FXN vs. JAPN

Last updated Aug 4, 2026

FXN (First Trust Energy AlphaDEX Fund) and JAPN (Horizon Kinetics Japan Owner Operator ETF) are both exchange-traded funds - FXN is a Energy Equities fund tracking the StrataQuant Energy Index, while JAPN is a Japan Equities fund actively managed by Horizon. FXN is passively managed, while JAPN is actively managed. Over the past year, FXN returned 45.83% vs -8.72% for JAPN. Their -0.08 correlation means they have often moved in opposite directions in the past. FXN charges 0.64%/yr vs 0.85%/yr for JAPN.

Performance

FXN vs. JAPN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Energy AlphaDEX Fund (FXN) 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, FXN achieves a 34.12% return, which is significantly higher than JAPN's -2.20% return.

FXN

• 1D: -0.77%
• 1M: 8.88%
• 6M: 23.33%
• YTD: 34.12%
• 1Y: 45.83%
• 3Y*: 10.71%
• 5Y*: 19.56%
• 10Y*: 6.54%
• ALL TIME*: 2.12%

JAPN

• 1D: 0.18%
• 1M: 8.13%
• 6M: 3.31%
• YTD: -2.20%
• 1Y: -8.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 0.67%

*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)
FXN First Trust Energy AlphaDEX Fund	$7.82M	$9.25M	$37.23M
JAPN Horizon Kinetics Japan Owner Operator ETF	$237.11K	$161.04K	$133.74K

FXN vs. JAPN - Yearly Performance Comparison

	2026 (YTD)	2025
FXN First Trust Energy AlphaDEX Fund	34.12%	10.43%
JAPN Horizon Kinetics Japan Owner Operator ETF	-2.20%	3.10%

Correlation

The correlation between FXN and JAPN is -0.08, 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.	-0.08
Correlation (All Time) Calculated using the full available price history since May 13, 2025	-0.08

Return for Risk

FXN vs. JAPN — Risk / Return Rank

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

FXN

FXN Risk / Return Rank: 76
FXN Sharpe Ratio Rank: 81
FXN Sortino Ratio Rank: 75
FXN Omega Ratio Rank: 72
FXN Calmar Ratio Rank: 85
FXN Martin Ratio Rank: 67

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: 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.

FXN vs. JAPN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Energy AlphaDEX Fund (FXN) 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.

	FXN	JAPN	Difference
Sharpe ratio: Return per unit of total volatility	1.99	-0.43	+2.43
Sortino ratio: Return per unit of downside risk	2.56	-0.50	+3.05
Omega ratio: Gain probability vs. loss probability	1.32	0.94	+0.38
Calmar ratio: Return relative to maximum drawdown	3.43	-0.37	+3.80
Martin ratio: Return relative to average drawdown	8.58	-0.59	+9.17

FXN vs. JAPN - Sharpe Ratio Comparison

The current FXN Sharpe Ratio is 1.99, which is higher than the JAPN Sharpe Ratio of -0.43. The chart below compares the historical Sharpe Ratios of FXN 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

FXN vs. JAPN - Drawdown Comparison

The maximum FXN drawdown since its inception was -87.39%, which is greater than JAPN's maximum drawdown of -23.94%. Use the drawdown chart below to compare losses from any high point for FXN and JAPN.

Drawdown Indicators

	FXN	JAPN	Difference
Max Drawdown Largest peak-to-trough decline	-87.39%	-23.94%	-63.45%
Max Drawdown (1Y) Largest decline over 1 year	-13.41%	-23.94%	+10.53%
Max Drawdown (3Y) Largest decline over 3 years	-31.69%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-31.69%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-80.63%	—	—
Current Drawdown Current decline from peak	-5.06%	-13.01%	+7.95%
Average Drawdown Average peak-to-trough decline	-37.73%	-10.71%	-27.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.36%	14.73%	-9.37%

Volatility

FXN vs. JAPN - Volatility Comparison

The current volatility for First Trust Energy AlphaDEX Fund (FXN) is 6.21%, while Horizon Kinetics Japan Owner Operator ETF (JAPN) has a volatility of 6.62%. This indicates that FXN 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

	FXN	JAPN	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.21%	6.62%	-0.41%
Volatility (6M) Calculated over the trailing 6-month period	17.24%	16.88%	+0.36%
Volatility (1Y) Calculated over the trailing 1-year period	23.15%	20.17%	+2.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.71%	19.81%	+8.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.80%	19.81%	+14.99%

FXN vs. JAPN - Expense Ratio Comparison

FXN has a 0.64% expense ratio, which is lower than JAPN's 0.85% expense ratio.

Dividends

FXN vs. JAPN - Dividend Comparison

FXN's dividend yield for the trailing twelve months is around 1.63%, more than JAPN's 0.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FXN First Trust Energy AlphaDEX Fund	1.63%	2.53%	2.50%	3.09%	2.28%	0.87%	4.71%	1.47%	1.43%	1.17%	1.05%	2.36%
JAPN Horizon Kinetics Japan Owner Operator ETF	0.25%	0.24%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FXN and JAPN in my portfolio?

FXN and JAPN have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FXN or JAPN?

JAPN has higher volatility (6.62%) compared to FXN (6.21%). In terms of maximum drawdown, FXN dropped -87.39% vs JAPN's -23.94%.

Which ETF is better, FXN or JAPN?

On 1-year performance, FXN leads with 45.83% vs -8.72% for JAPN. On fees, FXN is cheaper at 0.64% per year. On volatility, FXN has been the lower-risk option at 6.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FXN or JAPN?

Over the 1-year period, FXN has performed better with a 45.83% return vs -8.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FXN or JAPN?

FXN is cheaper with a 0.64% expense ratio, compared with 0.85% for JAPN.

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

FXN has the higher dividend yield at 1.63%, compared with 0.25% for JAPN.

What is the main difference between FXN and JAPN?

FXN is categorized as Energy Equities, while JAPN is Japan Equities. They also come from different issuers: First Trust and Horizon. Their fees differ too: 0.64% for FXN and 0.85% for JAPN.

Which has better risk-adjusted returns?

FXN currently has the higher Sharpe Ratio (1.99 vs -0.43), 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.