AIMNX vs. USRAX

Last updated Jun 3, 2026

AIMNX (Horizon Active Income Fund) and USRAX (Horizon U.S. Defensive Equity Fund) are both mutual funds - AIMNX is a Intermediate Core-Plus Bond fund managed by Horizon Investments, while USRAX is a Large Cap Blend Equities fund managed by Horizon Investments. Over the past 5 years, AIMNX returned -0.69%/yr vs 11.14%/yr for USRAX. At a 0.27 correlation, their price movements are largely independent. AIMNX charges 0.89%/yr vs 1.17%/yr for USRAX.

Performance

AIMNX vs. USRAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Active Income Fund (AIMNX) 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, AIMNX achieves a 0.41% return, which is significantly lower than USRAX's 9.55% return.

AIMNX

• 1D: -0.12%
• 1M: 0.29%
• YTD: 0.41%
• 6M: 0.41%
• 1Y: 5.18%
• 3Y*: 3.54%
• 5Y*: -0.69%
• 10Y*: 0.68%

USRAX

• 1D: 0.34%
• 1M: 4.27%
• YTD: 9.55%
• 6M: 10.14%
• 1Y: 21.08%
• 3Y*: 17.58%
• 5Y*: 11.14%
• 10Y*: —

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

AIMNX vs. USRAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
AIMNX Horizon Active Income Fund	0.41%	5.04%	1.77%	5.03%	-14.95%	-0.78%	7.65%	2.15%
USRAX Horizon U.S. Defensive Equity Fund	9.55%	15.27%	17.68%	15.00%	-10.73%	27.99%	5.17%	5.87%

Correlation

The correlation between AIMNX and USRAX is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (5Y) Calculated over the trailing 5-year period	0.26
Correlation (All Time) Calculated using the full available price history since Jun 28, 2019	0.27

The correlation between AIMNX and USRAX shifts across timeframes, from 0.26 (5 years) to 0.36 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

AIMNX vs. USRAX — Risk / Return Rank

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

AIMNX

AIMNX Risk / Return Rank: 20
AIMNX Sharpe Ratio Rank: 20
AIMNX Sortino Ratio Rank: 20
AIMNX Omega Ratio Rank: 18
AIMNX Calmar Ratio Rank: 20
AIMNX Martin Ratio Rank: 21

USRAX

USRAX Risk / Return Rank: 63
USRAX Sharpe Ratio Rank: 58
USRAX Sortino Ratio Rank: 59
USRAX Omega Ratio Rank: 56
USRAX Calmar Ratio Rank: 66
USRAX Martin Ratio Rank: 77

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.

AIMNX vs. USRAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Active Income Fund (AIMNX) 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.

	AIMNX	USRAX	Difference
Sharpe ratio Return per unit of total volatility	1.29	2.25	-0.96
Sortino ratio Return per unit of downside risk	1.92	3.22	-1.31
Omega ratio Gain probability vs. loss probability	1.23	1.41	-0.18
Calmar ratio Return relative to maximum drawdown	1.69	3.13	-1.45
Martin ratio Return relative to average drawdown	5.67	14.58	-8.91
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AIMNX vs. USRAX - Sharpe Ratio Comparison

The current AIMNX Sharpe Ratio is 1.29, which is lower than the USRAX Sharpe Ratio of 2.25. The chart below compares the historical Sharpe Ratios of AIMNX 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

	AIMNX	USRAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.29	2.25	-0.96
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.12	0.76	-0.88
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.13	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.18	0.76	-0.58

Drawdowns

AIMNX vs. USRAX - Drawdown Comparison

The maximum AIMNX drawdown since its inception was -19.68%, smaller than the maximum USRAX drawdown of -23.39%. Use the drawdown chart below to compare losses from any high point for AIMNX and USRAX.

Drawdown Indicators

	AIMNX	USRAX	Difference
Max Drawdown Largest peak-to-trough decline	-19.68%	-23.39%	+3.71%
Max Drawdown (1Y) Largest decline over 1 year	-3.06%	-7.07%	+4.01%
Max Drawdown (3Y) Largest decline over 3 years	-6.78%	-15.66%	+8.88%
Max Drawdown (5Y) Largest decline over 5 years	-19.63%	-19.72%	+0.09%
Max Drawdown (10Y) Largest decline over 10 years	-19.68%	—	—
Current Drawdown Current decline from peak	-5.15%	0.00%	-5.15%
Average Drawdown Average peak-to-trough decline	-5.06%	-4.30%	-0.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.91%	1.52%	-0.61%

Volatility

AIMNX vs. USRAX - Volatility Comparison

The current volatility for Horizon Active Income Fund (AIMNX) is 1.46%, while Horizon U.S. Defensive Equity Fund (USRAX) has a volatility of 1.96%. This indicates that AIMNX experiences smaller price fluctuations and is considered to be less risky than USRAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AIMNX	USRAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.46%	1.96%	-0.50%
Volatility (6M) Calculated over the trailing 6-month period	2.94%	7.04%	-4.10%
Volatility (1Y) Calculated over the trailing 1-year period	3.82%	9.78%	-5.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.60%	14.73%	-9.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.09%	15.71%	-10.62%

AIMNX vs. USRAX - Expense Ratio Comparison

AIMNX has a 0.89% expense ratio, which is lower than USRAX's 1.17% expense ratio.

Dividends

AIMNX vs. USRAX - Dividend Comparison

AIMNX's dividend yield for the trailing twelve months is around 4.09%, less than USRAX's 6.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AIMNX Horizon Active Income Fund	4.09%	4.03%	4.29%	3.78%	1.69%	1.88%	1.86%	2.73%	3.51%	2.47%	1.60%	1.66%
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 AIMNX and USRAX in my portfolio?

AIMNX and USRAX have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AIMNX or USRAX?

USRAX has higher volatility (1.96%) compared to AIMNX (1.46%). In terms of maximum drawdown, AIMNX dropped -19.68% vs USRAX's -23.39%.

Which has better risk-adjusted returns?

USRAX currently has the higher Sharpe Ratio (2.25 vs 1.29), 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.