HBTA vs. FLXN

Last updated Jun 4, 2026

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

Performance

HBTA vs. FLXN - Performance Comparison

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

Returns By Period

In the year-to-date period, HBTA achieves a 14.07% return, which is significantly higher than FLXN's 2.29% return.

HBTA

• 1D: -0.68%
• 1M: 7.20%
• YTD: 14.07%
• 6M: 14.43%
• 1Y: 38.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FLXN

• 1D: -0.27%
• 1M: 0.54%
• YTD: 2.29%
• 6M: 2.73%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HBTA vs. FLXN - Yearly Performance Comparison

	2026 (YTD)	2025
HBTA Horizon Expedition Plus ETF	14.07%	13.44%
FLXN Horizon Flexible Income ETF	2.29%	4.71%

Correlation

The correlation between HBTA and FLXN 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 7, 2025	0.81

Return for Risk

HBTA vs. FLXN — Risk / Return Rank

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

HBTA

HBTA Risk / Return Rank: 67
HBTA Sharpe Ratio Rank: 70
HBTA Sortino Ratio Rank: 65
HBTA Omega Ratio Rank: 66
HBTA Calmar Ratio Rank: 60
HBTA Martin Ratio Rank: 74

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.

HBTA vs. FLXN - Risk-Adjusted Trends Comparison

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

	HBTA	FLXN	Difference
Sharpe ratio: Return per unit of total volatility	2.24	—	—
Sortino ratio: Return per unit of downside risk	2.96	—	—
Omega ratio: Gain probability vs. loss probability	1.39	—	—
Calmar ratio: Return relative to maximum drawdown	2.92	—	—
Martin ratio: Return relative to average drawdown	13.75	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	HBTA	FLXN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.24	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.91	1.55	-0.64

Drawdowns

HBTA vs. FLXN - Drawdown Comparison

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

Drawdown Indicators

	HBTA	FLXN	Difference
Max Drawdown Largest peak-to-trough decline	-26.73%	-3.39%	-23.34%
Max Drawdown (1Y) Largest decline over 1 year	-13.18%	—	—
Current Drawdown Current decline from peak	-0.68%	-0.34%	-0.34%
Average Drawdown Average peak-to-trough decline	-4.22%	-0.38%	-3.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.80%	—	—

Volatility

Volatility by Period

	HBTA	FLXN	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.46%	—	—
Volatility (6M) Calculated over the trailing 6-month period	13.24%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	17.18%	5.04%	+12.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.85%	5.04%	+19.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.85%	5.04%	+19.81%

HBTA vs. FLXN - Expense Ratio Comparison

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

Dividends

HBTA vs. FLXN - Dividend Comparison

HBTA's dividend yield for the trailing twelve months is around 0.56%, less than FLXN's 7.50% yield.

Position	TTM	2025
FLXN Horizon Flexible Income ETF	7.50%	3.49%
HBTA Horizon Expedition Plus ETF	0.56%	0.64%

Frequently Asked Questions

Can I hold both HBTA and FLXN in my portfolio?

HBTA and FLXN 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, HBTA or FLXN?

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, HBTA or FLXN?

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

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

FLXN has the higher dividend yield at 7.50%, compared with 0.56% for HBTA.

What is the main difference between HBTA and FLXN?

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