HFEAX vs. BIAHX

Last updated Jun 24, 2026

HFEAX (Janus Henderson European Focus Fund) and BIAHX (Brown Advisory - WMC Strategic European Equity Fund) are both Europe Equities funds. Over the past 10 years, HFEAX returned 9.94%/yr vs 12.43%/yr for BIAHX. Their correlation of 0.87 suggests significant overlap in exposure. HFEAX charges 1.30%/yr vs 1.19%/yr for BIAHX.

Performance

HFEAX vs. BIAHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Henderson European Focus Fund (HFEAX) and Brown Advisory - WMC Strategic European Equity Fund (BIAHX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

Over the past 10 years, HFEAX has underperformed BIAHX with an annualized return of 9.94%, while BIAHX has yielded a comparatively higher 12.43% annualized return.

HFEAX

• 1D: 0.09%
• 1M: 2.91%
• YTD: 6.68%
• 6M: 6.40%
• 1Y: 21.26%
• 3Y*: 18.44%
• 5Y*: 9.63%
• 10Y*: 9.94%

BIAHX

• 1D: -0.61%
• 1M: -0.83%
• YTD: 0.00%
• 6M: -0.38%
• 1Y: 10.15%
• 3Y*: 20.85%
• 5Y*: 12.09%
• 10Y*: 12.43%

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

HFEAX vs. BIAHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HFEAX Janus Henderson European Focus Fund	6.68%	39.88%	2.11%	18.26%	-16.11%	18.83%	26.49%	31.42%	-27.83%	16.11%
BIAHX Brown Advisory - WMC Strategic European Equity Fund	0.00%	47.26%	10.85%	19.36%	-11.95%	14.54%	11.34%	29.43%	-16.60%	32.37%

Correlation

The correlation between HFEAX and BIAHX is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Oct 23, 2013	0.87

The correlation between HFEAX and BIAHX has been stable across timeframes, ranging from 0.81 to 0.88 - a consistent structural relationship.

Return for Risk

HFEAX vs. BIAHX — Risk / Return Rank

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

HFEAX

HFEAX Risk / Return Rank: 23
HFEAX Sharpe Ratio Rank: 24
HFEAX Sortino Ratio Rank: 24
HFEAX Omega Ratio Rank: 23
HFEAX Calmar Ratio Rank: 21
HFEAX Martin Ratio Rank: 25

BIAHX

BIAHX Risk / Return Rank: 10
BIAHX Sharpe Ratio Rank: 10
BIAHX Sortino Ratio Rank: 11
BIAHX Omega Ratio Rank: 10
BIAHX Calmar Ratio Rank: 9
BIAHX Martin Ratio Rank: 9

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.

HFEAX vs. BIAHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson European Focus Fund (HFEAX) and Brown Advisory - WMC Strategic European Equity Fund (BIAHX). 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.

	HFEAX	BIAHX	Difference
Sharpe ratio: Return per unit of total volatility	1.30	0.78	+0.51
Sortino ratio: Return per unit of downside risk	1.88	1.21	+0.67
Omega ratio: Gain probability vs. loss probability	1.23	1.15	+0.08
Calmar ratio: Return relative to maximum drawdown	1.54	0.83	+0.70
Martin ratio: Return relative to average drawdown	5.51	2.42	+3.10

HFEAX vs. BIAHX - Sharpe Ratio Comparison

The current HFEAX Sharpe Ratio is 1.30, which is higher than the BIAHX Sharpe Ratio of 0.78. The chart below compares the historical Sharpe Ratios of HFEAX and BIAHX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

HFEAX vs. BIAHX - Drawdown Comparison

The maximum HFEAX drawdown since its inception was -66.73%, which is greater than BIAHX's maximum drawdown of -34.90%. Use the drawdown chart below to compare losses from any high point for HFEAX and BIAHX.

Drawdown Indicators

	HFEAX	BIAHX	Difference
Max Drawdown Largest peak-to-trough decline	-66.73%	-34.90%	-31.83%
Max Drawdown (1Y) Largest decline over 1 year	-14.43%	-13.18%	-1.25%
Max Drawdown (3Y) Largest decline over 3 years	-14.43%	-13.18%	-1.25%
Max Drawdown (5Y) Largest decline over 5 years	-33.16%	-30.95%	-2.21%
Max Drawdown (10Y) Largest decline over 10 years	-36.73%	-34.90%	-1.83%
Current Drawdown Current decline from peak	0.00%	-7.70%	+7.70%
Average Drawdown Average peak-to-trough decline	-10.85%	-6.03%	-4.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.01%	4.53%	-0.52%

Volatility

HFEAX vs. BIAHX - Volatility Comparison

Janus Henderson European Focus Fund (HFEAX) has a higher volatility of 6.11% compared to Brown Advisory - WMC Strategic European Equity Fund (BIAHX) at 3.94%. This indicates that HFEAX's price experiences larger fluctuations and is considered to be riskier than BIAHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HFEAX	BIAHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.11%	3.94%	+2.17%
Volatility (6M) Calculated over the trailing 6-month period	14.87%	11.83%	+3.04%
Volatility (1Y) Calculated over the trailing 1-year period	17.14%	14.04%	+3.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.19%	16.40%	+1.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.86%	17.22%	+1.64%

HFEAX vs. BIAHX - Expense Ratio Comparison

HFEAX has a 1.30% expense ratio, which is higher than BIAHX's 1.19% expense ratio.

Dividends

HFEAX vs. BIAHX - Dividend Comparison

HFEAX's dividend yield for the trailing twelve months is around 1.05%, less than BIAHX's 7.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BIAHX Brown Advisory - WMC Strategic European Equity Fund	7.60%	7.60%	5.16%	1.13%	2.66%	9.72%	6.39%	9.78%	12.12%	0.83%	1.19%	0.00%
HFEAX Janus Henderson European Focus Fund	1.05%	1.12%	1.45%	2.18%	2.40%	0.13%	0.28%	0.98%	4.26%	1.70%	2.59%	0.72%

Frequently Asked Questions

Can I hold both HFEAX and BIAHX in my portfolio?

HFEAX and BIAHX have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HFEAX or BIAHX?

HFEAX has higher volatility (6.11%) compared to BIAHX (3.94%). In terms of maximum drawdown, HFEAX dropped -66.73% vs BIAHX's -34.90%.

Which has better risk-adjusted returns?

HFEAX currently has the higher Sharpe Ratio (1.30 vs 0.78), 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.