INFL vs. SHEH

Last updated Aug 4, 2026

INFL (Horizon Kinetics Inflation Beneficiaries ETF) and SHEH (Shell plc ADRhedged ETF) are both exchange-traded funds - INFL is a Global Equities fund actively managed by Horizon Kinetics, while SHEH is a Energy Equities fund tracking the Shell plc - Benchmark Price Return. INFL is actively managed, while SHEH is passively managed. Over the past year, INFL returned 25.96% vs 27.83% for SHEH. Their 0.31 correlation means their historical movements had little consistent relationship. INFL charges 0.85%/yr vs 0.19%/yr for SHEH.

Performance

INFL vs. SHEH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Kinetics Inflation Beneficiaries ETF (INFL) and Shell plc ADRhedged ETF (SHEH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, INFL achieves a 15.98% return, which is significantly lower than SHEH's 25.14% return.

INFL

• 1D: 0.10%
• 1M: 3.15%
• 6M: 6.21%
• YTD: 15.98%
• 1Y: 25.96%
• 3Y*: 18.77%
• 5Y*: 13.02%
• 10Y*: —
• ALL TIME*: 15.35%

SHEH

• 1D: -0.63%
• 1M: 15.58%
• 6M: 23.06%
• YTD: 25.14%
• 1Y: 27.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 30.79%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
INFL Horizon Kinetics Inflation Beneficiaries ETF	$4.89M	$4.96M	$13.18M
SHEH Shell plc ADRhedged ETF	$782.03K	$668.74K	$325.26K

INFL vs. SHEH - Yearly Performance Comparison

	2026 (YTD)	2025
INFL Horizon Kinetics Inflation Beneficiaries ETF	15.98%	10.86%
SHEH Shell plc ADRhedged ETF	25.14%	12.63%

Correlation

The correlation between INFL and SHEH is 0.31, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.31
Correlation (All Time) Calculated using the full available price history since Apr 23, 2025	0.31

INFL vs. SHEH - Sectors Allocation Comparison

Sectors	INFL	SHEH
Energy	43.4%	96.5%
Financial Services	20.6%	-
Basic Materials	19.1%	-
Utilities	3.0%	-
Consumer Defensive	1.9%	-
Industrials	1.8%	-
Healthcare	1.3%	-
Real Estate	1.2%	-
Communication Services	0.3%	-
Consumer Cyclical	-	-
Technology	-	-

Return for Risk

INFL vs. SHEH — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

INFL

INFL Risk / Return Rank: 59
INFL Sharpe Ratio Rank: 67
INFL Sortino Ratio Rank: 59
INFL Omega Ratio Rank: 62
INFL Calmar Ratio Rank: 58
INFL Martin Ratio Rank: 48

SHEH

SHEH Risk / Return Rank: 44
SHEH Sharpe Ratio Rank: 48
SHEH Sortino Ratio Rank: 46
SHEH Omega Ratio Rank: 45
SHEH Calmar Ratio Rank: 41
SHEH Martin Ratio Rank: 38

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

INFL vs. SHEH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Kinetics Inflation Beneficiaries ETF (INFL) and Shell plc ADRhedged ETF (SHEH). 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	SHEH	Difference
Sharpe ratio: Return per unit of total volatility	1.59	1.33	+0.26
Sortino ratio: Return per unit of downside risk	2.08	1.86	+0.22
Omega ratio: Gain probability vs. loss probability	1.28	1.23	+0.04
Calmar ratio: Return relative to maximum drawdown	2.14	1.59	+0.54
Martin ratio: Return relative to average drawdown	5.70	4.35	+1.35

INFL vs. SHEH - Sharpe Ratio Comparison

The current INFL Sharpe Ratio is 1.59, which is comparable to the SHEH Sharpe Ratio of 1.33. The chart below compares the historical Sharpe Ratios of INFL and SHEH, 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

INFL vs. SHEH - Drawdown Comparison

The maximum INFL drawdown since its inception was -21.30%, which is greater than SHEH's maximum drawdown of -17.53%. Use the drawdown chart below to compare losses from any high point for INFL and SHEH.

Drawdown Indicators

	INFL	SHEH	Difference
Max Drawdown Largest peak-to-trough decline	-21.30%	-17.53%	-3.77%
Max Drawdown (1Y) Largest decline over 1 year	-12.20%	-17.53%	+5.33%
Max Drawdown (3Y) Largest decline over 3 years	-15.56%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-21.30%	—	—
Current Drawdown Current decline from peak	-6.50%	-3.52%	-2.98%
Average Drawdown Average peak-to-trough decline	-5.20%	-4.14%	-1.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.56%	6.41%	-1.85%

Volatility

INFL vs. SHEH - Volatility Comparison

The current volatility for Horizon Kinetics Inflation Beneficiaries ETF (INFL) is 2.86%, while Shell plc ADRhedged ETF (SHEH) has a volatility of 6.85%. This indicates that INFL experiences smaller price fluctuations and is considered to be less risky than SHEH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	INFL	SHEH	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.86%	6.85%	-3.99%
Volatility (6M) Calculated over the trailing 6-month period	12.01%	17.33%	-5.32%
Volatility (1Y) Calculated over the trailing 1-year period	16.38%	21.00%	-4.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.74%	20.53%	-2.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.59%	20.53%	-2.94%

INFL vs. SHEH - Expense Ratio Comparison

INFL has a 0.85% expense ratio, which is higher than SHEH's 0.19% expense ratio.

Dividends

INFL vs. SHEH - Dividend Comparison

INFL's dividend yield for the trailing twelve months is around 0.80%, less than SHEH's 1.86% yield.

Position	TTM	2025	2024	2023	2022	2021
INFL Horizon Kinetics Inflation Beneficiaries ETF	0.80%	1.26%	1.77%	1.60%	1.65%	0.91%
SHEH Shell plc ADRhedged ETF	1.86%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both INFL and SHEH in my portfolio?

INFL and SHEH have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, INFL or SHEH?

SHEH has higher volatility (6.85%) compared to INFL (2.86%). In terms of maximum drawdown, INFL dropped -21.30% vs SHEH's -17.53%.

Which ETF is better, INFL or SHEH?

On 1-year performance, SHEH leads with 27.83% vs 25.96% for INFL. On fees, SHEH is cheaper at 0.19% per year. On volatility, INFL has been the lower-risk option at 2.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, INFL or SHEH?

Over the 1-year period, SHEH has performed better with a 27.83% return vs 25.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, INFL or SHEH?

SHEH is cheaper with a 0.19% expense ratio, compared with 0.85% for INFL.

Which ETF pays a higher dividend yield, INFL or SHEH?

SHEH has the higher dividend yield at 1.86%, compared with 0.80% for INFL.

What is the main difference between INFL and SHEH?

INFL is categorized as Global Equities, while SHEH is Energy Equities. They also come from different issuers: Horizon Kinetics and ADRhedged. Their fees differ too: 0.85% for INFL and 0.19% for SHEH.

Which has better risk-adjusted returns?

INFL currently has the higher Sharpe Ratio (1.59 vs 1.33), 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.