HFQAX vs. MCSFX

Last updated Jun 5, 2026

HFQAX (Janus Henderson Global Equity Income Fund) and MCSFX (MFS Commodity Strategy Fund) are both mutual funds - HFQAX is a Foreign Large Cap Equities fund managed by Janus Henderson, while MCSFX is a Commodities fund managed by MFS. Over the past 5 years, HFQAX returned 10.19%/yr vs 10.39%/yr for MCSFX. At a 0.30 correlation, their price movements are largely independent. HFQAX charges 1.24%/yr vs 1.89%/yr for MCSFX.

Performance

HFQAX vs. MCSFX - Performance Comparison

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

Returns By Period

In the year-to-date period, HFQAX achieves a 12.24% return, which is significantly lower than MCSFX's 24.44% return.

HFQAX

• 1D: -0.25%
• 1M: 2.93%
• YTD: 12.24%
• 6M: 14.23%
• 1Y: 26.40%
• 3Y*: 18.18%
• 5Y*: 10.19%
• 10Y*: 8.42%

MCSFX

• 1D: 0.00%
• 1M: -1.54%
• YTD: 24.44%
• 6M: 24.29%
• 1Y: 37.92%
• 3Y*: 16.16%
• 5Y*: 10.39%
• 10Y*: —

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

HFQAX vs. MCSFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
HFQAX Janus Henderson Global Equity Income Fund	12.24%	29.61%	6.86%	10.17%	-6.59%	12.45%	1.66%	8.88%
MCSFX MFS Commodity Strategy Fund	24.44%	17.09%	4.32%	-7.25%	12.27%	26.40%	-1.34%	-1.69%

Correlation

The correlation between HFQAX and MCSFX is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.08
Correlation (3Y) Calculated over the trailing 3-year period	0.23
Correlation (5Y) Calculated over the trailing 5-year period	0.28
Correlation (All Time) Calculated using the full available price history since Mar 21, 2019	0.30

Over the past year, the correlation between HFQAX and MCSFX has dropped to 0.08 - well below their long-term average of 0.30, suggesting their price drivers have been diverging.

Return for Risk

HFQAX vs. MCSFX — Risk / Return Rank

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

HFQAX

HFQAX Risk / Return Rank: 57
HFQAX Sharpe Ratio Rank: 66
HFQAX Sortino Ratio Rank: 58
HFQAX Omega Ratio Rank: 65
HFQAX Calmar Ratio Rank: 50
HFQAX Martin Ratio Rank: 47

MCSFX

MCSFX Risk / Return Rank: 74
MCSFX Sharpe Ratio Rank: 73
MCSFX Sortino Ratio Rank: 56
MCSFX Omega Ratio Rank: 66
MCSFX Calmar Ratio Rank: 91
MCSFX Martin Ratio Rank: 82

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. MCSFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson Global Equity Income Fund (HFQAX) and MFS Commodity Strategy Fund (MCSFX). 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.

	HFQAX	MCSFX	Difference
Sharpe ratio: Return per unit of total volatility	2.38	2.44	-0.07
Sortino ratio: Return per unit of downside risk	3.21	3.08	+0.13
Omega ratio: Gain probability vs. loss probability	1.45	1.44	0.00
Calmar ratio: Return relative to maximum drawdown	2.69	4.70	-2.00
Martin ratio: Return relative to average drawdown	9.65	14.81	-5.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HFQAX vs. MCSFX - Sharpe Ratio Comparison

The current HFQAX Sharpe Ratio is 2.38, which is comparable to the MCSFX Sharpe Ratio of 2.44. The chart below compares the historical Sharpe Ratios of HFQAX and MCSFX, 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

	HFQAX	MCSFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.38	2.44	-0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.79	0.31	+0.48
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	0.33	0.00

Drawdowns

HFQAX vs. MCSFX - Drawdown Comparison

The maximum HFQAX drawdown since its inception was -52.77%, which is greater than MCSFX's maximum drawdown of -37.16%. Use the drawdown chart below to compare losses from any high point for HFQAX and MCSFX.

Drawdown Indicators

	HFQAX	MCSFX	Difference
Max Drawdown Largest peak-to-trough decline	-52.77%	-37.16%	-15.61%
Max Drawdown (1Y) Largest decline over 1 year	-9.99%	-8.19%	-1.80%
Max Drawdown (3Y) Largest decline over 3 years	-12.20%	-9.60%	-2.60%
Max Drawdown (5Y) Largest decline over 5 years	-21.83%	-37.16%	+15.33%
Max Drawdown (10Y) Largest decline over 10 years	-34.79%	—	—
Current Drawdown Current decline from peak	-1.53%	-3.03%	+1.50%
Average Drawdown Average peak-to-trough decline	-10.87%	-18.28%	+7.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.78%	2.59%	+0.19%

Volatility

HFQAX vs. MCSFX - Volatility Comparison

Janus Henderson Global Equity Income Fund (HFQAX) and MFS Commodity Strategy Fund (MCSFX) have volatilities of 4.40% and 4.44%, 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	MCSFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.40%	4.44%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	9.39%	13.69%	-4.30%
Volatility (1Y) Calculated over the trailing 1-year period	11.32%	15.73%	-4.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.04%	34.15%	-21.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.75%	29.56%	-14.81%

HFQAX vs. MCSFX - Expense Ratio Comparison

HFQAX has a 1.24% expense ratio, which is lower than MCSFX's 1.89% expense ratio.

Dividends

HFQAX vs. MCSFX - Dividend Comparison

HFQAX's dividend yield for the trailing twelve months is around 5.94%, less than MCSFX's 12.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HFQAX Janus Henderson Global Equity Income Fund	5.94%	6.59%	7.96%	7.89%	8.02%	6.92%	7.25%	6.80%	7.66%	6.03%	6.77%	6.60%
MCSFX MFS Commodity Strategy Fund	12.09%	15.05%	2.25%	1.04%	26.24%	54.80%	0.15%	0.86%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HFQAX and MCSFX in my portfolio?

HFQAX and MCSFX have a correlation of 0.08, 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 MCSFX?

MCSFX has higher volatility (4.44%) compared to HFQAX (4.40%). In terms of maximum drawdown, HFQAX dropped -52.77% vs MCSFX's -37.16%.

Which has better risk-adjusted returns?

MCSFX currently has the higher Sharpe Ratio (2.44 vs 2.38), 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.