HBTA vs. PEPS

Last updated Jun 4, 2026

HBTA (Horizon Expedition Plus ETF) and PEPS (Parametric Equity Plus ETF) are both Derivative Income funds. Both are actively managed. Over the past year, HBTA returned 38.33% vs 31.83% for PEPS. Their correlation of 0.95 suggests significant overlap in exposure. HBTA charges 0.85%/yr vs 0.10%/yr for PEPS.

Performance

HBTA vs. PEPS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Expedition Plus ETF (HBTA) and Parametric Equity Plus ETF (PEPS). 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 PEPS's 10.67% return.

HBTA

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

PEPS

• 1D: -0.51%
• 1M: 6.44%
• YTD: 10.67%
• 6M: 10.79%
• 1Y: 31.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HBTA vs. PEPS - Yearly Performance Comparison

	2026 (YTD)	2025
HBTA Horizon Expedition Plus ETF	14.07%	14.69%
PEPS Parametric Equity Plus ETF	10.67%	15.76%

Correlation

The correlation between HBTA and PEPS is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (All Time) Calculated using the full available price history since Jan 24, 2025	0.95

The correlation between HBTA and PEPS has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.

Return for Risk

HBTA vs. PEPS — 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

PEPS

PEPS Risk / Return Rank: 73
PEPS Sharpe Ratio Rank: 76
PEPS Sortino Ratio Rank: 71
PEPS Omega Ratio Rank: 75
PEPS Calmar Ratio Rank: 66
PEPS Martin Ratio Rank: 79

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. PEPS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Expedition Plus ETF (HBTA) and Parametric Equity Plus ETF (PEPS). 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	PEPS	Difference
Sharpe ratio: Return per unit of total volatility	2.24	2.45	-0.21
Sortino ratio: Return per unit of downside risk	2.96	3.22	-0.26
Omega ratio: Gain probability vs. loss probability	1.39	1.45	-0.06
Calmar ratio: Return relative to maximum drawdown	2.92	3.26	-0.34
Martin ratio: Return relative to average drawdown	13.75	15.28	-1.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HBTA vs. PEPS - Sharpe Ratio Comparison

The current HBTA Sharpe Ratio is 2.24, which is comparable to the PEPS Sharpe Ratio of 2.45. The chart below compares the historical Sharpe Ratios of HBTA and PEPS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HBTA	PEPS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.24	2.45	-0.21
Sharpe Ratio (All Time) Calculated using the full available price history	0.91	1.05	-0.14

Drawdowns

HBTA vs. PEPS - Drawdown Comparison

The maximum HBTA drawdown since its inception was -26.73%, which is greater than PEPS's maximum drawdown of -21.26%. Use the drawdown chart below to compare losses from any high point for HBTA and PEPS.

Drawdown Indicators

	HBTA	PEPS	Difference
Max Drawdown Largest peak-to-trough decline	-26.73%	-21.26%	-5.47%
Max Drawdown (1Y) Largest decline over 1 year	-13.18%	-9.80%	-3.38%
Current Drawdown Current decline from peak	-0.68%	-0.51%	-0.17%
Average Drawdown Average peak-to-trough decline	-4.22%	-2.77%	-1.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.80%	2.09%	+0.71%

Volatility

HBTA vs. PEPS - Volatility Comparison

Horizon Expedition Plus ETF (HBTA) has a higher volatility of 4.46% compared to Parametric Equity Plus ETF (PEPS) at 2.77%. This indicates that HBTA's price experiences larger fluctuations and is considered to be riskier than PEPS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HBTA	PEPS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.46%	2.77%	+1.69%
Volatility (6M) Calculated over the trailing 6-month period	13.24%	9.83%	+3.41%
Volatility (1Y) Calculated over the trailing 1-year period	17.18%	13.06%	+4.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.85%	18.31%	+6.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.85%	18.31%	+6.54%

HBTA vs. PEPS - Expense Ratio Comparison

HBTA has a 0.85% expense ratio, which is higher than PEPS's 0.10% expense ratio.

Dividends

HBTA vs. PEPS - Dividend Comparison

HBTA's dividend yield for the trailing twelve months is around 0.56%, less than PEPS's 0.88% yield.

Position	TTM	2025	2024
HBTA Horizon Expedition Plus ETF	0.56%	0.64%	0.00%
PEPS Parametric Equity Plus ETF	0.88%	1.00%	0.17%

Frequently Asked Questions

Can I hold both HBTA and PEPS in my portfolio?

With a correlation of 0.96, HBTA and PEPS move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, HBTA or PEPS?

HBTA has higher volatility (4.46%) compared to PEPS (2.77%). In terms of maximum drawdown, HBTA dropped -26.73% vs PEPS's -21.26%.

Which ETF is better, HBTA or PEPS?

On 1-year performance, HBTA leads with 38.33% vs 31.83% for PEPS. On fees, PEPS is cheaper at 0.10% per year. On volatility, PEPS has been the lower-risk option at 2.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HBTA or PEPS?

Over the 1-year period, HBTA has performed better with a 38.33% return vs 31.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HBTA or PEPS?

PEPS is cheaper with a 0.10% expense ratio, compared with 0.85% for HBTA.

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

PEPS has the higher dividend yield at 0.88%, compared with 0.56% for HBTA.

What is the main difference between HBTA and PEPS?

They also come from different issuers: Horizon and Parametric. Their fees differ too: 0.85% for HBTA and 0.10% for PEPS.

Which has better risk-adjusted returns?

PEPS currently has the higher Sharpe Ratio (2.45 vs 2.24), 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.