DWAS vs JSMD
Invesco Dorsey Wright SmallCap Momentum ETF vs Janus Henderson Small/Mid Cap Growth Alpha ETF
Which is better, DWAS or JSMD?
JSMD has been ahead.
JSMD has a lower expense ratio. JSMD led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.91. DWAS is less concentrated, with 14.1% of the fund in its ten largest positions against 17.1%.
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 | DWAS | JSMD |
|---|---|---|
| Expense Ratio | 0.60% | 0.30%Best |
| AUM | $390M | $1.0B |
| Dividend Yield | 0.03% | 0.37% |
| Holdings | 408 | 123 |
| YTD Return | +6.74% | +7.43%Best |
| 1Y Return | +6.86% | +7.14%Best |
| 3Y Return (annualized) | +12.95% | +15.58%Best |
| 5Y Return (annualized) | +2.98% | +6.49%Best |
| Volatility (annualized) | 22.5% | 20.1%Best |
| Max Drawdown | -46.2% | -39.0%Best |
| $10,000 over 5 years | $11,581 | $13,694Best |
| Top 10 Weight | 14.1%Best | 17.1% |
| Fund Family | Invesco (US) | Janus Henderson Investors |
| Category | Equity | Equity |
| Style | Small Cap Growth | Small Cap Growth |
| Inception | Jul 19, 2012 | Feb 23, 2016 |
Volatility and max drawdown are measured over the window both funds cover: Feb 25, 2016 to Oct 14, 2026 (10.6 years).
DWAS vs JSMD 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 10.6 years both funds cover.
DWAS vs JSMD Performance
Invesco Dorsey Wright SmallCap Momentum ETF (DWAS) is an ETF from Invesco (US) and Janus Henderson Small/Mid Cap Growth Alpha ETF (JSMD) is an ETF from Janus Henderson Investors. Over the past year DWAS returned +6.86% while JSMD returned +7.14%. Year to date, DWAS is up 6.74% versus a gain of 7.43% for JSMD.
Over three years, DWAS compounded at +12.95% per year against +15.58% for JSMD; over five years the annualized figures are +2.98% and +6.49% respectively. Across the full 11-year window we track, JSMD has the edge at +12.78% annualized vs +11.70%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
DWAS has been the more volatile fund, with annualized monthly volatility of 22.5% compared with 20.1% for JSMD. 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 -46.2% for DWAS and -39.0% for JSMD. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.91. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
DWAS charges 0.60% per year while JSMD charges 0.30%. On a $10,000 position that is $60 vs $30 annually, a gap of $30 per year that compounds over a long holding period. On income, DWAS currently yields 0.03% against 0.37% for JSMD.
Holdings Overlap
8.8% of DWAS's money is in holdings JSMD also owns. 13.3% of JSMD's money is in holdings DWAS also owns.
JSMD and DWAS share little of their money.
17 positions in common, counted across the 200 positions we hold weights for in DWAS and 122 in JSMD, against full books of 408 and 123.
What only one of them owns
Our book lists 100 positions for JSMD that do not appear in our book for DWAS (84.0% of the fund), and 177 for DWAS that do not appear in JSMD (88.6%).
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.
Top Shared Holdings
| Stock | Weight in DWAS | Weight in JSMD | Difference |
|---|---|---|---|
| CVLTCommvaultsystems Inc. | 0.39% | 1.82% | 1.43% |
| QLYSQualys Inc | 0.42% | 1.68% | 1.26% |
| SANMSanmina Corp | 0.76% | 1.05% | 0.29% |
| AAMIAcadian Asset Management Inc | 1.41% | 0.07% | 1.34% |
| PDPagerduty Inc | 0.42% | 1.02% | 0.60% |
| DKDelek Us Holdings Inc | 0.52% | 0.89% | 0.37% |
| ARQTArcutis Biotherapeutics Inc | 0.38% | 0.96% | 0.58% |
| CLMTCalumet Inc. | 0.55% | 0.73% | 0.18% |
| KRYSKrystal Biotech Inc | 0.36% | 0.90% | 0.54% |
| IBRXImmunitybio Inc | 0.58% | 0.66% | 0.08% |
You are not choosing between two funds in isolation.
Whichever of DWAS and JSMD 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, DWAS or JSMD?
DWAS has an expense ratio of 0.60% while JSMD charges 0.30%. JSMD is the cheaper option, by $30 a year on a $10,000 investment.
Which performed better, DWAS or JSMD?
Over the past year DWAS returned +6.86% vs +7.14% for JSMD, so JSMD leads on 1-year performance. Over the longest common window we track (11 years), DWAS annualized +11.70% vs +12.78% for JSMD. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, DWAS or JSMD?
DWAS has been the more volatile fund at 22.5% annualized versus 20.1% for JSMD. Worst drawdown: DWAS -46.2% vs JSMD -39.0%.
Should I hold both DWAS and JSMD?
DWAS and JSMD have a monthly-return correlation of 0.91, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between DWAS and JSMD?
13.3% of JSMD's money is in holdings DWAS also owns. 13.3% of JSMD's is in holdings DWAS also owns. They hold 17 positions in common, counted across the 200 positions we hold weights for in DWAS and 122 in JSMD.
Which pays a higher dividend, DWAS or JSMD?
DWAS yields 0.03% while JSMD yields 0.37%, so JSMD currently pays the higher dividend yield.
Is JSMD better than DWAS?
JSMD has a lower expense ratio. JSMD led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.91. DWAS is less concentrated, with 14.1% of the fund in its ten largest positions against 17.1%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.