HFAAX vs. TNBMX
HFAAX (Janus Henderson Developed World Bond Fund) and TNBMX (T. Rowe Price International Bond Fund (USD Hedged)) are both Global Bonds funds. Over the past 5 years, HFAAX returned -1.32%/yr vs 1.32%/yr for TNBMX. Their 0.71 correlation means they have sometimes moved together and sometimes differently. HFAAX charges 0.83%/yr vs 0.53%/yr for TNBMX.
Performance
HFAAX vs. TNBMX - Performance Comparison
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Returns By Period
In the year-to-date period, HFAAX achieves a 0.10% return, which is significantly lower than TNBMX's 1.25% return.
HFAAX
- 1D
- 0.26%
- 1M
- -0.95%
- 6M
- -0.21%
- YTD
- 0.10%
- 1Y
- 2.56%
- 3Y*
- 4.37%
- 5Y*
- -1.32%
- 10Y*
- 1.82%
- ALL TIME*
- 3.34%
TNBMX
- 1D
- 0.12%
- 1M
- -0.35%
- 6M
- 0.84%
- YTD
- 1.25%
- 1Y
- 3.45%
- 3Y*
- 5.74%
- 5Y*
- 1.32%
- 10Y*
- —
- ALL TIME*
- 2.87%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
HFAAX vs. TNBMX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HFAAX Janus Henderson Developed World Bond Fund | 0.10% | 5.75% | 1.52% | 6.35% | -16.76% | -0.78% | 9.16% | 9.50% | 0.38% | 0.80% |
TNBMX T. Rowe Price International Bond Fund (USD Hedged) | 1.25% | 5.25% | 5.00% | 10.32% | -12.30% | -1.63% | 5.73% | 10.77% | 1.72% | 1.35% |
Correlation
The correlation between HFAAX and TNBMX is 0.56, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.56 |
Correlation (3Y) Balances recent behavior with more history. | 0.75 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.78 |
Correlation (All Time) Calculated using the full available price history since Sep 13, 2017 | 0.71 |
The correlation between HFAAX and TNBMX shifts across timeframes, from 0.56 (1 year) to 0.78 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
HFAAX vs. TNBMX — Risk / Return Rank
HFAAX
TNBMX
HFAAX vs. TNBMX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Janus Henderson Developed World Bond Fund (HFAAX) and T. Rowe Price International Bond Fund (USD Hedged) (TNBMX). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| HFAAX | TNBMX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.28 | ||
| Sortino ratioReturn per unit of downside risk | -0.57 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.31 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 1.28 | 1.60 | -0.32 |
| Martin ratioReturn relative to average drawdown | 4.30 | 5.53 | -1.24 |
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Drawdowns
HFAAX vs. TNBMX - Drawdown Comparison
The maximum HFAAX drawdown since its inception was -44.89%, which is greater than TNBMX's maximum drawdown of -15.78%. Use the drawdown chart below to compare losses from any high point for HFAAX and TNBMX.
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Drawdown Indicators
| HFAAX | TNBMX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.89% | -15.78% | -29.11% |
Max Drawdown (1Y)Largest decline over 1 year | -2.11% | -2.32% | +0.21% |
Max Drawdown (3Y)Largest decline over 3 years | -5.27% | -2.32% | -2.95% |
Max Drawdown (5Y)Largest decline over 5 years | -21.61% | -15.32% | -6.29% |
Max Drawdown (10Y)Largest decline over 10 years | -21.62% | — | — |
Current DrawdownCurrent decline from peak | -6.43% | -0.59% | -5.84% |
Average DrawdownAverage peak-to-trough decline | -5.17% | -3.01% | -2.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.63% | 0.67% | -0.04% |
Volatility
HFAAX vs. TNBMX - Volatility Comparison
Janus Henderson Developed World Bond Fund (HFAAX) has a higher volatility of 0.92% compared to T. Rowe Price International Bond Fund (USD Hedged) (TNBMX) at 0.62%. This indicates that HFAAX's price experiences larger fluctuations and is considered to be riskier than TNBMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HFAAX | TNBMX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.92% | 0.62% | +0.30% |
Volatility (6M)Calculated over the trailing 6-month period | 2.09% | 2.19% | -0.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.35% | 2.59% | -0.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.88% | 3.65% | +2.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.72% | 3.31% | +1.41% |
HFAAX vs. TNBMX - Expense Ratio Comparison
HFAAX has a 0.83% expense ratio, which is higher than TNBMX's 0.53% expense ratio.
Dividends
HFAAX vs. TNBMX - Dividend Comparison
HFAAX's dividend yield for the trailing twelve months is around 3.74%, less than TNBMX's 4.47% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HFAAX Janus Henderson Developed World Bond Fund | 3.74% | 3.51% | 2.90% | 2.32% | 8.76% | 1.33% | 4.31% | 3.44% | 4.86% | 2.69% | 2.44% | 3.34% |
TNBMX T. Rowe Price International Bond Fund (USD Hedged) | 4.47% | 4.76% | 4.24% | 2.85% | 10.20% | 2.84% | 1.90% | 4.65% | 8.20% | 0.64% | 0.00% | 0.00% |
Frequently Asked Questions
HFAAX and TNBMX have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HFAAX has higher volatility (0.92%) compared to TNBMX (0.62%). In terms of maximum drawdown, HFAAX dropped -44.89% vs TNBMX's -15.78%.
TNBMX currently has the higher Sharpe Ratio (1.44 vs 1.15), 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.
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