HDCTX vs. HNDDX

Last updated Aug 4, 2026

HDCTX (Rational Equity Armor Fund) and HNDDX (Horizon Active Dividend Fund) are both Large Cap Value Equities funds. Over the past 5 years, HDCTX returned 6.21%/yr vs 10.84%/yr for HNDDX. Their 0.79 correlation means they have sometimes moved together and sometimes differently. HDCTX charges 1.17%/yr vs 1.10%/yr for HNDDX.

Performance

HDCTX vs. HNDDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Rational Equity Armor Fund (HDCTX) and Horizon Active Dividend Fund (HNDDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HDCTX achieves a 7.27% return, which is significantly lower than HNDDX's 10.90% return.

HDCTX

• 1D: 1.14%
• 1M: -0.43%
• 6M: 5.50%
• YTD: 7.27%
• 1Y: 14.26%
• 3Y*: 13.30%
• 5Y*: 6.21%
• 10Y*: 5.01%
• ALL TIME*: 5.71%

HNDDX

• 1D: 0.59%
• 1M: 0.43%
• 6M: 7.27%
• YTD: 10.90%
• 1Y: 22.25%
• 3Y*: 17.86%
• 5Y*: 10.84%
• 10Y*: —
• ALL TIME*: 9.76%

*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)
HDCTX Rational Equity Armor Fund	$0.00	$0.00	$0.00
HNDDX Horizon Active Dividend Fund	$0.00	$0.00	$0.00

HDCTX vs. HNDDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HDCTX Rational Equity Armor Fund	7.27%	12.64%	16.85%	2.95%	-10.68%	14.52%	15.85%	11.32%	-11.94%	-1.99%
HNDDX Horizon Active Dividend Fund	10.90%	18.89%	21.66%	6.24%	-6.91%	20.42%	-3.24%	17.20%	-8.46%	22.95%

Correlation

The correlation between HDCTX and HNDDX is 0.79, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.79
Correlation (3Y) Balances recent behavior with more history.	0.83
Correlation (5Y) Shows whether the relationship held over a longer period.	0.81
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017	0.79

The correlation between HDCTX and HNDDX has been stable across timeframes, ranging from 0.79 to 0.83 - a consistent structural relationship.

Return for Risk

HDCTX vs. HNDDX — Risk / Return Rank

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

HDCTX

HDCTX Risk / Return Rank: 40
HDCTX Sharpe Ratio Rank: 43
HDCTX Sortino Ratio Rank: 45
HDCTX Omega Ratio Rank: 40
HDCTX Calmar Ratio Rank: 44
HDCTX Martin Ratio Rank: 27

HNDDX

HNDDX Risk / Return Rank: 80
HNDDX Sharpe Ratio Rank: 79
HNDDX Sortino Ratio Rank: 74
HNDDX Omega Ratio Rank: 76
HNDDX Calmar Ratio Rank: 82
HNDDX Martin Ratio Rank: 90

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.

HDCTX vs. HNDDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Rational Equity Armor Fund (HDCTX) and Horizon Active Dividend Fund (HNDDX). 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.

	HDCTX	HNDDX	Difference
Sharpe ratio: Return per unit of total volatility	1.35	1.91	-0.56
Sortino ratio: Return per unit of downside risk	2.00	2.60	-0.60
Omega ratio: Gain probability vs. loss probability	1.24	1.35	-0.11
Calmar ratio: Return relative to maximum drawdown	1.88	2.85	-0.97
Martin ratio: Return relative to average drawdown	4.29	12.80	-8.51

HDCTX vs. HNDDX - Sharpe Ratio Comparison

The current HDCTX Sharpe Ratio is 1.35, which is comparable to the HNDDX Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of HDCTX and HNDDX, 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

HDCTX vs. HNDDX - Drawdown Comparison

The maximum HDCTX drawdown since its inception was -59.05%, which is greater than HNDDX's maximum drawdown of -36.28%. Use the drawdown chart below to compare losses from any high point for HDCTX and HNDDX.

Drawdown Indicators

	HDCTX	HNDDX	Difference
Max Drawdown Largest peak-to-trough decline	-59.05%	-36.28%	-22.77%
Max Drawdown (1Y) Largest decline over 1 year	-6.95%	-7.29%	+0.34%
Max Drawdown (3Y) Largest decline over 3 years	-11.74%	-16.69%	+4.95%
Max Drawdown (5Y) Largest decline over 5 years	-18.22%	-19.04%	+0.82%
Max Drawdown (10Y) Largest decline over 10 years	-18.82%	—	—
Current Drawdown Current decline from peak	-4.39%	-0.68%	-3.71%
Average Drawdown Average peak-to-trough decline	-6.40%	-4.68%	-1.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.05%	1.62%	+1.43%

Volatility

HDCTX vs. HNDDX - Volatility Comparison

The current volatility for Rational Equity Armor Fund (HDCTX) is 2.41%, while Horizon Active Dividend Fund (HNDDX) has a volatility of 2.98%. This indicates that HDCTX experiences smaller price fluctuations and is considered to be less risky than HNDDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HDCTX	HNDDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.41%	2.98%	-0.57%
Volatility (6M) Calculated over the trailing 6-month period	7.38%	8.55%	-1.17%
Volatility (1Y) Calculated over the trailing 1-year period	9.69%	10.86%	-1.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.64%	14.11%	-3.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.56%	15.80%	-4.24%

HDCTX vs. HNDDX - Expense Ratio Comparison

HDCTX has a 1.17% expense ratio, which is higher than HNDDX's 1.10% expense ratio.

Dividends

HDCTX vs. HNDDX - Dividend Comparison

HDCTX's dividend yield for the trailing twelve months is around 0.19%, less than HNDDX's 6.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HDCTX Rational Equity Armor Fund	0.19%	0.00%	0.00%	0.17%	0.78%	1.21%	1.10%	5.37%	7.86%	5.60%	3.28%	15.32%
HNDDX Horizon Active Dividend Fund	6.89%	6.55%	6.25%	1.54%	2.17%	3.98%	2.13%	2.67%	5.86%	2.67%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HDCTX and HNDDX in my portfolio?

HDCTX and HNDDX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HDCTX or HNDDX?

HNDDX has higher volatility (2.98%) compared to HDCTX (2.41%). In terms of maximum drawdown, HDCTX dropped -59.05% vs HNDDX's -36.28%.

Which has better risk-adjusted returns?

HNDDX currently has the higher Sharpe Ratio (1.91 vs 1.35), 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.