VNLA vs. JSMD

Last updated Jun 4, 2026

VNLA (Janus Henderson Short Duration Income ETF) and JSMD (Janus Henderson Small/Mid Cap Growth Alpha ETF) are both exchange-traded funds - VNLA is a Ultrashort Bond fund tracking the FTSE 3-Month U.S. Treasury Bill 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 5 years, VNLA returned 3.79%/yr vs 7.75%/yr for JSMD. At a 0.05 correlation, their price movements are largely independent. VNLA charges 0.23%/yr vs 0.30%/yr for JSMD.

Performance

VNLA vs. JSMD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Henderson Short Duration Income ETF (VNLA) 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, VNLA achieves a 1.43% return, which is significantly lower than JSMD's 17.31% return.

VNLA

• 1D: 0.02%
• 1M: 0.37%
• YTD: 1.43%
• 6M: 1.85%
• 1Y: 4.75%
• 3Y*: 5.76%
• 5Y*: 3.79%
• 10Y*: —

JSMD

• 1D: -0.84%
• 1M: 7.56%
• YTD: 17.31%
• 6M: 15.14%
• 1Y: 28.07%
• 3Y*: 18.39%
• 5Y*: 7.75%
• 10Y*: 13.40%

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

VNLA vs. JSMD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VNLA Janus Henderson Short Duration Income ETF	1.43%	5.45%	6.41%	6.09%	-0.17%	-0.18%	3.01%	4.43%	0.02%	2.11%
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF	17.31%	9.25%	15.08%	26.81%	-22.84%	8.40%	30.79%	31.05%	-4.73%	24.46%

Correlation

The correlation between VNLA and JSMD is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.18
Correlation (5Y) Calculated over the trailing 5-year period	0.12
Correlation (All Time) Calculated using the full available price history since Nov 18, 2016	0.05

The correlation between VNLA and JSMD shifts across timeframes, from 0.05 (all time) to 0.22 (1 year), reflecting how their relationship changes across market environments.

VNLA vs. JSMD - Sectors Allocation Comparison

Sectors	VNLA	JSMD
Energy	66.7%	1.7%
Industrials	33.3%	26.6%
Basic Materials	-	2.5%
Communication Services	-	3.4%
Consumer Cyclical	-	9.4%
Consumer Defensive	-	2.1%
Financial Services	-	9.1%
Healthcare	-	19.5%
Real Estate	-	3.8%
Technology	-	18.7%
Utilities	-	-

Return for Risk

VNLA vs. JSMD — Risk / Return Rank

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

VNLA

VNLA Risk / Return Rank: 98
VNLA Sharpe Ratio Rank: 99
VNLA Sortino Ratio Rank: 99
VNLA Omega Ratio Rank: 99
VNLA Calmar Ratio Rank: 97
VNLA Martin Ratio Rank: 98

JSMD

JSMD Risk / Return Rank: 36
JSMD Sharpe Ratio Rank: 36
JSMD Sortino Ratio Rank: 34
JSMD Omega Ratio Rank: 34
JSMD Calmar Ratio Rank: 38
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.

VNLA vs. JSMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson Short Duration Income ETF (VNLA) 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.

	VNLA	JSMD	Difference
Sharpe ratio: Return per unit of total volatility	7.55	1.30	+6.25
Sortino ratio: Return per unit of downside risk	15.48	1.84	+13.64
Omega ratio: Gain probability vs. loss probability	3.58	1.23	+2.34
Calmar ratio: Return relative to maximum drawdown	11.15	1.90	+9.25
Martin ratio: Return relative to average drawdown	57.27	6.40	+50.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VNLA vs. JSMD - Sharpe Ratio Comparison

The current VNLA Sharpe Ratio is 7.55, which is higher than the JSMD Sharpe Ratio of 1.30. The chart below compares the historical Sharpe Ratios of VNLA 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.

Sharpe Ratios by Period

	VNLA	JSMD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	7.55	1.30	+6.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	3.66	0.34	+3.32
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.59	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.10	0.64	+1.46

Drawdowns

VNLA vs. JSMD - Drawdown Comparison

The maximum VNLA drawdown since its inception was -4.49%, smaller than the maximum JSMD drawdown of -38.98%. Use the drawdown chart below to compare losses from any high point for VNLA and JSMD.

Drawdown Indicators

	VNLA	JSMD	Difference
Max Drawdown Largest peak-to-trough decline	-4.49%	-38.98%	+34.49%
Max Drawdown (1Y) Largest decline over 1 year	-0.43%	-14.86%	+14.43%
Max Drawdown (3Y) Largest decline over 3 years	-0.49%	-24.01%	+23.52%
Max Drawdown (5Y) Largest decline over 5 years	-1.76%	-32.18%	+30.42%
Max Drawdown (10Y) Largest decline over 10 years	—	-38.98%	—
Current Drawdown Current decline from peak	-0.02%	-0.84%	+0.82%
Average Drawdown Average peak-to-trough decline	-0.23%	-7.48%	+7.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.08%	4.40%	-4.32%

Volatility

VNLA vs. JSMD - Volatility Comparison

The current volatility for Janus Henderson Short Duration Income ETF (VNLA) is 0.18%, while Janus Henderson Small/Mid Cap Growth Alpha ETF (JSMD) has a volatility of 6.73%. This indicates that VNLA 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

	VNLA	JSMD	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.18%	6.73%	-6.55%
Volatility (6M) Calculated over the trailing 6-month period	0.46%	16.16%	-15.70%
Volatility (1Y) Calculated over the trailing 1-year period	0.63%	21.70%	-21.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.04%	22.83%	-21.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.42%	22.75%	-21.33%

VNLA vs. JSMD - Expense Ratio Comparison

VNLA has a 0.23% expense ratio, which is lower than JSMD's 0.30% expense ratio.

Dividends

VNLA vs. JSMD - Dividend Comparison

VNLA's dividend yield for the trailing twelve months is around 4.78%, more than JSMD's 0.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF	0.47%	0.54%	0.76%	0.44%	0.40%	0.28%	0.24%	0.32%	0.53%	0.30%	0.36%
VNLA Janus Henderson Short Duration Income ETF	4.78%	4.84%	4.97%	3.95%	4.35%	1.67%	1.21%	3.13%	2.43%	1.79%	0.08%

Frequently Asked Questions

Can I hold both VNLA and JSMD in my portfolio?

VNLA and JSMD have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VNLA or JSMD?

JSMD has higher volatility (6.73%) compared to VNLA (0.18%). In terms of maximum drawdown, VNLA dropped -4.49% vs JSMD's -38.98%.

Which ETF is better, VNLA or JSMD?

On 5-year performance, JSMD leads with 7.75% vs 3.79% for VNLA. On fees, VNLA is cheaper at 0.23% per year. On volatility, VNLA has been the lower-risk option at 0.18%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VNLA or JSMD?

Over the 5-year period, JSMD has performed better with a 7.75% return vs 3.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VNLA or JSMD?

VNLA is cheaper with a 0.23% expense ratio, compared with 0.30% for JSMD.

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

VNLA has the higher dividend yield at 4.78%, compared with 0.47% for JSMD.

What is the main difference between VNLA and JSMD?

VNLA is categorized as Ultrashort Bond, while JSMD is Mid Cap Growth Equities. VNLA tracks FTSE 3-Month U.S. Treasury Bill Index, while JSMD tracks Janus Small Mid Cap Growth Alpha Index. Their fees differ too: 0.23% for VNLA and 0.30% for JSMD.

Which has better risk-adjusted returns?

VNLA currently has the higher Sharpe Ratio (7.55 vs 1.30), 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.