JSMD vs SPY
Janus Henderson Small/Mid Cap Growth Alpha ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | JSMD | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.30% | 0.09% | |
| AUM | $1.0B | $821.1B | |
| Dividend Yield | 0.44% | 1.01% | |
| Holdings | 123 | 505 | |
| YTD Return | +14.74% | +12.22% | |
| 1Y Return | +18.70% | +20.83% | |
| 3Y Return (annualized) | +17.09% | +21.70% | |
| 5Y Return (annualized) | +7.88% | +12.98% | |
| Volatility (annualized) | 20.2% | 15.3% | |
| Max Drawdown | -39.0% | -56.5% | |
| Fund Family | Janus Henderson Investors | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Feb 23, 2016 | Jan 22, 1993 |
JSMD vs SPY Performance
Janus Henderson Small/Mid Cap Growth Alpha ETF (JSMD) is a ETF from Janus Henderson Investors and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year JSMD returned +18.70% while SPY returned +20.83%. Year to date, JSMD is up 14.74% versus a gain of 12.22% for SPY.
Over three years, JSMD compounded at +17.09% per year against +21.70% for SPY; over five years the annualized figures are +7.88% and +12.98% respectively. Across the full 11-year window we track, JSMD has the edge at +13.69% annualized vs +8.79%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
JSMD has been the more volatile fund, with annualized monthly volatility of 20.2% compared with 15.3% 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 -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
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 1.01% for SPY.
Holdings Overlap
JSMD and SPY share 5 holdings out of 620 unique holdings combined, representing a 0.3% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
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. On a $10,000 investment, that is $21 per year of difference.
Which performed better, JSMD or SPY?
Over the past year JSMD returned +18.70% vs +20.83% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (11 years), JSMD annualized +13.69% vs +8.79% for SPY. Past performance does not guarantee future results.
Which is riskier, JSMD or SPY?
JSMD has been the more volatile fund at 20.2% annualized versus 15.3% for SPY. Worst drawdown: JSMD -39.0% vs SPY -56.5%.
Should I hold both JSMD and SPY?
JSMD and SPY have a monthly-return correlation of 0.88, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between JSMD and SPY?
JSMD and SPY share 5 common holdings with a 0.3% weight overlap. Combined, they hold 620 unique securities.
Which pays a higher dividend, JSMD or SPY?
JSMD yields 0.44% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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