ARANX vs. USRAX

Last updated Aug 1, 2026

ARANX (Horizon Active Risk Assist Fund) and USRAX (Horizon U.S. Defensive Equity Fund) are both mutual funds - ARANX is a Diversified Portfolio fund managed by Horizon, while USRAX is a Large Cap Blend Equities fund managed by Horizon. Over the past 5 years, ARANX returned 6.92%/yr vs 10.58%/yr for USRAX. Their correlation of 0.90 means they have usually moved in the same direction. Both charge a 1.17% expense ratio.

Performance

ARANX vs. USRAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Active Risk Assist Fund (ARANX) and Horizon U.S. Defensive Equity Fund (USRAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with ARANX having a 9.24% return and USRAX slightly lower at 9.15%.

ARANX

• 1D: 2.39%
• 1M: -0.65%
• 6M: 6.40%
• YTD: 9.24%
• 1Y: 19.45%
• 3Y*: 13.74%
• 5Y*: 6.92%
• 10Y*: 7.53%
• ALL TIME*: 6.16%

USRAX

• 1D: 1.51%
• 1M: 0.17%
• 6M: 6.21%
• YTD: 9.15%
• 1Y: 16.78%
• 3Y*: 15.28%
• 5Y*: 10.58%
• 10Y*: —
• ALL TIME*: 11.52%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ARANX Horizon Active Risk Assist Fund	$0.00	$0.00	$0.00
USRAX Horizon U.S. Defensive Equity Fund	$0.00	$0.00	$0.00

ARANX vs. USRAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
ARANX Horizon Active Risk Assist Fund	9.24%	14.03%	13.60%	16.70%	-19.38%	20.69%	4.25%	6.56%
USRAX Horizon U.S. Defensive Equity Fund	9.15%	15.27%	17.68%	15.00%	-10.73%	27.99%	5.17%	5.87%

Correlation

The correlation between ARANX and USRAX is 0.91, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.91
Correlation (3Y) Balances recent behavior with more history.	0.91
Correlation (5Y) Shows whether the relationship held over a longer period.	0.91
Correlation (All Time) Calculated using the full available price history since Jun 27, 2019	0.90

The correlation between ARANX and USRAX has been stable across timeframes, ranging from 0.90 to 0.91 - a consistent structural relationship.

Return for Risk

ARANX vs. USRAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ARANX

ARANX Risk / Return Rank: 43
ARANX Sharpe Ratio Rank: 42
ARANX Sortino Ratio Rank: 40
ARANX Omega Ratio Rank: 40
ARANX Calmar Ratio Rank: 43
ARANX Martin Ratio Rank: 48

USRAX

USRAX Risk / Return Rank: 68
USRAX Sharpe Ratio Rank: 64
USRAX Sortino Ratio Rank: 63
USRAX Omega Ratio Rank: 62
USRAX Calmar Ratio Rank: 68
USRAX Martin Ratio Rank: 81

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ARANX vs. USRAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Active Risk Assist Fund (ARANX) 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.

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.

	ARANX	USRAX	Difference
Sharpe ratio: Return per unit of total volatility	1.22	1.55	-0.32
Sortino ratio: Return per unit of downside risk	1.76	2.21	-0.46
Omega ratio: Gain probability vs. loss probability	1.22	1.28	-0.06
Calmar ratio: Return relative to maximum drawdown	1.73	2.25	-0.52
Martin ratio: Return relative to average drawdown	6.76	9.95	-3.19

ARANX vs. USRAX - Sharpe Ratio Comparison

The current ARANX Sharpe Ratio is 1.22, which is comparable to the USRAX Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of ARANX 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.

Drawdowns

ARANX vs. USRAX - Drawdown Comparison

The maximum ARANX drawdown since its inception was -21.50%, smaller than the maximum USRAX drawdown of -23.39%. Use the drawdown chart below to compare losses from any high point for ARANX and USRAX.

Drawdown Indicators

	ARANX	USRAX	Difference
Max Drawdown Largest peak-to-trough decline	-21.50%	-23.39%	+1.89%
Max Drawdown (1Y) Largest decline over 1 year	-10.13%	-7.07%	-3.06%
Max Drawdown (3Y) Largest decline over 3 years	-15.34%	-15.66%	+0.32%
Max Drawdown (5Y) Largest decline over 5 years	-21.50%	-19.72%	-1.78%
Max Drawdown (10Y) Largest decline over 10 years	-21.50%	—	—
Current Drawdown Current decline from peak	-3.18%	-0.81%	-2.37%
Average Drawdown Average peak-to-trough decline	-6.41%	-4.23%	-2.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.59%	1.59%	+1.00%

Volatility

ARANX vs. USRAX - Volatility Comparison

Horizon Active Risk Assist Fund (ARANX) has a higher volatility of 4.32% compared to Horizon U.S. Defensive Equity Fund (USRAX) at 2.89%. This indicates that ARANX'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

	ARANX	USRAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.32%	2.89%	+1.43%
Volatility (6M) Calculated over the trailing 6-month period	12.14%	7.69%	+4.45%
Volatility (1Y) Calculated over the trailing 1-year period	14.31%	10.28%	+4.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.02%	14.73%	-1.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.68%	15.62%	-2.94%

ARANX vs. USRAX - Expense Ratio Comparison

Both ARANX and USRAX have an expense ratio of 1.17%.

Dividends

ARANX vs. USRAX - Dividend Comparison

ARANX's dividend yield for the trailing twelve months is around 8.37%, more than USRAX's 6.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ARANX Horizon Active Risk Assist Fund	8.37%	9.14%	10.35%	0.83%	0.53%	8.22%	0.37%	1.00%	3.91%	4.70%	0.86%	1.06%
USRAX Horizon U.S. Defensive Equity Fund	6.42%	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 ARANX and USRAX in my portfolio?

With a correlation of 0.91, ARANX 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, ARANX or USRAX?

ARANX has higher volatility (4.32%) compared to USRAX (2.89%). In terms of maximum drawdown, ARANX dropped -21.50% vs USRAX's -23.39%.

Which has better risk-adjusted returns?

USRAX currently has the higher Sharpe Ratio (1.55 vs 1.22), 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.