AAANX vs. T

Last updated Jun 4, 2026

AAANX (Horizon Active Asset Allocation Fund) is Tactical Allocation fund managed by Horizon Investments, while T (AT&T Inc.) is a stock. Over the past 10 years, AAANX returned 10.82%/yr vs 3.62%/yr for T. At a 0.37 correlation, their price movements are largely independent.

Performance

AAANX vs. T - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Active Asset Allocation Fund (AAANX) and AT&T Inc. (T). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AAANX achieves a 13.39% return, which is significantly higher than T's -3.08% return. Over the past 10 years, AAANX has outperformed T with an annualized return of 10.82%, while T has yielded a comparatively lower 3.62% annualized return.

AAANX

• 1D: 0.36%
• 1M: 5.80%
• YTD: 13.39%
• 6M: 14.62%
• 1Y: 29.64%
• 3Y*: 18.30%
• 5Y*: 9.28%
• 10Y*: 10.82%

T

• 1D: -4.42%
• 1M: -9.77%
• YTD: -3.08%
• 6M: -4.92%
• 1Y: -12.10%
• 3Y*: 22.12%
• 5Y*: 7.39%
• 10Y*: 3.62%

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

AAANX vs. T - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AAANX Horizon Active Asset Allocation Fund	13.39%	16.58%	12.43%	17.25%	-16.99%	21.42%	14.69%	20.60%	-8.91%	22.20%
T AT&T Inc.	-3.08%	13.97%	44.08%	-2.74%	5.76%	-8.09%	-21.37%	45.55%	-22.25%	-4.01%

Correlation

The correlation between AAANX and T is -0.13, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.13
Correlation (3Y) Calculated over the trailing 3-year period	0.02
Correlation (5Y) Calculated over the trailing 5-year period	0.22
Correlation (10Y) Calculated over the trailing 10-year period	0.31
Correlation (All Time) Calculated using the full available price history since Feb 1, 2012	0.37

The correlation between AAANX and T shifts across timeframes, from -0.13 (1 year) to 0.37 (all time), reflecting how their relationship changes across market environments.

Return for Risk

AAANX vs. T — Risk / Return Rank

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

AAANX

AAANX Risk / Return Rank: 57
AAANX Sharpe Ratio Rank: 57
AAANX Sortino Ratio Rank: 53
AAANX Omega Ratio Rank: 53
AAANX Calmar Ratio Rank: 56
AAANX Martin Ratio Rank: 64

T

T Risk / Return Rank: 17
T Sharpe Ratio Rank: 17
T Sortino Ratio Rank: 16
T Omega Ratio Rank: 17
T Calmar Ratio Rank: 19
T Martin Ratio Rank: 14

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. T - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Active Asset Allocation Fund (AAANX) and AT&T Inc. (T). 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.

	AAANX	T	Difference
Sharpe ratio: Return per unit of total volatility	2.23	-0.56	+2.78
Sortino ratio: Return per unit of downside risk	3.08	-0.67	+3.76
Omega ratio: Gain probability vs. loss probability	1.40	0.92	+0.48
Calmar ratio: Return relative to maximum drawdown	2.86	-0.59	+3.45
Martin ratio: Return relative to average drawdown	12.55	-1.20	+13.75
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AAANX vs. T - Sharpe Ratio Comparison

The current AAANX Sharpe Ratio is 2.23, which is higher than the T Sharpe Ratio of -0.56. The chart below compares the historical Sharpe Ratios of AAANX and T, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AAANX	T	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.23	-0.56	+2.78
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.58	0.31	+0.27
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.62	0.15	+0.46
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.38	+0.20

Drawdowns

AAANX vs. T - Drawdown Comparison

The maximum AAANX drawdown since its inception was -34.18%, smaller than the maximum T drawdown of -64.15%. Use the drawdown chart below to compare losses from any high point for AAANX and T.

Drawdown Indicators

	AAANX	T	Difference
Max Drawdown Largest peak-to-trough decline	-34.18%	-64.15%	+29.97%
Max Drawdown (1Y) Largest decline over 1 year	-10.56%	-20.60%	+10.04%
Max Drawdown (3Y) Largest decline over 3 years	-18.84%	-20.60%	+1.76%
Max Drawdown (5Y) Largest decline over 5 years	-24.61%	-32.01%	+7.40%
Max Drawdown (10Y) Largest decline over 10 years	-34.18%	-42.35%	+8.17%
Current Drawdown Current decline from peak	0.00%	-18.23%	+18.23%
Average Drawdown Average peak-to-trough decline	-5.00%	-15.72%	+10.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.40%	10.08%	-7.68%

Volatility

AAANX vs. T - Volatility Comparison

The current volatility for Horizon Active Asset Allocation Fund (AAANX) is 4.31%, while AT&T Inc. (T) has a volatility of 6.96%. This indicates that AAANX experiences smaller price fluctuations and is considered to be less risky than T based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAANX	T	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.31%	6.96%	-2.65%
Volatility (6M) Calculated over the trailing 6-month period	11.05%	17.27%	-6.22%
Volatility (1Y) Calculated over the trailing 1-year period	13.54%	21.86%	-8.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.96%	23.92%	-7.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.59%	23.69%	-6.10%

Dividends

AAANX vs. T - Dividend Comparison

AAANX's dividend yield for the trailing twelve months is around 3.92%, less than T's 4.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AAANX Horizon Active Asset Allocation Fund	3.92%	4.45%	18.43%	0.78%	1.08%	15.02%	6.59%	0.67%	7.46%	12.35%	0.89%	1.36%
T AT&T Inc.	4.71%	4.47%	4.87%	6.62%	6.66%	8.46%	7.23%	5.22%	7.01%	5.04%	4.51%	5.46%

Frequently Asked Questions

Can I hold both AAANX and T in my portfolio?

AAANX and T have a correlation of -0.13, 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 T?

T has higher volatility (6.96%) compared to AAANX (4.31%). In terms of maximum drawdown, AAANX dropped -34.18% vs T's -64.15%.

Which has better risk-adjusted returns?

AAANX currently has the higher Sharpe Ratio (2.23 vs -0.56), 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.