RZG vs. JSML

Last updated Aug 5, 2026

RZG (Invesco S&P SmallCap 600® Pure Growth ETF) and JSML (Janus Henderson Small Cap Growth Alpha ETF) are both Small Cap Growth Equities funds - RZG tracks the S&P Small Cap 600 Pure Growth while JSML tracks the Janus Small Cap Growth Alpha Index. Both are passively managed. Over the past 10 years, RZG returned 10.25%/yr vs 12.75%/yr for JSML. Their correlation of 0.86 means they have usually moved in the same direction. RZG charges 0.35%/yr vs 0.30%/yr for JSML.

Performance

RZG vs. JSML - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P SmallCap 600® Pure Growth ETF (RZG) and Janus Henderson Small Cap Growth Alpha ETF (JSML). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RZG achieves a 31.95% return, which is significantly higher than JSML's 24.64% return. Over the past 10 years, RZG has underperformed JSML with an annualized return of 10.25%, while JSML has yielded a comparatively higher 12.75% annualized return.

RZG

• 1D: 2.48%
• 1M: -0.04%
• 6M: 24.01%
• YTD: 31.95%
• 1Y: 40.91%
• 3Y*: 19.09%
• 5Y*: 6.47%
• 10Y*: 10.25%
• ALL TIME*: 9.44%

JSML

• 1D: 2.58%
• 1M: 0.38%
• 6M: 19.75%
• YTD: 24.64%
• 1Y: 33.71%
• 3Y*: 18.08%
• 5Y*: 6.67%
• 10Y*: 12.75%
• ALL TIME*: 13.74%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
JSML Janus Henderson Small Cap Growth Alpha ETF	$2.11M	$2.75M	$2.20M
RZG Invesco S&P SmallCap 600® Pure Growth ETF	$1.33M	$1.65M	$1.06M

RZG vs. JSML - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RZG Invesco S&P SmallCap 600® Pure Growth ETF	31.95%	10.22%	9.84%	19.15%	-29.00%	21.01%	17.76%	14.25%	-8.70%	19.18%
JSML Janus Henderson Small Cap Growth Alpha ETF	24.64%	13.41%	12.45%	30.09%	-29.40%	3.08%	35.38%	32.50%	-2.53%	20.93%

Correlation

The correlation between RZG and JSML is 0.89, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.89
Correlation (3Y) Balances recent behavior with more history.	0.91
Correlation (5Y) Shows whether the relationship held over a longer period.	0.92
Correlation (10Y) Provides a long-term view across more market conditions.	0.86
Correlation (All Time) Calculated using the full available price history since Feb 25, 2016	0.86

The correlation between RZG and JSML has been stable across timeframes, ranging from 0.86 to 0.92 - a consistent structural relationship.

RZG vs. JSML - Sectors Allocation Comparison

Sectors	RZG	JSML
Healthcare	25.1%	22.8%
Technology	17.3%	26.3%
Industrials	16.4%	22.0%
Financial Services	15.1%	10.5%
Consumer Cyclical	9.1%	7.6%
Real Estate	6.8%	2.0%
Consumer Defensive	5.6%	2.5%
Energy	2.4%	1.8%
Communication Services	1.7%	1.7%
Basic Materials	0.4%	2.7%
Utilities	0.4%	-

Return for Risk

RZG vs. JSML — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

RZG

RZG Risk / Return Rank: 85
RZG Sharpe Ratio Rank: 82
RZG Sortino Ratio Rank: 86
RZG Omega Ratio Rank: 76
RZG Calmar Ratio Rank: 93
RZG Martin Ratio Rank: 88

JSML

JSML Risk / Return Rank: 54
JSML Sharpe Ratio Rank: 54
JSML Sortino Ratio Rank: 53
JSML Omega Ratio Rank: 49
JSML Calmar Ratio Rank: 57
JSML Martin Ratio Rank: 58

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

RZG vs. JSML - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P SmallCap 600® Pure Growth ETF (RZG) and Janus Henderson Small Cap Growth Alpha ETF (JSML). 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.

