FLXN vs. HBTA

Last updated Jun 24, 2026

FLXN (Horizon Flexible Income ETF) and HBTA (Horizon Expedition Plus ETF) are both exchange-traded funds - FLXN is a High Yield Bonds fund actively managed by Horizon, while HBTA is a Derivative Income fund actively managed by Horizon. Both are actively managed. Their correlation of 0.81 suggests significant overlap in exposure. FLXN charges 0.82%/yr vs 0.85%/yr for HBTA.

Performance

FLXN vs. HBTA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Flexible Income ETF (FLXN) and Horizon Expedition Plus ETF (HBTA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FLXN achieves a 2.66% return, which is significantly lower than HBTA's 10.13% return.

FLXN

• 1D: -0.14%
• 1M: 0.63%
• YTD: 2.66%
• 6M: 2.78%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

HBTA

• 1D: -2.31%
• 1M: -1.05%
• YTD: 10.13%
• 6M: 8.98%
• 1Y: 31.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FLXN vs. HBTA - Yearly Performance Comparison

	2026 (YTD)	2025
FLXN Horizon Flexible Income ETF	2.66%	4.71%
HBTA Horizon Expedition Plus ETF	10.13%	14.90%

Correlation

The correlation between FLXN and HBTA is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 3, 2025	0.81

Return for Risk

FLXN vs. HBTA — Risk / Return Rank

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

FLXN

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

HBTA

HBTA Risk / Return Rank: 57
HBTA Sharpe Ratio Rank: 57
HBTA Sortino Ratio Rank: 53
HBTA Omega Ratio Rank: 54
HBTA Calmar Ratio Rank: 53
HBTA Martin Ratio Rank: 66

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.

FLXN vs. HBTA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Flexible Income ETF (FLXN) and Horizon Expedition Plus ETF (HBTA). 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.

	FLXN	HBTA	Difference
Sharpe ratio: Return per unit of total volatility	—	1.75	—
Sortino ratio: Return per unit of downside risk	—	2.34	—
Omega ratio: Gain probability vs. loss probability	—	1.31	—
Calmar ratio: Return relative to maximum drawdown	—	2.42	—
Martin ratio: Return relative to average drawdown	—	10.93	—

Drawdowns

FLXN vs. HBTA - Drawdown Comparison

The maximum FLXN drawdown since its inception was -3.39%, smaller than the maximum HBTA drawdown of -26.73%. Use the drawdown chart below to compare losses from any high point for FLXN and HBTA.

Drawdown Indicators

	FLXN	HBTA	Difference
Max Drawdown Largest peak-to-trough decline	-3.39%	-26.73%	+23.34%
Max Drawdown (1Y) Largest decline over 1 year	—	-13.18%	—
Current Drawdown Current decline from peak	-0.34%	-4.10%	+3.76%
Average Drawdown Average peak-to-trough decline	-0.37%	-4.17%	+3.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.91%	—

Volatility

Volatility by Period

	FLXN	HBTA	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	7.25%	—
Volatility (6M) Calculated over the trailing 6-month period	—	14.61%	—
Volatility (1Y) Calculated over the trailing 1-year period	5.07%	18.28%	-13.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.07%	25.04%	-19.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.07%	25.04%	-19.97%

FLXN vs. HBTA - Expense Ratio Comparison

FLXN has a 0.82% expense ratio, which is lower than HBTA's 0.85% expense ratio.

Dividends

FLXN vs. HBTA - Dividend Comparison

FLXN's dividend yield for the trailing twelve months is around 7.48%, more than HBTA's 0.58% yield.

Position	TTM	2025
FLXN Horizon Flexible Income ETF	7.48%	3.49%
HBTA Horizon Expedition Plus ETF	0.58%	0.64%

Frequently Asked Questions

Can I hold both FLXN and HBTA in my portfolio?

FLXN and HBTA have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FLXN or HBTA?

On fees, FLXN is cheaper at 0.82% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FLXN or HBTA?

FLXN is cheaper with a 0.82% expense ratio, compared with 0.85% for HBTA.

Which ETF pays a higher dividend yield, FLXN or HBTA?

FLXN has the higher dividend yield at 7.48%, compared with 0.58% for HBTA.

What is the main difference between FLXN and HBTA?

FLXN is categorized as High Yield Bonds, while HBTA is Derivative Income. Their fees differ too: 0.82% for FLXN and 0.85% for HBTA.