DIVN vs. JAPN

Last updated Jul 14, 2026

DIVN (Horizon Dividend Income ETF) and JAPN (Horizon Kinetics Japan Owner Operator ETF) are both exchange-traded funds - DIVN is a Large Cap Value Equities fund managed by Horizon, while JAPN is a Japan Equities fund actively managed by Horizon. Over the past year, DIVN returned 19.47% vs -8.90% for JAPN. At a 0.28 correlation, their price movements are largely independent. DIVN charges 0.70%/yr vs 0.85%/yr for JAPN.

Performance

DIVN vs. JAPN - Performance Comparison

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

Returns By Period

In the year-to-date period, DIVN achieves a 13.69% return, which is significantly higher than JAPN's -3.93% return.

DIVN

• 1D: 0.02%
• 1M: -0.30%
• 6M: 10.33%
• YTD: 13.69%
• 1Y: 19.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —

JAPN

• 1D: 1.83%
• 1M: 10.24%
• 6M: -6.01%
• YTD: -3.93%
• 1Y: -8.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DIVN vs. JAPN - Yearly Performance Comparison

	2026 (YTD)	2025
DIVN Horizon Dividend Income ETF	13.69%	8.11%
JAPN Horizon Kinetics Japan Owner Operator ETF	-3.93%	-7.09%

Correlation

The correlation between DIVN and JAPN is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.29
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025	0.28

Return for Risk

DIVN vs. JAPN — Risk / Return Rank

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

DIVN

DIVN Risk / Return Rank: 75
DIVN Sharpe Ratio Rank: 74
DIVN Sortino Ratio Rank: 80
DIVN Omega Ratio Rank: 71
DIVN Calmar Ratio Rank: 83
DIVN Martin Ratio Rank: 68

JAPN

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

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.

DIVN vs. JAPN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Dividend Income ETF (DIVN) 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.

	DIVN	JAPN	Difference
Sharpe ratio: Return per unit of total volatility	1.88	-0.45	+2.33
Sortino ratio: Return per unit of downside risk	2.82	-0.52	+3.34
Omega ratio: Gain probability vs. loss probability	1.33	0.94	+0.39
Calmar ratio: Return relative to maximum drawdown	3.52	-0.37	+3.90
Martin ratio: Return relative to average drawdown	9.71	-0.63	+10.34

DIVN vs. JAPN - Sharpe Ratio Comparison

The current DIVN Sharpe Ratio is 1.88, which is higher than the JAPN Sharpe Ratio of -0.45. The chart below compares the historical Sharpe Ratios of DIVN 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

DIVN vs. JAPN - Drawdown Comparison

The maximum DIVN drawdown since its inception was -5.55%, smaller than the maximum JAPN drawdown of -23.94%. Use the drawdown chart below to compare losses from any high point for DIVN and JAPN.

Drawdown Indicators

	DIVN	JAPN	Difference
Max Drawdown Largest peak-to-trough decline	-5.55%	-23.94%	+18.39%
Max Drawdown (1Y) Largest decline over 1 year	-5.55%	-23.94%	+18.39%
Current Drawdown Current decline from peak	-0.31%	-14.55%	+14.24%
Average Drawdown Average peak-to-trough decline	-1.39%	-10.45%	+9.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.01%	14.21%	-12.20%

Volatility

DIVN vs. JAPN - Volatility Comparison

The current volatility for Horizon Dividend Income ETF (DIVN) is 2.91%, while Horizon Kinetics Japan Owner Operator ETF (JAPN) has a volatility of 5.73%. This indicates that DIVN 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

	DIVN	JAPN	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.91%	5.73%	-2.82%
Volatility (6M) Calculated over the trailing 6-month period	7.37%	16.82%	-9.45%
Volatility (1Y) Calculated over the trailing 1-year period	10.42%	19.94%	-9.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.44%	19.77%	-9.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.44%	19.77%	-9.33%

DIVN vs. JAPN - Expense Ratio Comparison

DIVN has a 0.70% expense ratio, which is lower than JAPN's 0.85% expense ratio.

Dividends

DIVN vs. JAPN - Dividend Comparison

DIVN's dividend yield for the trailing twelve months is around 3.45%, more than JAPN's 0.25% yield.

Position	TTM	2025
DIVN Horizon Dividend Income ETF	3.45%	1.47%
JAPN Horizon Kinetics Japan Owner Operator ETF	0.25%	0.24%

Frequently Asked Questions

Can I hold both DIVN and JAPN in my portfolio?

DIVN and JAPN have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DIVN or JAPN?

JAPN has higher volatility (5.73%) compared to DIVN (2.91%). In terms of maximum drawdown, DIVN dropped -5.55% vs JAPN's -23.94%.

Which ETF is better, DIVN or JAPN?

On 1-year performance, DIVN leads with 19.47% vs -8.90% for JAPN. On fees, DIVN is cheaper at 0.70% per year. On volatility, DIVN has been the lower-risk option at 2.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DIVN or JAPN?

Over the 1-year period, DIVN has performed better with a 19.47% return vs -8.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DIVN or JAPN?

DIVN is cheaper with a 0.70% expense ratio, compared with 0.85% for JAPN.

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

DIVN has the higher dividend yield at 3.45%, compared with 0.25% for JAPN.

What is the main difference between DIVN and JAPN?

DIVN is categorized as Large Cap Value Equities, while JAPN is Japan Equities. Their fees differ too: 0.70% for DIVN and 0.85% for JAPN.

Which has better risk-adjusted returns?

DIVN currently has the higher Sharpe Ratio (1.88 vs -0.45), 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.