SPLV vs. JSMD

Last updated Jun 16, 2026

SPLV (Invesco S&P 500 Low Volatility ETF) and JSMD (Janus Henderson Small/Mid Cap Growth Alpha ETF) are both exchange-traded funds - SPLV is a S&P 500 fund tracking the S&P 500 Low Volatility 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, SPLV returned 8.33%/yr vs 13.87%/yr for JSMD. At a 0.49 correlation, their price movements are largely independent. SPLV charges 0.25%/yr vs 0.30%/yr for JSMD.

Performance

SPLV vs. JSMD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Low Volatility ETF (SPLV) 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, SPLV achieves a 4.85% return, which is significantly lower than JSMD's 19.55% return. Over the past 10 years, SPLV has underperformed JSMD with an annualized return of 8.33%, while JSMD has yielded a comparatively higher 13.87% annualized return.

SPLV

• 1D: -0.36%
• 1M: 2.76%
• YTD: 4.85%
• 6M: 4.17%
• 1Y: 4.71%
• 3Y*: 8.01%
• 5Y*: 6.29%
• 10Y*: 8.33%

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)

SPLV vs. JSMD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPLV Invesco S&P 500 Low Volatility ETF	4.85%	4.10%	13.93%	0.53%	-4.88%	24.13%	-1.39%	27.87%	-0.19%	17.32%
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 SPLV and JSMD is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (5Y) Calculated over the trailing 5-year period	0.46
Correlation (10Y) Calculated over the trailing 10-year period	0.50
Correlation (All Time) Calculated using the full available price history since Feb 25, 2016	0.49

Over the past year, the correlation between SPLV and JSMD has dropped to 0.16 - well below their long-term average of 0.49, suggesting their price drivers have been diverging.

SPLV vs. JSMD - Sectors Allocation Comparison

Sectors	SPLV	JSMD
Utilities	24.9%	-
Financial Services	21.3%	8.9%
Real Estate	17.8%	2.8%
Industrials	12.2%	23.3%
Consumer Defensive	9.4%	2.5%
Healthcare	4.0%	18.7%
Consumer Cyclical	4.0%	8.7%
Energy	2.7%	1.1%
Basic Materials	2.1%	3.0%
Technology	0.8%	28.1%
Communication Services	0.8%	2.9%

Return for Risk

SPLV vs. JSMD — Risk / Return Rank

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

SPLV

SPLV Risk / Return Rank: 17
SPLV Sharpe Ratio Rank: 17
SPLV Sortino Ratio Rank: 16
SPLV Omega Ratio Rank: 15
SPLV Calmar Ratio Rank: 18
SPLV Martin Ratio Rank: 17

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.

SPLV vs. JSMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Low Volatility ETF (SPLV) 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.

	SPLV	JSMD	Difference
Sharpe ratio: Return per unit of total volatility	0.47	1.48	-1.01
Sortino ratio: Return per unit of downside risk	0.73	2.08	-1.35
Omega ratio: Gain probability vs. loss probability	1.08	1.26	-0.17
Calmar ratio: Return relative to maximum drawdown	0.64	2.16	-1.52
Martin ratio: Return relative to average drawdown	1.50	7.31	-5.81

SPLV vs. JSMD - Sharpe Ratio Comparison

The current SPLV Sharpe Ratio is 0.47, which is lower than the JSMD Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of SPLV 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

SPLV vs. JSMD - Drawdown Comparison

The maximum SPLV drawdown since its inception was -36.26%, smaller than the maximum JSMD drawdown of -38.98%. Use the drawdown chart below to compare losses from any high point for SPLV and JSMD.

Drawdown Indicators

	SPLV	JSMD	Difference
Max Drawdown Largest peak-to-trough decline	-36.26%	-38.98%	+2.72%
Max Drawdown (1Y) Largest decline over 1 year	-7.41%	-14.86%	+7.45%
Max Drawdown (3Y) Largest decline over 3 years	-9.64%	-24.01%	+14.37%
Max Drawdown (5Y) Largest decline over 5 years	-17.26%	-32.18%	+14.92%
Max Drawdown (10Y) Largest decline over 10 years	-36.26%	-38.98%	+2.72%
Current Drawdown Current decline from peak	-3.66%	0.00%	-3.66%
Average Drawdown Average peak-to-trough decline	-3.55%	-7.46%	+3.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.15%	4.38%	-1.23%

Volatility

SPLV vs. JSMD - Volatility Comparison

The current volatility for Invesco S&P 500 Low Volatility ETF (SPLV) is 4.03%, while Janus Henderson Small/Mid Cap Growth Alpha ETF (JSMD) has a volatility of 8.24%. This indicates that SPLV 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

	SPLV	JSMD	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.03%	8.24%	-4.21%
Volatility (6M) Calculated over the trailing 6-month period	7.20%	17.21%	-10.01%
Volatility (1Y) Calculated over the trailing 1-year period	10.08%	21.80%	-11.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.51%	22.99%	-10.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.38%	22.83%	-7.45%

SPLV vs. JSMD - Expense Ratio Comparison

SPLV has a 0.25% expense ratio, which is lower than JSMD's 0.30% expense ratio.

Dividends

SPLV vs. JSMD - Dividend Comparison

SPLV's dividend yield for the trailing twelve months is around 2.15%, 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%
SPLV Invesco S&P 500 Low Volatility ETF	2.15%	2.04%	1.88%	2.45%	2.11%	1.51%	2.12%	2.08%	2.18%	2.03%	2.03%	2.28%

Frequently Asked Questions

Can I hold both SPLV and JSMD in my portfolio?

SPLV and JSMD have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPLV or JSMD?

JSMD has higher volatility (8.24%) compared to SPLV (4.03%). In terms of maximum drawdown, SPLV dropped -36.26% vs JSMD's -38.98%.

Which ETF is better, SPLV or JSMD?

On 10-year performance, JSMD leads with 13.87% vs 8.33% for SPLV. On fees, SPLV is cheaper at 0.25% per year. On volatility, SPLV has been the lower-risk option at 4.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPLV or JSMD?

Over the 10-year period, JSMD has performed better with a 13.87% return vs 8.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPLV or JSMD?

SPLV is cheaper with a 0.25% expense ratio, compared with 0.30% for JSMD.

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

SPLV has the higher dividend yield at 2.15%, compared with 0.46% for JSMD.

What is the main difference between SPLV and JSMD?

SPLV is categorized as S&P 500, while JSMD is Mid Cap Growth Equities. SPLV tracks S&P 500 Low Volatility 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: 0.25% for SPLV and 0.30% for JSMD.

Which has better risk-adjusted returns?

JSMD currently has the higher Sharpe Ratio (1.48 vs 0.47), 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.