- ISIN
- US53656G5633
- Issuer
- Horizon
- Inception Date
- Sep 30, 1999
- Category
- Health & Biotech Equities
- Leveraged
- 1x (No leverage)
- Index Tracked
- No Index (Active)
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Asset Class Size
- Large-Cap
- Asset Class Style
- Blend
- Assets Under Management
- $18M
Share Price Chart
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Performance
MEDX Performance Chart
Horizon Kinetics Medical ETF (MEDX) is up 3.6% since the beginning of the year. MEDX is currently trading at $34 per share.
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Returns By Period
Horizon Kinetics Medical ETF (MEDX) has returned 3.58% so far this year and 31.78% over the past 12 months.
Horizon Kinetics Medical ETF
- 1D
- 1.52%
- 1M
- 2.01%
- YTD
- 3.58%
- 6M
- 2.81%
- 1Y
- 31.78%
- 3Y*
- 6.54%
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
MEDX Monthly Returns History
Based on dividend-adjusted daily data since Jan 31, 2023, MEDX's average daily return is +0.03%, while the average monthly return is +0.51%. At this rate, an investment would double in approximately 11.4 years.
Historically, 60% of months were positive and 40% were negative. The best month was Nov 2025 with a return of +8.6%, while the worst month was Oct 2023 at -6.5%. The longest winning streak lasted 6 consecutive months, and the longest losing streak was 4 months.
On a daily basis, MEDX closed higher 52% of trading days. The best single day was Oct 1, 2025 with a return of +5.6%, while the worst single day was Apr 4, 2025 at -6.3%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.92% | 5.69% | -5.94% | -1.85% | 4.92% | 0.26% | 3.58% | ||||||
| 2025 | 4.59% | 5.02% | -3.60% | -1.86% | -3.97% | 2.20% | 2.74% | 4.41% | 4.57% | 4.48% | 8.64% | -0.96% | 28.62% |
| 2024 | 0.94% | 6.16% | -0.59% | -6.36% | 2.36% | 4.58% | 2.57% | 4.35% | -4.27% | -4.33% | -2.70% | -6.42% | -4.68% |
| 2023 | 0.47% | -5.69% | 1.53% | 1.95% | -1.22% | 1.36% | -1.34% | 0.85% | -3.74% | -6.45% | 4.78% | 2.22% | -5.77% |
Benchmark Metrics
Horizon Kinetics Medical ETF has an annualized alpha of -3.76%, beta of 0.54, and R2 of 0.23 versus S&P 500 Index. Calculated based on daily prices since January 31, 2023.
- This ETF participated in 99.87% of S&P 500 Index downside but only 49.38% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.54 may look defensive, but with R2 of 0.23 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 0.23 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
- -3.76%
- Beta
- 0.54
- R²
- 0.23
- Upside Capture
- 49.38%
- Downside Capture
- 99.87%
Expense Ratio
MEDX has an expense ratio of 0.85%, placing it in the medium range.
Return for Risk
Risk / Return Rank
MEDX ranks 55 for risk / return — on par with similar ETFs. You're getting a typical balance of risk and reward. Not a standout, but not a red flag either — a reasonable choice if other factors align with your goals.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Horizon Kinetics Medical ETF (MEDX) 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.
| MEDX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.27 | ||
| Sortino ratioReturn per unit of downside risk | -0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.37 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 3.03 | 2.78 | +0.24 |
| Martin ratioReturn relative to average drawdown | 8.33 | 12.44 | -4.10 |
Dividends
Dividend History
Horizon Kinetics Medical ETF provided a 1.19% dividend yield over the last twelve months, with an annual payout of $0.41 per share.
| Period | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Dividend | $0.41 | $0.41 | $0.50 | $1.38 |
Dividend yield | 1.19% | 1.23% | 1.92% | 4.94% |
Monthly Dividends
The table displays the monthly dividend distributions for Horizon Kinetics Medical 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 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.41 | $0.41 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.50 | $0.50 |
| 2023 | $1.38 | $1.38 |
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 Medical 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 Medical ETF was 23.10%, occurring on Apr 10, 2025. Recovery took 119 trading sessions.
The current Horizon Kinetics Medical ETF drawdown is 2.98%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2025 selloff2025 | -23.10%Apr 2025 | 7mo 9d | 5mo 24d | 1y 28dSep 2024 - Oct 2025 |
2023 correction2023 | -15.48%Oct 2023 | 5mo 19d | 4mo 4d | 9mo 23dMay 2023 - Feb 2024 |
2026 correction2026 | -10.54%Apr 2026 | 2mo 3d | — | 3mo 28dFeb 2026 - now |
2024 correction2024 | -10.25%Apr 2024 | 1mo 20d | 2mo 23d | 4mo 13dFeb 2024 - Jul 2024 |
2023 pullback2023 | -9.31%Mar 2023 | 24d | 1mo 26d | 2mo 20dFeb 2023 - May 2023 |
Drawdown Indicators
| MEDX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.10% | -56.78% | +33.68% |
Max Drawdown (1Y)Largest decline over 1 year | -10.54% | -9.10% | -1.44% |
Max Drawdown (3Y)Largest decline over 3 years | -23.10% | -18.90% | -4.20% |
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 | -2.98% | -1.80% | -1.18% |
Average DrawdownAverage peak-to-trough decline | -6.67% | -10.71% | +4.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.82% | 2.03% | +1.79% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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