USVM vs. JSML

Last updated Jun 24, 2026

USVM (VictoryShares US Small Mid Cap Value Momentum ETF) and JSML (Janus Henderson Small Cap Growth Alpha ETF) are both exchange-traded funds - USVM is a Momentum fund tracking the Nasdaq Victory US Small Mid Cap Value Momentum Index, while JSML is a Small Cap Growth Equities fund tracking the Janus Small Cap Growth Alpha Index. Both are passively managed. Over the past 5 years, USVM returned 10.06%/yr vs 6.64%/yr for JSML. Their correlation of 0.87 suggests significant overlap in exposure. USVM charges 0.29%/yr vs 0.30%/yr for JSML.

Performance

USVM vs. JSML - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VictoryShares US Small Mid Cap Value Momentum ETF (USVM) 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, USVM achieves a 18.75% return, which is significantly lower than JSML's 23.76% return.

USVM

• 1D: 0.05%
• 1M: 4.06%
• YTD: 18.75%
• 6M: 16.97%
• 1Y: 32.76%
• 3Y*: 20.77%
• 5Y*: 10.06%
• 10Y*: —

JSML

• 1D: -1.54%
• 1M: 7.36%
• YTD: 23.76%
• 6M: 20.73%
• 1Y: 38.96%
• 3Y*: 19.76%
• 5Y*: 6.64%
• 10Y*: 13.59%

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

USVM vs. JSML - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USVM VictoryShares US Small Mid Cap Value Momentum ETF	18.75%	10.56%	16.59%	18.90%	-13.23%	24.44%	11.56%	21.65%	-9.39%	2.06%
JSML Janus Henderson Small Cap Growth Alpha ETF	23.76%	13.41%	12.45%	30.09%	-29.40%	3.08%	35.38%	32.50%	-2.53%	1.29%

Correlation

The correlation between USVM and JSML is 0.84, 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	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (All Time) Calculated using the full available price history since Oct 26, 2017	0.87

The correlation between USVM and JSML has been stable across timeframes, ranging from 0.84 to 0.90 - a consistent structural relationship.

USVM vs. JSML - Sectors Allocation Comparison

Sectors	USVM	JSML
Financial Services	21.6%	10.2%
Technology	12.5%	24.9%
Industrials	12.4%	22.7%
Real Estate	12.1%	2.0%
Consumer Cyclical	11.3%	8.5%
Healthcare	11.3%	21.6%
Utilities	5.9%	-
Consumer Defensive	4.8%	1.5%
Energy	4.0%	1.8%
Communication Services	2.5%	2.0%
Basic Materials	1.6%	2.4%

Return for Risk

USVM vs. JSML — Risk / Return Rank

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

USVM

USVM Risk / Return Rank: 75
USVM Sharpe Ratio Rank: 73
USVM Sortino Ratio Rank: 76
USVM Omega Ratio Rank: 68
USVM Calmar Ratio Rank: 80
USVM Martin Ratio Rank: 80

JSML

JSML Risk / Return Rank: 55
JSML Sharpe Ratio Rank: 56
JSML Sortino Ratio Rank: 54
JSML Omega Ratio Rank: 50
JSML Calmar Ratio Rank: 58
JSML Martin Ratio Rank: 58

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.

USVM vs. JSML - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VictoryShares US Small Mid Cap Value Momentum ETF (USVM) 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.

	USVM	JSML	Difference
Sharpe ratio: Return per unit of total volatility	2.20	1.76	+0.45
Sortino ratio: Return per unit of downside risk	3.18	2.41	+0.77
Omega ratio: Gain probability vs. loss probability	1.38	1.30	+0.08
Calmar ratio: Return relative to maximum drawdown	3.94	2.64	+1.30
Martin ratio: Return relative to average drawdown	14.82	9.34	+5.48

USVM vs. JSML - Sharpe Ratio Comparison

The current USVM Sharpe Ratio is 2.20, which is comparable to the JSML Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of USVM 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

USVM vs. JSML - Drawdown Comparison

The maximum USVM drawdown since its inception was -42.38%, which is greater than JSML's maximum drawdown of -39.65%. Use the drawdown chart below to compare losses from any high point for USVM and JSML.

Drawdown Indicators

	USVM	JSML	Difference
Max Drawdown Largest peak-to-trough decline	-42.38%	-39.65%	-2.73%
Max Drawdown (1Y) Largest decline over 1 year	-8.36%	-14.84%	+6.48%
Max Drawdown (3Y) Largest decline over 3 years	-24.34%	-25.60%	+1.26%
Max Drawdown (5Y) Largest decline over 5 years	-25.27%	-37.91%	+12.64%
Max Drawdown (10Y) Largest decline over 10 years	—	-39.65%	—
Current Drawdown Current decline from peak	-0.24%	-1.54%	+1.30%
Average Drawdown Average peak-to-trough decline	-7.85%	-10.81%	+2.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.22%	4.18%	-1.96%

Volatility

USVM vs. JSML - Volatility Comparison

The current volatility for VictoryShares US Small Mid Cap Value Momentum ETF (USVM) is 4.10%, while Janus Henderson Small Cap Growth Alpha ETF (JSML) has a volatility of 7.54%. This indicates that USVM experiences smaller price fluctuations and is considered to be less risky than JSML based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USVM	JSML	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.10%	7.54%	-3.44%
Volatility (6M) Calculated over the trailing 6-month period	11.04%	16.93%	-5.89%
Volatility (1Y) Calculated over the trailing 1-year period	14.96%	22.28%	-7.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.64%	24.51%	-4.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.97%	24.32%	-2.35%

USVM vs. JSML - Expense Ratio Comparison

USVM has a 0.29% expense ratio, which is lower than JSML's 0.30% expense ratio.

Dividends

USVM vs. JSML - Dividend Comparison

USVM's dividend yield for the trailing twelve months is around 1.77%, more than JSML's 0.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
JSML Janus Henderson Small Cap Growth Alpha ETF	0.77%	0.94%	1.19%	0.49%	0.67%	0.46%	0.30%	0.27%	0.76%	0.42%	0.52%
USVM VictoryShares US Small Mid Cap Value Momentum ETF	1.77%	1.84%	1.75%	1.63%	1.43%	0.70%	1.21%	1.77%	1.43%	0.65%	0.00%

Frequently Asked Questions

Can I hold both USVM and JSML in my portfolio?

USVM and JSML have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USVM or JSML?

JSML has higher volatility (7.54%) compared to USVM (4.10%). In terms of maximum drawdown, USVM dropped -42.38% vs JSML's -39.65%.

Which ETF is better, USVM or JSML?

On 5-year performance, USVM leads with 10.06% vs 6.64% for JSML. On fees, USVM is cheaper at 0.29% per year. On volatility, USVM has been the lower-risk option at 4.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USVM or JSML?

Over the 5-year period, USVM has performed better with a 10.06% return vs 6.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USVM or JSML?

USVM is cheaper with a 0.29% expense ratio, compared with 0.30% for JSML.

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

USVM has the higher dividend yield at 1.77%, compared with 0.77% for JSML.

What is the main difference between USVM and JSML?

USVM is categorized as Momentum, while JSML is Small Cap Growth Equities. USVM tracks Nasdaq Victory US Small Mid Cap Value Momentum Index, while JSML tracks Janus Small Cap Growth Alpha Index. They also come from different issuers: Victory Capital and Janus Henderson. Their fees differ too: 0.29% for USVM and 0.30% for JSML.

Which has better risk-adjusted returns?

USVM currently has the higher Sharpe Ratio (2.20 vs 1.76), 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.