INFL vs. WRND

Last updated Apr 2, 2026

Compare and contrast key facts about Horizon Kinetics Inflation Beneficiaries ETF (INFL) and IQ Global Equity R&D Leaders ETF (WRND).

INFL and WRND are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. INFL is an actively managed fund by Horizon Kinetics LLC. It was launched on Jan 11, 2021. WRND is a passively managed fund by IndexIQ that tracks the performance of the IQ Global Equity R&D Leaders Index - Benchmark TR Net. It was launched on Feb 8, 2022.

Performance

INFL vs. WRND - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Kinetics Inflation Beneficiaries ETF (INFL) and IQ Global Equity R&D Leaders ETF (WRND). The values are adjusted to include any dividend payments, if applicable.

INFL vs. WRND - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
INFL Horizon Kinetics Inflation Beneficiaries ETF	16.92%	18.30%	23.34%	1.62%	2.75%
WRND IQ Global Equity R&D Leaders ETF	-1.67%	27.72%	13.46%	34.85%	-19.17%

Returns By Period

In the year-to-date period, INFL achieves a 16.92% return, which is significantly higher than WRND's -1.67% return.

INFL

• 1D: -0.31%
• 1M: -5.75%
• YTD: 16.92%
• 6M: 16.27%
• 1Y: 28.33%
• 3Y*: 20.85%
• 5Y*: 15.13%
• 10Y*: —

WRND

• 1D: 1.48%
• 1M: -4.99%
• YTD: -1.67%
• 6M: 0.26%
• 1Y: 25.07%
• 3Y*: 18.38%
• 5Y*: —
• 10Y*: —

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

INFL vs. WRND - Expense Ratio Comparison

INFL has a 0.85% expense ratio, which is higher than WRND's 0.18% expense ratio.

INFL

Horizon Kinetics Inflation Beneficiaries ETF

WRND

IQ Global Equity R&D Leaders ETF

Return for Risk

INFL vs. WRND — Risk / Return Rank

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

INFL

INFL Risk / Return Rank: 77
INFL Sharpe Ratio Rank: 76
INFL Sortino Ratio Rank: 74
INFL Omega Ratio Rank: 74
INFL Calmar Ratio Rank: 78
INFL Martin Ratio Rank: 81

WRND

WRND Risk / Return Rank: 66
WRND Sharpe Ratio Rank: 66
WRND Sortino Ratio Rank: 67
WRND Omega Ratio Rank: 63
WRND Calmar Ratio Rank: 69
WRND Martin Ratio Rank: 67

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. WRND - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Kinetics Inflation Beneficiaries ETF (INFL) and IQ Global Equity R&D Leaders ETF (WRND). 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	WRND	Difference
Sharpe ratio Return per unit of total volatility	1.46	1.22	+0.24
Sortino ratio Return per unit of downside risk	1.93	1.79	+0.14
Omega ratio Gain probability vs. loss probability	1.29	1.25	+0.04
Calmar ratio Return relative to maximum drawdown	2.25	1.94	+0.31
Martin ratio Return relative to average drawdown	9.54	7.53	+2.01
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. WRND - Sharpe Ratio Comparison

The current INFL Sharpe Ratio is 1.46, which is comparable to the WRND Sharpe Ratio of 1.22. The chart below compares the historical Sharpe Ratios of INFL and WRND, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	INFL	WRND	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.46	1.22	+0.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.86	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.93	0.60	+0.33

Correlation

The correlation between INFL and WRND is 0.58, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

INFL vs. WRND - Dividend Comparison

INFL's dividend yield for the trailing twelve months is around 0.91%, less than WRND's 1.17% yield.

	TTM	2025	2024	2023	2022	2021
INFL Horizon Kinetics Inflation Beneficiaries ETF	0.91%	1.26%	1.77%	1.60%	1.65%	0.91%
WRND IQ Global Equity R&D Leaders ETF	1.17%	1.29%	1.15%	2.06%	2.06%	0.00%

Drawdowns

INFL vs. WRND - Drawdown Comparison

The maximum INFL drawdown since its inception was -21.30%, smaller than the maximum WRND drawdown of -27.16%. Use the drawdown chart below to compare losses from any high point for INFL and WRND.

Drawdown Indicators

	INFL	WRND	Difference
Max Drawdown Largest peak-to-trough decline	-21.30%	-27.16%	+5.86%
Max Drawdown (1Y) Largest decline over 1 year	-12.89%	-12.75%	-0.14%
Max Drawdown (5Y) Largest decline over 5 years	-21.30%	—	—
Current Drawdown Current decline from peak	-5.75%	-7.52%	+1.77%
Average Drawdown Average peak-to-trough decline	-5.14%	-6.17%	+1.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.04%	3.29%	-0.25%

Volatility

INFL vs. WRND - Volatility Comparison

The current volatility for Horizon Kinetics Inflation Beneficiaries ETF (INFL) is 5.05%, while IQ Global Equity R&D Leaders ETF (WRND) has a volatility of 8.05%. This indicates that INFL experiences smaller price fluctuations and is considered to be less risky than WRND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	INFL	WRND	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.05%	8.05%	-3.00%
Volatility (6M) Calculated over the trailing 6-month period	13.53%	13.27%	+0.26%
Volatility (1Y) Calculated over the trailing 1-year period	19.55%	20.63%	-1.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.69%	18.78%	-1.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.78%	18.78%	-1.00%