HFEDX vs. VESIX

Last updated Jun 5, 2026

HFEDX (Janus Henderson European Focus Fund Class D) and VESIX (Vanguard European Stock Index Fund Institutional Shares) are both Europe Equities funds. Over the past 5 years, HFEDX returned 8.84%/yr vs 8.26%/yr for VESIX. Their correlation of 0.92 suggests significant overlap in exposure. HFEDX charges 1.09%/yr vs 0.08%/yr for VESIX.

Performance

HFEDX vs. VESIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Henderson European Focus Fund Class D (HFEDX) and Vanguard European Stock Index Fund Institutional Shares (VESIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HFEDX achieves a 4.15% return, which is significantly lower than VESIX's 5.77% return.

HFEDX

• 1D: -1.07%
• 1M: 2.77%
• YTD: 4.15%
• 6M: 7.31%
• 1Y: 16.63%
• 3Y*: 17.67%
• 5Y*: 8.84%
• 10Y*: —

VESIX

• 1D: -1.24%
• 1M: 1.32%
• YTD: 5.77%
• 6M: 8.92%
• 1Y: 17.51%
• 3Y*: 16.40%
• 5Y*: 8.26%
• 10Y*: 9.26%

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

HFEDX vs. VESIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HFEDX Janus Henderson European Focus Fund Class D	4.15%	40.19%	2.31%	18.49%	-15.97%	19.07%	26.76%	31.66%	-27.68%	7.43%
VESIX Vanguard European Stock Index Fund Institutional Shares	5.77%	35.43%	2.02%	20.03%	-16.07%	16.31%	6.46%	24.24%	-14.78%	8.27%

Correlation

The correlation between HFEDX and VESIX 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 (All Time) Calculated using the full available price history since Jun 12, 2017	0.92

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

Return for Risk

HFEDX vs. VESIX — Risk / Return Rank

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

HFEDX

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

VESIX

VESIX Risk / Return Rank: 19
VESIX Sharpe Ratio Rank: 18
VESIX Sortino Ratio Rank: 18
VESIX Omega Ratio Rank: 18
VESIX Calmar Ratio Rank: 18
VESIX 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.

HFEDX vs. VESIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson European Focus Fund Class D (HFEDX) and Vanguard European Stock Index Fund Institutional Shares (VESIX). 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.

	HFEDX	VESIX	Difference
Sharpe ratio: Return per unit of total volatility	1.04	1.20	-0.16
Sortino ratio: Return per unit of downside risk	1.55	1.75	-0.20
Omega ratio: Gain probability vs. loss probability	1.19	1.22	-0.03
Calmar ratio: Return relative to maximum drawdown	1.19	1.52	-0.33
Martin ratio: Return relative to average drawdown	4.29	5.62	-1.33
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HFEDX vs. VESIX - Sharpe Ratio Comparison

The current HFEDX Sharpe Ratio is 1.04, which is comparable to the VESIX Sharpe Ratio of 1.20. The chart below compares the historical Sharpe Ratios of HFEDX and VESIX, 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

	HFEDX	VESIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.04	1.20	-0.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.49	0.48	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.51	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	0.26	+0.26

Drawdowns

HFEDX vs. VESIX - Drawdown Comparison

The maximum HFEDX drawdown since its inception was -36.47%, smaller than the maximum VESIX drawdown of -63.25%. Use the drawdown chart below to compare losses from any high point for HFEDX and VESIX.

Drawdown Indicators

	HFEDX	VESIX	Difference
Max Drawdown Largest peak-to-trough decline	-36.47%	-63.25%	+26.78%
Max Drawdown (1Y) Largest decline over 1 year	-14.41%	-11.96%	-2.45%
Max Drawdown (3Y) Largest decline over 3 years	-14.41%	-13.94%	-0.47%
Max Drawdown (5Y) Largest decline over 5 years	-33.04%	-32.68%	-0.36%
Max Drawdown (10Y) Largest decline over 10 years	—	-36.85%	—
Current Drawdown Current decline from peak	-1.54%	-2.36%	+0.82%
Average Drawdown Average peak-to-trough decline	-9.17%	-15.22%	+6.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.99%	3.23%	+0.76%

Volatility

HFEDX vs. VESIX - Volatility Comparison

Janus Henderson European Focus Fund Class D (HFEDX) has a higher volatility of 6.31% compared to Vanguard European Stock Index Fund Institutional Shares (VESIX) at 5.38%. This indicates that HFEDX's price experiences larger fluctuations and is considered to be riskier than VESIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HFEDX	VESIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.31%	5.38%	+0.93%
Volatility (6M) Calculated over the trailing 6-month period	14.00%	12.58%	+1.42%
Volatility (1Y) Calculated over the trailing 1-year period	16.53%	15.24%	+1.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.05%	17.39%	+0.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.91%	18.24%	+0.67%

HFEDX vs. VESIX - Expense Ratio Comparison

HFEDX has a 1.09% expense ratio, which is higher than VESIX's 0.08% expense ratio.

Dividends

HFEDX vs. VESIX - Dividend Comparison

HFEDX's dividend yield for the trailing twelve months is around 1.27%, less than VESIX's 2.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HFEDX Janus Henderson European Focus Fund Class D	1.27%	1.33%	1.68%	2.38%	2.64%	0.31%	0.45%	1.22%	4.73%	2.26%	0.00%	0.00%
VESIX Vanguard European Stock Index Fund Institutional Shares	2.81%	2.86%	3.60%	3.15%	3.25%	3.04%	2.10%	3.28%	3.95%	2.72%	3.54%	3.27%

Frequently Asked Questions

Can I hold both HFEDX and VESIX in my portfolio?

HFEDX and VESIX 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, HFEDX or VESIX?

HFEDX has higher volatility (6.31%) compared to VESIX (5.38%). In terms of maximum drawdown, HFEDX dropped -36.47% vs VESIX's -63.25%.

Which has better risk-adjusted returns?

VESIX currently has the higher Sharpe Ratio (1.20 vs 1.04), 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.