Data as of Oct 28, 2026.
JSMD vs TSME: Differences, Returns & Fees
Over the year to Oct 28, 2026, JSMD returned +6.2% to TSME's +9.5%; 4% of their weight is in the same names.
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Net assets: $1.1bn on Jul 31, 2026 for Janus Henderson Small/Mid Cap Growth Alpha ETF, and $1.1bn on Jun 30, 2026 for Thrivent Small-Mid Cap Equity ETF.
Pair scorecard
JSMD costs 0.35 points a year less; their one-year returns differ by 3.3 points.
| Measure | JSMD | TSME |
|---|---|---|
| Return | ||
| Total return, 1 year | +6.2% | +9.5% |
| Drawdown | ||
| Below its high | 10.9%, high on Jun 30, 2026 | 12.1%, high on Jun 30, 2026 |
| Benchmark | ||
| What it tracks | No index, actively managed | No index, actively managed |
| Cost and size | ||
| Expense ratio | 0.30% | 0.65% |
| Net assets, JSMD as of Jul 31, 2026 and TSME as of Jun 30, 2026 | $1.1bn | $1.1bn |
| Holdings | ||
| Holdings in common | 4% | |
| Top ten holdings, share of the fund | 16.6% | 26.3% |
Holdings in common uses holdings dated Jun 30, 2026 and Jul 31, 2026. Method
Risk and return
Oct 14, 2022 to Oct 23, 2026 · 210 weekly returns · each against IWVJSMD and TSME returned about the same: +82.6% and +83.0%. JSMD swung slightly less: 19.7% to 20.1%. JSMD fell less at its worst: −21.8% to −24.7%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | JSMD | TSME | IWV | Edge | How it is measured |
|---|---|---|---|---|---|
| Return | |||||
| Total return | +82.6% | +83.0% | Tie | Price change plus distributions, reinvested. | |
| Annualized | +16.1% | +16.1% | Tie | Total return as a yearly rate. | |
| Price return | +78.7% | +80.8% | TSME (slight) | Price change alone, distributions left out. | |
| Risk | |||||
| Volatility | 19.7% | 20.1% | JSMD (slight) | Spread of weekly returns, annualized. Lower is steadier. | |
| Downside deviation | 12.6% | 13.7% | JSMD (slight) | Like volatility, counting only weeks below the Treasury bill rate. | |
| Max drawdown | −21.8% | −24.7% | JSMD | Deepest fall from a high to the low after it. | |
| Upside capture | 110.0% | 107.2% | 100.0% | JSMD (slight) | Share of its benchmark's rise caught in the weeks it rose. |
| Downside capture | 115.4% | 113.7% | 100.0% | Tie | Share of its benchmark's fall taken in the weeks it fell. Lower is better. |
| Beta | 1.15 | 1.14 | 1.00 | Tie | How far it moves for each 1% its benchmark moves. |
| R squared | 0.73 | 0.68 | 1.00 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | |||||
| Sharpe | 0.62 | 0.62 | Tie | Return above Treasury bills per unit of volatility. | |
| Sortino | 0.97 | 0.90 | JSMD (slight) | Return above Treasury bills per unit of downside deviation. | |
| Treynor | 0.107 | 0.109 | 0.158 | TSME (slight) | Return above Treasury bills per unit of beta. |
| Calmar | 0.74 | 0.65 | JSMD | Annualized return divided by the max drawdown. | |
| Against the benchmark | |||||
| Benchmark | IWV | IWV | IWV | The ETF each fund is measured against. | |
| Alpha | −5.9% a year | −5.5% a year | 0.0% | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | −1.15 | −0.97 | Not an edge | How sure the alpha is. Below 2, it could be chance. | |
| Alpha range | −16.1% to +4.2% | −16.9% to +5.8% | Both include zero | The 95% range for the yearly alpha. | |
| Information ratio | −0.34 | −0.29 | TSME | Return against its benchmark per unit of tracking error. | |
| Tracking error | 10.5% | 11.5% | 0.0% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 210 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, JSMD and TSME hold 4% of their money in the same securities at the same weight. Holdings dated Jun 30, 2026 and Jul 31, 2026.
half
4% in common
Only in one fund ↓
Side by side
JSMD and TSME on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
JSMD and TSME are built for the same job. How do they differ in cost, holdings and results?
- Holdings in common. 4% of the weight is in the same securities (holdings dated Jul 31, 2026 and Jun 30, 2026).
- One-year total return. Over 1 year to Oct 28, 2026 JSMD returned +6.2% and TSME +9.5% with distributions reinvested, a gap of 3.3 points.
- Cost. JSMD charges 0.30% of assets a year and TSME 0.65%, a gap of 0.35 points.
Data as of Oct 28, 2026.
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Over the year to Oct 28, 2026 it returned +6.2% with distributions reinvested, against +13.3% for its benchmark, the Russell 3000 Index.
JSMD is actively managed and tracks no index. The prospectus expense ratio is 0.30% a year. By its holdings filed for Jul 31, 2026, 2% of the fund by weight is stocks the S&P 500 also holds, across 126 positions, with the top ten at 16.6%. It sat 10.9% below its high of Jun 30, 2026 on Oct 28, 2026.
Over the year to Oct 28, 2026 it returned +9.5% with distributions reinvested, against +13.3% for its benchmark, the Russell 3000 Index.
TSME is actively managed and tracks no index. The prospectus expense ratio is 0.65% a year. By its holdings filed for Jun 30, 2026, 12% of the fund by weight is stocks the S&P 500 also holds, across 68 positions, with the top ten at 26.3%. It sat 12.1% below its high of Jun 30, 2026 on Oct 28, 2026.
Questions people ask
- Which returned more over the last year, JSMD or TSME?
- In the year to Oct 28, 2026, with distributions reinvested, JSMD returned +6.2% and TSME +9.5%.
- Which is cheaper, JSMD or TSME?
- JSMD is cheaper, by 0.35 percentage points a year. That is about $35 on $10,000 held for a year. Fees come from each fund's prospectus.
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
Overlap adds up the smaller of the two weights for each security both funds hold.
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ETFIQ, JSMD against TSME, data as of Oct 28, 2026. https://etfiq.com/compare/any/jsmd-vs-tsme
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