AAANX vs. HUSV

Last updated Jun 25, 2026

AAANX (Horizon Active Asset Allocation Fund) and HUSV (First Trust Horizon Managed Volatility Domestic ETF) are both funds - AAANX is a Tactical Allocation fund managed by Horizon Investments, while HUSV is a Volatility Hedged Equity fund actively managed by First Trust. Over the past 5 years, AAANX returned 8.42%/yr vs 5.76%/yr for HUSV. A 0.66 correlation means they provide meaningful diversification when combined. AAANX charges 1.14%/yr vs 0.70%/yr for HUSV.

Performance

AAANX vs. HUSV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Active Asset Allocation Fund (AAANX) and First Trust Horizon Managed Volatility Domestic ETF (HUSV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AAANX achieves a 9.13% return, which is significantly higher than HUSV's 1.49% return.

AAANX

• 1D: -2.30%
• 1M: -0.92%
• YTD: 9.13%
• 6M: 8.10%
• 1Y: 22.24%
• 3Y*: 16.62%
• 5Y*: 8.42%
• 10Y*: 10.76%

HUSV

• 1D: 0.66%
• 1M: -1.88%
• YTD: 1.49%
• 6M: 0.70%
• 1Y: -0.72%
• 3Y*: 8.02%
• 5Y*: 5.76%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

AAANX vs. HUSV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AAANX Horizon Active Asset Allocation Fund	9.13%	16.58%	12.43%	17.25%	-16.99%	21.42%	14.69%	20.60%	-8.91%	22.20%
HUSV First Trust Horizon Managed Volatility Domestic ETF	1.49%	4.96%	12.64%	3.51%	-6.31%	26.04%	5.39%	26.98%	-1.92%	16.07%

Correlation

The correlation between AAANX and HUSV is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (5Y) Calculated over the trailing 5-year period	0.60
Correlation (All Time) Calculated using the full available price history since Aug 25, 2016	0.66

Over the past year, the correlation between AAANX and HUSV has dropped to 0.27 - well below their long-term average of 0.66, suggesting their price drivers have been diverging.

Return for Risk

AAANX vs. HUSV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AAANX

AAANX Risk / Return Rank: 40
AAANX Sharpe Ratio Rank: 38
AAANX Sortino Ratio Rank: 35
AAANX Omega Ratio Rank: 38
AAANX Calmar Ratio Rank: 40
AAANX Martin Ratio Rank: 50

HUSV

HUSV Risk / Return Rank: 8
HUSV Sharpe Ratio Rank: 8
HUSV Sortino Ratio Rank: 7
HUSV Omega Ratio Rank: 8
HUSV Calmar Ratio Rank: 8
HUSV Martin Ratio Rank: 8

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AAANX vs. HUSV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Active Asset Allocation Fund (AAANX) and First Trust Horizon Managed Volatility Domestic ETF (HUSV). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

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.

	AAANX	HUSV	Difference
Sharpe ratio: Return per unit of total volatility	1.63	-0.08	+1.71
Sortino ratio: Return per unit of downside risk	2.26	-0.04	+2.30
Omega ratio: Gain probability vs. loss probability	1.30	1.00	+0.30
Calmar ratio: Return relative to maximum drawdown	2.26	-0.11	+2.37
Martin ratio: Return relative to average drawdown	9.55	-0.25	+9.79

AAANX vs. HUSV - Sharpe Ratio Comparison

The current AAANX Sharpe Ratio is 1.63, which is higher than the HUSV Sharpe Ratio of -0.08. The chart below compares the historical Sharpe Ratios of AAANX and HUSV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AAANX vs. HUSV - Drawdown Comparison

The maximum AAANX drawdown since its inception was -34.18%, roughly equal to the maximum HUSV drawdown of -35.72%. Use the drawdown chart below to compare losses from any high point for AAANX and HUSV.

Drawdown Indicators

	AAANX	HUSV	Difference
Max Drawdown Largest peak-to-trough decline	-34.18%	-35.72%	+1.54%
Max Drawdown (1Y) Largest decline over 1 year	-10.56%	-6.78%	-3.78%
Max Drawdown (3Y) Largest decline over 3 years	-18.84%	-9.35%	-9.49%
Max Drawdown (5Y) Largest decline over 5 years	-24.61%	-17.00%	-7.61%
Max Drawdown (10Y) Largest decline over 10 years	-34.18%	—	—
Current Drawdown Current decline from peak	-3.76%	-3.35%	-0.41%
Average Drawdown Average peak-to-trough decline	-4.99%	-3.61%	-1.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.50%	2.91%	-0.41%

Volatility

AAANX vs. HUSV - Volatility Comparison

Horizon Active Asset Allocation Fund (AAANX) has a higher volatility of 6.36% compared to First Trust Horizon Managed Volatility Domestic ETF (HUSV) at 3.07%. This indicates that AAANX's price experiences larger fluctuations and is considered to be riskier than HUSV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAANX	HUSV	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.36%	3.07%	+3.29%
Volatility (6M) Calculated over the trailing 6-month period	12.39%	6.66%	+5.73%
Volatility (1Y) Calculated over the trailing 1-year period	14.65%	9.26%	+5.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.14%	12.04%	+4.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.62%	14.47%	+3.15%

AAANX vs. HUSV - Expense Ratio Comparison

AAANX has a 1.14% expense ratio, which is higher than HUSV's 0.70% expense ratio.

Dividends

AAANX vs. HUSV - Dividend Comparison

AAANX's dividend yield for the trailing twelve months is around 4.08%, more than HUSV's 1.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AAANX Horizon Active Asset Allocation Fund	4.08%	4.45%	18.43%	0.78%	1.08%	15.02%	6.59%	0.67%	7.46%	12.35%	0.89%	1.36%
HUSV First Trust Horizon Managed Volatility Domestic ETF	1.37%	1.38%	1.14%	1.80%	1.68%	1.35%	1.29%	1.36%	1.48%	1.31%	0.35%	0.00%

Frequently Asked Questions

Can I hold both AAANX and HUSV in my portfolio?

AAANX and HUSV have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AAANX or HUSV?

AAANX has higher volatility (6.36%) compared to HUSV (3.07%). In terms of maximum drawdown, AAANX dropped -34.18% vs HUSV's -35.72%.

Which has better risk-adjusted returns?

AAANX currently has the higher Sharpe Ratio (1.63 vs -0.08), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.