ARANX vs. USRAX

Last updated Jun 4, 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 Investments, while USRAX is a Large Cap Blend Equities fund managed by Horizon Investments. Over the past 5 years, ARANX returned 8.14%/yr vs 11.14%/yr for USRAX. Their correlation of 0.91 suggests significant overlap in exposure. 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

In the year-to-date period, ARANX achieves a 12.83% return, which is significantly higher than USRAX's 9.58% return.

ARANX

• 1D: 0.35%
• 1M: 5.87%
• YTD: 12.83%
• 6M: 13.58%
• 1Y: 26.92%
• 3Y*: 17.50%
• 5Y*: 8.14%
• 10Y*: 8.27%

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)

ARANX vs. USRAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
ARANX Horizon Active Risk Assist Fund	12.83%	14.03%	13.60%	16.70%	-19.38%	20.69%	4.25%	5.99%
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 ARANX and USRAX is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (All Time) Calculated using the full available price history since Jun 28, 2019	0.91

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

Return for Risk

ARANX vs. USRAX — Risk / Return Rank

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

ARANX

ARANX Risk / Return Rank: 52
ARANX Sharpe Ratio Rank: 53
ARANX Sortino Ratio Rank: 50
ARANX Omega Ratio Rank: 49
ARANX Calmar Ratio Rank: 50
ARANX Martin Ratio Rank: 59

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.

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.

	ARANX	USRAX	Difference
Sharpe ratio: Return per unit of total volatility	2.13	2.18	-0.05
Sortino ratio: Return per unit of downside risk	2.97	3.13	-0.16
Omega ratio: Gain probability vs. loss probability	1.38	1.40	-0.02
Calmar ratio: Return relative to maximum drawdown	2.70	3.00	-0.30
Martin ratio: Return relative to average drawdown	11.84	13.92	-2.09
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. USRAX - Sharpe Ratio Comparison

The current ARANX Sharpe Ratio is 2.13, which is comparable to the USRAX Sharpe Ratio of 2.18. 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.

Sharpe Ratios by Period

	ARANX	USRAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.13	2.18	-0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.64	0.76	-0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.66	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	0.76	-0.24

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	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-6.46%	-4.30%	-2.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.30%	1.52%	+0.78%

Volatility

ARANX vs. USRAX - Volatility Comparison

Horizon Active Risk Assist Fund (ARANX) has a higher volatility of 3.95% compared to Horizon U.S. Defensive Equity Fund (USRAX) at 1.96%. 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	3.95%	1.96%	+1.99%
Volatility (6M) Calculated over the trailing 6-month period	10.41%	7.03%	+3.38%
Volatility (1Y) Calculated over the trailing 1-year period	12.83%	9.76%	+3.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.75%	14.73%	-1.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.62%	15.71%	-3.09%

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 8.10%, more than USRAX's 6.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ARANX Horizon Active Risk Assist Fund	8.10%	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	6.40%	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 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 (3.95%) compared to USRAX (1.96%). 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 (2.18 vs 2.13), 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.