HESGX vs. VIIIX

Last updated Aug 6, 2026

HESGX (Horizon ESG Defensive Core Fund) and VIIIX (Vanguard Institutional Index Fund Institutional Plus Shares) are both mutual funds - HESGX is a Large Cap Blend Equities fund managed by Horizon, while VIIIX is a S&P 500 fund tracking the S&P 500 Index. Over the past 5 years, HESGX returned 9.78%/yr vs 13.54%/yr for VIIIX. Their 0.98 correlation means they have historically moved very closely together. HESGX charges 1.02%/yr vs 0.02%/yr for VIIIX.

Performance

HESGX vs. VIIIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon ESG Defensive Core Fund (HESGX) and Vanguard Institutional Index Fund Institutional Plus Shares (VIIIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HESGX achieves a 10.97% return, which is significantly lower than VIIIX's 13.76% return.

HESGX

• 1D: 1.53%
• 1M: 3.25%
• 6M: 10.92%
• YTD: 10.97%
• 1Y: 21.23%
• 3Y*: 16.96%
• 5Y*: 9.78%
• 10Y*: —
• ALL TIME*: 13.52%

VIIIX

• 1D: 1.79%
• 1M: 2.69%
• 6M: 13.04%
• YTD: 13.76%
• 1Y: 24.27%
• 3Y*: 22.00%
• 5Y*: 13.54%
• 10Y*: 15.46%
• ALL TIME*: 9.56%

*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)
HESGX Horizon ESG Defensive Core Fund	$0.00	$0.00	$0.00
VIIIX Vanguard Institutional Index Fund Institutional Plus Shares	$0.00	$0.00	$0.00

HESGX vs. VIIIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
HESGX Horizon ESG Defensive Core Fund	10.97%	9.56%	22.41%	23.52%	-18.83%	27.45%	21.75%	-0.24%
VIIIX Vanguard Institutional Index Fund Institutional Plus Shares	13.76%	17.87%	26.29%	25.79%	-18.14%	28.69%	18.41%	-0.26%

Correlation

The correlation between HESGX and VIIIX is 0.99 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.99
Correlation (3Y) Balances recent behavior with more history.	0.98
Correlation (5Y) Shows whether the relationship held over a longer period.	0.98
Correlation (All Time) Calculated using the full available price history since Dec 27, 2019	0.98

The correlation between HESGX and VIIIX has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

Return for Risk

HESGX vs. VIIIX — Risk / Return Rank

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

HESGX

HESGX Risk / Return Rank: 51
HESGX Sharpe Ratio Rank: 51
HESGX Sortino Ratio Rank: 47
HESGX Omega Ratio Rank: 47
HESGX Calmar Ratio Rank: 51
HESGX Martin Ratio Rank: 58

VIIIX

VIIIX Risk / Return Rank: 70
VIIIX Sharpe Ratio Rank: 69
VIIIX Sortino Ratio Rank: 64
VIIIX Omega Ratio Rank: 63
VIIIX Calmar Ratio Rank: 71
VIIIX Martin Ratio Rank: 81

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.

HESGX vs. VIIIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon ESG Defensive Core Fund (HESGX) and Vanguard Institutional Index Fund Institutional Plus Shares (VIIIX). 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.

	HESGX	VIIIX	Difference
Sharpe ratio: Return per unit of total volatility	1.64	1.85	-0.21
Sortino ratio: Return per unit of downside risk	2.26	2.55	-0.29
Omega ratio: Gain probability vs. loss probability	1.29	1.33	-0.04
Calmar ratio: Return relative to maximum drawdown	2.20	2.67	-0.47
Martin ratio: Return relative to average drawdown	8.91	11.48	-2.57

HESGX vs. VIIIX - Sharpe Ratio Comparison

The current HESGX Sharpe Ratio is 1.64, which is comparable to the VIIIX Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of HESGX and VIIIX, 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

HESGX vs. VIIIX - Drawdown Comparison

The maximum HESGX drawdown since its inception was -24.43%, smaller than the maximum VIIIX drawdown of -55.18%. Use the drawdown chart below to compare losses from any high point for HESGX and VIIIX.

Drawdown Indicators

	HESGX	VIIIX	Difference
Max Drawdown Largest peak-to-trough decline	-24.43%	-55.18%	+30.75%
Max Drawdown (1Y) Largest decline over 1 year	-9.42%	-8.90%	-0.52%
Max Drawdown (3Y) Largest decline over 3 years	-18.79%	-18.75%	-0.04%
Max Drawdown (5Y) Largest decline over 5 years	-22.08%	-24.50%	+2.42%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.79%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-5.99%	-9.97%	+3.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.33%	2.07%	+0.26%

Volatility

HESGX vs. VIIIX - Volatility Comparison

The current volatility for Horizon ESG Defensive Core Fund (HESGX) is 3.88%, while Vanguard Institutional Index Fund Institutional Plus Shares (VIIIX) has a volatility of 4.13%. This indicates that HESGX experiences smaller price fluctuations and is considered to be less risky than VIIIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HESGX	VIIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.88%	4.13%	-0.25%
Volatility (6M) Calculated over the trailing 6-month period	10.03%	10.33%	-0.30%
Volatility (1Y) Calculated over the trailing 1-year period	12.77%	12.94%	-0.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.69%	17.03%	-2.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.18%	18.08%	-1.90%

HESGX vs. VIIIX - Expense Ratio Comparison

HESGX has a 1.02% expense ratio, which is higher than VIIIX's 0.02% expense ratio.

Dividends

HESGX vs. VIIIX - Dividend Comparison

HESGX's dividend yield for the trailing twelve months is around 15.03%, more than VIIIX's 2.41% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HESGX Horizon ESG Defensive Core Fund	15.03%	16.68%	0.29%	0.61%	0.52%	2.51%	2.75%	0.00%	0.00%	0.00%	0.00%	0.00%
VIIIX Vanguard Institutional Index Fund Institutional Plus Shares	2.41%	2.11%	3.66%	2.66%	3.39%	4.79%	3.07%	2.86%	2.45%	1.84%	2.38%	2.47%

Frequently Asked Questions

Can I hold both HESGX and VIIIX in my portfolio?

With a correlation of 0.99, HESGX and VIIIX 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, HESGX or VIIIX?

VIIIX has higher volatility (4.13%) compared to HESGX (3.88%). In terms of maximum drawdown, HESGX dropped -24.43% vs VIIIX's -55.18%.

Which has better risk-adjusted returns?

VIIIX currently has the higher Sharpe Ratio (1.85 vs 1.64), 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.