HFQTX vs. FZILX

Last updated Jun 25, 2026

HFQTX (Janus Henderson Global Equity Income Fund Class T) and FZILX (Fidelity ZERO International Index Fund) are both mutual funds - HFQTX is a Global Equity Income fund tracking the MSCI World Index, while FZILX is a Foreign Large Cap Equities fund tracking the Fidelity Global ex U.S. Index. Both are passively managed. Over the past 5 years, HFQTX returned 10.78%/yr vs 8.88%/yr for FZILX. Their correlation of 0.89 suggests significant overlap in exposure. HFQTX charges 0.95%/yr vs 0.00%/yr for FZILX.

Performance

HFQTX vs. FZILX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Henderson Global Equity Income Fund Class T (HFQTX) and Fidelity ZERO International Index Fund (FZILX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HFQTX achieves a 12.20% return, which is significantly lower than FZILX's 13.24% return.

HFQTX

• 1D: -1.11%
• 1M: 1.26%
• YTD: 12.20%
• 6M: 12.51%
• 1Y: 24.39%
• 3Y*: 18.30%
• 5Y*: 10.78%
• 10Y*: —

FZILX

• 1D: -2.85%
• 1M: 0.48%
• YTD: 13.24%
• 6M: 13.24%
• 1Y: 28.61%
• 3Y*: 19.59%
• 5Y*: 8.88%
• 10Y*: —

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

HFQTX vs. FZILX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
HFQTX Janus Henderson Global Equity Income Fund Class T	12.20%	29.80%	7.08%	10.40%	-6.41%	12.85%	1.59%	21.13%	-10.22%
FZILX Fidelity ZERO International Index Fund	13.24%	33.52%	5.32%	16.28%	-15.96%	8.19%	11.06%	21.69%	-9.38%

Correlation

The correlation between HFQTX and FZILX is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (All Time) Calculated using the full available price history since Aug 16, 2018	0.89

The correlation between HFQTX and FZILX has been stable across timeframes, ranging from 0.83 to 0.89 - a consistent structural relationship.

Return for Risk

HFQTX vs. FZILX — Risk / Return Rank

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

HFQTX

HFQTX Risk / Return Rank: 63
HFQTX Sharpe Ratio Rank: 72
HFQTX Sortino Ratio Rank: 66
HFQTX Omega Ratio Rank: 72
HFQTX Calmar Ratio Rank: 55
HFQTX Martin Ratio Rank: 50

FZILX

FZILX Risk / Return Rank: 52
FZILX Sharpe Ratio Rank: 51
FZILX Sortino Ratio Rank: 46
FZILX Omega Ratio Rank: 52
FZILX Calmar Ratio Rank: 56
FZILX Martin Ratio Rank: 55

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.

HFQTX vs. FZILX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson Global Equity Income Fund Class T (HFQTX) and Fidelity ZERO International Index Fund (FZILX). 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.

	HFQTX	FZILX	Difference
Sharpe ratio: Return per unit of total volatility	2.19	1.94	+0.25
Sortino ratio: Return per unit of downside risk	2.96	2.62	+0.34
Omega ratio: Gain probability vs. loss probability	1.42	1.36	+0.05
Calmar ratio: Return relative to maximum drawdown	2.59	2.73	-0.14
Martin ratio: Return relative to average drawdown	9.23	10.51	-1.28

HFQTX vs. FZILX - Sharpe Ratio Comparison

The current HFQTX Sharpe Ratio is 2.19, which is comparable to the FZILX Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of HFQTX and FZILX, 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

HFQTX vs. FZILX - Drawdown Comparison

The maximum HFQTX drawdown since its inception was -34.53%, roughly equal to the maximum FZILX drawdown of -34.37%. Use the drawdown chart below to compare losses from any high point for HFQTX and FZILX.

Drawdown Indicators

	HFQTX	FZILX	Difference
Max Drawdown Largest peak-to-trough decline	-34.53%	-34.37%	-0.16%
Max Drawdown (1Y) Largest decline over 1 year	-10.02%	-11.24%	+1.22%
Max Drawdown (3Y) Largest decline over 3 years	-12.18%	-13.47%	+1.29%
Max Drawdown (5Y) Largest decline over 5 years	-21.72%	-29.87%	+8.15%
Current Drawdown Current decline from peak	-1.71%	-2.85%	+1.14%
Average Drawdown Average peak-to-trough decline	-5.74%	-6.66%	+0.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.81%	2.92%	-0.11%

Volatility

HFQTX vs. FZILX - Volatility Comparison

The current volatility for Janus Henderson Global Equity Income Fund Class T (HFQTX) is 3.88%, while Fidelity ZERO International Index Fund (FZILX) has a volatility of 7.02%. This indicates that HFQTX experiences smaller price fluctuations and is considered to be less risky than FZILX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HFQTX	FZILX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.88%	7.02%	-3.14%
Volatility (6M) Calculated over the trailing 6-month period	10.04%	13.81%	-3.77%
Volatility (1Y) Calculated over the trailing 1-year period	11.84%	15.85%	-4.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.04%	15.77%	-2.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.88%	17.41%	-2.53%

HFQTX vs. FZILX - Expense Ratio Comparison

HFQTX has a 0.95% expense ratio, which is higher than FZILX's 0.00% expense ratio.

Dividends

HFQTX vs. FZILX - Dividend Comparison

HFQTX's dividend yield for the trailing twelve months is around 6.12%, more than FZILX's 2.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FZILX Fidelity ZERO International Index Fund	2.36%	2.67%	3.00%	2.98%	2.71%	2.61%	1.64%	2.37%	0.02%	0.00%
HFQTX Janus Henderson Global Equity Income Fund Class T	6.12%	6.80%	8.18%	8.08%	8.26%	7.10%	7.47%	6.99%	7.85%	5.06%

Frequently Asked Questions

Can I hold both HFQTX and FZILX in my portfolio?

HFQTX and FZILX have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HFQTX or FZILX?

FZILX has higher volatility (7.02%) compared to HFQTX (3.88%). In terms of maximum drawdown, HFQTX dropped -34.53% vs FZILX's -34.37%.

Which has better risk-adjusted returns?

HFQTX currently has the higher Sharpe Ratio (2.19 vs 1.94), 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.