HNDDX vs. USRAX

Last updated Apr 2, 2026

Compare and contrast key facts about Horizon Active Dividend Fund (HNDDX) and Horizon U.S. Defensive Equity Fund (USRAX).

HNDDX is managed by Horizon Investments. It was launched on Dec 28, 2016. USRAX is managed by Horizon Investments. It was launched on Jun 26, 2019.

Performance

HNDDX vs. USRAX - Performance Comparison

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

HNDDX vs. USRAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
HNDDX Horizon Active Dividend Fund	-0.99%	18.89%	21.66%	6.24%	-6.91%	20.42%	-3.24%	5.67%
USRAX Horizon U.S. Defensive Equity Fund	-0.98%	15.27%	17.68%	15.00%	-10.73%	27.99%	5.17%	5.87%

Returns By Period

The year-to-date returns for both investments are quite close, with HNDDX having a -0.99% return and USRAX slightly higher at -0.98%.

HNDDX

• 1D: 2.59%
• 1M: -4.23%
• YTD: -0.99%
• 6M: 1.68%
• 1Y: 19.81%
• 3Y*: 15.66%
• 5Y*: 9.14%
• 10Y*: —

USRAX

• 1D: 2.22%
• 1M: -4.53%
• YTD: -0.98%
• 6M: 0.77%
• 1Y: 15.06%
• 3Y*: 15.06%
• 5Y*: 10.04%
• 10Y*: —

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

HNDDX vs. USRAX - Expense Ratio Comparison

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

USRAX

Horizon U.S. Defensive Equity Fund

HNDDX

Horizon Active Dividend Fund

Return for Risk

HNDDX vs. USRAX — Risk / Return Rank

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

HNDDX

HNDDX Risk / Return Rank: 72
HNDDX Sharpe Ratio Rank: 63
HNDDX Sortino Ratio Rank: 66
HNDDX Omega Ratio Rank: 73
HNDDX Calmar Ratio Rank: 71
HNDDX Martin Ratio Rank: 85

USRAX

USRAX Risk / Return Rank: 56
USRAX Sharpe Ratio Rank: 45
USRAX Sortino Ratio Rank: 49
USRAX Omega Ratio Rank: 52
USRAX Calmar Ratio Rank: 58
USRAX Martin Ratio Rank: 75

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. USRAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Active Dividend Fund (HNDDX) and Horizon U.S. Defensive Equity Fund (USRAX). 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	USRAX	Difference
Sharpe ratio Return per unit of total volatility	1.24	0.98	+0.26
Sortino ratio Return per unit of downside risk	1.82	1.49	+0.33
Omega ratio Gain probability vs. loss probability	1.30	1.23	+0.07
Calmar ratio Return relative to maximum drawdown	1.85	1.51	+0.34
Martin ratio Return relative to average drawdown	9.50	7.80	+1.70
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. USRAX - Sharpe Ratio Comparison

The current HNDDX Sharpe Ratio is 1.24, which is comparable to the USRAX Sharpe Ratio of 0.98. The chart below compares the historical Sharpe Ratios of HNDDX and USRAX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	HNDDX	USRAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.24	0.98	+0.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.65	0.68	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	0.67	-0.11

Correlation

The correlation between HNDDX and USRAX is 0.89, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

HNDDX vs. USRAX - Dividend Comparison

HNDDX's dividend yield for the trailing twelve months is around 6.61%, less than USRAX's 7.08% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
HNDDX Horizon Active Dividend Fund	6.61%	6.55%	6.25%	1.54%	2.17%	3.98%	2.13%	2.67%	5.86%	2.67%
USRAX Horizon U.S. Defensive Equity Fund	7.08%	7.01%	8.57%	2.79%	0.80%	25.28%	0.30%	0.25%	0.00%	0.00%

Drawdowns

HNDDX vs. USRAX - Drawdown Comparison

The maximum HNDDX drawdown since its inception was -36.28%, which is greater than USRAX's maximum drawdown of -23.39%. Use the drawdown chart below to compare losses from any high point for HNDDX and USRAX.

Drawdown Indicators

	HNDDX	USRAX	Difference
Max Drawdown Largest peak-to-trough decline	-36.28%	-23.39%	-12.89%
Max Drawdown (1Y) Largest decline over 1 year	-11.33%	-10.70%	-0.63%
Max Drawdown (5Y) Largest decline over 5 years	-19.04%	-19.72%	+0.68%
Current Drawdown Current decline from peak	-4.89%	-5.01%	+0.12%
Average Drawdown Average peak-to-trough decline	-4.81%	-4.39%	-0.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.20%	2.07%	+0.13%

Volatility

HNDDX vs. USRAX - Volatility Comparison

Horizon Active Dividend Fund (HNDDX) has a higher volatility of 4.71% compared to Horizon U.S. Defensive Equity Fund (USRAX) at 4.12%. This indicates that HNDDX's price experiences larger fluctuations and is considered to be riskier than USRAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HNDDX	USRAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.71%	4.12%	+0.59%
Volatility (6M) Calculated over the trailing 6-month period	8.07%	7.91%	+0.16%
Volatility (1Y) Calculated over the trailing 1-year period	16.28%	15.49%	+0.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.04%	14.82%	-0.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.95%	15.85%	+0.10%