JSML vs SPY
JSML vs SPY
Janus Henderson Small Cap Growth Alpha ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. JSML delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | JSML | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.30% | 0.09% | |
| AUM | $322M | $789.1B | |
| Dividend Yield | 0.86% | 1.01% | |
| Holdings | 122 | 505 | |
| YTD Return | +25.22% | +13.79% | |
| 1Y Return | +35.26% | +23.66% | |
| 3Y Return (annualized) | +18.76% | +21.40% | |
| 5Y Return (annualized) | +6.92% | +13.37% | |
| Volatility (annualized) | 23.0% | 15.3% | |
| Max Drawdown | -39.6% | -56.5% | |
| Fund Family | Janus Henderson Investors | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Feb 23, 2016 | Jan 22, 1993 |
JSML vs SPY Performance
Janus Henderson Small Cap Growth Alpha ETF (JSML) 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 JSML returned +35.26% while SPY returned +23.66%. Year to date, JSML is up 25.22% versus a gain of 13.79% for SPY.
Over three years, JSML compounded at +18.76% per year against +21.40% for SPY; over five years the annualized figures are +6.92% and +13.37% respectively. Across the full 10-year window we track, JSML has the edge at +13.70% annualized vs +8.85%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
JSML has been the more volatile fund, with annualized monthly volatility of 23.0% 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 -39.6% for JSML 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 0.85. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
JSML 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, JSML currently yields 0.86% against 1.01% for SPY.
Holdings Overlap
JSML and SPY share 0 holdings out of 624 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, JSML or SPY?
JSML 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, JSML or SPY?
Over the past year JSML returned +35.26% vs +23.66% for SPY, so JSML leads on 1-year performance. Over the longest common window we track (10 years), JSML annualized +13.70% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, JSML or SPY?
JSML has been the more volatile fund at 23.0% annualized versus 15.3% for SPY. Worst drawdown: JSML -39.6% vs SPY -56.5%.
Should I hold both JSML and SPY?
JSML and SPY have a monthly-return correlation of 0.85, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between JSML and SPY?
JSML and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 624 unique securities.
Which pays a higher dividend, JSML or SPY?
JSML yields 0.86% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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