FLXN vs. QGRD

Last updated Jul 14, 2026

FLXN (Horizon Flexible Income ETF) and QGRD (Horizon NASDAQ-100 Defined Risk ETF) are both exchange-traded funds - FLXN is a High Yield Bonds fund actively managed by Horizon, while QGRD is a Equity Hedged fund actively managed by Horizon. Both are actively managed. Over the past year, FLXN returned 8.38% vs 20.58% for QGRD. A 0.71 correlation means they provide meaningful diversification when combined. FLXN charges 0.82%/yr vs 0.85%/yr for QGRD.

Performance

FLXN vs. QGRD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Flexible Income ETF (FLXN) and Horizon NASDAQ-100 Defined Risk ETF (QGRD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FLXN achieves a 3.00% return, which is significantly lower than QGRD's 11.09% return.

FLXN

• 1D: -0.28%
• 1M: 0.32%
• 6M: 2.32%
• YTD: 3.00%
• 1Y: 8.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —

QGRD

• 1D: -1.41%
• 1M: -1.04%
• 6M: 9.04%
• YTD: 11.09%
• 1Y: 20.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FLXN vs. QGRD - Yearly Performance Comparison

	2026 (YTD)	2025
FLXN Horizon Flexible Income ETF	3.00%	4.94%
QGRD Horizon NASDAQ-100 Defined Risk ETF	11.09%	8.15%

Correlation

The correlation between FLXN and QGRD is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.71
Correlation (All Time) Calculated using the full available price history since Jul 10, 2025	0.71

The correlation between FLXN and QGRD has been stable across timeframes, ranging from 0.71 to 0.71 - a consistent structural relationship.

Return for Risk

FLXN vs. QGRD — Risk / Return Rank

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

FLXN

FLXN Risk / Return Rank: 71
FLXN Sharpe Ratio Rank: 65
FLXN Sortino Ratio Rank: 71
FLXN Omega Ratio Rank: 74
FLXN Calmar Ratio Rank: 63
FLXN Martin Ratio Rank: 80

QGRD

QGRD Risk / Return Rank: 51
QGRD Sharpe Ratio Rank: 51
QGRD Sortino Ratio Rank: 47
QGRD Omega Ratio Rank: 49
QGRD Calmar Ratio Rank: 55
QGRD Martin Ratio Rank: 50

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. QGRD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Flexible Income ETF (FLXN) and Horizon NASDAQ-100 Defined Risk ETF (QGRD). 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	QGRD	Difference
Sharpe ratio: Return per unit of total volatility	1.69	1.41	+0.28
Sortino ratio: Return per unit of downside risk	2.56	1.92	+0.64
Omega ratio: Gain probability vs. loss probability	1.34	1.25	+0.09
Calmar ratio: Return relative to maximum drawdown	2.48	2.20	+0.29
Martin ratio: Return relative to average drawdown	12.20	6.67	+5.53

FLXN vs. QGRD - Sharpe Ratio Comparison

The current FLXN Sharpe Ratio is 1.69, which is comparable to the QGRD Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of FLXN and QGRD, 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

FLXN vs. QGRD - Drawdown Comparison

The maximum FLXN drawdown since its inception was -3.39%, smaller than the maximum QGRD drawdown of -9.41%. Use the drawdown chart below to compare losses from any high point for FLXN and QGRD.

Drawdown Indicators

	FLXN	QGRD	Difference
Max Drawdown Largest peak-to-trough decline	-3.39%	-9.41%	+6.02%
Max Drawdown (1Y) Largest decline over 1 year	-3.39%	-9.41%	+6.02%
Current Drawdown Current decline from peak	-0.38%	-3.60%	+3.22%
Average Drawdown Average peak-to-trough decline	-0.36%	-2.23%	+1.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.69%	3.09%	-2.40%

Volatility

FLXN vs. QGRD - Volatility Comparison

The current volatility for Horizon Flexible Income ETF (FLXN) is 1.20%, while Horizon NASDAQ-100 Defined Risk ETF (QGRD) has a volatility of 6.71%. This indicates that FLXN experiences smaller price fluctuations and is considered to be less risky than QGRD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLXN	QGRD	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.20%	6.71%	-5.51%
Volatility (6M) Calculated over the trailing 6-month period	3.97%	11.61%	-7.64%
Volatility (1Y) Calculated over the trailing 1-year period	4.99%	14.66%	-9.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.97%	14.60%	-9.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.97%	14.60%	-9.63%

FLXN vs. QGRD - Expense Ratio Comparison

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

Dividends

FLXN vs. QGRD - Dividend Comparison

FLXN's dividend yield for the trailing twelve months is around 8.42%, more than QGRD's 1.41% yield.

Position	TTM	2025
FLXN Horizon Flexible Income ETF	8.42%	3.49%
QGRD Horizon NASDAQ-100 Defined Risk ETF	1.41%	1.57%

Frequently Asked Questions

Can I hold both FLXN and QGRD in my portfolio?

FLXN and QGRD have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLXN or QGRD?

QGRD has higher volatility (6.71%) compared to FLXN (1.20%). In terms of maximum drawdown, FLXN dropped -3.39% vs QGRD's -9.41%.

Which ETF is better, FLXN or QGRD?

On 1-year performance, QGRD leads with 20.58% vs 8.38% for FLXN. On fees, FLXN is cheaper at 0.82% per year. On volatility, FLXN has been the lower-risk option at 1.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLXN or QGRD?

Over the 1-year period, QGRD has performed better with a 20.58% return vs 8.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLXN or QGRD?

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

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

FLXN has the higher dividend yield at 8.42%, compared with 1.41% for QGRD.

What is the main difference between FLXN and QGRD?

FLXN is categorized as High Yield Bonds, while QGRD is Equity Hedged. Their fees differ too: 0.82% for FLXN and 0.85% for QGRD.

Which has better risk-adjusted returns?

FLXN currently has the higher Sharpe Ratio (1.69 vs 1.41), 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.