JSML vs. IJR

Last updated Aug 2, 2026

JSML (Janus Henderson Small Cap Growth Alpha ETF) and IJR (iShares Core S&P Small-Cap ETF) are both exchange-traded funds - JSML is a Small Cap Growth Equities fund tracking the Janus Small Cap Growth Alpha Index, while IJR is a Small Cap Blend Equities fund tracking the S&P SmallCap 600 Index. Both are passively managed. Over the past 10 years, JSML returned 12.46%/yr vs 10.86%/yr for IJR. Their correlation of 0.83 means they have usually moved in the same direction. JSML charges 0.30%/yr vs 0.06%/yr for IJR.

Performance

JSML vs. IJR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Henderson Small Cap Growth Alpha ETF (JSML) and iShares Core S&P Small-Cap ETF (IJR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JSML achieves a 19.28% return, which is significantly lower than IJR's 21.59% return. Over the past 10 years, JSML has outperformed IJR with an annualized return of 12.46%, while IJR has yielded a comparatively lower 10.86% annualized return.

JSML

• 1D: -1.00%
• 1M: -3.94%
• 6M: 15.68%
• YTD: 19.28%
• 1Y: 30.82%
• 3Y*: 15.41%
• 5Y*: 6.16%
• 10Y*: 12.46%
• ALL TIME*: 13.28%

IJR

• 1D: -0.03%
• 1M: -0.70%
• 6M: 15.04%
• YTD: 21.59%
• 1Y: 35.87%
• 3Y*: 13.39%
• 5Y*: 7.39%
• 10Y*: 10.86%
• ALL TIME*: 10.14%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
IJR iShares Core S&P Small-Cap ETF	$499.82M	$465.35M	$539.29M
JSML Janus Henderson Small Cap Growth Alpha ETF	$2.69M	$2.81M	$2.16M

JSML vs. IJR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JSML Janus Henderson Small Cap Growth Alpha ETF	19.28%	13.41%	12.45%	30.09%	-29.40%	3.08%	35.38%	32.50%	-2.53%	20.93%
IJR iShares Core S&P Small-Cap ETF	21.59%	5.89%	8.63%	16.06%	-16.20%	26.58%	11.28%	22.82%	-8.51%	13.15%

Correlation

The correlation between JSML and IJR is 0.85, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.85
Correlation (3Y) Balances recent behavior with more history.	0.89
Correlation (5Y) Shows whether the relationship held over a longer period.	0.89
Correlation (10Y) Provides a long-term view across more market conditions.	0.84
Correlation (All Time) Calculated using the full available price history since Feb 25, 2016	0.83

The correlation between JSML and IJR has been stable across timeframes, ranging from 0.83 to 0.89 - a consistent structural relationship.

JSML vs. IJR - Sectors Allocation Comparison

Sectors	JSML	IJR
Technology	26.3%	15.5%
Healthcare	22.8%	12.4%
Industrials	22.0%	15.6%
Financial Services	10.5%	17.0%
Consumer Cyclical	7.6%	13.2%
Basic Materials	2.7%	4.7%
Consumer Defensive	2.5%	4.2%
Real Estate	2.0%	7.6%
Energy	1.8%	4.9%
Communication Services	1.7%	3.2%
Utilities	-	1.8%

Return for Risk

JSML vs. IJR — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

JSML

JSML Risk / Return Rank: 52
JSML Sharpe Ratio Rank: 52
JSML Sortino Ratio Rank: 52
JSML Omega Ratio Rank: 48
JSML Calmar Ratio Rank: 54
JSML Martin Ratio Rank: 56

IJR

IJR Risk / Return Rank: 86
IJR Sharpe Ratio Rank: 84
IJR Sortino Ratio Rank: 86
IJR Omega Ratio Rank: 81
IJR Calmar Ratio Rank: 91
IJR Martin Ratio Rank: 88

