- ISIN
- US44053A7708
- CUSIP
- 44053A770
- Issuer
- Horizon Investments
- Inception Date
- Jun 26, 2019
- Category
- Large Cap Blend Equities
- Min. Investment
- $2,500
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Asset Class Size
- Large-Cap
- Asset Class Style
- Blend
Share Price Chart
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Performance
USRAX Performance Chart
Horizon U.S. Defensive Equity Fund (USRAX) is up 9.0% since the beginning of the year. USRAX is currently trading at $35 per share. Investors who bought $1,000 worth of USRAX shares 5 years ago would now be looking at an investment worth $1,715.
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Returns By Period
Horizon U.S. Defensive Equity Fund (USRAX) has returned 8.97% so far this year and 19.41% over the past 12 months.
Horizon U.S. Defensive Equity Fund
- 1D
- 0.25%
- 1M
- 0.54%
- YTD
- 8.97%
- 6M
- 8.20%
- 1Y
- 19.41%
- 3Y*
- 17.03%
- 5Y*
- 11.39%
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -1.44%
- 1M
- -1.45%
- YTD
- 7.60%
- 6M
- 6.59%
- 1Y
- 22.24%
- 3Y*
- 19.20%
- 5Y*
- 11.54%
- 10Y*
- 13.71%
USRAX Monthly Returns History
Based on dividend-adjusted daily data since Jun 27, 2019, USRAX's average daily return is +0.05%, while the average monthly return is +0.99%. At this rate, an investment would double in approximately 5.9 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 53% 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% | -4.75% | 6.02% | 4.01% | -0.20% | 8.97% | ||||||
| 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 1.08%, beta of 0.72, and R2 of 0.85 versus S&P 500 Index. Calculated based on daily prices since June 27, 2019.
- This fund participated in 86.37% of S&P 500 Index downside but only 79.13% of its upside - more exposed to losses than it benefited from rallies.
- Alpha
- 1.08%
- Beta
- 0.72
- R²
- 0.85
- Upside Capture
- 79.13%
- Downside Capture
- 86.37%
Expense Ratio
USRAX has a high expense ratio of 1.17%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
USRAX ranks 63 for risk / return — better than 63% of mutual funds on our site. You're getting solid returns for the risk taken. A good sign, especially for investors who want growth without excessive volatility.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Horizon U.S. Defensive Equity Fund (USRAX) 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.
| USRAX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.28 | ||
| Sortino ratioReturn per unit of downside risk | +0.49 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.32 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.95 | 2.46 | +0.49 |
| Martin ratioReturn relative to average drawdown | 13.48 | 10.92 | +2.56 |
Dividends
Dividend History
Horizon U.S. Defensive Equity Fund provided a 6.43% 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 | 6.43% | 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 | $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 0.98%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
COVID crash2020 | -23.39%Mar 2020 | 1mo 4d | 5mo 13d | 6mo 17dFeb 2020 - Sep 2020 |
Bear market2022 | -19.72%Sep 2022 | 9mo 4d | 1y 2mo | 1y 11moDec 2021 - Dec 2023 |
2025 selloff2025 | -15.66%Apr 2025 | 1mo 17d | 2mo 17d | 4mo 4dFeb 2025 - Jun 2025 |
2020 pullback2020 | -9.51%Sep 2020 | 20d | 1mo 24d | 2mo 14dSep 2020 - Nov 2020 |
2024 pullback2024 | -7.34%Aug 2024 | 19d | 18d | 1mo 7dJul 2024 - Aug 2024 |
Drawdown Indicators
| USRAX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.39% | -56.78% | +33.39% |
Max Drawdown (1Y)Largest decline over 1 year | -7.07% | -9.10% | +2.03% |
Max Drawdown (3Y)Largest decline over 3 years | -15.66% | -18.90% | +3.24% |
Max Drawdown (5Y)Largest decline over 5 years | -19.72% | -25.43% | +5.71% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -0.98% | -3.21% | +2.23% |
Average DrawdownAverage peak-to-trough decline | -4.27% | -10.71% | +6.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.54% | 2.04% | -0.50% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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