JSML vs. VTWG

Last updated Jul 17, 2026

JSML (Janus Henderson Small Cap Growth Alpha ETF) and VTWG (Vanguard Russell 2000 Growth ETF) are both Small Cap Growth Equities funds - JSML tracks the Janus Small Cap Growth Alpha Index while VTWG tracks the Russell 2000 Growth Index. Both are passively managed. Over the past 10 years, JSML returned 12.63%/yr vs 10.99%/yr for VTWG. Their correlation of 0.88 suggests significant overlap in exposure. JSML charges 0.30%/yr vs 0.06%/yr for VTWG.

Performance

JSML vs. VTWG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Henderson Small Cap Growth Alpha ETF (JSML) and Vanguard Russell 2000 Growth ETF (VTWG). 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 VTWG's 16.93% return. Over the past 10 years, JSML has outperformed VTWG with an annualized return of 12.63%, while VTWG has yielded a comparatively lower 10.99% annualized return.

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%

VTWG

• 1D: -1.52%
• 1M: -1.10%
• 6M: 8.49%
• YTD: 16.93%
• 1Y: 30.45%
• 3Y*: 15.46%
• 5Y*: 6.20%
• 10Y*: 10.99%

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

JSML vs. VTWG - 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%
VTWG Vanguard Russell 2000 Growth ETF	16.93%	13.07%	15.15%	18.90%	-26.49%	2.84%	34.72%	28.75%	-9.45%	22.27%

Correlation

The correlation between JSML and VTWG is 0.95, 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	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Feb 25, 2016	0.88

The correlation between JSML and VTWG has been stable across timeframes, ranging from 0.88 to 0.95 - a consistent structural relationship.

JSML vs. VTWG - Sectors Allocation Comparison

Sectors	JSML	VTWG
Healthcare	25.2%	22.0%
Technology	21.1%	25.8%
Industrials	13.8%	23.1%
Financial Services	8.8%	7.8%
Consumer Cyclical	8.0%	7.1%
Basic Materials	3.3%	4.0%
Energy	2.6%	3.1%
Real Estate	2.6%	2.0%
Communication Services	1.7%	2.2%
Consumer Defensive	1.0%	2.3%
Utilities	-	0.6%

Return for Risk

JSML vs. VTWG — 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

VTWG

VTWG Risk / Return Rank: 48
VTWG Sharpe Ratio Rank: 48
VTWG Sortino Ratio Rank: 48
VTWG Omega Ratio Rank: 43
VTWG Calmar Ratio Rank: 50
VTWG Martin Ratio Rank: 53

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. VTWG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson Small Cap Growth Alpha ETF (JSML) and Vanguard Russell 2000 Growth ETF (VTWG). 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	VTWG	Difference
Sharpe ratio: Return per unit of total volatility	1.46	1.37	+0.08
Sortino ratio: Return per unit of downside risk	2.06	1.98	+0.08
Omega ratio: Gain probability vs. loss probability	1.25	1.23	+0.02
Calmar ratio: Return relative to maximum drawdown	2.20	2.06	+0.14
Martin ratio: Return relative to average drawdown	7.72	7.32	+0.39

JSML vs. VTWG - Sharpe Ratio Comparison

The current JSML Sharpe Ratio is 1.46, which is comparable to the VTWG Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of JSML and VTWG, 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. VTWG - Drawdown Comparison

The maximum JSML drawdown since its inception was -39.65%, smaller than the maximum VTWG drawdown of -42.07%. Use the drawdown chart below to compare losses from any high point for JSML and VTWG.

Drawdown Indicators

	JSML	VTWG	Difference
Max Drawdown Largest peak-to-trough decline	-39.65%	-42.07%	+2.42%
Max Drawdown (1Y) Largest decline over 1 year	-14.84%	-14.88%	+0.04%
Max Drawdown (3Y) Largest decline over 3 years	-25.60%	-28.58%	+2.98%
Max Drawdown (5Y) Largest decline over 5 years	-37.91%	-40.49%	+2.58%
Max Drawdown (10Y) Largest decline over 10 years	-39.65%	-42.07%	+2.42%
Current Drawdown Current decline from peak	-4.59%	-4.36%	-0.23%
Average Drawdown Average peak-to-trough decline	-10.76%	-10.46%	-0.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.22%	4.17%	+0.05%

Volatility

JSML vs. VTWG - Volatility Comparison

Janus Henderson Small Cap Growth Alpha ETF (JSML) has a higher volatility of 5.81% compared to Vanguard Russell 2000 Growth ETF (VTWG) at 5.30%. This indicates that JSML's price experiences larger fluctuations and is considered to be riskier than VTWG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JSML	VTWG	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.81%	5.30%	+0.51%
Volatility (6M) Calculated over the trailing 6-month period	17.32%	16.93%	+0.39%
Volatility (1Y) Calculated over the trailing 1-year period	22.41%	22.29%	+0.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.52%	24.65%	-0.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.26%	24.23%	+0.03%

JSML vs. VTWG - Expense Ratio Comparison

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

Dividends

JSML vs. VTWG - Dividend Comparison

JSML's dividend yield for the trailing twelve months is around 0.61%, which matches VTWG's 0.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VTWG Vanguard Russell 2000 Growth ETF	0.61%	0.64%	0.55%	0.79%	0.71%	0.54%	0.48%	0.72%	0.72%	0.64%	0.96%	0.72%

Frequently Asked Questions

Can I hold both JSML and VTWG in my portfolio?

With a correlation of 0.95, JSML and VTWG 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 VTWG?

JSML has higher volatility (5.81%) compared to VTWG (5.30%). In terms of maximum drawdown, JSML dropped -39.65% vs VTWG's -42.07%.

Which ETF is better, JSML or VTWG?

On 10-year performance, JSML leads with 12.63% vs 10.99% for VTWG. On fees, VTWG is cheaper at 0.06% per year. On volatility, VTWG has been the lower-risk option at 5.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JSML or VTWG?

Over the 10-year period, JSML has performed better with a 12.63% return vs 10.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JSML or VTWG?

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

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

JSML and VTWG have nearly identical dividend yields, around 0.61%.

What is the main difference between JSML and VTWG?

JSML tracks Janus Small Cap Growth Alpha Index, while VTWG tracks Russell 2000 Growth Index. They also come from different issuers: Janus Henderson and Vanguard. Their fees differ too: 0.30% for JSML and 0.06% for VTWG.

Which has better risk-adjusted returns?

JSML currently has the higher Sharpe Ratio (1.46 vs 1.37), 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.