QQQJ vs. JSMD

Last updated Jul 17, 2026

QQQJ (Invesco NASDAQ Next Gen 100 ETF) and JSMD (Janus Henderson Small/Mid Cap Growth Alpha ETF) are both Mid Cap Growth Equities funds - QQQJ tracks the NASDAQ Next Generation 100 Index while JSMD tracks the Janus Small Mid Cap Growth Alpha Index. Both are passively managed. Over the past 5 years, QQQJ returned 6.88%/yr vs 8.56%/yr for JSMD. Their correlation of 0.90 suggests significant overlap in exposure. QQQJ charges 0.15%/yr vs 0.30%/yr for JSMD.

Performance

QQQJ vs. JSMD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco NASDAQ Next Gen 100 ETF (QQQJ) 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, QQQJ achieves a 19.77% return, which is significantly higher than JSMD's 17.41% return.

QQQJ

• 1D: -0.81%
• 1M: -0.50%
• 6M: 12.62%
• YTD: 19.77%
• 1Y: 37.24%
• 3Y*: 18.94%
• 5Y*: 6.88%
• 10Y*: —

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)

QQQJ vs. JSMD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
QQQJ Invesco NASDAQ Next Gen 100 ETF	19.77%	20.44%	15.36%	13.68%	-28.25%	9.76%	15.34%
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF	17.41%	9.25%	15.08%	26.81%	-22.84%	8.40%	11.42%

Correlation

The correlation between QQQJ and JSMD is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (All Time) Calculated using the full available price history since Oct 13, 2020	0.90

The correlation between QQQJ and JSMD has been stable across timeframes, ranging from 0.87 to 0.91 - a consistent structural relationship.

QQQJ vs. JSMD - Sectors Allocation Comparison

Sectors	QQQJ	JSMD
Technology	40.4%	28.1%
Healthcare	18.7%	18.7%
Consumer Cyclical	11.3%	8.7%
Industrials	11.1%	23.3%
Communication Services	7.8%	2.9%
Basic Materials	2.6%	3.0%
Consumer Defensive	2.6%	2.5%
Utilities	2.6%	-
Financial Services	2.0%	8.9%
Energy	1.0%	1.1%
Real Estate	-	2.8%

Return for Risk

QQQJ vs. JSMD — Risk / Return Rank

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

QQQJ

QQQJ Risk / Return Rank: 77
QQQJ Sharpe Ratio Rank: 77
QQQJ Sortino Ratio Rank: 75
QQQJ Omega Ratio Rank: 73
QQQJ Calmar Ratio Rank: 77
QQQJ Martin Ratio Rank: 83

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.

QQQJ vs. JSMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco NASDAQ Next Gen 100 ETF (QQQJ) 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.

	QQQJ	JSMD	Difference
Sharpe ratio: Return per unit of total volatility	1.96	1.03	+0.93
Sortino ratio: Return per unit of downside risk	2.68	1.54	+1.14
Omega ratio: Gain probability vs. loss probability	1.34	1.19	+0.16
Calmar ratio: Return relative to maximum drawdown	3.16	1.54	+1.62
Martin ratio: Return relative to average drawdown	12.94	5.12	+7.82

QQQJ vs. JSMD - Sharpe Ratio Comparison

The current QQQJ Sharpe Ratio is 1.96, which is higher than the JSMD Sharpe Ratio of 1.03. The chart below compares the historical Sharpe Ratios of QQQJ 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

QQQJ vs. JSMD - Drawdown Comparison

The maximum QQQJ drawdown since its inception was -39.57%, roughly equal to the maximum JSMD drawdown of -38.98%. Use the drawdown chart below to compare losses from any high point for QQQJ and JSMD.

Drawdown Indicators

	QQQJ	JSMD	Difference
Max Drawdown Largest peak-to-trough decline	-39.57%	-38.98%	-0.59%
Max Drawdown (1Y) Largest decline over 1 year	-11.84%	-14.86%	+3.02%
Max Drawdown (3Y) Largest decline over 3 years	-22.46%	-24.01%	+1.55%
Max Drawdown (5Y) Largest decline over 5 years	-39.57%	-32.18%	-7.39%
Max Drawdown (10Y) Largest decline over 10 years	—	-38.98%	—
Current Drawdown Current decline from peak	-3.46%	-5.59%	+2.13%
Average Drawdown Average peak-to-trough decline	-15.46%	-7.42%	-8.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.89%	4.45%	-1.56%

Volatility

QQQJ vs. JSMD - Volatility Comparison

The current volatility for Invesco NASDAQ Next Gen 100 ETF (QQQJ) is 3.92%, while Janus Henderson Small/Mid Cap Growth Alpha ETF (JSMD) has a volatility of 6.01%. This indicates that QQQJ 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

	QQQJ	JSMD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.92%	6.01%	-2.09%
Volatility (6M) Calculated over the trailing 6-month period	15.54%	17.49%	-1.95%
Volatility (1Y) Calculated over the trailing 1-year period	19.08%	22.16%	-3.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.18%	23.09%	-0.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.03%	22.80%	-0.77%

QQQJ vs. JSMD - Expense Ratio Comparison

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

Dividends

QQQJ vs. JSMD - Dividend Comparison

QQQJ's dividend yield for the trailing twelve months is around 0.56%, more than JSMD's 0.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
QQQJ Invesco NASDAQ Next Gen 100 ETF	0.56%	0.85%	0.77%	0.67%	0.76%	0.91%	0.09%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QQQJ and JSMD in my portfolio?

QQQJ and JSMD have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QQQJ or JSMD?

JSMD has higher volatility (6.01%) compared to QQQJ (3.92%). In terms of maximum drawdown, QQQJ dropped -39.57% vs JSMD's -38.98%.

Which ETF is better, QQQJ or JSMD?

On 5-year performance, JSMD leads with 8.56% vs 6.88% for QQQJ. On fees, QQQJ is cheaper at 0.15% per year. On volatility, QQQJ has been the lower-risk option at 3.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QQQJ or JSMD?

Over the 5-year period, JSMD has performed better with a 8.56% return vs 6.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QQQJ or JSMD?

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

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

QQQJ has the higher dividend yield at 0.56%, compared with 0.43% for JSMD.

What is the main difference between QQQJ and JSMD?

QQQJ tracks NASDAQ Next Generation 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: 0.15% for QQQJ and 0.30% for JSMD.

Which has better risk-adjusted returns?

QQQJ currently has the higher Sharpe Ratio (1.96 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.