JSML vs. USVM

Last updated Jun 4, 2026

JSML (Janus Henderson Small Cap Growth Alpha ETF) and USVM (VictoryShares US Small Mid Cap Value Momentum ETF) are both exchange-traded funds - JSML is a Small Cap Growth Equities fund tracking the Janus Small Cap Growth Alpha Index, while USVM is a Momentum fund tracking the Nasdaq Victory US Small Mid Cap Value Momentum Index. Both are passively managed. Over the past 5 years, JSML returned 6.09%/yr vs 9.74%/yr for USVM. Their correlation of 0.87 suggests significant overlap in exposure. JSML charges 0.30%/yr vs 0.29%/yr for USVM.

Performance

JSML vs. USVM - Performance Comparison

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

Returns By Period

In the year-to-date period, JSML achieves a 19.06% return, which is significantly higher than USVM's 15.26% return.

JSML

• 1D: -0.84%
• 1M: 7.59%
• YTD: 19.06%
• 6M: 17.83%
• 1Y: 33.64%
• 3Y*: 18.71%
• 5Y*: 6.09%
• 10Y*: 12.88%

USVM

• 1D: -0.40%
• 1M: 2.60%
• YTD: 15.26%
• 6M: 15.00%
• 1Y: 30.42%
• 3Y*: 19.79%
• 5Y*: 9.74%
• 10Y*: —

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

JSML vs. USVM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JSML Janus Henderson Small Cap Growth Alpha ETF	19.06%	13.41%	12.45%	30.09%	-29.40%	3.08%	35.38%	32.50%	-2.53%	2.85%
USVM VictoryShares US Small Mid Cap Value Momentum ETF	15.26%	10.56%	16.59%	18.90%	-13.23%	24.44%	11.56%	21.65%	-9.39%	2.21%

Correlation

The correlation between JSML and USVM is 0.84, 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	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (All Time) Calculated using the full available price history since Oct 27, 2017	0.87

The correlation between JSML and USVM has been stable across timeframes, ranging from 0.84 to 0.90 - a consistent structural relationship.

JSML vs. USVM - Sectors Allocation Comparison

Sectors	JSML	USVM
Technology	24.8%	11.6%
Industrials	23.4%	12.1%
Healthcare	20.9%	11.0%
Financial Services	9.2%	22.0%
Consumer Cyclical	5.8%	11.1%
Real Estate	3.4%	11.9%
Basic Materials	2.9%	1.8%
Consumer Defensive	2.6%	5.0%
Energy	2.2%	4.4%
Communication Services	2.1%	2.8%
Utilities	-	6.4%

Return for Risk

JSML vs. USVM — Risk / Return Rank

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

JSML

JSML Risk / Return Rank: 45
JSML Sharpe Ratio Rank: 45
JSML Sortino Ratio Rank: 44
JSML Omega Ratio Rank: 42
JSML Calmar Ratio Rank: 46
JSML Martin Ratio Rank: 48

USVM

USVM Risk / Return Rank: 65
USVM Sharpe Ratio Rank: 60
USVM Sortino Ratio Rank: 63
USVM Omega Ratio Rank: 57
USVM Calmar Ratio Rank: 73
USVM Martin Ratio Rank: 73

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. USVM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson Small Cap Growth Alpha ETF (JSML) and VictoryShares US Small Mid Cap Value Momentum ETF (USVM). 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.

	JSML	USVM	Difference
Sharpe ratio: Return per unit of total volatility	1.57	2.05	-0.48
Sortino ratio: Return per unit of downside risk	2.21	2.98	-0.77
Omega ratio: Gain probability vs. loss probability	1.27	1.36	-0.09
Calmar ratio: Return relative to maximum drawdown	2.28	3.66	-1.38
Martin ratio: Return relative to average drawdown	8.08	13.76	-5.68
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JSML vs. USVM - Sharpe Ratio Comparison

The current JSML Sharpe Ratio is 1.57, which is comparable to the USVM Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of JSML and USVM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	JSML	USVM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.57	2.05	-0.48
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.25	0.50	-0.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	0.49	+0.08

Drawdowns

JSML vs. USVM - Drawdown Comparison

The maximum JSML drawdown since its inception was -39.65%, smaller than the maximum USVM drawdown of -42.38%. Use the drawdown chart below to compare losses from any high point for JSML and USVM.

