VTEB vs. JSMD
VTEB (Vanguard Tax-Exempt Bond ETF) and JSMD (Janus Henderson Small/Mid Cap Growth Alpha ETF) are both exchange-traded funds - VTEB is a Municipal Bonds fund tracking the S&P National AMT-Free Municipal Bond 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, VTEB returned 2.03%/yr vs 13.65%/yr for JSMD. At a 0.07 correlation, their price movements are largely independent. VTEB charges 0.03%/yr vs 0.30%/yr for JSMD.
Performance
VTEB vs. JSMD - Performance Comparison
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Returns By Period
In the year-to-date period, VTEB achieves a 1.44% return, which is significantly lower than JSMD's 18.04% return. Over the past 10 years, VTEB has underperformed JSMD with an annualized return of 2.03%, while JSMD has yielded a comparatively higher 13.65% annualized return.
VTEB
- 1D
- -0.08%
- 1M
- 1.22%
- YTD
- 1.44%
- 6M
- 1.95%
- 1Y
- 6.57%
- 3Y*
- 3.44%
- 5Y*
- 0.80%
- 10Y*
- 2.03%
JSMD
- 1D
- 0.29%
- 1M
- 4.71%
- YTD
- 18.04%
- 6M
- 15.17%
- 1Y
- 30.30%
- 3Y*
- 17.13%
- 5Y*
- 7.74%
- 10Y*
- 13.65%
VTEB vs. JSMD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VTEB Vanguard Tax-Exempt Bond ETF | 1.44% | 3.72% | 1.31% | 6.15% | -7.99% | 1.14% | 5.19% | 7.35% | 1.04% | 4.87% |
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF | 18.04% | 9.25% | 15.08% | 26.81% | -22.84% | 8.40% | 30.79% | 31.05% | -4.73% | 24.46% |
Correlation
The correlation between VTEB and JSMD is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.20 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since Feb 25, 2016 | 0.07 |
Over the past year, VTEB and JSMD have become more correlated (0.27) than their long-term average of 0.07, meaning their price movements have been converging.
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Return for Risk
VTEB vs. JSMD — Risk / Return Rank
VTEB
JSMD
VTEB vs. JSMD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Tax-Exempt Bond ETF (VTEB) 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.
| VTEB | JSMD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.31 | ||
| Sortino ratioReturn per unit of downside risk | +1.95 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 1.19 | +0.32 |
| Calmar ratioReturn relative to maximum drawdown | 2.35 | 1.60 | +0.75 |
| Martin ratioReturn relative to average drawdown | 8.30 | 5.42 | +2.88 |
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Drawdowns
VTEB vs. JSMD - Drawdown Comparison
The maximum VTEB drawdown since its inception was -17.00%, smaller than the maximum JSMD drawdown of -38.98%. Use the drawdown chart below to compare losses from any high point for VTEB and JSMD.
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Drawdown Indicators
| VTEB | JSMD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.00% | -38.98% | +21.98% |
Max Drawdown (1Y)Largest decline over 1 year | -2.71% | -14.86% | +12.15% |
Max Drawdown (3Y)Largest decline over 3 years | -5.53% | -24.01% | +18.48% |
Max Drawdown (5Y)Largest decline over 5 years | -12.64% | -32.18% | +19.54% |
Max Drawdown (10Y)Largest decline over 10 years | -17.00% | -38.98% | +21.98% |
Current DrawdownCurrent decline from peak | -0.54% | -1.17% | +0.63% |
Average DrawdownAverage peak-to-trough decline | -2.32% | -7.47% | +5.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.77% | 4.43% | -3.66% |
Volatility
VTEB vs. JSMD - Volatility Comparison
The current volatility for Vanguard Tax-Exempt Bond ETF (VTEB) is 0.93%, while Janus Henderson Small/Mid Cap Growth Alpha ETF (JSMD) has a volatility of 8.22%. This indicates that VTEB 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.
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Volatility by Period
| VTEB | JSMD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.93% | 8.22% | -7.29% |
Volatility (6M)Calculated over the trailing 6-month period | 2.04% | 17.21% | -15.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.70% | 22.48% | -19.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.90% | 22.98% | -19.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.26% | 22.82% | -17.56% |
VTEB vs. JSMD - Expense Ratio Comparison
VTEB has a 0.03% expense ratio, which is lower than JSMD's 0.30% expense ratio.
Dividends
VTEB vs. JSMD - Dividend Comparison
VTEB's dividend yield for the trailing twelve months is around 3.36%, more than JSMD's 0.47% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
VTEB Vanguard Tax-Exempt Bond ETF | 3.36% | 3.29% | 3.14% | 2.79% | 2.09% | 1.64% | 1.99% | 2.30% | 2.25% | 1.96% | 1.66% | 0.58% |
Frequently Asked Questions
VTEB and JSMD have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
JSMD has higher volatility (8.22%) compared to VTEB (0.93%). In terms of maximum drawdown, VTEB dropped -17.00% vs JSMD's -38.98%.
On 10-year performance, JSMD leads with 13.65% vs 2.03% for VTEB. On fees, VTEB is cheaper at 0.03% per year. On volatility, VTEB has been the lower-risk option at 0.93%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, JSMD has performed better with a 13.65% return vs 2.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VTEB is cheaper with a 0.03% expense ratio, compared with 0.30% for JSMD.
VTEB has the higher dividend yield at 3.36%, compared with 0.47% for JSMD.
VTEB is categorized as Municipal Bonds, while JSMD is Mid Cap Growth Equities. VTEB tracks S&P National AMT-Free Municipal Bond Index, while JSMD tracks Janus Small Mid Cap Growth Alpha Index. They also come from different issuers: Vanguard and Janus Henderson. Their fees differ too: 0.03% for VTEB and 0.30% for JSMD.
VTEB currently has the higher Sharpe Ratio (2.38 vs 1.07), 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.
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