HNDDX vs. HDCTX

Last updated Jun 4, 2026

HNDDX (Horizon Active Dividend Fund) and HDCTX (Rational Equity Armor Fund) are both Large Cap Value Equities funds. Over the past 5 years, HNDDX returned 10.68%/yr vs 7.04%/yr for HDCTX. A 0.79 correlation means they provide meaningful diversification when combined. HNDDX charges 1.10%/yr vs 1.17%/yr for HDCTX.

Performance

HNDDX vs. HDCTX - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with HNDDX having a 11.15% return and HDCTX slightly higher at 11.26%.

HNDDX

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

HDCTX

• 1D: 0.34%
• 1M: 4.63%
• YTD: 11.26%
• 6M: 8.64%
• 1Y: 21.27%
• 3Y*: 16.02%
• 5Y*: 7.04%
• 10Y*: 5.66%

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

HNDDX vs. HDCTX - 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%
HDCTX Rational Equity Armor Fund	11.26%	12.64%	16.85%	2.95%	-10.68%	14.52%	15.85%	11.32%	-11.94%	-2.33%

Correlation

The correlation between HNDDX and HDCTX is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (All Time) Calculated using the full available price history since Jan 4, 2017	0.79

The correlation between HNDDX and HDCTX has been stable across timeframes, ranging from 0.79 to 0.81 - a consistent structural relationship.

Return for Risk

HNDDX vs. HDCTX — 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

HDCTX

HDCTX Risk / Return Rank: 57
HDCTX Sharpe Ratio Rank: 61
HDCTX Sortino Ratio Rank: 64
HDCTX Omega Ratio Rank: 55
HDCTX Calmar Ratio Rank: 65
HDCTX Martin Ratio Rank: 38

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. HDCTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Active Dividend Fund (HNDDX) and Rational Equity Armor Fund (HDCTX). 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	HDCTX	Difference
Sharpe ratio Return per unit of total volatility	2.88	2.30	+0.58
Sortino ratio Return per unit of downside risk	3.88	3.36	+0.52
Omega ratio Gain probability vs. loss probability	1.55	1.41	+0.14
Calmar ratio Return relative to maximum drawdown	3.97	3.11	+0.86
Martin ratio Return relative to average drawdown	19.05	8.25	+10.80
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. HDCTX - Sharpe Ratio Comparison

The current HNDDX Sharpe Ratio is 2.88, which is comparable to the HDCTX Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of HNDDX and HDCTX, 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	HDCTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.88	2.30	+0.58
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.76	0.66	+0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.49	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	0.40	+0.23

Drawdowns

HNDDX vs. HDCTX - Drawdown Comparison

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

Drawdown Indicators

	HNDDX	HDCTX	Difference
Max Drawdown Largest peak-to-trough decline	-36.28%	-59.05%	+22.77%
Max Drawdown (1Y) Largest decline over 1 year	-7.29%	-6.95%	-0.34%
Max Drawdown (3Y) Largest decline over 3 years	-16.69%	-11.74%	-4.95%
Max Drawdown (5Y) Largest decline over 5 years	-19.04%	-18.22%	-0.82%
Max Drawdown (10Y) Largest decline over 10 years	—	-19.43%	—
Current Drawdown Current decline from peak	0.00%	-0.83%	+0.83%
Average Drawdown Average peak-to-trough decline	-4.74%	-6.41%	+1.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.52%	2.61%	-1.09%

Volatility

HNDDX vs. HDCTX - Volatility Comparison

The current volatility for Horizon Active Dividend Fund (HNDDX) is 2.78%, while Rational Equity Armor Fund (HDCTX) has a volatility of 3.84%. This indicates that HNDDX experiences smaller price fluctuations and is considered to be less risky than HDCTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HNDDX	HDCTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.78%	3.84%	-1.06%
Volatility (6M) Calculated over the trailing 6-month period	7.72%	6.95%	+0.77%
Volatility (1Y) Calculated over the trailing 1-year period	10.04%	9.39%	+0.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.06%	10.67%	+3.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.86%	11.53%	+4.33%

HNDDX vs. HDCTX - Expense Ratio Comparison

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

Dividends

HNDDX vs. HDCTX - Dividend Comparison

HNDDX's dividend yield for the trailing twelve months is around 6.23%, more than HDCTX's 0.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HDCTX Rational Equity Armor Fund	0.18%	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	6.23%	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 HDCTX in my portfolio?

HNDDX and HDCTX 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, HNDDX or HDCTX?

HDCTX has higher volatility (3.84%) compared to HNDDX (2.78%). In terms of maximum drawdown, HNDDX dropped -36.28% vs HDCTX's -59.05%.

Which has better risk-adjusted returns?

HNDDX currently has the higher Sharpe Ratio (2.88 vs 2.30), 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.