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JSML vs. IWM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

JSML vs. IWM

Last updated Aug 4, 2026
Documentation

JSML (Janus Henderson Small Cap Growth Alpha ETF) and IWM (iShares Russell 2000 ETF) are both exchange-traded funds - JSML is a Small Cap Growth Equities fund tracking the Janus Small Cap Growth Alpha Index, while IWM is a Small Cap Blend Equities fund tracking the Russell 2000 Index. Both are passively managed. Over the past 10 years, JSML returned 12.46%/yr vs 10.63%/yr for IWM. Their correlation of 0.87 means they have usually moved in the same direction. JSML charges 0.30%/yr vs 0.19%/yr for IWM.

Performance

JSML vs. IWM - 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 Russell 2000 ETF (IWM). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both stocks are quite close, with JSML having a 21.51% return and IWM slightly lower at 20.84%. Over the past 10 years, JSML has outperformed IWM with an annualized return of 12.46%, while IWM has yielded a comparatively lower 10.63% annualized return.

JSML

1D
1.87%
1M
-2.15%
6M
15.94%
YTD
21.51%
1Y
33.26%
3Y*
17.08%
5Y*
6.35%
10Y*
12.46%
ALL TIME*
13.47%

IWM

1D
1.72%
1M
-0.46%
6M
13.45%
YTD
20.84%
1Y
39.26%
3Y*
16.48%
5Y*
7.64%
10Y*
10.63%
ALL TIME*
8.80%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

IWM

iShares Russell 2000 ETF
$6.77B$6.36B$7.44B

JSML

Janus Henderson Small Cap Growth Alpha ETF
$2.12M$2.84M$2.20M

JSML vs. IWM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
JSML
Janus Henderson Small Cap Growth Alpha ETF		21.51%13.41%12.45%30.09%-29.40%3.08%35.38%32.50%-2.53%20.93%
IWM
iShares Russell 2000 ETF		20.84%12.66%11.38%16.83%-20.48%14.54%20.03%25.39%-11.12%14.58%

Correlation

The correlation between JSML and IWM is 0.93, 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.

0.93

Correlation (3Y)
Balances recent behavior with more history.

0.93

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.93

Correlation (10Y)
Provides a long-term view across more market conditions.

0.88

Correlation (All Time)
Calculated using the full available price history since Feb 25, 2016

0.87

The correlation between JSML and IWM has been stable across timeframes, ranging from 0.87 to 0.93 - a consistent structural relationship.

JSML vs. IWM - Sectors Allocation Comparison

Sectors
JSML
IWM

Technology

26.3%
13.6%

Healthcare

22.8%
20.0%

Industrials

22.0%
13.7%

Financial Services

10.5%
18.3%

Consumer Cyclical

7.6%
9.2%

Basic Materials

2.7%
4.5%

Consumer Defensive

2.5%
2.8%

Real Estate

2.0%
7.0%

Energy

1.8%
5.6%

Communication Services

1.7%
2.0%

Utilities

-

2.9%

Technology

JSML
26.3%
IWM
13.6%

Healthcare

JSML
22.8%
IWM
20.0%

Industrials

JSML
22.0%
IWM
13.7%

Financial Services

JSML
10.5%
IWM
18.3%

Consumer Cyclical

JSML
7.6%
IWM
9.2%

Basic Materials

JSML
2.7%
IWM
4.5%

Consumer Defensive

JSML
2.5%
IWM
2.8%

Real Estate

JSML
2.0%
IWM
7.0%

Energy

JSML
1.8%
IWM
5.6%

Communication Services

JSML
1.7%
IWM
2.0%

Utilities

JSML

-

IWM
2.9%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Janus Henderson Small Cap Growth Alpha ETF

iShares Russell 2000 ETF

Often compared with JSML:
JSML vs. OMFSJSML vs. PSCTJSML vs. FRTYJSML vs. TMFXJSML vs. CWSJSML vs. IJRJSML vs. OBMCX
Often compared with IWM:
IWM vs. SPYIWM vs. VTWOIWM vs. IJRIWM vs. AVUVIWM vs. VOOIWM vs. IWNIWM vs. IWO

Return for Risk

JSML vs. IWM — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
JSML
JSML Risk / Return Rank: 5959
Overall Rank
JSML Sharpe Ratio Rank: 5959
Sharpe Ratio Rank
JSML Sortino Ratio Rank: 5959
Sortino Ratio Rank
JSML Omega Ratio Rank: 5454
Omega Ratio Rank
JSML Calmar Ratio Rank: 6161
Calmar Ratio Rank
JSML Martin Ratio Rank: 6161
Martin Ratio Rank
IWM
IWM Risk / Return Rank: 8585
Overall Rank
IWM Sharpe Ratio Rank: 8585
Sharpe Ratio Rank
IWM Sortino Ratio Rank: 8585
Sortino Ratio Rank
IWM Omega Ratio Rank: 8080
Omega Ratio Rank
IWM Calmar Ratio Rank: 8888
Calmar Ratio Rank
IWM Martin Ratio Rank: 8686
Martin Ratio Rank
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. IWM - 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 Russell 2000 ETF (IWM). 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.

