HFQAX vs. KGIIX

Last updated Jun 23, 2026

HFQAX (Janus Henderson Global Equity Income Fund) and KGIIX (Kopernik International Fund) are both Foreign Large Cap Equities funds. Over the past 10 years, HFQAX returned 8.69%/yr vs 9.50%/yr for KGIIX. A 0.58 correlation means they provide meaningful diversification when combined. HFQAX charges 1.24%/yr vs 1.04%/yr for KGIIX.

Performance

HFQAX vs. KGIIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Henderson Global Equity Income Fund (HFQAX) and Kopernik International Fund (KGIIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HFQAX achieves a 13.36% return, which is significantly higher than KGIIX's 5.23% return. Over the past 10 years, HFQAX has underperformed KGIIX with an annualized return of 8.69%, while KGIIX has yielded a comparatively higher 9.50% annualized return.

HFQAX

• 1D: 0.25%
• 1M: 2.38%
• YTD: 13.36%
• 6M: 14.14%
• 1Y: 27.46%
• 3Y*: 17.68%
• 5Y*: 11.10%
• 10Y*: 8.69%

KGIIX

• 1D: -1.47%
• 1M: -3.21%
• YTD: 5.23%
• 6M: 5.37%
• 1Y: 28.39%
• 3Y*: 16.79%
• 5Y*: 8.57%
• 10Y*: 9.50%

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

HFQAX vs. KGIIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HFQAX Janus Henderson Global Equity Income Fund	13.36%	29.61%	6.86%	10.17%	-6.59%	12.45%	1.66%	20.87%	-15.86%	19.14%
KGIIX Kopernik International Fund	5.23%	54.97%	-7.01%	13.86%	-14.05%	16.62%	18.94%	16.37%	-6.24%	10.50%

Correlation

The correlation between HFQAX and KGIIX is 0.54, 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	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (10Y) Calculated over the trailing 10-year period	0.58
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.58

The correlation between HFQAX and KGIIX has been stable across timeframes, ranging from 0.52 to 0.61 - a consistent structural relationship.

Return for Risk

HFQAX vs. KGIIX — Risk / Return Rank

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

HFQAX

HFQAX Risk / Return Rank: 63
HFQAX Sharpe Ratio Rank: 74
HFQAX Sortino Ratio Rank: 66
HFQAX Omega Ratio Rank: 71
HFQAX Calmar Ratio Rank: 54
HFQAX Martin Ratio Rank: 49

KGIIX

KGIIX Risk / Return Rank: 54
KGIIX Sharpe Ratio Rank: 57
KGIIX Sortino Ratio Rank: 48
KGIIX Omega Ratio Rank: 53
KGIIX Calmar Ratio Rank: 70
KGIIX Martin Ratio Rank: 43

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.

HFQAX vs. KGIIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson Global Equity Income Fund (HFQAX) and Kopernik International Fund (KGIIX). 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.

	HFQAX	KGIIX	Difference
Sharpe ratio: Return per unit of total volatility	2.30	2.05	+0.25
Sortino ratio: Return per unit of downside risk	3.10	2.67	+0.43
Omega ratio: Gain probability vs. loss probability	1.43	1.37	+0.06
Calmar ratio: Return relative to maximum drawdown	2.69	3.08	-0.40
Martin ratio: Return relative to average drawdown	9.58	8.60	+0.99

HFQAX vs. KGIIX - Sharpe Ratio Comparison

The current HFQAX Sharpe Ratio is 2.30, which is comparable to the KGIIX Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of HFQAX and KGIIX, 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

HFQAX vs. KGIIX - Drawdown Comparison

The maximum HFQAX drawdown since its inception was -52.77%, which is greater than KGIIX's maximum drawdown of -27.81%. Use the drawdown chart below to compare losses from any high point for HFQAX and KGIIX.

Drawdown Indicators

	HFQAX	KGIIX	Difference
Max Drawdown Largest peak-to-trough decline	-52.77%	-27.81%	-24.96%
Max Drawdown (1Y) Largest decline over 1 year	-9.99%	-8.76%	-1.23%
Max Drawdown (3Y) Largest decline over 3 years	-12.20%	-13.58%	+1.38%
Max Drawdown (5Y) Largest decline over 5 years	-21.83%	-27.81%	+5.98%
Max Drawdown (10Y) Largest decline over 10 years	-34.79%	-27.81%	-6.98%
Current Drawdown Current decline from peak	-0.61%	-8.26%	+7.65%
Average Drawdown Average peak-to-trough decline	-10.84%	-6.11%	-4.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.80%	3.14%	-0.34%

Volatility

HFQAX vs. KGIIX - Volatility Comparison

Janus Henderson Global Equity Income Fund (HFQAX) and Kopernik International Fund (KGIIX) have volatilities of 3.86% and 3.68%, 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

	HFQAX	KGIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.86%	3.68%	+0.18%
Volatility (6M) Calculated over the trailing 6-month period	9.87%	10.73%	-0.86%
Volatility (1Y) Calculated over the trailing 1-year period	11.69%	13.21%	-1.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.08%	13.26%	-0.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.74%	12.66%	+2.08%

HFQAX vs. KGIIX - Expense Ratio Comparison

HFQAX has a 1.24% expense ratio, which is higher than KGIIX's 1.04% expense ratio.

Dividends

HFQAX vs. KGIIX - Dividend Comparison

HFQAX's dividend yield for the trailing twelve months is around 5.88%, less than KGIIX's 13.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HFQAX Janus Henderson Global Equity Income Fund	5.88%	6.59%	7.96%	7.89%	8.02%	6.92%	7.25%	6.80%	7.66%	6.03%	6.77%	6.60%
KGIIX Kopernik International Fund	13.55%	14.26%	0.48%	12.56%	2.46%	5.77%	2.89%	2.50%	1.19%	1.35%	0.33%	0.00%

Frequently Asked Questions

Can I hold both HFQAX and KGIIX in my portfolio?

HFQAX and KGIIX have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HFQAX or KGIIX?

HFQAX has higher volatility (3.86%) compared to KGIIX (3.68%). In terms of maximum drawdown, HFQAX dropped -52.77% vs KGIIX's -27.81%.

Which has better risk-adjusted returns?

HFQAX currently has the higher Sharpe Ratio (2.30 vs 2.05), 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.