MDYG vs. JSMD

Last updated Jul 17, 2026

MDYG (SPDR S&P 400 Mid Cap Growth ETF) and JSMD (Janus Henderson Small/Mid Cap Growth Alpha ETF) are both Mid Cap Growth Equities funds - MDYG tracks the S&P MidCap 400 Growth Index while JSMD tracks the Janus Small Mid Cap Growth Alpha Index. Both are passively managed. Over the past 10 years, MDYG returned 11.06%/yr vs 13.14%/yr for JSMD. Their correlation of 0.90 suggests significant overlap in exposure. MDYG charges 0.15%/yr vs 0.30%/yr for JSMD.

Performance

MDYG vs. JSMD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P 400 Mid Cap Growth ETF (MDYG) and Janus Henderson Small/Mid Cap Growth Alpha ETF (JSMD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with MDYG having a 17.08% return and JSMD slightly higher at 17.41%. Over the past 10 years, MDYG has underperformed JSMD with an annualized return of 11.06%, while JSMD has yielded a comparatively higher 13.14% annualized return.

MDYG

• 1D: -0.40%
• 1M: -1.93%
• 6M: 9.40%
• YTD: 17.08%
• 1Y: 24.08%
• 3Y*: 14.59%
• 5Y*: 8.51%
• 10Y*: 11.06%

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)

MDYG vs. JSMD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MDYG SPDR S&P 400 Mid Cap Growth ETF	17.08%	7.22%	15.84%	17.30%	-18.92%	18.46%	22.57%	26.10%	-10.46%	19.61%
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 MDYG and JSMD is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Feb 25, 2016	0.90

The correlation between MDYG and JSMD has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.

MDYG vs. JSMD - Sectors Allocation Comparison

Sectors	MDYG	JSMD
Industrials	30.2%	23.3%
Technology	24.8%	28.1%
Healthcare	13.7%	18.7%
Consumer Cyclical	7.5%	8.7%
Financial Services	6.7%	8.9%
Real Estate	5.3%	2.8%
Basic Materials	3.5%	3.0%
Energy	3.2%	1.1%
Utilities	2.0%	-
Consumer Defensive	1.8%	2.5%
Communication Services	1.4%	2.9%

Return for Risk

MDYG vs. JSMD — Risk / Return Rank

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

MDYG

MDYG Risk / Return Rank: 54
MDYG Sharpe Ratio Rank: 48
MDYG Sortino Ratio Rank: 50
MDYG Omega Ratio Rank: 45
MDYG Calmar Ratio Rank: 61
MDYG Martin Ratio Rank: 66

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.

MDYG vs. JSMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P 400 Mid Cap Growth ETF (MDYG) 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.

	MDYG	JSMD	Difference
Sharpe ratio: Return per unit of total volatility	1.36	1.03	+0.33
Sortino ratio: Return per unit of downside risk	2.01	1.54	+0.47
Omega ratio: Gain probability vs. loss probability	1.24	1.19	+0.05
Calmar ratio: Return relative to maximum drawdown	2.44	1.54	+0.90
Martin ratio: Return relative to average drawdown	9.41	5.12	+4.29

MDYG vs. JSMD - Sharpe Ratio Comparison

The current MDYG Sharpe Ratio is 1.36, which is higher than the JSMD Sharpe Ratio of 1.03. The chart below compares the historical Sharpe Ratios of MDYG 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

MDYG vs. JSMD - Drawdown Comparison

The maximum MDYG drawdown since its inception was -58.44%, which is greater than JSMD's maximum drawdown of -38.98%. Use the drawdown chart below to compare losses from any high point for MDYG and JSMD.

Drawdown Indicators

	MDYG	JSMD	Difference
Max Drawdown Largest peak-to-trough decline	-58.44%	-38.98%	-19.46%
Max Drawdown (1Y) Largest decline over 1 year	-9.91%	-14.86%	+4.95%
Max Drawdown (3Y) Largest decline over 3 years	-25.45%	-24.01%	-1.44%
Max Drawdown (5Y) Largest decline over 5 years	-29.26%	-32.18%	+2.92%
Max Drawdown (10Y) Largest decline over 10 years	-39.27%	-38.98%	-0.29%
Current Drawdown Current decline from peak	-3.72%	-5.59%	+1.87%
Average Drawdown Average peak-to-trough decline	-7.99%	-7.42%	-0.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.56%	4.45%	-1.89%

Volatility

MDYG vs. JSMD - Volatility Comparison

The current volatility for SPDR S&P 400 Mid Cap Growth ETF (MDYG) is 4.55%, while Janus Henderson Small/Mid Cap Growth Alpha ETF (JSMD) has a volatility of 6.01%. This indicates that MDYG experiences smaller price fluctuations and is considered to be less risky than JSMD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MDYG	JSMD	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.55%	6.01%	-1.46%
Volatility (6M) Calculated over the trailing 6-month period	13.97%	17.49%	-3.52%
Volatility (1Y) Calculated over the trailing 1-year period	17.75%	22.16%	-4.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.73%	23.09%	-2.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.05%	22.80%	-1.75%

MDYG vs. JSMD - Expense Ratio Comparison

MDYG has a 0.15% expense ratio, which is lower than JSMD's 0.30% expense ratio.

Dividends

MDYG vs. JSMD - Dividend Comparison

MDYG's dividend yield for the trailing twelve months is around 0.59%, more than JSMD's 0.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%
MDYG SPDR S&P 400 Mid Cap Growth ETF	0.59%	0.75%	0.87%	1.20%	1.16%	0.69%	0.71%	1.21%	1.36%	2.23%	1.25%	2.51%

Frequently Asked Questions

Can I hold both MDYG and JSMD in my portfolio?

With a correlation of 0.91, MDYG 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, MDYG or JSMD?

JSMD has higher volatility (6.01%) compared to MDYG (4.55%). In terms of maximum drawdown, MDYG dropped -58.44% vs JSMD's -38.98%.

Which ETF is better, MDYG or JSMD?

On 10-year performance, JSMD leads with 13.14% vs 11.06% for MDYG. On fees, MDYG is cheaper at 0.15% per year. On volatility, MDYG has been the lower-risk option at 4.55%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MDYG or JSMD?

Over the 10-year period, JSMD has performed better with a 13.14% return vs 11.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MDYG or JSMD?

MDYG is cheaper with a 0.15% expense ratio, compared with 0.30% for JSMD.

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

MDYG has the higher dividend yield at 0.59%, compared with 0.43% for JSMD.

What is the main difference between MDYG and JSMD?

MDYG tracks S&P MidCap 400 Growth Index, while JSMD tracks Janus Small Mid Cap Growth Alpha Index. They also come from different issuers: State Street and Janus Henderson. Their fees differ too: 0.15% for MDYG and 0.30% for JSMD.

Which has better risk-adjusted returns?

MDYG currently has the higher Sharpe Ratio (1.36 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.