BENJ vs. JAPN

Last updated Aug 6, 2026

BENJ (Horizon Landmark ETF) and JAPN (Horizon Kinetics Japan Owner Operator ETF) are both exchange-traded funds - BENJ is a Ultrashort Bond fund actively managed by Horizon, while JAPN is a Japan Equities fund actively managed by Horizon. Both are actively managed. Over the past year, BENJ returned 3.81% vs -8.17% for JAPN. Their 0.00 correlation means their historical movements had little consistent relationship. BENJ charges 0.40%/yr vs 0.85%/yr for JAPN.

Performance

BENJ vs. JAPN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Landmark ETF (BENJ) and Horizon Kinetics Japan Owner Operator ETF (JAPN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

BENJ

• 1D: 0.00%
• 1M: 0.31%
• 6M: 1.82%
• YTD: 2.12%
• 1Y: 3.81%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 3.83%

JAPN

• 1D: 1.01%
• 1M: 7.25%
• 6M: 7.92%
• YTD: 0.00%
• 1Y: -8.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 2.51%

*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)
BENJ Horizon Landmark ETF	$7.07M	$3.68M	$2.46M
JAPN Horizon Kinetics Japan Owner Operator ETF	$237.43K	$157.42K	$132.63K

BENJ vs. JAPN - Yearly Performance Comparison

	2026 (YTD)	2025
BENJ Horizon Landmark ETF	2.12%	2.58%
JAPN Horizon Kinetics Japan Owner Operator ETF	0.00%	3.10%

Correlation

The correlation between BENJ and JAPN is -0.03, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.03
Correlation (All Time) Calculated using the full available price history since May 13, 2025	0.00

Return for Risk

BENJ vs. JAPN — Risk / Return Rank

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

BENJ

BENJ Risk / Return Rank: 100
BENJ Sharpe Ratio Rank: 100
BENJ Sortino Ratio Rank: 99
BENJ Omega Ratio Rank: 99
BENJ Calmar Ratio Rank: 100
BENJ Martin Ratio Rank: 100

JAPN

JAPN Risk / Return Rank: 6
JAPN Sharpe Ratio Rank: 6
JAPN Sortino Ratio Rank: 5
JAPN Omega Ratio Rank: 5
JAPN Calmar Ratio Rank: 6
JAPN Martin Ratio Rank: 7

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.

BENJ vs. JAPN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Landmark ETF (BENJ) and Horizon Kinetics Japan Owner Operator ETF (JAPN). 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.

	BENJ	JAPN	Difference
Sharpe ratio: Return per unit of total volatility	11.29	-0.41	+11.70
Sortino ratio: Return per unit of downside risk	26.67	-0.46	+27.13
Omega ratio: Gain probability vs. loss probability	6.52	0.95	+5.57
Calmar ratio: Return relative to maximum drawdown	65.45	-0.34	+65.79
Martin ratio: Return relative to average drawdown	357.78	-0.55	+358.33

BENJ vs. JAPN - Sharpe Ratio Comparison

The current BENJ Sharpe Ratio is 11.29, which is higher than the JAPN Sharpe Ratio of -0.41. The chart below compares the historical Sharpe Ratios of BENJ and JAPN, 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

BENJ vs. JAPN - Drawdown Comparison

The maximum BENJ drawdown since its inception was -0.39%, smaller than the maximum JAPN drawdown of -23.94%. Use the drawdown chart below to compare losses from any high point for BENJ and JAPN.

Drawdown Indicators

	BENJ	JAPN	Difference
Max Drawdown Largest peak-to-trough decline	-0.39%	-23.94%	+23.55%
Max Drawdown (1Y) Largest decline over 1 year	-0.06%	-23.94%	+23.88%
Current Drawdown Current decline from peak	-0.03%	-11.04%	+11.01%
Average Drawdown Average peak-to-trough decline	-0.02%	-10.72%	+10.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	14.77%	-14.76%

Volatility

BENJ vs. JAPN - Volatility Comparison

The current volatility for Horizon Landmark ETF (BENJ) is 0.12%, while Horizon Kinetics Japan Owner Operator ETF (JAPN) has a volatility of 6.07%. This indicates that BENJ experiences smaller price fluctuations and is considered to be less risky than JAPN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BENJ	JAPN	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.12%	6.07%	-5.95%
Volatility (6M) Calculated over the trailing 6-month period	0.28%	16.93%	-16.65%
Volatility (1Y) Calculated over the trailing 1-year period	0.34%	20.11%	-19.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.59%	19.79%	-19.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.59%	19.79%	-19.20%

BENJ vs. JAPN - Expense Ratio Comparison

BENJ has a 0.40% expense ratio, which is lower than JAPN's 0.85% expense ratio.

Dividends

BENJ vs. JAPN - Dividend Comparison

BENJ has not paid dividends to shareholders, while JAPN's dividend yield for the trailing twelve months is around 0.24%.

Position	TTM	2025
BENJ Horizon Landmark ETF	0.00%	0.00%
JAPN Horizon Kinetics Japan Owner Operator ETF	0.24%	0.24%

Frequently Asked Questions

Can I hold both BENJ and JAPN in my portfolio?

BENJ and JAPN have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BENJ or JAPN?

JAPN has higher volatility (6.07%) compared to BENJ (0.12%). In terms of maximum drawdown, BENJ dropped -0.39% vs JAPN's -23.94%.

Which ETF is better, BENJ or JAPN?

On 1-year performance, BENJ leads with 3.81% vs -8.17% for JAPN. On fees, BENJ is cheaper at 0.40% per year. On volatility, BENJ has been the lower-risk option at 0.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BENJ or JAPN?

Over the 1-year period, BENJ has performed better with a 3.81% return vs -8.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BENJ or JAPN?

BENJ is cheaper with a 0.40% expense ratio, compared with 0.85% for JAPN.

Which ETF pays a higher dividend yield, BENJ or JAPN?

JAPN has the higher dividend yield at 0.24%, compared with 0.00% for BENJ.

What is the main difference between BENJ and JAPN?

BENJ is categorized as Ultrashort Bond, while JAPN is Japan Equities. Their fees differ too: 0.40% for BENJ and 0.85% for JAPN.

Which has better risk-adjusted returns?

BENJ currently has the higher Sharpe Ratio (11.29 vs -0.41), 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.