- Issuer
- Horizon
- Inception Date
- May 12, 2025
- Region
- Asia Pacific (Japan)
- Category
- Japan Equities
- Leveraged
- 1x (No leverage)
- Index Tracked
- No Index (Active)
- Domicile
- United States
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Asset Class Size
- Small-Cap
- Asset Class Style
- Growth
Share Price Chart
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Performance
JAPN Performance Chart
Horizon Kinetics Japan Owner Operator ETF (JAPN) is down 12.3% since the beginning of the year. JAPN is currently trading at $23 per share.
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Returns By Period
Horizon Kinetics Japan Owner Operator ETF (JAPN) has returned -12.25% so far this year and -17.32% over the past 12 months.
Horizon Kinetics Japan Owner Operator ETF
- 1D
- 1.34%
- 1M
- -0.76%
- YTD
- -12.25%
- 6M
- -11.91%
- 1Y
- -17.32%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- 0.00%
- 1M
- -0.71%
- YTD
- 8.39%
- 6M
- 7.87%
- 1Y
- 24.33%
- 3Y*
- 18.94%
- 5Y*
- 12.24%
- 10Y*
- 13.54%
JAPN Monthly Returns History
Based on dividend-adjusted daily data since May 13, 2025, JAPN's average daily return is -0.03%, while the average monthly return is -0.63%.
Historically, 36% of months were positive and 64% were negative. The best month was Jun 2025 with a return of +6.0%, while the worst month was Mar 2026 at -8.4%. The longest winning streak lasted 2 consecutive months, and the longest losing streak was 5 months.
On a daily basis, JAPN closed higher 49% of trading days. The best single day was Jun 4, 2026 with a return of +4.1%, while the worst single day was Mar 2, 2026 at -6.1%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -4.70% | 0.90% | -8.39% | 2.16% | -2.13% | -0.36% | -12.25% | ||||||
| 2025 | 5.85% | 5.96% | -3.05% | 4.23% | -0.72% | -2.94% | -2.73% | -2.95% | 3.10% |
Benchmark Metrics
Horizon Kinetics Japan Owner Operator ETF has an annualized alpha of -19.98%, beta of 0.67, and R2 of 0.18 versus S&P 500 Index. Calculated based on daily prices since May 13, 2025.
- This ETF participated in 129.90% of S&P 500 Index downside but only 3.10% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.67 may look defensive, but with R2 of 0.18 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.18 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- -19.98%
- Beta
- 0.67
- R²
- 0.18
- Upside Capture
- 3.10%
- Downside Capture
- 129.90%
Expense Ratio
JAPN has an expense ratio of 0.85%, placing it in the medium range.
Return for Risk
Risk / Return Rank
JAPN ranks 2 for risk / return — in the bottom 2% of ETFs on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Horizon Kinetics Japan Owner Operator ETF (JAPN) and compare them to S&P 500 Index.
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.
| JAPN | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.86 | ||
| Sortino ratioReturn per unit of downside risk | -3.88 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.35 | -0.50 |
| Calmar ratioReturn relative to maximum drawdown | -0.74 | 2.66 | -3.40 |
| Martin ratioReturn relative to average drawdown | -1.32 | 11.86 | -13.19 |
Dividends
Dividend History
Horizon Kinetics Japan Owner Operator ETF provided a 0.27% dividend yield over the last twelve months, with an annual payout of $0.06 per share.
| Period | TTM | 2025 |
|---|---|---|
| Dividend | $0.06 | $0.06 |
Dividend yield | 0.27% | 0.24% |
Monthly Dividends
The table displays the monthly dividend distributions for Horizon Kinetics Japan Owner Operator ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ||||||
| 2025 | $0.06 | $0.06 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Horizon Kinetics Japan Owner Operator ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Horizon Kinetics Japan Owner Operator ETF was 23.94%, occurring on Mar 30, 2026. The portfolio has not yet recovered.
The current Horizon Kinetics Japan Owner Operator ETF drawdown is 21.94%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2026 bear market2026 | -23.94%Mar 2026 | 7mo 13d | — | 10mo 8dAug 2025 - now |
2025 pullback2025 | -5.63%Jul 2025 | 15d | 22d | 1mo 7dJun 2025 - Aug 2025 |
2025 selloff2025 | -2.90%May 2025 | 0s | 5d | 5dMay 2025 - Jun 2025 |
2025 selloff2025 | -1.52%Jun 2025 | 4d | 7d | 11dJun 2025 - Jun 2025 |
2025 selloff2025 | -1.34%May 2025 | 0s | 6d | 6dMay 2025 - May 2025 |
Drawdown Indicators
| JAPN | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.94% | -56.78% | +32.84% |
Max Drawdown (1Y)Largest decline over 1 year | -23.94% | -9.10% | -14.84% |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.90% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -21.94% | -2.49% | -19.45% |
Average DrawdownAverage peak-to-trough decline | -9.94% | -10.72% | +0.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.37% | 2.03% | +11.34% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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