JSMD vs SPY
Janus Henderson Small/Mid Cap Growth Alpha ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, JSMD or SPY?
Small Cap Growth against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 39.6%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | JSMD | SPY |
|---|---|---|
| Expense Ratio | 0.30% | 0.09%Best |
| AUM | $1.0B | $804.7B |
| Dividend Yield | 0.44% | 0.98% |
| Holdings | 123 | 505 |
| YTD Return | +10.36% | +11.52%Best |
| 1Y Return | +9.06% | +17.48%Best |
| 3Y Return (annualized) | +15.31% | +20.62%Best |
| 5Y Return (annualized) | +6.40% | +12.73%Best |
| Volatility (annualized) | 20.1% | 15.1%Best |
| Max Drawdown | -39.0% | -34.1%Best |
| $10,000 over 5 years | $13,637 | $18,205Best |
| Top 10 Weight | 39.6% | 38.0%Best |
| Fund Family | Janus Henderson Investors | State Street Investment Management |
| Category | Equity | Equity |
| Style | Small Cap Growth | Large Cap Blend |
| Inception | Feb 23, 2016 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Feb 25, 2016 to Sep 10, 2026 (10.5 years).
JSMD vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 10.5 years both funds cover.
JSMD vs SPY Performance
Janus Henderson Small/Mid Cap Growth Alpha ETF (JSMD) is an ETF from Janus Henderson Investors and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year JSMD returned +9.06% while SPY returned +17.48%. Year to date, JSMD is up 10.36% versus a gain of 11.52% for SPY.
Over three years, JSMD compounded at +15.31% per year against +20.62% for SPY; over five years the annualized figures are +6.40% and +12.73% respectively. Across the full 11-year window we track, SPY has the edge at +14.52% annualized vs +13.19%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
JSMD has been the more volatile fund, with annualized monthly volatility of 20.1% compared with 15.1% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -39.0% for JSMD and -34.1% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.88. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
JSMD charges 0.30% per year while SPY charges 0.09%. On a $10,000 position that is $30 vs $9 annually, a gap of $21 per year that compounds over a long holding period. On income, JSMD currently yields 0.44% against 0.98% for SPY.
Holdings Overlap
We hold position weights for 303 holdings in JSMD and 504 in SPY, totalling 97.7% and 100.0% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 303 positions we hold weights for in JSMD and 504 in SPY, against full books of 123 and 505.
What only one of them owns
Our book lists 494 positions for SPY that do not appear in our book for JSMD (99.5% of the fund), and 9 for JSMD that do not appear in SPY (1.7%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
You are not choosing between two funds in isolation.
Whichever of JSMD and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, JSMD or SPY?
JSMD has an expense ratio of 0.30% while SPY charges 0.09%. SPY is the cheaper option, by $21 a year on a $10,000 investment.
Which performed better, JSMD or SPY?
Over the past year JSMD returned +9.06% vs +17.48% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (11 years), JSMD annualized +13.19% vs +14.52% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, JSMD or SPY?
JSMD has been the more volatile fund at 20.1% annualized versus 15.1% for SPY. Worst drawdown: JSMD -39.0% vs SPY -34.1%.
Should I hold both JSMD and SPY?
JSMD and SPY have a monthly-return correlation of 0.88, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, JSMD or SPY?
JSMD yields 0.44% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than JSMD?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 39.6%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.