HOVR vs. XAR

Last updated Jun 3, 2026

HOVR (New Horizon Aircraft Ltd) is a stock, while XAR (SPDR S&P Aerospace & Defense ETF) is Industrials Equities fund tracking the S&P Aerospace & Defense Select Industry. Over the past year, HOVR returned 144.66% vs 45.93% for XAR. At a 0.30 correlation, their price movements are largely independent.

Performance

HOVR vs. XAR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in New Horizon Aircraft Ltd (HOVR) and SPDR S&P Aerospace & Defense ETF (XAR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HOVR achieves a 71.43% return, which is significantly higher than XAR's 15.82% return.

HOVR

• 1D: -0.40%
• 1M: 4.13%
• YTD: 71.43%
• 6M: 65.79%
• 1Y: 144.66%
• 3Y*: —
• 5Y*: —
• 10Y*: —

XAR

• 1D: -0.26%
• 1M: 8.91%
• YTD: 15.82%
• 6M: 23.76%
• 1Y: 45.93%
• 3Y*: 35.06%
• 5Y*: 17.03%
• 10Y*: 18.26%

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

HOVR vs. XAR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HOVR New Horizon Aircraft Ltd	71.43%	30.09%	-66.37%
XAR SPDR S&P Aerospace & Defense ETF	15.82%	46.15%	30.85%

Correlation

The correlation between HOVR and XAR is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (All Time) Calculated using the full available price history since Jan 17, 2024	0.30

The correlation between HOVR and XAR shifts across timeframes, from 0.30 (all time) to 0.45 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

HOVR vs. XAR — Risk / Return Rank

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

HOVR

HOVR Risk / Return Rank: 74
HOVR Sharpe Ratio Rank: 74
HOVR Sortino Ratio Rank: 79
HOVR Omega Ratio Rank: 74
HOVR Calmar Ratio Rank: 73
HOVR Martin Ratio Rank: 67

XAR

XAR Risk / Return Rank: 48
XAR Sharpe Ratio Rank: 49
XAR Sortino Ratio Rank: 49
XAR Omega Ratio Rank: 43
XAR Calmar Ratio Rank: 54
XAR Martin Ratio Rank: 46

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.

HOVR vs. XAR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for New Horizon Aircraft Ltd (HOVR) and SPDR S&P Aerospace & Defense ETF (XAR). 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.

	HOVR	XAR	Difference
Sharpe ratio Return per unit of total volatility	1.13	1.73	-0.60
Sortino ratio Return per unit of downside risk	2.31	2.42	-0.11
Omega ratio Gain probability vs. loss probability	1.26	1.28	-0.02
Calmar ratio Return relative to maximum drawdown	1.99	2.71	-0.72
Martin ratio Return relative to average drawdown	3.26	7.72	-4.46
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HOVR vs. XAR - Sharpe Ratio Comparison

The current HOVR Sharpe Ratio is 1.13, which is lower than the XAR Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of HOVR and XAR, 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

	HOVR	XAR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.13	1.73	-0.60
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.73	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.74	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.07	0.85	-0.93

Drawdowns

HOVR vs. XAR - Drawdown Comparison

The maximum HOVR drawdown since its inception was -92.26%, which is greater than XAR's maximum drawdown of -46.37%. Use the drawdown chart below to compare losses from any high point for HOVR and XAR.

Drawdown Indicators

	HOVR	XAR	Difference
Max Drawdown Largest peak-to-trough decline	-92.26%	-46.37%	-45.89%
Max Drawdown (1Y) Largest decline over 1 year	-69.31%	-17.22%	-52.09%
Max Drawdown (3Y) Largest decline over 3 years	—	-19.73%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-32.40%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-46.37%	—
Current Drawdown Current decline from peak	-35.55%	-4.56%	-30.99%
Average Drawdown Average peak-to-trough decline	-60.93%	-6.79%	-54.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	42.27%	6.03%	+36.24%

Volatility

HOVR vs. XAR - Volatility Comparison

New Horizon Aircraft Ltd (HOVR) has a higher volatility of 48.99% compared to SPDR S&P Aerospace & Defense ETF (XAR) at 9.24%. This indicates that HOVR's price experiences larger fluctuations and is considered to be riskier than XAR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HOVR	XAR	Difference
Volatility (1M) Calculated over the trailing 1-month period	48.99%	9.24%	+39.75%
Volatility (6M) Calculated over the trailing 6-month period	81.52%	22.45%	+59.07%
Volatility (1Y) Calculated over the trailing 1-year period	128.99%	26.71%	+102.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	157.72%	23.39%	+134.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	157.72%	24.62%	+133.10%

Dividends

HOVR vs. XAR - Dividend Comparison

HOVR has not paid dividends to shareholders, while XAR's dividend yield for the trailing twelve months is around 0.31%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HOVR New Horizon Aircraft Ltd	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XAR SPDR S&P Aerospace & Defense ETF	0.31%	0.40%	0.66%	0.54%	0.50%	0.83%	0.63%	0.75%	1.19%	0.76%	1.09%	2.31%

Frequently Asked Questions

Can I hold both HOVR and XAR in my portfolio?

HOVR and XAR have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HOVR or XAR?

HOVR has higher volatility (48.99%) compared to XAR (9.24%). In terms of maximum drawdown, HOVR dropped -92.26% vs XAR's -46.37%.

Which has better risk-adjusted returns?

XAR currently has the higher Sharpe Ratio (1.73 vs 1.13), 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.