AAANX vs. USRAX

Last updated Jun 4, 2026

AAANX (Horizon Active Asset Allocation Fund) and USRAX (Horizon U.S. Defensive Equity Fund) are both mutual funds - AAANX is a Tactical Allocation fund managed by Horizon Investments, while USRAX is a Large Cap Blend Equities fund managed by Horizon Investments. Over the past 5 years, AAANX returned 9.28%/yr vs 11.14%/yr for USRAX. Their correlation of 0.92 suggests significant overlap in exposure. AAANX charges 1.14%/yr vs 1.17%/yr for USRAX.

Performance

AAANX vs. USRAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Active Asset Allocation Fund (AAANX) and Horizon U.S. Defensive Equity Fund (USRAX). 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 USRAX's 9.58% 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%

USRAX

• 1D: 0.03%
• 1M: 4.48%
• YTD: 9.58%
• 6M: 10.11%
• 1Y: 20.61%
• 3Y*: 17.59%
• 5Y*: 11.14%
• 10Y*: —

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

AAANX vs. USRAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
AAANX Horizon Active Asset Allocation Fund	13.39%	16.58%	12.43%	17.25%	-16.99%	21.42%	14.69%	7.16%
USRAX Horizon U.S. Defensive Equity Fund	9.58%	15.27%	17.68%	15.00%	-10.73%	27.99%	5.17%	5.87%

Correlation

The correlation between AAANX and USRAX is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (All Time) Calculated using the full available price history since Jun 28, 2019	0.92

The correlation between AAANX and USRAX has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.

Return for Risk

AAANX vs. USRAX — 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

USRAX

USRAX Risk / Return Rank: 59
USRAX Sharpe Ratio Rank: 55
USRAX Sortino Ratio Rank: 55
USRAX Omega Ratio Rank: 53
USRAX Calmar Ratio Rank: 61
USRAX Martin Ratio Rank: 73

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. USRAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Active Asset Allocation Fund (AAANX) and Horizon U.S. Defensive Equity Fund (USRAX). 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	USRAX	Difference
Sharpe ratio: Return per unit of total volatility	2.23	2.18	+0.05
Sortino ratio: Return per unit of downside risk	3.08	3.13	-0.04
Omega ratio: Gain probability vs. loss probability	1.40	1.40	0.00
Calmar ratio: Return relative to maximum drawdown	2.86	3.00	-0.14
Martin ratio: Return relative to average drawdown	12.55	13.92	-1.38
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. USRAX - Sharpe Ratio Comparison

The current AAANX Sharpe Ratio is 2.23, which is comparable to the USRAX Sharpe Ratio of 2.18. The chart below compares the historical Sharpe Ratios of AAANX and USRAX, 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	USRAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.23	2.18	+0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.58	0.76	-0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.62	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.76	-0.18

Drawdowns

AAANX vs. USRAX - Drawdown Comparison

The maximum AAANX drawdown since its inception was -34.18%, which is greater than USRAX's maximum drawdown of -23.39%. Use the drawdown chart below to compare losses from any high point for AAANX and USRAX.

Drawdown Indicators

	AAANX	USRAX	Difference
Max Drawdown Largest peak-to-trough decline	-34.18%	-23.39%	-10.79%
Max Drawdown (1Y) Largest decline over 1 year	-10.56%	-7.07%	-3.49%
Max Drawdown (3Y) Largest decline over 3 years	-18.84%	-15.66%	-3.18%
Max Drawdown (5Y) Largest decline over 5 years	-24.61%	-19.72%	-4.89%
Max Drawdown (10Y) Largest decline over 10 years	-34.18%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-5.00%	-4.30%	-0.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.40%	1.52%	+0.88%

Volatility

AAANX vs. USRAX - Volatility Comparison

Horizon Active Asset Allocation Fund (AAANX) has a higher volatility of 4.31% compared to Horizon U.S. Defensive Equity Fund (USRAX) at 1.96%. This indicates that AAANX's price experiences larger fluctuations and is considered to be riskier than USRAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAANX	USRAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.31%	1.96%	+2.35%
Volatility (6M) Calculated over the trailing 6-month period	11.05%	7.03%	+4.02%
Volatility (1Y) Calculated over the trailing 1-year period	13.54%	9.76%	+3.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.96%	14.73%	+1.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.59%	15.71%	+1.88%

AAANX vs. USRAX - Expense Ratio Comparison

AAANX has a 1.14% expense ratio, which is lower than USRAX's 1.17% expense ratio.

Dividends

AAANX vs. USRAX - Dividend Comparison

AAANX's dividend yield for the trailing twelve months is around 3.92%, less than USRAX's 6.40% 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%
USRAX Horizon U.S. Defensive Equity Fund	6.40%	7.01%	8.57%	2.79%	0.80%	25.28%	0.30%	0.25%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AAANX and USRAX in my portfolio?

With a correlation of 0.90, AAANX and USRAX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, AAANX or USRAX?

AAANX has higher volatility (4.31%) compared to USRAX (1.96%). In terms of maximum drawdown, AAANX dropped -34.18% vs USRAX's -23.39%.

Which has better risk-adjusted returns?

AAANX currently has the higher Sharpe Ratio (2.23 vs 2.18), 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.