HDQVX vs. ETJ

Last updated Jun 4, 2026

HDQVX (Janus Henderson International Dividend Fund Class S) and ETJ (Eaton Vance Risk-Managed Diversified Equity Income Fund) are both Global Equity Income funds. Over the past 5 years, HDQVX returned 12.38%/yr vs 3.36%/yr for ETJ. A 0.54 correlation means they provide meaningful diversification when combined. HDQVX charges 1.27%/yr vs 0.01%/yr for ETJ.

Performance

HDQVX vs. ETJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Henderson International Dividend Fund Class S (HDQVX) and Eaton Vance Risk-Managed Diversified Equity Income Fund (ETJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HDQVX achieves a 15.75% return, which is significantly higher than ETJ's -0.14% return.

HDQVX

• 1D: 0.82%
• 1M: 7.51%
• YTD: 15.75%
• 6M: 18.61%
• 1Y: 27.58%
• 3Y*: 20.47%
• 5Y*: 12.38%
• 10Y*: —

ETJ

• 1D: -0.24%
• 1M: 0.42%
• YTD: -0.14%
• 6M: 0.61%
• 1Y: 4.17%
• 3Y*: 11.63%
• 5Y*: 3.36%
• 10Y*: 8.26%

*Multi-year figures are annualized to reflect compound growth (CAGR)

HDQVX vs. ETJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HDQVX Janus Henderson International Dividend Fund Class S	15.75%	29.00%	8.58%	18.06%	-8.69%	11.67%	5.11%	18.91%	-9.41%	6.69%
ETJ Eaton Vance Risk-Managed Diversified Equity Income Fund	-0.14%	3.49%	29.55%	14.15%	-22.74%	11.92%	22.31%	26.78%	-7.03%	8.42%

Correlation

The correlation between HDQVX and ETJ is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (5Y) Calculated over the trailing 5-year period	0.52
Correlation (All Time) Calculated using the full available price history since Jun 12, 2017	0.54

The correlation between HDQVX and ETJ has been stable across timeframes, ranging from 0.46 to 0.54 - a consistent structural relationship.

Return for Risk

HDQVX vs. ETJ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HDQVX

HDQVX Risk / Return Rank: 43
HDQVX Sharpe Ratio Rank: 47
HDQVX Sortino Ratio Rank: 42
HDQVX Omega Ratio Rank: 47
HDQVX Calmar Ratio Rank: 40
HDQVX Martin Ratio Rank: 40

ETJ

ETJ Risk / Return Rank: 5
ETJ Sharpe Ratio Rank: 5
ETJ Sortino Ratio Rank: 5
ETJ Omega Ratio Rank: 5
ETJ Calmar Ratio Rank: 5
ETJ Martin Ratio Rank: 6

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

HDQVX vs. ETJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson International Dividend Fund Class S (HDQVX) and Eaton Vance Risk-Managed Diversified Equity Income Fund (ETJ). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	HDQVX	ETJ	Difference
Sharpe ratio: Return per unit of total volatility	2.02	0.38	+1.65
Sortino ratio: Return per unit of downside risk	2.71	0.62	+2.09
Omega ratio: Gain probability vs. loss probability	1.37	1.07	+0.30
Calmar ratio: Return relative to maximum drawdown	2.40	0.40	+2.00
Martin ratio: Return relative to average drawdown	8.63	1.60	+7.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HDQVX vs. ETJ - Sharpe Ratio Comparison

The current HDQVX Sharpe Ratio is 2.02, which is higher than the ETJ Sharpe Ratio of 0.38. The chart below compares the historical Sharpe Ratios of HDQVX and ETJ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HDQVX	ETJ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.02	0.38	+1.65
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.91	0.22	+0.70
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.46	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.73	0.29	+0.43

Drawdowns

HDQVX vs. ETJ - Drawdown Comparison

The maximum HDQVX drawdown since its inception was -28.56%, smaller than the maximum ETJ drawdown of -32.81%. Use the drawdown chart below to compare losses from any high point for HDQVX and ETJ.

Drawdown Indicators

	HDQVX	ETJ	Difference
Max Drawdown Largest peak-to-trough decline	-28.56%	-32.81%	+4.25%
Max Drawdown (1Y) Largest decline over 1 year	-11.33%	-10.40%	-0.93%
Max Drawdown (3Y) Largest decline over 3 years	-13.03%	-15.44%	+2.41%
Max Drawdown (5Y) Largest decline over 5 years	-22.94%	-28.55%	+5.61%
Max Drawdown (10Y) Largest decline over 10 years	—	-32.81%	—
Current Drawdown Current decline from peak	0.00%	-2.09%	+2.09%
Average Drawdown Average peak-to-trough decline	-4.53%	-7.52%	+2.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.14%	2.61%	+0.53%

Volatility

HDQVX vs. ETJ - Volatility Comparison

Janus Henderson International Dividend Fund Class S (HDQVX) has a higher volatility of 4.70% compared to Eaton Vance Risk-Managed Diversified Equity Income Fund (ETJ) at 2.91%. This indicates that HDQVX's price experiences larger fluctuations and is considered to be riskier than ETJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HDQVX	ETJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.70%	2.91%	+1.79%
Volatility (6M) Calculated over the trailing 6-month period	11.02%	8.86%	+2.16%
Volatility (1Y) Calculated over the trailing 1-year period	13.46%	11.13%	+2.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.65%	15.59%	-1.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.84%	17.96%	-4.12%

HDQVX vs. ETJ - Expense Ratio Comparison

HDQVX has a 1.27% expense ratio, which is higher than ETJ's 0.01% expense ratio.

Dividends

HDQVX vs. ETJ - Dividend Comparison

HDQVX's dividend yield for the trailing twelve months is around 6.51%, less than ETJ's 9.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ETJ Eaton Vance Risk-Managed Diversified Equity Income Fund	9.21%	8.86%	8.16%	8.86%	11.68%	8.53%	8.79%	9.77%	11.23%	9.82%	12.46%	10.98%
HDQVX Janus Henderson International Dividend Fund Class S	6.51%	7.52%	6.41%	2.94%	4.25%	4.63%	3.29%	3.26%	4.24%	2.16%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HDQVX and ETJ in my portfolio?

HDQVX and ETJ have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HDQVX or ETJ?

HDQVX has higher volatility (4.70%) compared to ETJ (2.91%). In terms of maximum drawdown, HDQVX dropped -28.56% vs ETJ's -32.81%.

Which has better risk-adjusted returns?

HDQVX currently has the higher Sharpe Ratio (2.02 vs 0.38), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.