HFEAX vs. JAGTX

Last updated Jun 4, 2026

HFEAX (Janus Henderson European Focus Fund) and JAGTX (Janus Global Technology and Innovation Fund) are both mutual funds - HFEAX is a Europe Equities fund managed by Janus Henderson, while JAGTX is a Technology Equities fund tracking the MSCI All Country World Information Technology Index. Over the past 10 years, HFEAX returned 8.82%/yr vs 25.82%/yr for JAGTX. A 0.60 correlation means they provide meaningful diversification when combined. HFEAX charges 1.30%/yr vs 0.91%/yr for JAGTX.

Performance

HFEAX vs. JAGTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Henderson European Focus Fund (HFEAX) and Janus Global Technology and Innovation Fund (JAGTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HFEAX achieves a 5.19% return, which is significantly lower than JAGTX's 35.15% return. Over the past 10 years, HFEAX has underperformed JAGTX with an annualized return of 8.82%, while JAGTX has yielded a comparatively higher 25.82% annualized return.

HFEAX

• 1D: 1.12%
• 1M: 5.67%
• YTD: 5.19%
• 6M: 8.46%
• 1Y: 18.12%
• 3Y*: 17.85%
• 5Y*: 8.95%
• 10Y*: 8.82%

JAGTX

• 1D: 0.96%
• 1M: 18.03%
• YTD: 35.15%
• 6M: 35.29%
• 1Y: 60.17%
• 3Y*: 41.86%
• 5Y*: 21.73%
• 10Y*: 25.82%

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

HFEAX vs. JAGTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HFEAX Janus Henderson European Focus Fund	5.19%	39.88%	2.11%	18.26%	-16.11%	18.83%	26.49%	31.42%	-27.83%	16.11%
JAGTX Janus Global Technology and Innovation Fund	35.15%	24.86%	47.04%	55.16%	-37.69%	17.39%	51.00%	45.08%	0.78%	44.62%

Correlation

The correlation between HFEAX and JAGTX is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (10Y) Calculated over the trailing 10-year period	0.61
Correlation (All Time) Calculated using the full available price history since Sep 17, 2001	0.60

The correlation between HFEAX and JAGTX has been stable across timeframes, ranging from 0.57 to 0.63 - a consistent structural relationship.

Return for Risk

HFEAX vs. JAGTX — Risk / Return Rank

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

HFEAX

HFEAX Risk / Return Rank: 14
HFEAX Sharpe Ratio Rank: 15
HFEAX Sortino Ratio Rank: 15
HFEAX Omega Ratio Rank: 14
HFEAX Calmar Ratio Rank: 13
HFEAX Martin Ratio Rank: 16

JAGTX

JAGTX Risk / Return Rank: 79
JAGTX Sharpe Ratio Rank: 90
JAGTX Sortino Ratio Rank: 77
JAGTX Omega Ratio Rank: 75
JAGTX Calmar Ratio Rank: 83
JAGTX Martin Ratio Rank: 69

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. JAGTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson European Focus Fund (HFEAX) and Janus Global Technology and Innovation Fund (JAGTX). 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.

	HFEAX	JAGTX	Difference
Sharpe ratio: Return per unit of total volatility	1.07	2.99	-1.92
Sortino ratio: Return per unit of downside risk	1.59	3.67	-2.08
Omega ratio: Gain probability vs. loss probability	1.19	1.49	-0.30
Calmar ratio: Return relative to maximum drawdown	1.22	3.88	-2.66
Martin ratio: Return relative to average drawdown	4.38	13.27	-8.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HFEAX vs. JAGTX - Sharpe Ratio Comparison

The current HFEAX Sharpe Ratio is 1.07, which is lower than the JAGTX Sharpe Ratio of 2.99. The chart below compares the historical Sharpe Ratios of HFEAX and JAGTX, 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

	HFEAX	JAGTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.07	2.99	-1.92
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	0.81	-0.32
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.47	1.05	-0.58
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.51	+0.06

Drawdowns

HFEAX vs. JAGTX - Drawdown Comparison

The maximum HFEAX drawdown since its inception was -66.73%, smaller than the maximum JAGTX drawdown of -84.57%. Use the drawdown chart below to compare losses from any high point for HFEAX and JAGTX.

Drawdown Indicators

	HFEAX	JAGTX	Difference
Max Drawdown Largest peak-to-trough decline	-66.73%	-84.57%	+17.84%
Max Drawdown (1Y) Largest decline over 1 year	-14.43%	-15.95%	+1.52%
Max Drawdown (3Y) Largest decline over 3 years	-14.43%	-23.94%	+9.51%
Max Drawdown (5Y) Largest decline over 5 years	-33.16%	-46.52%	+13.36%
Max Drawdown (10Y) Largest decline over 10 years	-36.73%	-46.52%	+9.79%
Current Drawdown Current decline from peak	-0.55%	0.00%	-0.55%
Average Drawdown Average peak-to-trough decline	-10.87%	-39.83%	+28.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.01%	4.65%	-0.64%

Volatility

HFEAX vs. JAGTX - Volatility Comparison

Janus Henderson European Focus Fund (HFEAX) and Janus Global Technology and Innovation Fund (JAGTX) have volatilities of 6.45% and 6.73%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HFEAX	JAGTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.45%	6.73%	-0.28%
Volatility (6M) Calculated over the trailing 6-month period	13.95%	17.01%	-3.06%
Volatility (1Y) Calculated over the trailing 1-year period	16.50%	20.67%	-4.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.05%	26.82%	-8.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.89%	24.78%	-5.89%

HFEAX vs. JAGTX - Expense Ratio Comparison

HFEAX has a 1.30% expense ratio, which is higher than JAGTX's 0.91% expense ratio.

Dividends

HFEAX vs. JAGTX - Dividend Comparison

HFEAX's dividend yield for the trailing twelve months is around 1.07%, less than JAGTX's 10.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HFEAX Janus Henderson European Focus Fund	1.07%	1.12%	1.45%	2.18%	2.40%	0.13%	0.28%	0.98%	4.26%	1.70%	2.59%	0.72%
JAGTX Janus Global Technology and Innovation Fund	10.13%	13.69%	23.66%	0.78%	0.00%	16.05%	9.00%	8.62%	6.56%	7.50%	4.85%	8.12%

Frequently Asked Questions

Can I hold both HFEAX and JAGTX in my portfolio?

HFEAX and JAGTX have a correlation of 0.57, 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 JAGTX?

JAGTX has higher volatility (6.73%) compared to HFEAX (6.45%). In terms of maximum drawdown, HFEAX dropped -66.73% vs JAGTX's -84.57%.

Which has better risk-adjusted returns?

JAGTX currently has the higher Sharpe Ratio (2.99 vs 1.07), 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.