HNDDX vs. USRAX

Last updated Jun 4, 2026

HNDDX (Horizon Active Dividend Fund) and USRAX (Horizon U.S. Defensive Equity Fund) are both mutual funds - HNDDX is a Large Cap Value Equities fund managed by Horizon Investments, while USRAX is a Large Cap Blend Equities fund managed by Horizon Investments. Over the past 5 years, HNDDX returned 10.68%/yr vs 11.14%/yr for USRAX. Their correlation of 0.89 suggests significant overlap in exposure. HNDDX charges 1.10%/yr vs 1.17%/yr for USRAX.

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.

Returns By Period

In the year-to-date period, HNDDX achieves a 11.15% return, which is significantly higher than USRAX's 9.58% return.

HNDDX

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

USRAX

• 1D: 0.03%
• 1M: 4.48%
• YTD: 9.58%
• 6M: 10.11%
• 1Y: 20.61%
• 3Y*: 17.59%
• 5Y*: 11.14%
• 10Y*: —

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

HNDDX vs. USRAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
HNDDX Horizon Active Dividend Fund	11.15%	18.89%	21.66%	6.24%	-6.91%	20.42%	-3.24%	5.67%
USRAX Horizon U.S. Defensive Equity Fund	9.58%	15.27%	17.68%	15.00%	-10.73%	27.99%	5.17%	5.87%

Correlation

The correlation between HNDDX and USRAX is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (All Time) Calculated using the full available price history since Jun 28, 2019	0.89

The correlation between HNDDX and USRAX has been stable across timeframes, ranging from 0.89 to 0.94 - a consistent structural relationship.

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: 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

USRAX

USRAX Risk / Return Rank: 59
USRAX Sharpe Ratio Rank: 55
USRAX Sortino Ratio Rank: 55
USRAX Omega Ratio Rank: 53
USRAX Calmar Ratio Rank: 61
USRAX Martin Ratio Rank: 73

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	2.88	2.18	+0.71
Sortino ratio Return per unit of downside risk	3.88	3.13	+0.76
Omega ratio Gain probability vs. loss probability	1.55	1.40	+0.15
Calmar ratio Return relative to maximum drawdown	3.97	3.00	+0.97
Martin ratio Return relative to average drawdown	19.05	13.92	+5.12
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 2.88, which is higher than the USRAX Sharpe Ratio of 2.18. The chart below compares the historical Sharpe Ratios of HNDDX and USRAX, 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	USRAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.88	2.18	+0.71
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.76	0.76	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	0.76	-0.13

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	-7.29%	-7.07%	-0.22%
Max Drawdown (3Y) Largest decline over 3 years	-16.69%	-15.66%	-1.03%
Max Drawdown (5Y) Largest decline over 5 years	-19.04%	-19.72%	+0.68%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-4.74%	-4.30%	-0.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.52%	1.52%	0.00%

Volatility

HNDDX vs. USRAX - Volatility Comparison

Horizon Active Dividend Fund (HNDDX) has a higher volatility of 2.78% compared to Horizon U.S. Defensive Equity Fund (USRAX) at 1.96%. 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	2.78%	1.96%	+0.82%
Volatility (6M) Calculated over the trailing 6-month period	7.72%	7.03%	+0.69%
Volatility (1Y) Calculated over the trailing 1-year period	10.04%	9.76%	+0.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.06%	14.73%	-0.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.86%	15.71%	+0.15%

HNDDX vs. USRAX - Expense Ratio Comparison

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

Dividends

HNDDX vs. USRAX - Dividend Comparison

HNDDX's dividend yield for the trailing twelve months is around 6.23%, less than USRAX's 6.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
USRAX Horizon U.S. Defensive Equity Fund	6.40%	7.01%	8.57%	2.79%	0.80%	25.28%	0.30%	0.25%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HNDDX and USRAX in my portfolio?

With a correlation of 0.94, HNDDX and USRAX 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 USRAX?

HNDDX has higher volatility (2.78%) compared to USRAX (1.96%). In terms of maximum drawdown, HNDDX dropped -36.28% vs USRAX's -23.39%.

Which has better risk-adjusted returns?

HNDDX currently has the higher Sharpe Ratio (2.88 vs 2.18), 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.