HNDRX vs. SPY

Last updated Jun 23, 2026

HNDRX (Horizon Defined Risk Fund) and SPY (State Street SPDR S&P 500 ETF) are both funds - HNDRX is a Options Trading fund managed by Horizon Investments, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 5 years, HNDRX returned 8.72%/yr vs 13.51%/yr for SPY. Their correlation of 0.95 suggests significant overlap in exposure. HNDRX charges 1.04%/yr vs 0.09%/yr for SPY.

Performance

HNDRX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Defined Risk Fund (HNDRX) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HNDRX achieves a 4.87% return, which is significantly lower than SPY's 9.74% return.

HNDRX

• 1D: 0.41%
• 1M: 0.63%
• YTD: 4.87%
• 6M: 4.66%
• 1Y: 12.94%
• 3Y*: 12.60%
• 5Y*: 8.72%
• 10Y*: —

SPY

• 1D: -0.31%
• 1M: 0.09%
• YTD: 9.74%
• 6M: 9.27%
• 1Y: 26.65%
• 3Y*: 21.27%
• 5Y*: 13.51%
• 10Y*: 15.70%

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

HNDRX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
HNDRX Horizon Defined Risk Fund	4.87%	10.78%	15.41%	14.97%	-10.12%	13.08%	7.21%	13.22%	-1.67%
SPY State Street SPDR S&P 500 ETF	9.74%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.34%

Correlation

The correlation between HNDRX and SPY is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (All Time) Calculated using the full available price history since Apr 16, 2018	0.95

The correlation between HNDRX and SPY has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.

Return for Risk

HNDRX vs. SPY — Risk / Return Rank

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

HNDRX

HNDRX Risk / Return Rank: 68
HNDRX Sharpe Ratio Rank: 64
HNDRX Sortino Ratio Rank: 62
HNDRX Omega Ratio Rank: 72
HNDRX Calmar Ratio Rank: 62
HNDRX Martin Ratio Rank: 78

SPY

SPY Risk / Return Rank: 68
SPY Sharpe Ratio Rank: 69
SPY Sortino Ratio Rank: 66
SPY Omega Ratio Rank: 68
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 74

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Defined Risk Fund (HNDRX) and State Street SPDR S&P 500 ETF (SPY). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	HNDRX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.16	2.16	0.00
Sortino ratio: Return per unit of downside risk	3.01	2.91	+0.10
Omega ratio: Gain probability vs. loss probability	1.43	1.39	+0.04
Calmar ratio: Return relative to maximum drawdown	2.90	3.01	-0.11
Martin ratio: Return relative to average drawdown	13.63	13.54	+0.09

HNDRX vs. SPY - Sharpe Ratio Comparison

The current HNDRX Sharpe Ratio is 2.16, which is comparable to the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of HNDRX and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

HNDRX vs. SPY - Drawdown Comparison

The maximum HNDRX drawdown since its inception was -20.71%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for HNDRX and SPY.

Drawdown Indicators

	HNDRX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-20.71%	-55.19%	+34.48%
Max Drawdown (1Y) Largest decline over 1 year	-4.48%	-8.88%	+4.40%
Max Drawdown (3Y) Largest decline over 3 years	-11.42%	-18.76%	+7.34%
Max Drawdown (5Y) Largest decline over 5 years	-13.99%	-24.50%	+10.51%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-0.08%	-1.75%	+1.67%
Average Drawdown Average peak-to-trough decline	-2.78%	-9.04%	+6.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.95%	1.97%	-1.02%

Volatility

HNDRX vs. SPY - Volatility Comparison

The current volatility for Horizon Defined Risk Fund (HNDRX) is 1.52%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.64%. This indicates that HNDRX experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HNDRX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.52%	4.64%	-3.12%
Volatility (6M) Calculated over the trailing 6-month period	4.80%	9.75%	-4.95%
Volatility (1Y) Calculated over the trailing 1-year period	6.02%	12.43%	-6.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.34%	17.14%	-7.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.46%	17.99%	-7.53%

HNDRX vs. SPY - Expense Ratio Comparison

HNDRX has a 1.04% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

HNDRX vs. SPY - Dividend Comparison

HNDRX's dividend yield for the trailing twelve months is around 0.20%, less than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both HNDRX and SPY in my portfolio?

With a correlation of 0.93, HNDRX and SPY 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, HNDRX or SPY?

SPY has higher volatility (4.64%) compared to HNDRX (1.52%). In terms of maximum drawdown, HNDRX dropped -20.71% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.16 vs 2.16), 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.