HFEAX vs. VEUPX

Last updated Jun 4, 2026

HFEAX (Janus Henderson European Focus Fund) and VEUPX (Vanguard European Stock Index Fund Institutional Plus Shares) are both Europe Equities funds. Over the past 10 years, HFEAX returned 8.82%/yr vs 9.41%/yr for VEUPX. Their correlation of 0.91 suggests significant overlap in exposure. HFEAX charges 1.30%/yr vs 0.07%/yr for VEUPX.

Performance

HFEAX vs. VEUPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Henderson European Focus Fund (HFEAX) and Vanguard European Stock Index Fund Institutional Plus Shares (VEUPX). 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 VEUPX's 7.09% return. Over the past 10 years, HFEAX has underperformed VEUPX with an annualized return of 8.82%, while VEUPX has yielded a comparatively higher 9.41% 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%

VEUPX

• 1D: 0.41%
• 1M: 3.96%
• YTD: 7.09%
• 6M: 10.14%
• 1Y: 19.65%
• 3Y*: 16.90%
• 5Y*: 8.72%
• 10Y*: 9.41%

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

HFEAX vs. VEUPX - 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%
VEUPX Vanguard European Stock Index Fund Institutional Plus Shares	7.09%	35.46%	2.04%	20.01%	-16.03%	16.31%	6.46%	24.25%	-14.77%	27.12%

Correlation

The correlation between HFEAX and VEUPX is 0.88, 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	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Dec 14, 2010	0.91

The correlation between HFEAX and VEUPX has been stable across timeframes, ranging from 0.88 to 0.93 - a consistent structural relationship.

Return for Risk

HFEAX vs. VEUPX — 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

VEUPX

VEUPX Risk / Return Rank: 19
VEUPX Sharpe Ratio Rank: 19
VEUPX Sortino Ratio Rank: 18
VEUPX Omega Ratio Rank: 18
VEUPX Calmar Ratio Rank: 19
VEUPX Martin Ratio Rank: 23

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. VEUPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson European Focus Fund (HFEAX) and Vanguard European Stock Index Fund Institutional Plus Shares (VEUPX). 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	VEUPX	Difference
Sharpe ratio: Return per unit of total volatility	1.07	1.24	-0.17
Sortino ratio: Return per unit of downside risk	1.59	1.80	-0.21
Omega ratio: Gain probability vs. loss probability	1.19	1.22	-0.03
Calmar ratio: Return relative to maximum drawdown	1.22	1.57	-0.35
Martin ratio: Return relative to average drawdown	4.38	5.81	-1.42
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. VEUPX - Sharpe Ratio Comparison

The current HFEAX Sharpe Ratio is 1.07, which is comparable to the VEUPX Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of HFEAX and VEUPX, 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	VEUPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.07	1.24	-0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	0.50	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.47	0.52	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.40	+0.18

Drawdowns

HFEAX vs. VEUPX - Drawdown Comparison

The maximum HFEAX drawdown since its inception was -66.73%, which is greater than VEUPX's maximum drawdown of -36.83%. Use the drawdown chart below to compare losses from any high point for HFEAX and VEUPX.

Drawdown Indicators

	HFEAX	VEUPX	Difference
Max Drawdown Largest peak-to-trough decline	-66.73%	-36.83%	-29.90%
Max Drawdown (1Y) Largest decline over 1 year	-14.43%	-11.96%	-2.47%
Max Drawdown (3Y) Largest decline over 3 years	-14.43%	-13.96%	-0.47%
Max Drawdown (5Y) Largest decline over 5 years	-33.16%	-32.69%	-0.47%
Max Drawdown (10Y) Largest decline over 10 years	-36.73%	-36.83%	+0.10%
Current Drawdown Current decline from peak	-0.55%	-1.14%	+0.59%
Average Drawdown Average peak-to-trough decline	-10.87%	-8.38%	-2.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.01%	3.23%	+0.78%

Volatility

HFEAX vs. VEUPX - Volatility Comparison

Janus Henderson European Focus Fund (HFEAX) has a higher volatility of 6.45% compared to Vanguard European Stock Index Fund Institutional Plus Shares (VEUPX) at 5.48%. This indicates that HFEAX's price experiences larger fluctuations and is considered to be riskier than VEUPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HFEAX	VEUPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.45%	5.48%	+0.97%
Volatility (6M) Calculated over the trailing 6-month period	13.95%	12.53%	+1.42%
Volatility (1Y) Calculated over the trailing 1-year period	16.50%	15.21%	+1.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.05%	17.38%	+0.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.89%	18.24%	+0.65%

HFEAX vs. VEUPX - Expense Ratio Comparison

HFEAX has a 1.30% expense ratio, which is higher than VEUPX's 0.07% expense ratio.

Dividends

HFEAX vs. VEUPX - Dividend Comparison

HFEAX's dividend yield for the trailing twelve months is around 1.07%, less than VEUPX's 2.79% 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%
VEUPX Vanguard European Stock Index Fund Institutional Plus Shares	2.79%	2.87%	3.61%	3.15%	3.26%	3.05%	2.11%	3.29%	3.96%	2.73%	3.54%	3.29%

Frequently Asked Questions

Can I hold both HFEAX and VEUPX in my portfolio?

HFEAX and VEUPX have a correlation of 0.88, 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 VEUPX?

HFEAX has higher volatility (6.45%) compared to VEUPX (5.48%). In terms of maximum drawdown, HFEAX dropped -66.73% vs VEUPX's -36.83%.

Which has better risk-adjusted returns?

VEUPX currently has the higher Sharpe Ratio (1.24 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.