HBTA vs. JAPN

Last updated Aug 2, 2026

HBTA (Horizon Expedition Plus ETF) and JAPN (Horizon Kinetics Japan Owner Operator ETF) are both exchange-traded funds - HBTA is a Derivative Income fund actively managed by Horizon, while JAPN is a Japan Equities fund actively managed by Horizon. Both are actively managed. Over the past year, HBTA returned 22.99% vs -8.89% for JAPN. Their 0.33 correlation means their historical movements had little consistent relationship. Both charge a 0.85% expense ratio.

Performance

HBTA vs. JAPN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Expedition Plus ETF (HBTA) 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, HBTA achieves a 8.04% return, which is significantly higher than JAPN's -2.38% return.

HBTA

• 1D: 1.69%
• 1M: -2.61%
• 6M: 6.83%
• YTD: 8.04%
• 1Y: 22.99%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 15.36%

JAPN

• 1D: 0.26%
• 1M: 7.93%
• 6M: 2.43%
• YTD: -2.38%
• 1Y: -8.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 0.53%

*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)
HBTA Horizon Expedition Plus ETF	$6.08M	$3.31M	$2.78M
JAPN Horizon Kinetics Japan Owner Operator ETF	$244.63K	$159.98K	$135.76K

HBTA vs. JAPN - Yearly Performance Comparison

	2026 (YTD)	2025
HBTA Horizon Expedition Plus ETF	8.04%	25.96%
JAPN Horizon Kinetics Japan Owner Operator ETF	-2.38%	3.10%

Correlation

The correlation between HBTA and JAPN is 0.34, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.34
Correlation (All Time) Calculated using the full available price history since May 13, 2025	0.33

Return for Risk

HBTA vs. JAPN — Risk / Return Rank

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

HBTA

HBTA Risk / Return Rank: 42
HBTA Sharpe Ratio Rank: 40
HBTA Sortino Ratio Rank: 39
HBTA Omega Ratio Rank: 38
HBTA Calmar Ratio Rank: 42
HBTA Martin Ratio Rank: 50

JAPN

JAPN Risk / Return Rank: 7
JAPN Sharpe Ratio Rank: 6
JAPN Sortino Ratio Rank: 6
JAPN Omega Ratio Rank: 6
JAPN Calmar Ratio Rank: 7
JAPN Martin Ratio Rank: 8

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.

HBTA vs. JAPN - Risk-Adjusted Trends Comparison

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

	HBTA	JAPN	Difference
Sharpe ratio: Return per unit of total volatility	0.99	-0.37	+1.36
Sortino ratio: Return per unit of downside risk	1.48	-0.40	+1.87
Omega ratio: Gain probability vs. loss probability	1.18	0.95	+0.23
Calmar ratio: Return relative to maximum drawdown	1.50	-0.31	+1.81
Martin ratio: Return relative to average drawdown	5.90	-0.51	+6.41

HBTA vs. JAPN - Sharpe Ratio Comparison

The current HBTA Sharpe Ratio is 0.99, which is higher than the JAPN Sharpe Ratio of -0.37. The chart below compares the historical Sharpe Ratios of HBTA 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

HBTA vs. JAPN - Drawdown Comparison

The maximum HBTA drawdown since its inception was -26.73%, which is greater than JAPN's maximum drawdown of -23.94%. Use the drawdown chart below to compare losses from any high point for HBTA and JAPN.

Drawdown Indicators

	HBTA	JAPN	Difference
Max Drawdown Largest peak-to-trough decline	-26.73%	-23.94%	-2.79%
Max Drawdown (1Y) Largest decline over 1 year	-13.18%	-23.94%	+10.76%
Current Drawdown Current decline from peak	-5.92%	-13.16%	+7.24%
Average Drawdown Average peak-to-trough decline	-4.19%	-10.71%	+6.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.35%	14.71%	-11.36%

Volatility

HBTA vs. JAPN - Volatility Comparison

Horizon Expedition Plus ETF (HBTA) has a higher volatility of 8.35% compared to Horizon Kinetics Japan Owner Operator ETF (JAPN) at 6.83%. This indicates that HBTA's price experiences larger fluctuations and is considered to be riskier than JAPN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HBTA	JAPN	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.35%	6.83%	+1.52%
Volatility (6M) Calculated over the trailing 6-month period	16.41%	16.88%	-0.47%
Volatility (1Y) Calculated over the trailing 1-year period	19.89%	20.20%	-0.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.15%	19.84%	+5.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.15%	19.84%	+5.31%

HBTA vs. JAPN - Expense Ratio Comparison

Both HBTA and JAPN have an expense ratio of 0.85%.

Dividends

HBTA vs. JAPN - Dividend Comparison

HBTA's dividend yield for the trailing twelve months is around 0.59%, more than JAPN's 0.25% yield.

Position	TTM	2025
HBTA Horizon Expedition Plus ETF	0.59%	0.64%
JAPN Horizon Kinetics Japan Owner Operator ETF	0.25%	0.24%

Frequently Asked Questions

Can I hold both HBTA and JAPN in my portfolio?

HBTA and JAPN have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HBTA or JAPN?

HBTA has higher volatility (8.35%) compared to JAPN (6.83%). In terms of maximum drawdown, HBTA dropped -26.73% vs JAPN's -23.94%.

Which ETF is better, HBTA or JAPN?

On 1-year performance, HBTA leads with 22.99% vs -8.89% for JAPN. Both ETFs have the same 0.85% expense ratio. On volatility, JAPN has been the lower-risk option at 6.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HBTA or JAPN?

Over the 1-year period, HBTA has performed better with a 22.99% return vs -8.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HBTA or JAPN?

HBTA and JAPN have the same expense ratio: 0.85% per year.

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

HBTA has the higher dividend yield at 0.59%, compared with 0.25% for JAPN.

What is the main difference between HBTA and JAPN?

HBTA is categorized as Derivative Income, while JAPN is Japan Equities.

Which has better risk-adjusted returns?

HBTA currently has the higher Sharpe Ratio (0.99 vs -0.37), 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.