risk

JSML vs. FRTY — Risk / Return Rank

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

JSML

JSML Risk / Return Rank: 57
JSML Sharpe Ratio Rank: 58
JSML Sortino Ratio Rank: 55
JSML Omega Ratio Rank: 53
JSML Calmar Ratio Rank: 59
JSML Martin Ratio Rank: 59

FRTY

FRTY Risk / Return Rank: 32
FRTY Sharpe Ratio Rank: 34
FRTY Sortino Ratio Rank: 32
FRTY Omega Ratio Rank: 31
FRTY Calmar Ratio Rank: 33
FRTY Martin Ratio Rank: 30

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. FRTY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson Small Cap Growth Alpha ETF (JSML) and Alger Mid Cap 40 ETF (FRTY). 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	FRTY	Difference
Sharpe ratio: Return per unit of total volatility	1.89	1.19	+0.70
Sortino ratio: Return per unit of downside risk	2.57	1.68	+0.89
Omega ratio: Gain probability vs. loss probability	1.32	1.21	+0.11
Calmar ratio: Return relative to maximum drawdown	2.83	1.62	+1.22
Martin ratio: Return relative to average drawdown	10.04	4.17	+5.87

JSML vs. FRTY - Sharpe Ratio Comparison

The current JSML Sharpe Ratio is 1.89, which is higher than the FRTY Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of JSML and FRTY, 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. FRTY - Drawdown Comparison

The maximum JSML drawdown since its inception was -39.65%, smaller than the maximum FRTY drawdown of -53.15%. Use the drawdown chart below to compare losses from any high point for JSML and FRTY.

Drawdown Indicators

	JSML	FRTY	Difference
Max Drawdown Largest peak-to-trough decline	-39.65%	-53.15%	+13.50%
Max Drawdown (1Y) Largest decline over 1 year	-14.84%	-19.75%	+4.91%
Max Drawdown (3Y) Largest decline over 3 years	-25.60%	-31.48%	+5.88%
Max Drawdown (5Y) Largest decline over 5 years	-37.91%	-53.15%	+15.24%
Max Drawdown (10Y) Largest decline over 10 years	-39.65%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-10.82%	-27.73%	+16.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.18%	7.63%	-3.45%

Volatility

JSML vs. FRTY - Volatility Comparison

The current volatility for Janus Henderson Small Cap Growth Alpha ETF (JSML) is 7.33%, while Alger Mid Cap 40 ETF (FRTY) has a volatility of 9.71%. This indicates that JSML experiences smaller price fluctuations and is considered to be less risky than FRTY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JSML	FRTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.33%	9.71%	-2.38%
Volatility (6M) Calculated over the trailing 6-month period	16.87%	19.68%	-2.81%
Volatility (1Y) Calculated over the trailing 1-year period	22.26%	26.88%	-4.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.50%	27.41%	-2.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.33%	27.22%	-2.89%

JSML vs. FRTY - Expense Ratio Comparison

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

Dividends

JSML vs. FRTY - Dividend Comparison

JSML's dividend yield for the trailing twelve months is around 0.76%, more than FRTY's 0.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
FRTY Alger Mid Cap 40 ETF	0.17%	0.19%	0.10%	0.00%	0.00%	5.35%	0.00%	0.00%	0.00%	0.00%	0.00%
JSML Janus Henderson Small Cap Growth Alpha ETF	0.76%	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 FRTY in my portfolio?

JSML and FRTY have a correlation of 0.75, 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 FRTY?

FRTY has higher volatility (9.71%) compared to JSML (7.33%). In terms of maximum drawdown, JSML dropped -39.65% vs FRTY's -53.15%.

Which ETF is better, JSML or FRTY?

On 5-year performance, JSML leads with 7.21% vs 4.22% for FRTY. On fees, JSML is cheaper at 0.30% per year. On volatility, JSML has been the lower-risk option at 7.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JSML or FRTY?

Over the 5-year period, JSML has performed better with a 7.21% return vs 4.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JSML or FRTY?

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

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

JSML has the higher dividend yield at 0.76%, compared with 0.17% for FRTY.

What is the main difference between JSML and FRTY?

JSML is categorized as Small Cap Growth Equities, while FRTY is Mid Cap Growth Equities. They also come from different issuers: Janus Henderson and Alger Group Holdings LLC. Their fees differ too: 0.30% for JSML and 0.60% for FRTY.

Which has better risk-adjusted returns?

JSML currently has the higher Sharpe Ratio (1.89 vs 1.19), 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.