JSMLIWMDifference
Sharpe ratioReturn per unit of total volatility
1.47
2.04

-0.57

Sortino ratioReturn per unit of downside risk
2.09
2.85

-0.77

Omega ratioGain probability vs. loss probability

1.25

1.34

-0.09

Calmar ratioReturn relative to maximum drawdown

2.25

3.58

-1.32

Martin ratioReturn relative to average drawdown

7.62

12.68

-5.06

JSML vs. IWM - Sharpe Ratio Comparison

The current JSML Sharpe Ratio is 1.47, which is comparable to the IWM Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of JSML and IWM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

JSML vs. IWM - Drawdown Comparison

The maximum JSML drawdown since its inception was -39.65%, smaller than the maximum IWM drawdown of -59.05%. Use the drawdown chart below to compare losses from any high point for JSML and IWM.

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Drawdown Indicators

JSMLIWMDifference

Max Drawdown

Largest peak-to-trough decline

-39.65%

-59.05%

+19.40%

Max Drawdown (1Y)

Largest decline over 1 year

-14.84%

-11.03%

-3.81%

Max Drawdown (3Y)

Largest decline over 3 years

-25.60%

-27.50%

+1.90%

Max Drawdown (5Y)

Largest decline over 5 years

-37.91%

-31.91%

-6.00%

Max Drawdown (10Y)

Largest decline over 10 years

-39.65%

-41.13%

+1.48%

Current Drawdown

Current decline from peak

-4.47%

-1.41%

-3.06%

Average Drawdown

Average peak-to-trough decline

-10.73%

-10.71%

-0.02%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.38%

3.11%

+1.27%

Volatility

JSML vs. IWM - Volatility Comparison

Janus Henderson Small Cap Growth Alpha ETF (JSML) has a higher volatility of 6.24% compared to iShares Russell 2000 ETF (IWM) at 4.21%. This indicates that JSML's price experiences larger fluctuations and is considered to be riskier than IWM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

JSMLIWMDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.24%

4.21%

+2.03%

Volatility (6M)

Calculated over the trailing 6-month period

17.68%

14.13%

+3.55%

Volatility (1Y)

Calculated over the trailing 1-year period

22.73%

19.36%

+3.37%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

24.53%

22.50%

+2.03%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

24.30%

23.02%

+1.28%

JSML vs. IWM - Expense Ratio Comparison

JSML has a 0.30% expense ratio, which is higher than IWM's 0.19% expense ratio.

Dividends

JSML vs. IWM - Dividend Comparison

JSML's dividend yield for the trailing twelve months is around 0.61%, less than IWM's 0.90% yield.

PositionTTM20252024202320222021202020192018201720162015
IWM
iShares Russell 2000 ETF		0.90%1.04%1.15%1.35%1.48%0.94%1.04%1.26%1.40%1.26%1.38%1.54%
JSML
Janus Henderson Small Cap Growth Alpha ETF		0.61%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

With a correlation of 0.93, JSML and IWM move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

JSML has higher volatility (6.24%) compared to IWM (4.21%). In terms of maximum drawdown, JSML dropped -39.65% vs IWM's -59.05%.

On 10-year performance, JSML leads with 12.46% vs 10.63% for IWM. On fees, IWM is cheaper at 0.19% per year. On volatility, IWM has been the lower-risk option at 4.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, JSML has performed better with a 12.46% return vs 10.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IWM is cheaper with a 0.19% expense ratio, compared with 0.30% for JSML.

IWM has the higher dividend yield at 0.90%, compared with 0.61% for JSML.

JSML is categorized as Small Cap Growth Equities, while IWM is Small Cap Blend Equities. JSML tracks Janus Small Cap Growth Alpha Index, while IWM tracks Russell 2000 Index. They also come from different issuers: Janus Henderson and iShares. Their fees differ too: 0.30% for JSML and 0.19% for IWM.

IWM currently has the higher Sharpe Ratio (2.04 vs 1.47), 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.

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