INFL vs. RAAX
INFL (Horizon Kinetics Inflation Beneficiaries ETF) and RAAX (VanEck Inflation Allocation ETF) are both exchange-traded funds - INFL is a Global Equities fund actively managed by Horizon Kinetics, while RAAX is a Diversified Portfolio fund actively managed by VanEck. Both are actively managed. Over the past 5 years, INFL returned 12.86%/yr vs 12.74%/yr for RAAX. Their 0.79 correlation means they have sometimes moved together and sometimes differently. INFL charges 0.85%/yr vs 0.89%/yr for RAAX.
Performance
INFL vs. RAAX - Performance Comparison
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Returns By Period
In the year-to-date period, INFL achieves a 15.87% return, which is significantly higher than RAAX's 12.97% return.
INFL
- 1D
- -0.06%
- 1M
- 3.05%
- 6M
- 5.26%
- YTD
- 15.87%
- 1Y
- 25.84%
- 3Y*
- 18.91%
- 5Y*
- 12.86%
- 10Y*
- —
- ALL TIME*
- 15.35%
RAAX
- 1D
- -0.08%
- 1M
- 0.23%
- 6M
- 2.36%
- YTD
- 12.97%
- 1Y
- 27.41%
- 3Y*
- 17.65%
- 5Y*
- 12.74%
- 10Y*
- —
- ALL TIME*
- 8.80%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $4.88M | $5.98M | $13.46M | |
| $10.97M | $11.14M | $11.05M |
INFL vs. RAAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
INFL Horizon Kinetics Inflation Beneficiaries ETF | 15.87% | 18.30% | 23.34% | 1.62% | 2.65% | 25.22% |
RAAX VanEck Inflation Allocation ETF | 12.97% | 26.74% | 12.50% | 6.71% | 1.51% | 17.55% |
Correlation
The correlation between INFL and RAAX is 0.68, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.68 |
Correlation (3Y) Balances recent behavior with more history. | 0.70 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.78 |
Correlation (All Time) Calculated using the full available price history since Jan 12, 2021 | 0.79 |
The correlation between INFL and RAAX shifts across timeframes, from 0.68 (1 year) to 0.79 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
INFL vs. RAAX — Risk / Return Rank
INFL
RAAX
INFL vs. RAAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Horizon Kinetics Inflation Beneficiaries ETF (INFL) and VanEck Inflation Allocation ETF (RAAX). 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.
| INFL | RAAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.26 | ||
| Sortino ratioReturn per unit of downside risk | -0.41 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.32 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.07 | 2.99 | -0.91 |
| Martin ratioReturn relative to average drawdown | 5.55 | 8.38 | -2.83 |
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Drawdowns
INFL vs. RAAX - Drawdown Comparison
The maximum INFL drawdown since its inception was -21.30%, smaller than the maximum RAAX drawdown of -33.91%. Use the drawdown chart below to compare losses from any high point for INFL and RAAX.
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Drawdown Indicators
| INFL | RAAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.30% | -33.91% | +12.61% |
Max Drawdown (1Y)Largest decline over 1 year | -12.20% | -9.06% | -3.14% |
Max Drawdown (3Y)Largest decline over 3 years | -15.56% | -11.59% | -3.97% |
Max Drawdown (5Y)Largest decline over 5 years | -21.30% | -23.55% | +2.25% |
Current DrawdownCurrent decline from peak | -6.59% | -7.59% | +1.00% |
Average DrawdownAverage peak-to-trough decline | -5.20% | -6.78% | +1.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.55% | 3.22% | +1.33% |
Volatility
INFL vs. RAAX - Volatility Comparison
The current volatility for Horizon Kinetics Inflation Beneficiaries ETF (INFL) is 3.06%, while VanEck Inflation Allocation ETF (RAAX) has a volatility of 4.17%. This indicates that INFL experiences smaller price fluctuations and is considered to be less risky than RAAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| INFL | RAAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.06% | 4.17% | -1.11% |
Volatility (6M)Calculated over the trailing 6-month period | 12.71% | 12.52% | +0.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.38% | 14.97% | +1.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.74% | 15.70% | +2.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.59% | 15.79% | +1.80% |
INFL vs. RAAX - Expense Ratio Comparison
INFL has a 0.85% expense ratio, which is lower than RAAX's 0.89% expense ratio.
Dividends
INFL vs. RAAX - Dividend Comparison
INFL's dividend yield for the trailing twelve months is around 0.80%, less than RAAX's 2.07% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
INFL Horizon Kinetics Inflation Beneficiaries ETF | 0.80% | 1.26% | 1.77% | 1.60% | 1.65% | 0.91% | 0.00% | 0.00% | 0.00% |
RAAX VanEck Inflation Allocation ETF | 2.07% | 2.34% | 1.91% | 3.66% | 1.53% | 8.72% | 6.27% | 2.37% | 0.56% |
Frequently Asked Questions
INFL and RAAX have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RAAX has higher volatility (4.17%) compared to INFL (3.06%). In terms of maximum drawdown, INFL dropped -21.30% vs RAAX's -33.91%.
On 5-year performance, INFL leads with 12.86% vs 12.74% for RAAX. On fees, INFL is cheaper at 0.85% per year. On volatility, INFL has been the lower-risk option at 3.06%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, INFL has performed better with a 12.86% return vs 12.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
INFL is cheaper with a 0.85% expense ratio, compared with 0.89% for RAAX.
RAAX has the higher dividend yield at 2.07%, compared with 0.80% for INFL.
INFL is categorized as Global Equities, while RAAX is Diversified Portfolio. They also come from different issuers: Horizon Kinetics and VanEck. Their fees differ too: 0.85% for INFL and 0.89% for RAAX.
RAAX currently has the higher Sharpe Ratio (1.81 vs 1.55), 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.
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