INFL vs. VOO

Last updated Jun 4, 2026

INFL (Horizon Kinetics Inflation Beneficiaries ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - INFL is a Global Equities fund actively managed by Horizon Kinetics LLC, while VOO is a S&P 500 fund tracking the S&P 500 Index. INFL is actively managed, while VOO is passively managed. Over the past 5 years, INFL returned 13.12%/yr vs 13.90%/yr for VOO. A 0.62 correlation means they provide meaningful diversification when combined. INFL charges 0.85%/yr vs 0.03%/yr for VOO.

Performance

INFL vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Kinetics Inflation Beneficiaries ETF (INFL) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, INFL achieves a 17.21% return, which is significantly higher than VOO's 10.91% return.

INFL

• 1D: -0.48%
• 1M: -1.64%
• YTD: 17.21%
• 6M: 17.82%
• 1Y: 23.41%
• 3Y*: 21.83%
• 5Y*: 13.12%
• 10Y*: —

VOO

• 1D: -0.70%
• 1M: 5.04%
• YTD: 10.91%
• 6M: 10.93%
• 1Y: 28.04%
• 3Y*: 22.44%
• 5Y*: 13.90%
• 10Y*: 15.56%

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

INFL vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
INFL Horizon Kinetics Inflation Beneficiaries ETF	17.21%	18.30%	23.34%	1.62%	2.65%	24.77%
VOO Vanguard S&P 500 ETF	10.91%	17.82%	24.98%	26.32%	-18.17%	27.14%

Correlation

The correlation between INFL and VOO is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (All Time) Calculated using the full available price history since Jan 13, 2021	0.63

Over the past year, the correlation between INFL and VOO has dropped to 0.40 - well below their long-term average of 0.62, suggesting their price drivers have been diverging.

INFL vs. VOO - Sectors Allocation Comparison

Sectors	INFL	VOO
Energy	40.5%	3.5%
Financial Services	21.1%	11.6%
Basic Materials	20.0%	1.8%
Utilities	2.9%	2.4%
Consumer Defensive	2.4%	4.9%
Industrials	1.8%	8.3%
Healthcare	1.2%	8.5%
Real Estate	1.1%	1.9%
Communication Services	0.3%	11.3%
Consumer Cyclical	-	10.2%
Technology	-	35.7%

Return for Risk

INFL vs. VOO — Risk / Return Rank

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

INFL

INFL Risk / Return Rank: 45
INFL Sharpe Ratio Rank: 42
INFL Sortino Ratio Rank: 38
INFL Omega Ratio Rank: 40
INFL Calmar Ratio Rank: 56
INFL Martin Ratio Rank: 46

VOO

VOO Risk / Return Rank: 70
VOO Sharpe Ratio Rank: 71
VOO Sortino Ratio Rank: 70
VOO Omega Ratio Rank: 70
VOO Calmar Ratio Rank: 62
VOO Martin Ratio Rank: 75

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.

INFL vs. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Kinetics Inflation Beneficiaries ETF (INFL) and Vanguard S&P 500 ETF (VOO). 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.

	INFL	VOO	Difference
Sharpe ratio Return per unit of total volatility	1.52	2.39	-0.87
Sortino ratio Return per unit of downside risk	2.01	3.25	-1.24
Omega ratio Gain probability vs. loss probability	1.27	1.43	-0.17
Calmar ratio Return relative to maximum drawdown	2.81	3.16	-0.35
Martin ratio Return relative to average drawdown	7.68	14.73	-7.05
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

INFL vs. VOO - Sharpe Ratio Comparison

The current INFL Sharpe Ratio is 1.52, which is lower than the VOO Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of INFL and VOO, 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

	INFL	VOO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.52	2.39	-0.87
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.75	0.83	-0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.91	0.89	+0.02

Drawdowns

INFL vs. VOO - Drawdown Comparison

The maximum INFL drawdown since its inception was -21.30%, smaller than the maximum VOO drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for INFL and VOO.

Drawdown Indicators

	INFL	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-21.30%	-33.99%	+12.69%
Max Drawdown (1Y) Largest decline over 1 year	-8.36%	-8.90%	+0.54%
Max Drawdown (3Y) Largest decline over 3 years	-15.56%	-18.69%	+3.13%
Max Drawdown (5Y) Largest decline over 5 years	-21.30%	-24.52%	+3.22%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.99%	—
Current Drawdown Current decline from peak	-5.51%	-0.70%	-4.81%
Average Drawdown Average peak-to-trough decline	-5.10%	-3.69%	-1.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.06%	1.91%	+1.15%

Volatility

INFL vs. VOO - Volatility Comparison

Horizon Kinetics Inflation Beneficiaries ETF (INFL) has a higher volatility of 3.60% compared to Vanguard S&P 500 ETF (VOO) at 2.84%. This indicates that INFL's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	INFL	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.60%	2.84%	+0.76%
Volatility (6M) Calculated over the trailing 6-month period	12.32%	8.90%	+3.42%
Volatility (1Y) Calculated over the trailing 1-year period	15.52%	11.80%	+3.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.71%	16.81%	+0.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.64%	18.01%	-0.37%

INFL vs. VOO - Expense Ratio Comparison

INFL has a 0.85% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

INFL vs. VOO - Dividend Comparison

INFL's dividend yield for the trailing twelve months is around 0.91%, less than VOO's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
INFL Horizon Kinetics Inflation Beneficiaries ETF	0.91%	1.26%	1.77%	1.60%	1.65%	0.91%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VOO Vanguard S&P 500 ETF	1.03%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both INFL and VOO in my portfolio?

INFL and VOO have a correlation of 0.40, 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 VOO?

INFL has higher volatility (3.60%) compared to VOO (2.84%). In terms of maximum drawdown, INFL dropped -21.30% vs VOO's -33.99%.

Which ETF is better, INFL or VOO?

On 5-year performance, VOO leads with 13.90% vs 13.12% for INFL. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 2.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, INFL or VOO?

Over the 5-year period, VOO has performed better with a 13.90% return vs 13.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, INFL or VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 0.85% for INFL.

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

VOO has the higher dividend yield at 1.03%, compared with 0.91% for INFL.

What is the main difference between INFL and VOO?

INFL is categorized as Global Equities, while VOO is S&P 500. They also come from different issuers: Horizon Kinetics LLC and Vanguard. Their fees differ too: 0.85% for INFL and 0.03% for VOO.

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (2.39 vs 1.51), 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.