QQQ vs. JSMD

Last updated Jun 16, 2026

QQQ (Invesco QQQ ETF) and JSMD (Janus Henderson Small/Mid Cap Growth Alpha ETF) are both exchange-traded funds - QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index, while JSMD is a Mid Cap Growth Equities fund tracking the Janus Small Mid Cap Growth Alpha Index. Both are passively managed. Over the past 10 years, QQQ returned 22.31%/yr vs 13.87%/yr for JSMD. A 0.73 correlation means they provide meaningful diversification when combined. QQQ charges 0.18%/yr vs 0.30%/yr for JSMD.

Performance

QQQ vs. JSMD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco QQQ ETF (QQQ) 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, QQQ achieves a 21.26% return, which is significantly higher than JSMD's 19.55% return. Over the past 10 years, QQQ has outperformed JSMD with an annualized return of 22.31%, while JSMD has yielded a comparatively lower 13.87% annualized return.

QQQ

• 1D: 3.14%
• 1M: 4.95%
• YTD: 21.26%
• 6M: 22.17%
• 1Y: 41.87%
• 3Y*: 27.20%
• 5Y*: 17.59%
• 10Y*: 22.31%

JSMD

• 1D: 1.27%
• 1M: 6.04%
• YTD: 19.55%
• 6M: 17.80%
• 1Y: 31.95%
• 3Y*: 17.83%
• 5Y*: 8.38%
• 10Y*: 13.87%

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

QQQ vs. JSMD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QQQ Invesco QQQ ETF	21.26%	20.77%	25.58%	54.86%	-32.58%	27.42%	48.62%	38.96%	-0.13%	32.66%
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF	19.55%	9.25%	15.08%	26.81%	-22.84%	8.40%	30.79%	31.05%	-4.73%	24.46%

Correlation

The correlation between QQQ and JSMD is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (10Y) Calculated over the trailing 10-year period	0.73
Correlation (All Time) Calculated using the full available price history since Feb 25, 2016	0.73

The correlation between QQQ and JSMD has been stable across timeframes, ranging from 0.71 to 0.77 - a consistent structural relationship.

QQQ vs. JSMD - Sectors Allocation Comparison

Sectors	QQQ	JSMD
Technology	58.7%	28.1%
Communication Services	14.3%	2.9%
Consumer Cyclical	11.4%	8.7%
Consumer Defensive	6.4%	2.5%
Healthcare	3.7%	18.7%
Industrials	2.6%	23.3%
Utilities	1.2%	-
Basic Materials	1.0%	3.0%
Energy	0.5%	1.1%
Financial Services	0.2%	8.9%
Real Estate	0.1%	2.8%

Return for Risk

QQQ vs. JSMD — Risk / Return Rank

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

QQQ

QQQ Risk / Return Rank: 79
QQQ Sharpe Ratio Rank: 84
QQQ Sortino Ratio Rank: 79
QQQ Omega Ratio Rank: 81
QQQ Calmar Ratio Rank: 76
QQQ Martin Ratio Rank: 76

JSMD

JSMD Risk / Return Rank: 45
JSMD Sharpe Ratio Rank: 46
JSMD Sortino Ratio Rank: 44
JSMD Omega Ratio Rank: 43
JSMD Calmar Ratio Rank: 46
JSMD Martin Ratio Rank: 47

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.

QQQ vs. JSMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco QQQ ETF (QQQ) 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.

	QQQ	JSMD	Difference
Sharpe ratio: Return per unit of total volatility	2.42	1.48	+0.94
Sortino ratio: Return per unit of downside risk	3.12	2.08	+1.04
Omega ratio: Gain probability vs. loss probability	1.42	1.26	+0.17
Calmar ratio: Return relative to maximum drawdown	3.52	2.16	+1.36
Martin ratio: Return relative to average drawdown	13.12	7.31	+5.81

QQQ vs. JSMD - Sharpe Ratio Comparison

The current QQQ Sharpe Ratio is 2.42, which is higher than the JSMD Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of QQQ 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

QQQ vs. JSMD - Drawdown Comparison

The maximum QQQ drawdown since its inception was -82.97%, which is greater than JSMD's maximum drawdown of -38.98%. Use the drawdown chart below to compare losses from any high point for QQQ and JSMD.

Drawdown Indicators

	QQQ	JSMD	Difference
Max Drawdown Largest peak-to-trough decline	-82.97%	-38.98%	-43.99%
Max Drawdown (1Y) Largest decline over 1 year	-11.96%	-14.86%	+2.90%
Max Drawdown (3Y) Largest decline over 3 years	-22.77%	-24.01%	+1.24%
Max Drawdown (5Y) Largest decline over 5 years	-35.12%	-32.18%	-2.94%
Max Drawdown (10Y) Largest decline over 10 years	-35.12%	-38.98%	+3.86%
Current Drawdown Current decline from peak	-0.29%	0.00%	-0.29%
Average Drawdown Average peak-to-trough decline	-32.75%	-7.46%	-25.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.20%	4.38%	-1.18%

Volatility

QQQ vs. JSMD - Volatility Comparison

Invesco QQQ ETF (QQQ) and Janus Henderson Small/Mid Cap Growth Alpha ETF (JSMD) have volatilities of 8.14% and 8.24%, 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.

Volatility by Period

	QQQ	JSMD	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.14%	8.24%	-0.10%
Volatility (6M) Calculated over the trailing 6-month period	14.12%	17.21%	-3.09%
Volatility (1Y) Calculated over the trailing 1-year period	17.43%	21.80%	-4.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.59%	22.99%	-0.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.41%	22.83%	-0.42%

QQQ vs. JSMD - Expense Ratio Comparison

QQQ has a 0.18% expense ratio, which is lower than JSMD's 0.30% expense ratio.

Dividends

QQQ vs. JSMD - Dividend Comparison

QQQ's dividend yield for the trailing twelve months is around 0.38%, less 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%
QQQ Invesco QQQ ETF	0.38%	0.45%	0.56%	0.62%	0.80%	0.43%	0.55%	0.74%	0.91%	0.84%	1.06%	0.99%

Frequently Asked Questions

Can I hold both QQQ and JSMD in my portfolio?

QQQ and JSMD have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QQQ or JSMD?

JSMD has higher volatility (8.24%) compared to QQQ (8.14%). In terms of maximum drawdown, QQQ dropped -82.97% vs JSMD's -38.98%.

Which ETF is better, QQQ or JSMD?

On 10-year performance, QQQ leads with 22.31% vs 13.87% for JSMD. On fees, QQQ is cheaper at 0.18% per year. On volatility, QQQ has been the lower-risk option at 8.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QQQ or JSMD?

Over the 10-year period, QQQ has performed better with a 22.31% return vs 13.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QQQ or JSMD?

QQQ is cheaper with a 0.18% expense ratio, compared with 0.30% for JSMD.

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

JSMD has the higher dividend yield at 0.46%, compared with 0.38% for QQQ.

What is the main difference between QQQ and JSMD?

QQQ is categorized as Nasdaq-100, while JSMD is Mid Cap Growth Equities. QQQ tracks NASDAQ-100 Index, while JSMD tracks Janus Small Mid Cap Growth Alpha Index. They also come from different issuers: Invesco and Janus Henderson. Their fees differ too: 0.18% for QQQ and 0.30% for JSMD.

Which has better risk-adjusted returns?

QQQ currently has the higher Sharpe Ratio (2.42 vs 1.48), 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.