PRESX vs. HFEAX

Last updated Jun 24, 2026

PRESX (T. Rowe Price European Stock Fund) and HFEAX (Janus Henderson European Focus Fund) are both Europe Equities funds. Over the past 10 years, PRESX returned 8.15%/yr vs 9.94%/yr for HFEAX. Their correlation of 0.87 suggests significant overlap in exposure. PRESX charges 1.03%/yr vs 1.30%/yr for HFEAX.

Performance

PRESX vs. HFEAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price European Stock Fund (PRESX) and Janus Henderson European Focus Fund (HFEAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PRESX achieves a 5.15% return, which is significantly lower than HFEAX's 6.68% return. Over the past 10 years, PRESX has underperformed HFEAX with an annualized return of 8.15%, while HFEAX has yielded a comparatively higher 9.94% annualized return.

PRESX

• 1D: -0.34%
• 1M: 1.35%
• YTD: 5.15%
• 6M: 5.27%
• 1Y: 10.55%
• 3Y*: 11.24%
• 5Y*: 4.43%
• 10Y*: 8.15%

HFEAX

• 1D: 0.09%
• 1M: 2.91%
• YTD: 6.68%
• 6M: 6.40%
• 1Y: 21.26%
• 3Y*: 18.44%
• 5Y*: 9.63%
• 10Y*: 9.94%

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

PRESX vs. HFEAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PRESX T. Rowe Price European Stock Fund	5.15%	21.46%	1.83%	19.07%	-21.76%	14.81%	12.53%	26.89%	-12.74%	25.74%
HFEAX Janus Henderson European Focus Fund	6.68%	39.88%	2.11%	18.26%	-16.11%	18.83%	26.49%	31.42%	-27.83%	16.11%

Correlation

The correlation between PRESX and HFEAX is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Sep 10, 2001	0.87

The correlation between PRESX and HFEAX has been stable across timeframes, ranging from 0.85 to 0.91 - a consistent structural relationship.

Return for Risk

PRESX vs. HFEAX — Risk / Return Rank

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

PRESX

PRESX Risk / Return Rank: 10
PRESX Sharpe Ratio Rank: 9
PRESX Sortino Ratio Rank: 10
PRESX Omega Ratio Rank: 9
PRESX Calmar Ratio Rank: 10
PRESX Martin Ratio Rank: 12

HFEAX

HFEAX Risk / Return Rank: 23
HFEAX Sharpe Ratio Rank: 24
HFEAX Sortino Ratio Rank: 24
HFEAX Omega Ratio Rank: 23
HFEAX Calmar Ratio Rank: 21
HFEAX Martin Ratio Rank: 25

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.

PRESX vs. HFEAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price European Stock Fund (PRESX) and Janus Henderson European Focus Fund (HFEAX). 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.

	PRESX	HFEAX	Difference
Sharpe ratio: Return per unit of total volatility	0.73	1.30	-0.57
Sortino ratio: Return per unit of downside risk	1.12	1.88	-0.76
Omega ratio: Gain probability vs. loss probability	1.14	1.23	-0.09
Calmar ratio: Return relative to maximum drawdown	0.92	1.54	-0.62
Martin ratio: Return relative to average drawdown	3.07	5.51	-2.44

PRESX vs. HFEAX - Sharpe Ratio Comparison

The current PRESX Sharpe Ratio is 0.73, which is lower than the HFEAX Sharpe Ratio of 1.30. The chart below compares the historical Sharpe Ratios of PRESX and HFEAX, 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

PRESX vs. HFEAX - Drawdown Comparison

The maximum PRESX drawdown since its inception was -59.86%, smaller than the maximum HFEAX drawdown of -66.73%. Use the drawdown chart below to compare losses from any high point for PRESX and HFEAX.

Drawdown Indicators

	PRESX	HFEAX	Difference
Max Drawdown Largest peak-to-trough decline	-59.86%	-66.73%	+6.87%
Max Drawdown (1Y) Largest decline over 1 year	-12.69%	-14.43%	+1.74%
Max Drawdown (3Y) Largest decline over 3 years	-14.63%	-14.43%	-0.20%
Max Drawdown (5Y) Largest decline over 5 years	-38.78%	-33.16%	-5.62%
Max Drawdown (10Y) Largest decline over 10 years	-38.78%	-36.73%	-2.05%
Current Drawdown Current decline from peak	-0.60%	0.00%	-0.60%
Average Drawdown Average peak-to-trough decline	-11.97%	-10.85%	-1.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.77%	4.01%	-0.24%

Volatility

PRESX vs. HFEAX - Volatility Comparison

The current volatility for T. Rowe Price European Stock Fund (PRESX) is 5.14%, while Janus Henderson European Focus Fund (HFEAX) has a volatility of 6.11%. This indicates that PRESX experiences smaller price fluctuations and is considered to be less risky than HFEAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PRESX	HFEAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.14%	6.11%	-0.97%
Volatility (6M) Calculated over the trailing 6-month period	13.20%	14.87%	-1.67%
Volatility (1Y) Calculated over the trailing 1-year period	15.94%	17.14%	-1.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.99%	18.19%	-0.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.89%	18.86%	-0.97%

PRESX vs. HFEAX - Expense Ratio Comparison

PRESX has a 1.03% expense ratio, which is lower than HFEAX's 1.30% expense ratio.

Dividends

PRESX vs. HFEAX - Dividend Comparison

PRESX's dividend yield for the trailing twelve months is around 10.22%, more than HFEAX's 1.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HFEAX Janus Henderson European Focus Fund	1.05%	1.12%	1.45%	2.18%	2.40%	0.13%	0.28%	0.98%	4.26%	1.70%	2.59%	0.72%
PRESX T. Rowe Price European Stock Fund	10.22%	10.74%	6.85%	3.77%	1.32%	3.96%	0.86%	1.59%	2.67%	2.08%	3.03%	3.20%

Frequently Asked Questions

Can I hold both PRESX and HFEAX in my portfolio?

PRESX and HFEAX have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PRESX or HFEAX?

HFEAX has higher volatility (6.11%) compared to PRESX (5.14%). In terms of maximum drawdown, PRESX dropped -59.86% vs HFEAX's -66.73%.

Which has better risk-adjusted returns?

HFEAX currently has the higher Sharpe Ratio (1.30 vs 0.73), 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.