	RZG	JSML	Difference
Sharpe ratio: Return per unit of total volatility	2.12	1.49	+0.63
Sortino ratio: Return per unit of downside risk	3.13	2.11	+1.02
Omega ratio: Gain probability vs. loss probability	1.36	1.26	+0.10
Calmar ratio: Return relative to maximum drawdown	4.77	2.28	+2.48
Martin ratio: Return relative to average drawdown	14.75	7.72	+7.03

RZG vs. JSML - Sharpe Ratio Comparison

The current RZG Sharpe Ratio is 2.12, which is higher than the JSML Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of RZG and JSML, 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

RZG vs. JSML - Drawdown Comparison

The maximum RZG drawdown since its inception was -58.52%, which is greater than JSML's maximum drawdown of -39.65%. Use the drawdown chart below to compare losses from any high point for RZG and JSML.

Drawdown Indicators

	RZG	JSML	Difference
Max Drawdown Largest peak-to-trough decline	-58.52%	-39.65%	-18.87%
Max Drawdown (1Y) Largest decline over 1 year	-8.63%	-14.84%	+6.21%
Max Drawdown (3Y) Largest decline over 3 years	-25.73%	-25.60%	-0.13%
Max Drawdown (5Y) Largest decline over 5 years	-38.33%	-37.91%	-0.42%
Max Drawdown (10Y) Largest decline over 10 years	-54.02%	-39.65%	-14.37%
Current Drawdown Current decline from peak	-1.62%	-2.00%	+0.38%
Average Drawdown Average peak-to-trough decline	-12.04%	-10.73%	-1.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.78%	4.38%	-1.60%

Volatility

RZG vs. JSML - Volatility Comparison

Invesco S&P SmallCap 600® Pure Growth ETF (RZG) and Janus Henderson Small Cap Growth Alpha ETF (JSML) have volatilities of 6.56% and 6.72%, 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

	RZG	JSML	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.56%	6.72%	-0.16%
Volatility (6M) Calculated over the trailing 6-month period	14.93%	17.78%	-2.85%
Volatility (1Y) Calculated over the trailing 1-year period	19.42%	22.82%	-3.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.07%	24.56%	-1.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.67%	24.31%	+0.36%

RZG vs. JSML - Expense Ratio Comparison

RZG has a 0.35% expense ratio, which is higher than JSML's 0.30% expense ratio.

Dividends

RZG vs. JSML - Dividend Comparison

RZG's dividend yield for the trailing twelve months is around 0.43%, less than JSML's 0.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JSML Janus Henderson Small Cap Growth Alpha ETF	0.59%	0.94%	1.19%	0.49%	0.67%	0.46%	0.30%	0.27%	0.76%	0.42%	0.52%	0.00%
RZG Invesco S&P SmallCap 600® Pure Growth ETF	0.43%	0.37%	0.95%	1.43%	1.59%	0.22%	0.49%	0.70%	0.46%	0.44%	0.65%	0.70%

Frequently Asked Questions

Can I hold both RZG and JSML in my portfolio?

RZG and JSML have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RZG or JSML?

JSML has higher volatility (6.72%) compared to RZG (6.56%). In terms of maximum drawdown, RZG dropped -58.52% vs JSML's -39.65%.

Which ETF is better, RZG or JSML?

On 10-year performance, JSML leads with 12.75% vs 10.25% for RZG. On fees, JSML is cheaper at 0.30% per year. On volatility, RZG has been the lower-risk option at 6.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RZG or JSML?

Over the 10-year period, JSML has performed better with a 12.75% return vs 10.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RZG or JSML?

JSML is cheaper with a 0.30% expense ratio, compared with 0.35% for RZG.

Which ETF pays a higher dividend yield, RZG or JSML?

JSML has the higher dividend yield at 0.59%, compared with 0.43% for RZG.

What is the main difference between RZG and JSML?

RZG tracks S&P Small Cap 600 Pure Growth, while JSML tracks Janus Small Cap Growth Alpha Index. They also come from different issuers: Invesco and Janus Henderson. Their fees differ too: 0.35% for RZG and 0.30% for JSML.

Which has better risk-adjusted returns?

RZG currently has the higher Sharpe Ratio (2.12 vs 1.49), 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.