PAPPX vs. JSMD

Last updated Jun 23, 2026

PAPPX (Papp Small & Mid-Cap Growth Fund) and JSMD (Janus Henderson Small/Mid Cap Growth Alpha ETF) are both Mid Cap Growth Equities funds. Over the past 10 years, PAPPX returned 8.46%/yr vs 14.05%/yr for JSMD. Their correlation of 0.82 suggests significant overlap in exposure. PAPPX charges 1.27%/yr vs 0.30%/yr for JSMD.

Performance

PAPPX vs. JSMD - Performance Comparison

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

Returns By Period

In the year-to-date period, PAPPX achieves a 1.64% return, which is significantly lower than JSMD's 21.03% return. Over the past 10 years, PAPPX has underperformed JSMD with an annualized return of 8.46%, while JSMD has yielded a comparatively higher 14.05% annualized return.

PAPPX

• 1D: 0.68%
• 1M: 1.84%
• YTD: 1.64%
• 6M: -0.22%
• 1Y: 6.54%
• 3Y*: 4.35%
• 5Y*: 0.78%
• 10Y*: 8.46%

JSMD

• 1D: 0.59%
• 1M: 5.82%
• YTD: 21.03%
• 6M: 17.17%
• 1Y: 31.78%
• 3Y*: 19.09%
• 5Y*: 8.61%
• 10Y*: 14.05%

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

PAPPX vs. JSMD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PAPPX Papp Small & Mid-Cap Growth Fund	1.64%	4.72%	2.64%	11.49%	-22.71%	14.71%	24.74%	34.77%	-3.03%	25.79%
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF	21.03%	9.25%	15.08%	26.81%	-22.84%	8.40%	30.79%	31.05%	-4.73%	24.46%

Correlation

The correlation between PAPPX and JSMD is 0.69, 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	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.83
Correlation (All Time) Calculated using the full available price history since Feb 25, 2016	0.82

The correlation between PAPPX and JSMD shifts across timeframes, from 0.69 (1 year) to 0.84 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

PAPPX vs. JSMD — Risk / Return Rank

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

PAPPX

PAPPX Risk / Return Rank: 7
PAPPX Sharpe Ratio Rank: 7
PAPPX Sortino Ratio Rank: 7
PAPPX Omega Ratio Rank: 6
PAPPX Calmar Ratio Rank: 8
PAPPX Martin Ratio Rank: 7

JSMD

JSMD Risk / Return Rank: 43
JSMD Sharpe Ratio Rank: 43
JSMD Sortino Ratio Rank: 42
JSMD Omega Ratio Rank: 40
JSMD Calmar Ratio Rank: 45
JSMD Martin Ratio Rank: 45

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.

PAPPX vs. JSMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Papp Small & Mid-Cap Growth Fund (PAPPX) 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.

	PAPPX	JSMD	Difference
Sharpe ratio: Return per unit of total volatility	0.48	1.47	-0.99
Sortino ratio: Return per unit of downside risk	0.80	2.07	-1.27
Omega ratio: Gain probability vs. loss probability	1.09	1.26	-0.17
Calmar ratio: Return relative to maximum drawdown	0.69	2.15	-1.46
Martin ratio: Return relative to average drawdown	1.77	7.27	-5.50

PAPPX vs. JSMD - Sharpe Ratio Comparison

The current PAPPX Sharpe Ratio is 0.48, which is lower than the JSMD Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of PAPPX 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

PAPPX vs. JSMD - Drawdown Comparison

The maximum PAPPX drawdown since its inception was -34.51%, smaller than the maximum JSMD drawdown of -38.98%. Use the drawdown chart below to compare losses from any high point for PAPPX and JSMD.

Drawdown Indicators

	PAPPX	JSMD	Difference
Max Drawdown Largest peak-to-trough decline	-34.51%	-38.98%	+4.47%
Max Drawdown (1Y) Largest decline over 1 year	-9.55%	-14.86%	+5.31%
Max Drawdown (3Y) Largest decline over 3 years	-18.62%	-24.01%	+5.39%
Max Drawdown (5Y) Largest decline over 5 years	-30.93%	-32.18%	+1.25%
Max Drawdown (10Y) Largest decline over 10 years	-34.51%	-38.98%	+4.47%
Current Drawdown Current decline from peak	-6.02%	0.00%	-6.02%
Average Drawdown Average peak-to-trough decline	-6.54%	-7.45%	+0.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.73%	4.38%	-0.65%

Volatility

PAPPX vs. JSMD - Volatility Comparison

The current volatility for Papp Small & Mid-Cap Growth Fund (PAPPX) is 3.34%, while Janus Henderson Small/Mid Cap Growth Alpha ETF (JSMD) has a volatility of 7.24%. This indicates that PAPPX 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

	PAPPX	JSMD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.34%	7.24%	-3.90%
Volatility (6M) Calculated over the trailing 6-month period	10.04%	16.99%	-6.95%
Volatility (1Y) Calculated over the trailing 1-year period	13.74%	21.78%	-8.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.53%	23.00%	-5.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.72%	22.83%	-4.11%

PAPPX vs. JSMD - Expense Ratio Comparison

PAPPX has a 1.27% expense ratio, which is higher than JSMD's 0.30% expense ratio.

Dividends

PAPPX vs. JSMD - Dividend Comparison

PAPPX's dividend yield for the trailing twelve months is around 3.10%, more than JSMD's 0.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%
PAPPX Papp Small & Mid-Cap Growth Fund	3.10%	3.15%	0.00%	0.00%	0.00%	5.68%	2.19%	2.97%	3.03%	8.33%	0.00%	2.46%

Frequently Asked Questions

Can I hold both PAPPX and JSMD in my portfolio?

PAPPX and JSMD have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PAPPX or JSMD?

JSMD has higher volatility (7.24%) compared to PAPPX (3.34%). In terms of maximum drawdown, PAPPX dropped -34.51% vs JSMD's -38.98%.

Which has better risk-adjusted returns?

JSMD currently has the higher Sharpe Ratio (1.47 vs 0.48), 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.