Drawdown Indicators

	JSML	USVM	Difference
Max Drawdown Largest peak-to-trough decline	-39.65%	-42.38%	+2.73%
Max Drawdown (1Y) Largest decline over 1 year	-14.84%	-8.36%	-6.48%
Max Drawdown (3Y) Largest decline over 3 years	-25.60%	-24.34%	-1.26%
Max Drawdown (5Y) Largest decline over 5 years	-37.91%	-25.27%	-12.64%
Max Drawdown (10Y) Largest decline over 10 years	-39.65%	—	—
Current Drawdown Current decline from peak	-0.84%	-0.57%	-0.27%
Average Drawdown Average peak-to-trough decline	-10.86%	-7.90%	-2.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.17%	2.22%	+1.95%

Volatility

JSML vs. USVM - Volatility Comparison

Janus Henderson Small Cap Growth Alpha ETF (JSML) has a higher volatility of 7.49% compared to VictoryShares US Small Mid Cap Value Momentum ETF (USVM) at 4.50%. This indicates that JSML's price experiences larger fluctuations and is considered to be riskier than USVM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JSML	USVM	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.49%	4.50%	+2.99%
Volatility (6M) Calculated over the trailing 6-month period	15.94%	10.73%	+5.21%
Volatility (1Y) Calculated over the trailing 1-year period	21.56%	14.93%	+6.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.34%	19.65%	+4.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.27%	22.01%	+2.26%

JSML vs. USVM - Expense Ratio Comparison

JSML has a 0.30% expense ratio, which is higher than USVM's 0.29% expense ratio.

Dividends

JSML vs. USVM - Dividend Comparison

JSML's dividend yield for the trailing twelve months is around 0.80%, less than USVM's 1.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
JSML Janus Henderson Small Cap Growth Alpha ETF	0.80%	0.94%	1.19%	0.49%	0.67%	0.46%	0.30%	0.27%	0.76%	0.42%	0.52%
USVM VictoryShares US Small Mid Cap Value Momentum ETF	1.76%	1.84%	1.75%	1.63%	1.43%	0.70%	1.21%	1.77%	1.43%	0.65%	0.00%

Frequently Asked Questions

Can I hold both JSML and USVM in my portfolio?

JSML and USVM have a correlation of 0.84, 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 USVM?

JSML has higher volatility (7.49%) compared to USVM (4.50%). In terms of maximum drawdown, JSML dropped -39.65% vs USVM's -42.38%.

Which ETF is better, JSML or USVM?

On 5-year performance, USVM leads with 9.74% vs 6.09% for JSML. On fees, USVM is cheaper at 0.29% per year. On volatility, USVM has been the lower-risk option at 4.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JSML or USVM?

Over the 5-year period, USVM has performed better with a 9.74% return vs 6.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JSML or USVM?

USVM is cheaper with a 0.29% expense ratio, compared with 0.30% for JSML.

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

USVM has the higher dividend yield at 1.76%, compared with 0.80% for JSML.

What is the main difference between JSML and USVM?

JSML is categorized as Small Cap Growth Equities, while USVM is Momentum. JSML tracks Janus Small Cap Growth Alpha Index, while USVM tracks Nasdaq Victory US Small Mid Cap Value Momentum Index. They also come from different issuers: Janus Henderson and Victory Capital. Their fees differ too: 0.30% for JSML and 0.29% for USVM.

Which has better risk-adjusted returns?

USVM currently has the higher Sharpe Ratio (2.05 vs 1.57), 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.