JXX vs. JSMD
JXX (Janus Henderson Transformational Growth ETF) and JSMD (Janus Henderson Small/Mid Cap Growth Alpha ETF) are both exchange-traded funds - JXX is a Large Cap Growth Equities fund actively managed by Janus Henderson, while JSMD is a Mid Cap Growth Equities fund tracking the Janus Small Mid Cap Growth Alpha Index. JXX is actively managed, while JSMD is passively managed. Over the past year, JXX returned 38.60% vs 30.08% for JSMD. A 0.75 correlation means they provide meaningful diversification when combined. JXX charges 0.57%/yr vs 0.30%/yr for JSMD.
Performance
JXX vs. JSMD - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with JXX having a 18.71% return and JSMD slightly higher at 19.44%.
JXX
- 1D
- 0.44%
- 1M
- 10.79%
- YTD
- 18.71%
- 6M
- 17.45%
- 1Y
- 38.60%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
JSMD
- 1D
- 1.81%
- 1M
- 6.87%
- YTD
- 19.44%
- 6M
- 17.09%
- 1Y
- 30.08%
- 3Y*
- 19.27%
- 5Y*
- 8.14%
- 10Y*
- 13.52%
JXX vs. JSMD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
JXX Janus Henderson Transformational Growth ETF | 18.71% | 10.47% |
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF | 19.44% | 4.76% |
Correlation
The correlation between JXX and JSMD is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.73 |
Correlation (All Time) Calculated using the full available price history since Feb 6, 2025 | 0.75 |
The correlation between JXX and JSMD has been stable across timeframes, ranging from 0.73 to 0.75 - a consistent structural relationship.
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Return for Risk
JXX vs. JSMD — Risk / Return Rank
JXX
JSMD
JXX vs. JSMD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Janus Henderson Transformational Growth ETF (JXX) 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.
| JXX | JSMD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.53 | ||
| Sortino ratioReturn per unit of downside risk | +0.66 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.24 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 2.15 | 2.03 | +0.12 |
| Martin ratioReturn relative to average drawdown | 6.99 | 6.86 | +0.13 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| JXX | JSMD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.92 | 1.39 | +0.53 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.36 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.60 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.94 | 0.65 | +0.29 |
Drawdowns
JXX vs. JSMD - Drawdown Comparison
The maximum JXX drawdown since its inception was -23.73%, smaller than the maximum JSMD drawdown of -38.98%. Use the drawdown chart below to compare losses from any high point for JXX and JSMD.
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Drawdown Indicators
| JXX | JSMD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.73% | -38.98% | +15.25% |
Max Drawdown (1Y)Largest decline over 1 year | -18.02% | -14.86% | -3.16% |
Max Drawdown (3Y)Largest decline over 3 years | — | -24.01% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -32.18% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -38.98% | — |
Current DrawdownCurrent decline from peak | -1.11% | 0.00% | -1.11% |
Average DrawdownAverage peak-to-trough decline | -5.46% | -7.48% | +2.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.54% | 4.40% | +1.14% |
Volatility
JXX vs. JSMD - Volatility Comparison
Janus Henderson Transformational Growth ETF (JXX) and Janus Henderson Small/Mid Cap Growth Alpha ETF (JSMD) have volatilities of 6.45% and 6.55%, 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.
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Volatility by Period
| JXX | JSMD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.45% | 6.55% | -0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 15.62% | 16.25% | -0.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.21% | 21.76% | -1.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.28% | 22.84% | +1.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.28% | 22.75% | +1.53% |
JXX vs. JSMD - Expense Ratio Comparison
JXX has a 0.57% expense ratio, which is higher than JSMD's 0.30% expense ratio.
Dividends
JXX vs. JSMD - Dividend Comparison
JXX's dividend yield for the trailing twelve months is around 0.01%, less than JSMD's 0.46% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF | 0.46% | 0.54% | 0.76% | 0.44% | 0.40% | 0.28% | 0.24% | 0.32% | 0.53% | 0.30% | 0.36% |
JXX Janus Henderson Transformational Growth ETF | 0.01% | 0.04% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
JXX and JSMD have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
JSMD has higher volatility (6.55%) compared to JXX (6.45%). In terms of maximum drawdown, JXX dropped -23.73% vs JSMD's -38.98%.
On 1-year performance, JXX leads with 38.60% vs 30.08% for JSMD. On fees, JSMD is cheaper at 0.30% per year. On volatility, JXX has been the lower-risk option at 6.45%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, JXX has performed better with a 38.60% return vs 30.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JSMD is cheaper with a 0.30% expense ratio, compared with 0.57% for JXX.
JSMD has the higher dividend yield at 0.46%, compared with 0.01% for JXX.
JXX is categorized as Large Cap Growth Equities, while JSMD is Mid Cap Growth Equities. Their fees differ too: 0.57% for JXX and 0.30% for JSMD.
JXX currently has the higher Sharpe Ratio (1.92 vs 1.39), 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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