HNDDX vs. ARANX

Last updated Jun 4, 2026

HNDDX (Horizon Active Dividend Fund) and ARANX (Horizon Active Risk Assist Fund) are both mutual funds - HNDDX is a Large Cap Value Equities fund managed by Horizon Investments, while ARANX is a Diversified Portfolio fund managed by Horizon Investments. Over the past 5 years, HNDDX returned 10.68%/yr vs 8.14%/yr for ARANX. Their correlation of 0.85 suggests significant overlap in exposure. HNDDX charges 1.10%/yr vs 1.17%/yr for ARANX.

Performance

HNDDX vs. ARANX - Performance Comparison

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

Returns By Period

In the year-to-date period, HNDDX achieves a 11.15% return, which is significantly lower than ARANX's 12.83% return.

HNDDX

• 1D: 0.65%
• 1M: 5.24%
• YTD: 11.15%
• 6M: 10.97%
• 1Y: 28.06%
• 3Y*: 20.07%
• 5Y*: 10.68%
• 10Y*: —

ARANX

• 1D: 0.35%
• 1M: 5.87%
• YTD: 12.83%
• 6M: 13.58%
• 1Y: 26.92%
• 3Y*: 17.50%
• 5Y*: 8.14%
• 10Y*: 8.27%

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

HNDDX vs. ARANX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HNDDX Horizon Active Dividend Fund	11.15%	18.89%	21.66%	6.24%	-6.91%	20.42%	-3.24%	17.20%	-8.46%	22.95%
ARANX Horizon Active Risk Assist Fund	12.83%	14.03%	13.60%	16.70%	-19.38%	20.69%	4.25%	12.63%	-7.49%	17.27%

Correlation

The correlation between HNDDX and ARANX is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (All Time) Calculated using the full available price history since Jan 4, 2017	0.85

The correlation between HNDDX and ARANX has been stable across timeframes, ranging from 0.85 to 0.92 - a consistent structural relationship.

Return for Risk

HNDDX vs. ARANX — Risk / Return Rank

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

HNDDX

HNDDX Risk / Return Rank: 86
HNDDX Sharpe Ratio Rank: 88
HNDDX Sortino Ratio Rank: 82
HNDDX Omega Ratio Rank: 82
HNDDX Calmar Ratio Rank: 84
HNDDX Martin Ratio Rank: 91

ARANX

ARANX Risk / Return Rank: 52
ARANX Sharpe Ratio Rank: 53
ARANX Sortino Ratio Rank: 50
ARANX Omega Ratio Rank: 49
ARANX Calmar Ratio Rank: 50
ARANX Martin Ratio Rank: 59

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.

HNDDX vs. ARANX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Active Dividend Fund (HNDDX) and Horizon Active Risk Assist Fund (ARANX). 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.

	HNDDX	ARANX	Difference
Sharpe ratio: Return per unit of total volatility	2.88	2.13	+0.75
Sortino ratio: Return per unit of downside risk	3.88	2.97	+0.92
Omega ratio: Gain probability vs. loss probability	1.55	1.38	+0.16
Calmar ratio: Return relative to maximum drawdown	3.97	2.70	+1.27
Martin ratio: Return relative to average drawdown	19.05	11.84	+7.21
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HNDDX vs. ARANX - Sharpe Ratio Comparison

The current HNDDX Sharpe Ratio is 2.88, which is higher than the ARANX Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of HNDDX and ARANX, 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

	HNDDX	ARANX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.88	2.13	+0.75
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.76	0.64	+0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.66	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	0.52	+0.11

Drawdowns

HNDDX vs. ARANX - Drawdown Comparison

The maximum HNDDX drawdown since its inception was -36.28%, which is greater than ARANX's maximum drawdown of -21.50%. Use the drawdown chart below to compare losses from any high point for HNDDX and ARANX.

Drawdown Indicators

	HNDDX	ARANX	Difference
Max Drawdown Largest peak-to-trough decline	-36.28%	-21.50%	-14.78%
Max Drawdown (1Y) Largest decline over 1 year	-7.29%	-10.13%	+2.84%
Max Drawdown (3Y) Largest decline over 3 years	-16.69%	-15.34%	-1.35%
Max Drawdown (5Y) Largest decline over 5 years	-19.04%	-21.50%	+2.46%
Max Drawdown (10Y) Largest decline over 10 years	—	-21.50%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-4.74%	-6.46%	+1.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.52%	2.30%	-0.78%

Volatility

HNDDX vs. ARANX - Volatility Comparison

The current volatility for Horizon Active Dividend Fund (HNDDX) is 2.78%, while Horizon Active Risk Assist Fund (ARANX) has a volatility of 3.95%. This indicates that HNDDX experiences smaller price fluctuations and is considered to be less risky than ARANX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HNDDX	ARANX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.78%	3.95%	-1.17%
Volatility (6M) Calculated over the trailing 6-month period	7.72%	10.41%	-2.69%
Volatility (1Y) Calculated over the trailing 1-year period	10.04%	12.83%	-2.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.06%	12.75%	+1.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.86%	12.62%	+3.24%

HNDDX vs. ARANX - Expense Ratio Comparison

HNDDX has a 1.10% expense ratio, which is lower than ARANX's 1.17% expense ratio.

Dividends

HNDDX vs. ARANX - Dividend Comparison

HNDDX's dividend yield for the trailing twelve months is around 6.23%, less than ARANX's 8.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ARANX Horizon Active Risk Assist Fund	8.10%	9.14%	10.35%	0.83%	0.53%	8.22%	0.37%	1.00%	3.91%	4.70%	0.86%	1.06%
HNDDX Horizon Active Dividend Fund	6.23%	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 HNDDX and ARANX in my portfolio?

With a correlation of 0.92, HNDDX and ARANX 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, HNDDX or ARANX?

ARANX has higher volatility (3.95%) compared to HNDDX (2.78%). In terms of maximum drawdown, HNDDX dropped -36.28% vs ARANX's -21.50%.

Which has better risk-adjusted returns?

HNDDX currently has the higher Sharpe Ratio (2.88 vs 2.13), 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.