FRGN vs. JAPN

Last updated Jun 4, 2026

FRGN (Horizon International Equity ETF) and JAPN (Horizon Kinetics Japan Owner Operator ETF) are both exchange-traded funds - FRGN is a Foreign Large Cap Equities fund actively managed by Horizon, while JAPN is a Japan Equities fund actively managed by Horizon. Both are actively managed. At a 0.46 correlation, their price movements are largely independent. FRGN charges 0.75%/yr vs 0.85%/yr for JAPN.

Performance

FRGN vs. JAPN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon International Equity ETF (FRGN) 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, FRGN achieves a 24.35% return, which is significantly higher than JAPN's -13.33% return.

FRGN

• 1D: -0.70%
• 1M: 8.09%
• YTD: 24.35%
• 6M: 26.17%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

JAPN

• 1D: -1.75%
• 1M: -2.99%
• YTD: -13.33%
• 6M: -13.01%
• 1Y: -16.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FRGN vs. JAPN - Yearly Performance Comparison

	2026 (YTD)	2025
FRGN Horizon International Equity ETF	24.35%	1.47%
JAPN Horizon Kinetics Japan Owner Operator ETF	-13.33%	0.37%

Correlation

The correlation between FRGN and JAPN is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 4, 2025	0.46

Return for Risk

FRGN vs. JAPN — Risk / Return Rank

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

JAPN

JAPN Risk / Return Rank: 2
JAPN Sharpe Ratio Rank: 2
JAPN Sortino Ratio Rank: 3
JAPN Omega Ratio Rank: 2
JAPN Calmar Ratio Rank: 3
JAPN Martin Ratio Rank: 2

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.

FRGN vs. JAPN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon International Equity ETF (FRGN) 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.

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

Sharpe Ratios by Period

	FRGN	JAPN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-0.90	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.84	-0.54	+3.38

Drawdowns

FRGN vs. JAPN - Drawdown Comparison

The maximum FRGN drawdown since its inception was -12.40%, smaller than the maximum JAPN drawdown of -23.94%. Use the drawdown chart below to compare losses from any high point for FRGN and JAPN.

Drawdown Indicators

	FRGN	JAPN	Difference
Max Drawdown Largest peak-to-trough decline	-12.40%	-23.94%	+11.54%
Max Drawdown (1Y) Largest decline over 1 year	—	-23.94%	—
Current Drawdown Current decline from peak	-0.70%	-22.90%	+22.20%
Average Drawdown Average peak-to-trough decline	-2.40%	-9.47%	+7.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	12.54%	—

Volatility

Volatility by Period

	FRGN	JAPN	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.33%	—
Volatility (6M) Calculated over the trailing 6-month period	—	15.41%	—
Volatility (1Y) Calculated over the trailing 1-year period	21.33%	18.77%	+2.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.33%	19.24%	+2.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.33%	19.24%	+2.09%

FRGN vs. JAPN - Expense Ratio Comparison

FRGN has a 0.75% expense ratio, which is lower than JAPN's 0.85% expense ratio.

Dividends

FRGN vs. JAPN - Dividend Comparison

FRGN's dividend yield for the trailing twelve months is around 0.20%, less than JAPN's 0.28% yield.

Position	TTM	2025
FRGN Horizon International Equity ETF	0.20%	0.25%
JAPN Horizon Kinetics Japan Owner Operator ETF	0.28%	0.24%

Frequently Asked Questions

Can I hold both FRGN and JAPN in my portfolio?

FRGN and JAPN have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FRGN or JAPN?

On fees, FRGN is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FRGN or JAPN?

FRGN is cheaper with a 0.75% expense ratio, compared with 0.85% for JAPN.

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

JAPN has the higher dividend yield at 0.28%, compared with 0.20% for FRGN.

What is the main difference between FRGN and JAPN?

FRGN is categorized as Foreign Large Cap Equities, while JAPN is Japan Equities. Their fees differ too: 0.75% for FRGN and 0.85% for JAPN.