HNDRX vs. HMXIX

Last updated Jun 5, 2026

HNDRX (Horizon Defined Risk Fund) and HMXIX (AlphaCentric Premium Opportunity Fund) are both Options Trading funds. Over the past 5 years, HNDRX returned 8.59%/yr vs 6.33%/yr for HMXIX. Their correlation of 0.85 suggests significant overlap in exposure. HNDRX charges 1.04%/yr vs 1.99%/yr for HMXIX.

Performance

HNDRX vs. HMXIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Defined Risk Fund (HNDRX) and AlphaCentric Premium Opportunity Fund (HMXIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HNDRX achieves a 4.83% return, which is significantly lower than HMXIX's 9.18% return.

HNDRX

• 1D: -0.06%
• 1M: 1.34%
• YTD: 4.83%
• 6M: 5.02%
• 1Y: 13.32%
• 3Y*: 12.91%
• 5Y*: 8.59%
• 10Y*: —

HMXIX

• 1D: -0.99%
• 1M: 4.58%
• YTD: 9.18%
• 6M: 8.16%
• 1Y: 23.87%
• 3Y*: 11.01%
• 5Y*: 6.33%
• 10Y*: 7.71%

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

HNDRX vs. HMXIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
HNDRX Horizon Defined Risk Fund	4.83%	10.78%	15.41%	14.97%	-10.12%	13.08%	7.21%	13.22%	-1.67%
HMXIX AlphaCentric Premium Opportunity Fund	9.18%	8.73%	8.86%	13.36%	-10.62%	7.82%	27.93%	16.54%	7.69%

Correlation

The correlation between HNDRX and HMXIX is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (All Time) Calculated using the full available price history since Apr 17, 2018	0.85

The correlation between HNDRX and HMXIX has been stable across timeframes, ranging from 0.83 to 0.90 - a consistent structural relationship.

Return for Risk

HNDRX vs. HMXIX — Risk / Return Rank

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

HNDRX

HNDRX Risk / Return Rank: 65
HNDRX Sharpe Ratio Rank: 59
HNDRX Sortino Ratio Rank: 57
HNDRX Omega Ratio Rank: 69
HNDRX Calmar Ratio Rank: 62
HNDRX Martin Ratio Rank: 77

HMXIX

HMXIX Risk / Return Rank: 48
HMXIX Sharpe Ratio Rank: 48
HMXIX Sortino Ratio Rank: 42
HMXIX Omega Ratio Rank: 47
HMXIX Calmar Ratio Rank: 54
HMXIX Martin Ratio Rank: 48

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.

HNDRX vs. HMXIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Defined Risk Fund (HNDRX) and AlphaCentric Premium Opportunity Fund (HMXIX). 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.

	HNDRX	HMXIX	Difference
Sharpe ratio: Return per unit of total volatility	2.26	1.99	+0.27
Sortino ratio: Return per unit of downside risk	3.16	2.64	+0.53
Omega ratio: Gain probability vs. loss probability	1.46	1.36	+0.10
Calmar ratio: Return relative to maximum drawdown	2.99	2.78	+0.21
Martin ratio: Return relative to average drawdown	14.17	9.76	+4.41
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HNDRX vs. HMXIX - Sharpe Ratio Comparison

The current HNDRX Sharpe Ratio is 2.26, which is comparable to the HMXIX Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of HNDRX and HMXIX, 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

	HNDRX	HMXIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.26	1.99	+0.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.93	0.60	+0.32
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.76	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.76	1.06	-0.30

Drawdowns

HNDRX vs. HMXIX - Drawdown Comparison

The maximum HNDRX drawdown since its inception was -20.71%, which is greater than HMXIX's maximum drawdown of -15.80%. Use the drawdown chart below to compare losses from any high point for HNDRX and HMXIX.

Drawdown Indicators

	HNDRX	HMXIX	Difference
Max Drawdown Largest peak-to-trough decline	-20.71%	-15.80%	-4.91%
Max Drawdown (1Y) Largest decline over 1 year	-4.48%	-8.69%	+4.21%
Max Drawdown (3Y) Largest decline over 3 years	-11.42%	-15.80%	+4.38%
Max Drawdown (5Y) Largest decline over 5 years	-13.99%	-15.80%	+1.81%
Max Drawdown (10Y) Largest decline over 10 years	—	-15.80%	—
Current Drawdown Current decline from peak	-0.06%	-0.99%	+0.93%
Average Drawdown Average peak-to-trough decline	-2.79%	-3.46%	+0.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.94%	2.47%	-1.53%

Volatility

HNDRX vs. HMXIX - Volatility Comparison

The current volatility for Horizon Defined Risk Fund (HNDRX) is 0.76%, while AlphaCentric Premium Opportunity Fund (HMXIX) has a volatility of 3.09%. This indicates that HNDRX experiences smaller price fluctuations and is considered to be less risky than HMXIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HNDRX	HMXIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.76%	3.09%	-2.33%
Volatility (6M) Calculated over the trailing 6-month period	4.64%	8.70%	-4.06%
Volatility (1Y) Calculated over the trailing 1-year period	5.93%	12.12%	-6.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.32%	10.54%	-1.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.48%	10.59%	-0.11%

HNDRX vs. HMXIX - Expense Ratio Comparison

HNDRX has a 1.04% expense ratio, which is lower than HMXIX's 1.99% expense ratio.

Dividends

HNDRX vs. HMXIX - Dividend Comparison

HNDRX's dividend yield for the trailing twelve months is around 0.20%, less than HMXIX's 5.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
HMXIX AlphaCentric Premium Opportunity Fund	5.61%	6.13%	2.17%	0.00%	0.00%	4.78%	2.26%	0.00%	0.00%	0.47%	0.16%
HNDRX Horizon Defined Risk Fund	0.20%	0.21%	0.09%	0.21%	0.36%	0.28%	0.57%	0.55%	0.58%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HNDRX and HMXIX in my portfolio?

HNDRX and HMXIX have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HNDRX or HMXIX?

HMXIX has higher volatility (3.09%) compared to HNDRX (0.76%). In terms of maximum drawdown, HNDRX dropped -20.71% vs HMXIX's -15.80%.

Which has better risk-adjusted returns?

HNDRX currently has the higher Sharpe Ratio (2.26 vs 1.99), 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.