- ISIN
- US53656H7281
- CUSIP
- 53656H728
- Issuer
- Horizon Kinetics
- Inception Date
- Jan 21, 2026
- Region
- North America (United States)
- Category
- Energy Equities
- Leveraged
- 1x (No leverage)
- Index Tracked
- No Index (Active)
- Asset Class
- Equity
- Asset Class Size
- Mid-Cap
- Asset Class Style
- Value
- Assets Under Management
- $3M
Share Price Chart
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Performance
TEXX Performance Chart
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Returns By Period
Horizon Kinetics Texas ETF
- 1D
- 0.13%
- 1M
- -5.74%
- YTD
- —
- 6M
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- 0.00%
- 1M
- -0.71%
- YTD
- 8.39%
- 6M
- 8.57%
- 1Y
- 24.33%
- 3Y*
- 18.94%
- 5Y*
- 12.24%
- 10Y*
- 13.54%
TEXX Monthly Returns History
Based on dividend-adjusted daily data since Jan 22, 2026, TEXX's average daily return is +0.09%, while the average monthly return is +1.57%. At this rate, an investment would double in approximately 3.7 years.
Historically, 50% of months were positive and 50% were negative. The best month was Feb 2026 with a return of +10.4%, while the worst month was Jun 2026 at -2.0%. The longest winning streak lasted 2 consecutive months, and the longest losing streak was 2 months.
On a daily basis, TEXX closed higher 62% of trading days. The best single day was May 11, 2026 with a return of +2.4%, while the worst single day was Jun 5, 2026 at -2.4%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.35% | 10.42% | -0.76% | 3.10% | -1.71% | -1.97% | 9.24% |
Benchmark Metrics
Horizon Kinetics Texas ETF has an annualized alpha of 23.23%, beta of 0.11, and R2 of 0.01 versus S&P 500 Index. Calculated based on daily prices since January 22, 2026.
- This ETF captured 7.87% of S&P 500 Index gains and tended to rise during its downturns (downside capture of -118.10%) - a profile typical of hedging or uncorrelated assets.
- Beta of 0.11 may look defensive, but with R2 of 0.01 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 0.01 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
- 23.23%
- Beta
- 0.11
- R²
- 0.01
- Upside Capture
- 7.87%
- Downside Capture
- -118.10%
Expense Ratio
TEXX has an expense ratio of 0.85%, placing it in the medium range.
Return for Risk
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Horizon Kinetics Texas ETF (TEXX) 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.
| TEXX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.35 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.66 | — |
| Martin ratioReturn relative to average drawdown | — | 11.86 | — |
Dividends
Dividend History
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 Texas 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 Texas ETF was 5.86%, occurring on Jun 17, 2026. The portfolio has not yet recovered.
The current Horizon Kinetics Texas ETF drawdown is 5.74%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2026 pullback2026 | -5.86%Jun 2026 | 22d | — | 27d 23hMay 2026 - now |
2026 pullback2026 | -4.97%May 2026 | 7d | 10d | 17dMay 2026 - May 2026 |
2026 pullback2026 | -4.30%Apr 2026 | 18d | 13d | 1mo 1dMar 2026 - Apr 2026 |
2026 pullback2026 | -3.36%Mar 2026 | 7d | 17d | 24dMar 2026 - Mar 2026 |
2026 pullback2026 | -1.79%Feb 2026 | 3d | 2d | 5dJan 2026 - Feb 2026 |
Drawdown Indicators
| TEXX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.86% | -56.78% | +50.92% |
Max Drawdown (1Y)Largest decline over 1 year | — | -9.10% | — |
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 | -5.74% | -2.49% | -3.25% |
Average DrawdownAverage peak-to-trough decline | -1.75% | -10.72% | +8.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 2.03% | — |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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