ARANX vs. IIPR

Last updated Apr 1, 2026

Compare and contrast key facts about Horizon Active Risk Assist Fund (ARANX) and Innovative Industrial Properties, Inc. (IIPR).

ARANX is managed by Horizon Investments. It was launched on Aug 27, 2014.

Performance

ARANX vs. IIPR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Active Risk Assist Fund (ARANX) and Innovative Industrial Properties, Inc. (IIPR). The values are adjusted to include any dividend payments, if applicable.

ARANX vs. IIPR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ARANX Horizon Active Risk Assist Fund	-5.62%	14.03%	13.60%	16.70%	-19.38%	20.69%	4.25%	12.63%	-7.49%	18.06%
IIPR Innovative Industrial Properties, Inc.	10.03%	-18.40%	-28.55%	8.78%	-59.02%	47.49%	151.33%	72.52%	43.88%	82.30%

Returns By Period

In the year-to-date period, ARANX achieves a -5.62% return, which is significantly lower than IIPR's 10.03% return.

ARANX

• 1D: -0.29%
• 1M: -9.44%
• YTD: -5.62%
• 6M: -3.43%
• 1Y: 9.59%
• 3Y*: 11.65%
• 5Y*: 5.28%
• 10Y*: 6.36%

IIPR

• 1D: 2.66%
• 1M: -1.60%
• YTD: 10.03%
• 6M: 1.11%
• 1Y: 7.31%
• 3Y*: -3.14%
• 5Y*: -16.29%
• 10Y*: —

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

Return for Risk

ARANX vs. IIPR — Risk / Return Rank

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

ARANX

ARANX Risk / Return Rank: 27
ARANX Sharpe Ratio Rank: 30
ARANX Sortino Ratio Rank: 26
ARANX Omega Ratio Rank: 25
ARANX Calmar Ratio Rank: 27
ARANX Martin Ratio Rank: 27

IIPR

IIPR Risk / Return Rank: 40
IIPR Sharpe Ratio Rank: 49
IIPR Sortino Ratio Rank: 44
IIPR Omega Ratio Rank: 44
IIPR Calmar Ratio Rank: 33
IIPR Martin Ratio Rank: 31

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.

ARANX vs. IIPR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Active Risk Assist Fund (ARANX) and Innovative Industrial Properties, Inc. (IIPR). 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.

	ARANX	IIPR	Difference
Sharpe ratio Return per unit of total volatility	0.70	0.18	+0.52
Sortino ratio Return per unit of downside risk	0.99	0.56	+0.43
Omega ratio Gain probability vs. loss probability	1.14	1.07	+0.07
Calmar ratio Return relative to maximum drawdown	0.79	-0.29	+1.08
Martin ratio Return relative to average drawdown	2.93	-0.70	+3.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ARANX vs. IIPR - Sharpe Ratio Comparison

The current ARANX Sharpe Ratio is 0.70, which is higher than the IIPR Sharpe Ratio of 0.18. The chart below compares the historical Sharpe Ratios of ARANX and IIPR, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ARANX	IIPR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.70	0.18	+0.52
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.42	-0.40	+0.82
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	0.37	+0.03

Correlation

The correlation between ARANX and IIPR is 0.41, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

ARANX vs. IIPR - Dividend Comparison

ARANX's dividend yield for the trailing twelve months is around 9.68%, less than IIPR's 15.15% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ARANX Horizon Active Risk Assist Fund	9.68%	9.14%	10.35%	0.83%	0.53%	8.22%	0.37%	1.00%	3.91%	4.70%	0.86%	1.06%
IIPR Innovative Industrial Properties, Inc.	15.15%	16.05%	11.28%	7.16%	7.01%	2.18%	2.44%	3.73%	1.87%	1.70%	0.00%	0.00%

Drawdowns

ARANX vs. IIPR - Drawdown Comparison

The maximum ARANX drawdown since its inception was -21.50%, smaller than the maximum IIPR drawdown of -78.42%. Use the drawdown chart below to compare losses from any high point for ARANX and IIPR.

Drawdown Indicators

	ARANX	IIPR	Difference
Max Drawdown Largest peak-to-trough decline	-21.50%	-78.42%	+56.92%
Max Drawdown (1Y) Largest decline over 1 year	-10.13%	-21.29%	+11.16%
Max Drawdown (5Y) Largest decline over 5 years	-21.50%	-78.42%	+56.92%
Max Drawdown (10Y) Largest decline over 10 years	-21.50%	—	—
Current Drawdown Current decline from peak	-10.13%	-73.58%	+63.45%
Average Drawdown Average peak-to-trough decline	-6.53%	-36.35%	+29.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.73%	8.73%	-6.00%

Volatility

ARANX vs. IIPR - Volatility Comparison

The current volatility for Horizon Active Risk Assist Fund (ARANX) is 5.31%, while Innovative Industrial Properties, Inc. (IIPR) has a volatility of 9.37%. This indicates that ARANX experiences smaller price fluctuations and is considered to be less risky than IIPR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ARANX	IIPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.31%	9.37%	-4.06%
Volatility (6M) Calculated over the trailing 6-month period	9.48%	28.46%	-18.98%
Volatility (1Y) Calculated over the trailing 1-year period	13.89%	42.31%	-28.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.54%	41.17%	-28.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.49%	48.45%	-35.96%