HFQAX vs. VHYAX

Last updated Aug 1, 2026

HFQAX (Janus Henderson Global Equity Income Fund) and VHYAX (Vanguard High Dividend Yield Index Fund Admiral Shares) are both mutual funds - HFQAX is a Dividend fund managed by Janus Henderson, while VHYAX is a Large Cap Value Equities fund tracking the FTSE High Dividend Yield Index. Over the past 5 years, HFQAX returned 11.82%/yr vs 12.16%/yr for VHYAX. Their 0.76 correlation means they have sometimes moved together and sometimes differently. HFQAX charges 1.24%/yr vs 0.08%/yr for VHYAX.

Performance

HFQAX vs. VHYAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Henderson Global Equity Income Fund (HFQAX) and Vanguard High Dividend Yield Index Fund Admiral Shares (VHYAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HFQAX achieves a 17.80% return, which is significantly higher than VHYAX's 14.17% return.

HFQAX

• 1D: 1.72%
• 1M: 3.62%
• 6M: 10.24%
• YTD: 17.80%
• 1Y: 30.15%
• 3Y*: 18.64%
• 5Y*: 11.82%
• 10Y*: 8.90%
• ALL TIME*: 5.49%

VHYAX

• 1D: 0.18%
• 1M: 1.48%
• 6M: 9.25%
• YTD: 14.17%
• 1Y: 24.78%
• 3Y*: 16.81%
• 5Y*: 12.16%
• 10Y*: —
• ALL TIME*: 12.69%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HFQAX Janus Henderson Global Equity Income Fund	$0.00	$0.00	$0.00
VHYAX Vanguard High Dividend Yield Index Fund Admiral Shares	$0.00	$0.00	$0.00

HFQAX vs. VHYAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
HFQAX Janus Henderson Global Equity Income Fund	17.80%	29.61%	6.86%	10.17%	-6.59%	12.45%	1.66%	12.60%
VHYAX Vanguard High Dividend Yield Index Fund Admiral Shares	14.17%	15.39%	17.39%	6.68%	-0.45%	26.08%	1.06%	16.67%

Correlation

The correlation between HFQAX and VHYAX is 0.73, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.73
Correlation (3Y) Balances recent behavior with more history.	0.68
Correlation (5Y) Shows whether the relationship held over a longer period.	0.74
Correlation (All Time) Calculated using the full available price history since Feb 7, 2019	0.76

The correlation between HFQAX and VHYAX has been stable across timeframes, ranging from 0.68 to 0.76 - a consistent structural relationship.

Return for Risk

HFQAX vs. VHYAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

HFQAX

HFQAX Risk / Return Rank: 86
HFQAX Sharpe Ratio Rank: 91
HFQAX Sortino Ratio Rank: 87
HFQAX Omega Ratio Rank: 87
HFQAX Calmar Ratio Rank: 84
HFQAX Martin Ratio Rank: 83

VHYAX

VHYAX Risk / Return Rank: 88
VHYAX Sharpe Ratio Rank: 88
VHYAX Sortino Ratio Rank: 86
VHYAX Omega Ratio Rank: 84
VHYAX Calmar Ratio Rank: 90
VHYAX Martin Ratio Rank: 91

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

HFQAX vs. VHYAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson Global Equity Income Fund (HFQAX) and Vanguard High Dividend Yield Index Fund Admiral Shares (VHYAX). 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	VHYAX	Difference
Sharpe ratio: Return per unit of total volatility	2.32	2.16	+0.16
Sortino ratio: Return per unit of downside risk	3.14	3.10	+0.04
Omega ratio: Gain probability vs. loss probability	1.44	1.39	+0.04
Calmar ratio: Return relative to maximum drawdown	2.81	3.31	-0.51
Martin ratio: Return relative to average drawdown	10.08	12.56	-2.48

HFQAX vs. VHYAX - Sharpe Ratio Comparison

The current HFQAX Sharpe Ratio is 2.32, which is comparable to the VHYAX Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of HFQAX and VHYAX, 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. VHYAX - Drawdown Comparison

The maximum HFQAX drawdown since its inception was -52.77%, which is greater than VHYAX's maximum drawdown of -35.14%. Use the drawdown chart below to compare losses from any high point for HFQAX and VHYAX.

Drawdown Indicators

	HFQAX	VHYAX	Difference
Max Drawdown Largest peak-to-trough decline	-52.77%	-35.14%	-17.63%
Max Drawdown (1Y) Largest decline over 1 year	-9.99%	-6.75%	-3.24%
Max Drawdown (3Y) Largest decline over 3 years	-12.20%	-14.42%	+2.22%
Max Drawdown (5Y) Largest decline over 5 years	-21.83%	-15.87%	-5.96%
Max Drawdown (10Y) Largest decline over 10 years	-34.79%	—	—
Current Drawdown Current decline from peak	0.00%	-1.13%	+1.13%
Average Drawdown Average peak-to-trough decline	-10.79%	-3.71%	-7.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.78%	1.79%	+0.99%

Volatility

HFQAX vs. VHYAX - Volatility Comparison

Janus Henderson Global Equity Income Fund (HFQAX) has a higher volatility of 3.78% compared to Vanguard High Dividend Yield Index Fund Admiral Shares (VHYAX) at 2.45%. This indicates that HFQAX's price experiences larger fluctuations and is considered to be riskier than VHYAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HFQAX	VHYAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.78%	2.45%	+1.33%
Volatility (6M) Calculated over the trailing 6-month period	10.34%	7.48%	+2.86%
Volatility (1Y) Calculated over the trailing 1-year period	12.09%	10.37%	+1.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.07%	13.91%	-0.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.44%	17.82%	-3.38%

HFQAX vs. VHYAX - Expense Ratio Comparison

HFQAX has a 1.24% expense ratio, which is higher than VHYAX's 0.08% expense ratio.

Dividends

HFQAX vs. VHYAX - Dividend Comparison

HFQAX's dividend yield for the trailing twelve months is around 5.79%, more than VHYAX's 2.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HFQAX Janus Henderson Global Equity Income Fund	5.79%	6.59%	7.96%	7.89%	8.02%	6.92%	7.25%	6.80%	7.66%	6.03%	6.77%	6.60%
VHYAX Vanguard High Dividend Yield Index Fund Admiral Shares	2.22%	2.42%	2.72%	3.09%	2.98%	2.74%	3.16%	3.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HFQAX and VHYAX in my portfolio?

HFQAX and VHYAX have a correlation of 0.73, 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 VHYAX?

HFQAX has higher volatility (3.78%) compared to VHYAX (2.45%). In terms of maximum drawdown, HFQAX dropped -52.77% vs VHYAX's -35.14%.

Which has better risk-adjusted returns?

HFQAX currently has the higher Sharpe Ratio (2.32 vs 2.16), 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.