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

JSML vs. IJR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson Small Cap Growth Alpha ETF (JSML) and iShares Core S&P Small-Cap ETF (IJR). 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	IJR	Difference
Sharpe ratio: Return per unit of total volatility	1.27	1.95	-0.69
Sortino ratio: Return per unit of downside risk	1.84	2.87	-1.03
Omega ratio: Gain probability vs. loss probability	1.22	1.34	-0.12
Calmar ratio: Return relative to maximum drawdown	1.93	3.89	-1.95
Martin ratio: Return relative to average drawdown	6.56	13.29	-6.73

JSML vs. IJR - Sharpe Ratio Comparison

The current JSML Sharpe Ratio is 1.27, which is lower than the IJR Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of JSML and IJR, 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. IJR - Drawdown Comparison

The maximum JSML drawdown since its inception was -39.65%, smaller than the maximum IJR drawdown of -58.15%. Use the drawdown chart below to compare losses from any high point for JSML and IJR.

Drawdown Indicators

	JSML	IJR	Difference
Max Drawdown Largest peak-to-trough decline	-39.65%	-58.15%	+18.50%
Max Drawdown (1Y) Largest decline over 1 year	-14.84%	-8.68%	-6.16%
Max Drawdown (3Y) Largest decline over 3 years	-25.60%	-28.02%	+2.42%
Max Drawdown (5Y) Largest decline over 5 years	-37.91%	-28.02%	-9.89%
Max Drawdown (10Y) Largest decline over 10 years	-39.65%	-44.36%	+4.71%
Current Drawdown Current decline from peak	-6.22%	-1.92%	-4.30%
Average Drawdown Average peak-to-trough decline	-10.74%	-9.23%	-1.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.37%	2.54%	+1.83%

Volatility

JSML vs. IJR - Volatility Comparison

Janus Henderson Small Cap Growth Alpha ETF (JSML) has a higher volatility of 6.28% compared to iShares Core S&P Small-Cap ETF (IJR) at 3.40%. This indicates that JSML's price experiences larger fluctuations and is considered to be riskier than IJR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JSML	IJR	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.28%	3.40%	+2.88%
Volatility (6M) Calculated over the trailing 6-month period	17.70%	11.62%	+6.08%
Volatility (1Y) Calculated over the trailing 1-year period	22.70%	17.33%	+5.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.51%	21.25%	+3.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.29%	22.85%	+1.44%

JSML vs. IJR - Expense Ratio Comparison

JSML has a 0.30% expense ratio, which is higher than IJR's 0.06% expense ratio.

Dividends

JSML vs. IJR - Dividend Comparison

JSML's dividend yield for the trailing twelve months is around 0.62%, less than IJR's 1.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IJR iShares Core S&P Small-Cap ETF	1.13%	1.44%	2.05%	1.31%	1.41%	1.53%	1.11%	1.44%	1.58%	1.20%	1.22%	1.48%
JSML Janus Henderson Small Cap Growth Alpha ETF	0.62%	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 IJR in my portfolio?

JSML and IJR have a correlation of 0.85, 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 IJR?

JSML has higher volatility (6.28%) compared to IJR (3.40%). In terms of maximum drawdown, JSML dropped -39.65% vs IJR's -58.15%.

Which ETF is better, JSML or IJR?

On 10-year performance, JSML leads with 12.46% vs 10.86% for IJR. On fees, IJR is cheaper at 0.06% per year. On volatility, IJR has been the lower-risk option at 3.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JSML or IJR?

Over the 10-year period, JSML has performed better with a 12.46% return vs 10.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JSML or IJR?

IJR is cheaper with a 0.06% expense ratio, compared with 0.30% for JSML.

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

IJR has the higher dividend yield at 1.13%, compared with 0.62% for JSML.

What is the main difference between JSML and IJR?

JSML is categorized as Small Cap Growth Equities, while IJR is Small Cap Blend Equities. JSML tracks Janus Small Cap Growth Alpha Index, while IJR tracks S&P SmallCap 600 Index. They also come from different issuers: Janus Henderson and iShares. Their fees differ too: 0.30% for JSML and 0.06% for IJR.

Which has better risk-adjusted returns?

IJR currently has the higher Sharpe Ratio (1.95 vs 1.27), 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.