JSML vs. JSMD

Last updated Jul 17, 2026

JSML (Janus Henderson Small Cap Growth Alpha ETF) and JSMD (Janus Henderson Small/Mid Cap Growth Alpha ETF) are both exchange-traded funds - JSML is a Small Cap Growth Equities fund tracking the Janus Small Cap Growth Alpha Index, while JSMD is a Mid Cap Growth Equities fund tracking the Janus Small Mid Cap Growth Alpha Index. Both are passively managed. Over the past 10 years, JSML returned 12.63%/yr vs 13.14%/yr for JSMD. Their correlation of 0.87 suggests significant overlap in exposure. Both charge a 0.30% expense ratio.

Performance

JSML vs. JSMD - Performance Comparison

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

Returns By Period

In the year-to-date period, JSML achieves a 21.35% return, which is significantly higher than JSMD's 17.41% return. Both investments have delivered pretty close results over the past 10 years, with JSML having a 12.63% annualized return and JSMD not far ahead at 13.14%.

JSML

• 1D: -1.29%
• 1M: -0.10%
• 6M: 14.90%
• YTD: 21.35%
• 1Y: 32.46%
• 3Y*: 15.84%
• 5Y*: 7.67%
• 10Y*: 12.63%

JSMD

• 1D: -1.39%
• 1M: -0.93%
• 6M: 9.85%
• YTD: 17.41%
• 1Y: 22.75%
• 3Y*: 14.72%
• 5Y*: 8.56%
• 10Y*: 13.14%

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

JSML vs. JSMD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JSML Janus Henderson Small Cap Growth Alpha ETF	21.35%	13.41%	12.45%	30.09%	-29.40%	3.08%	35.38%	32.50%	-2.53%	20.93%
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF	17.41%	9.25%	15.08%	26.81%	-22.84%	8.40%	30.79%	31.05%	-4.73%	24.46%

Correlation

The correlation between JSML and JSMD is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Feb 25, 2016	0.87

The correlation between JSML and JSMD shifts across timeframes, from 0.87 (all time) to 0.97 (1 year), reflecting how their relationship changes across market environments.

JSML vs. JSMD - Sectors Allocation Comparison

Sectors	JSML	JSMD
Healthcare	25.2%	18.7%
Technology	21.1%	28.1%
Industrials	13.8%	23.3%
Financial Services	8.8%	8.9%
Consumer Cyclical	8.0%	8.7%
Basic Materials	3.3%	3.0%
Energy	2.6%	1.1%
Real Estate	2.6%	2.8%
Communication Services	1.7%	2.9%
Consumer Defensive	1.0%	2.5%
Utilities	-	-

Return for Risk

JSML vs. JSMD — Risk / Return Rank

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

JSML

JSML Risk / Return Rank: 52
JSML Sharpe Ratio Rank: 52
JSML Sortino Ratio Rank: 51
JSML Omega Ratio Rank: 48
JSML Calmar Ratio Rank: 54
JSML Martin Ratio Rank: 56

JSMD

JSMD Risk / Return Rank: 36
JSMD Sharpe Ratio Rank: 35
JSMD Sortino Ratio Rank: 34
JSMD Omega Ratio Rank: 33
JSMD Calmar Ratio Rank: 37
JSMD Martin Ratio Rank: 40

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. JSMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson Small Cap Growth Alpha ETF (JSML) and Janus Henderson Small/Mid Cap Growth Alpha ETF (JSMD). 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	JSMD	Difference
Sharpe ratio: Return per unit of total volatility	1.46	1.03	+0.42
Sortino ratio: Return per unit of downside risk	2.06	1.54	+0.52
Omega ratio: Gain probability vs. loss probability	1.25	1.19	+0.07
Calmar ratio: Return relative to maximum drawdown	2.20	1.54	+0.66
Martin ratio: Return relative to average drawdown	7.72	5.12	+2.59

JSML vs. JSMD - Sharpe Ratio Comparison

The current JSML Sharpe Ratio is 1.46, which is higher than the JSMD Sharpe Ratio of 1.03. The chart below compares the historical Sharpe Ratios of JSML and JSMD, 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. JSMD - Drawdown Comparison

The maximum JSML drawdown since its inception was -39.65%, roughly equal to the maximum JSMD drawdown of -38.98%. Use the drawdown chart below to compare losses from any high point for JSML and JSMD.

Drawdown Indicators

	JSML	JSMD	Difference
Max Drawdown Largest peak-to-trough decline	-39.65%	-38.98%	-0.67%
Max Drawdown (1Y) Largest decline over 1 year	-14.84%	-14.86%	+0.02%
Max Drawdown (3Y) Largest decline over 3 years	-25.60%	-24.01%	-1.59%
Max Drawdown (5Y) Largest decline over 5 years	-37.91%	-32.18%	-5.73%
Max Drawdown (10Y) Largest decline over 10 years	-39.65%	-38.98%	-0.67%
Current Drawdown Current decline from peak	-4.59%	-5.59%	+1.00%
Average Drawdown Average peak-to-trough decline	-10.76%	-7.42%	-3.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.22%	4.45%	-0.23%

Volatility

JSML vs. JSMD - Volatility Comparison

Janus Henderson Small Cap Growth Alpha ETF (JSML) and Janus Henderson Small/Mid Cap Growth Alpha ETF (JSMD) have volatilities of 5.81% and 6.01%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JSML	JSMD	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.81%	6.01%	-0.20%
Volatility (6M) Calculated over the trailing 6-month period	17.32%	17.49%	-0.17%
Volatility (1Y) Calculated over the trailing 1-year period	22.41%	22.16%	+0.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.52%	23.09%	+1.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.26%	22.80%	+1.46%

JSML vs. JSMD - Expense Ratio Comparison

Both JSML and JSMD have an expense ratio of 0.30%.

Dividends

JSML vs. JSMD - Dividend Comparison

JSML's dividend yield for the trailing twelve months is around 0.61%, more than JSMD's 0.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF	0.43%	0.54%	0.76%	0.44%	0.40%	0.28%	0.24%	0.32%	0.53%	0.30%	0.36%
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%

Frequently Asked Questions

Can I hold both JSML and JSMD in my portfolio?

With a correlation of 0.97, JSML and JSMD 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.

Which is riskier, JSML or JSMD?

JSMD has higher volatility (6.01%) compared to JSML (5.81%). In terms of maximum drawdown, JSML dropped -39.65% vs JSMD's -38.98%.

Which ETF is better, JSML or JSMD?

On 10-year performance, JSMD leads with 13.14% vs 12.63% for JSML. Both ETFs have the same 0.30% expense ratio. On volatility, JSML has been the lower-risk option at 5.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JSML or JSMD?

Over the 10-year period, JSMD has performed better with a 13.14% return vs 12.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JSML or JSMD?

JSML and JSMD have the same expense ratio: 0.30% per year.

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

JSML has the higher dividend yield at 0.61%, compared with 0.43% for JSMD.

What is the main difference between JSML and JSMD?

JSML is categorized as Small Cap Growth Equities, while JSMD is Mid Cap Growth Equities. JSML tracks Janus Small Cap Growth Alpha Index, while JSMD tracks Janus Small Mid Cap Growth Alpha Index.

Which has better risk-adjusted returns?

JSML currently has the higher Sharpe Ratio (1.46 vs 1.03), 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.