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Performance
Performance Chart
The chart shows the growth of an initial investment of $10,000 in Horizon U.S. Defensive Equity Fund, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends.
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Returns By Period
Horizon U.S. Defensive Equity Fund (USRAX) has returned -3.13% so far this year and 12.60% over the past 12 months.
Horizon U.S. Defensive Equity Fund
- 1D
- -0.22%
- 1M
- -6.82%
- YTD
- -3.13%
- 6M
- -1.27%
- 1Y
- 12.60%
- 3Y*
- 14.22%
- 5Y*
- 9.80%
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- 2.91%
- 1M
- -5.09%
- YTD
- -4.63%
- 6M
- -2.39%
- 1Y
- 16.33%
- 3Y*
- 16.69%
- 5Y*
- 10.18%
- 10Y*
- 12.16%
Monthly Returns
Based on dividend-adjusted daily data since Jun 27, 2019, USRAX's average daily return is +0.04%, while the average monthly return is +0.89%. At this rate, your investment would double in approximately 6.5 years.
Historically, 65% of months were positive and 35% were negative. The best month was Oct 2022 with a return of +10.8%, while the worst month was Mar 2020 at -10.5%. The longest winning streak lasted 7 consecutive months, and the longest losing streak was 3 months.
On a daily basis, USRAX closed higher 52% of trading days. The best single day was Apr 9, 2025 with a return of +7.9%, while the worst single day was Mar 9, 2020 at -6.7%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 2.76% | 1.17% | -6.82% | -3.13% | |||||||||
| 2025 | 2.75% | 0.90% | -4.34% | -0.37% | 4.89% | 4.12% | 0.61% | 1.40% | 2.73% | 0.67% | 1.57% | -0.32% | 15.27% |
| 2024 | 3.08% | 5.29% | 2.91% | -5.36% | 4.61% | 1.72% | 1.21% | 3.06% | 1.07% | -1.30% | 5.45% | -4.64% | 17.68% |
| 2023 | 2.53% | -2.97% | 1.93% | 2.25% | -0.89% | 5.77% | 2.25% | -0.69% | -3.16% | -3.15% | 6.78% | 4.03% | 15.00% |
| 2022 | -5.40% | -1.69% | 4.05% | -6.86% | 1.46% | -7.34% | 5.99% | -2.77% | -7.81% | 10.76% | 4.90% | -4.56% | -10.73% |
| 2021 | -0.58% | 3.60% | 5.05% | 4.21% | 2.15% | -0.44% | 2.62% | 3.04% | -5.46% | 6.21% | -0.45% | 5.58% | 27.99% |
Benchmark Metrics
Horizon U.S. Defensive Equity Fund has an annualized alpha of 1.17%, beta of 0.72, and R² of 0.85 versus S&P 500 Index. Calculated based on daily prices since June 28, 2019.
- This fund participated in 87.06% of S&P 500 Index downside but only 80.93% of its upside — more exposed to losses than it benefited from rallies.
- Alpha
- 1.17%
- Beta
- 0.72
- R²
- 0.85
- Upside Capture
- 80.93%
- Downside Capture
- 87.06%
Expense Ratio
USRAX has a high expense ratio of 1.17%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
USRAX ranks 47 for risk / return — on par with similar mutual funds. 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 U.S. Defensive Equity Fund (USRAX) and compare them to a chosen benchmark (S&P 500 Index).
| USRAX | Benchmark | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.89 | 0.90 | 0.00 |
Sortino ratioReturn per unit of downside risk | 1.36 | 1.39 | -0.03 |
Omega ratioGain probability vs. loss probability | 1.21 | 1.21 | 0.00 |
Calmar ratioReturn relative to maximum drawdown | 1.12 | 1.40 | -0.28 |
Martin ratioReturn relative to average drawdown | 5.85 | 6.61 | -0.76 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Explore USRAX risk-adjusted metrics in detail
Dive deeper into individual metrics with historical trends, benchmark comparisons, and performance across different time periods.
Dividends
Dividend History
Horizon U.S. Defensive Equity Fund provided a 7.24% dividend yield over the last twelve months, with an annual payout of $2.28 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend | $2.28 | $2.28 | $2.59 | $0.78 | $0.20 | $7.12 | $0.08 | $0.07 |
Dividend yield | 7.24% | 7.01% | 8.57% | 2.79% | 0.80% | 25.28% | 0.30% | 0.25% |
Monthly Dividends
The table displays the monthly dividend distributions for Horizon U.S. Defensive Equity Fund. 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 | |||||||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $2.28 | $2.28 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $2.59 | $2.59 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.78 | $0.78 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.20 | $0.20 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $7.12 | $7.12 |
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 U.S. Defensive Equity Fund. 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 U.S. Defensive Equity Fund was 23.39%, occurring on Mar 23, 2020. Recovery took 114 trading sessions.
The current Horizon U.S. Defensive Equity Fund drawdown is 7.07%.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
|---|---|---|---|---|---|---|
| -23.39% | Feb 18, 2020 | 25 | Mar 23, 2020 | 114 | Sep 2, 2020 | 139 |
| -19.72% | Dec 30, 2021 | 191 | Sep 30, 2022 | 301 | Dec 12, 2023 | 492 |
| -15.66% | Feb 20, 2025 | 34 | Apr 8, 2025 | 52 | Jun 24, 2025 | 86 |
| -9.51% | Sep 3, 2020 | 14 | Sep 23, 2020 | 38 | Nov 16, 2020 | 52 |
| -7.34% | Jul 17, 2024 | 14 | Aug 5, 2024 | 14 | Aug 23, 2024 | 28 |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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