JSML vs. TMFX

Last updated Jun 23, 2026

JSML (Janus Henderson Small Cap Growth Alpha ETF) and TMFX (Motley Fool Next Index ETF) are both exchange-traded funds - JSML is a Small Cap Growth Equities fund tracking the Janus Small Cap Growth Alpha Index, while TMFX is a Mid Cap Growth Equities fund tracking the Motley Fool Next Index. Both are passively managed. Over the past 3 years, JSML returned 20.38%/yr vs 12.55%/yr for TMFX. Their correlation of 0.88 suggests significant overlap in exposure. JSML charges 0.30%/yr vs 0.50%/yr for TMFX.

Performance

JSML vs. TMFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Henderson Small Cap Growth Alpha ETF (JSML) and Motley Fool Next Index ETF (TMFX). 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 TMFX's 2.16% 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%

TMFX

• 1D: -0.61%
• 1M: 0.77%
• YTD: 2.16%
• 6M: -0.33%
• 1Y: 11.91%
• 3Y*: 12.55%
• 5Y*: —
• 10Y*: —

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

JSML vs. TMFX - 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%	0.17%
TMFX Motley Fool Next Index ETF	2.16%	10.41%	16.04%	17.95%	-28.16%	-0.65%

Correlation

The correlation between JSML and TMFX is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (All Time) Calculated using the full available price history since Dec 31, 2021	0.88

The correlation between JSML and TMFX has been stable across timeframes, ranging from 0.80 to 0.88 - a consistent structural relationship.

Return for Risk

JSML vs. TMFX — 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

TMFX

TMFX Risk / Return Rank: 20
TMFX Sharpe Ratio Rank: 20
TMFX Sortino Ratio Rank: 20
TMFX Omega Ratio Rank: 18
TMFX Calmar Ratio Rank: 20
TMFX Martin Ratio Rank: 22

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. TMFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson Small Cap Growth Alpha ETF (JSML) and Motley Fool Next Index ETF (TMFX). 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	TMFX	Difference
Sharpe ratio: Return per unit of total volatility	1.89	0.70	+1.19
Sortino ratio: Return per unit of downside risk	2.57	1.09	+1.48
Omega ratio: Gain probability vs. loss probability	1.32	1.12	+0.19
Calmar ratio: Return relative to maximum drawdown	2.83	0.86	+1.98
Martin ratio: Return relative to average drawdown	10.04	2.72	+7.32

JSML vs. TMFX - Sharpe Ratio Comparison

The current JSML Sharpe Ratio is 1.89, which is higher than the TMFX Sharpe Ratio of 0.70. The chart below compares the historical Sharpe Ratios of JSML and TMFX, 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. TMFX - Drawdown Comparison

The maximum JSML drawdown since its inception was -39.65%, which is greater than TMFX's maximum drawdown of -34.72%. Use the drawdown chart below to compare losses from any high point for JSML and TMFX.

Drawdown Indicators

	JSML	TMFX	Difference
Max Drawdown Largest peak-to-trough decline	-39.65%	-34.72%	-4.93%
Max Drawdown (1Y) Largest decline over 1 year	-14.84%	-13.95%	-0.89%
Max Drawdown (3Y) Largest decline over 3 years	-25.60%	-24.05%	-1.55%
Max Drawdown (5Y) Largest decline over 5 years	-37.91%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-39.65%	—	—
Current Drawdown Current decline from peak	0.00%	-3.61%	+3.61%
Average Drawdown Average peak-to-trough decline	-10.82%	-14.58%	+3.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.18%	4.39%	-0.21%

Volatility

JSML vs. TMFX - Volatility Comparison

Janus Henderson Small Cap Growth Alpha ETF (JSML) has a higher volatility of 7.33% compared to Motley Fool Next Index ETF (TMFX) at 5.37%. This indicates that JSML's price experiences larger fluctuations and is considered to be riskier than TMFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JSML	TMFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.33%	5.37%	+1.96%
Volatility (6M) Calculated over the trailing 6-month period	16.87%	12.82%	+4.05%
Volatility (1Y) Calculated over the trailing 1-year period	22.26%	17.16%	+5.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.50%	23.34%	+1.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.33%	23.34%	+0.99%

JSML vs. TMFX - Expense Ratio Comparison

JSML has a 0.30% expense ratio, which is lower than TMFX's 0.50% expense ratio.

Dividends

JSML vs. TMFX - Dividend Comparison

JSML's dividend yield for the trailing twelve months is around 0.76%, more than TMFX's 0.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
TMFX Motley Fool Next Index ETF	0.05%	0.05%	0.06%	0.16%	0.22%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JSML and TMFX in my portfolio?

JSML and TMFX have a correlation of 0.80, 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 TMFX?

JSML has higher volatility (7.33%) compared to TMFX (5.37%). In terms of maximum drawdown, JSML dropped -39.65% vs TMFX's -34.72%.

Which ETF is better, JSML or TMFX?

On 3-year performance, JSML leads with 20.38% vs 12.55% for TMFX. On fees, JSML is cheaper at 0.30% per year. On volatility, TMFX has been the lower-risk option at 5.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JSML or TMFX?

Over the 3-year period, JSML has performed better with a 20.38% return vs 12.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JSML or TMFX?

JSML is cheaper with a 0.30% expense ratio, compared with 0.50% for TMFX.

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

JSML has the higher dividend yield at 0.76%, compared with 0.05% for TMFX.

What is the main difference between JSML and TMFX?

JSML is categorized as Small Cap Growth Equities, while TMFX is Mid Cap Growth Equities. JSML tracks Janus Small Cap Growth Alpha Index, while TMFX tracks Motley Fool Next Index. They also come from different issuers: Janus Henderson and Motley Fool. Their fees differ too: 0.30% for JSML and 0.50% for TMFX.

Which has better risk-adjusted returns?

JSML currently has the higher Sharpe Ratio (1.89 vs 0.70), 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.