JAPN vs. BNDY

Last updated Aug 4, 2026

JAPN (Horizon Kinetics Japan Owner Operator ETF) and BNDY (Horizon Core Bond ETF) are both exchange-traded funds - JAPN is a Japan Equities fund actively managed by Horizon, while BNDY is a Intermediate Core Bond fund actively managed by Horizon. Both are actively managed. Over the past year, JAPN returned -8.72% vs 4.53% for BNDY. Their 0.24 correlation means their historical movements had little consistent relationship. JAPN charges 0.85%/yr vs 0.66%/yr for BNDY.

Performance

JAPN vs. BNDY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Kinetics Japan Owner Operator ETF (JAPN) and Horizon Core Bond ETF (BNDY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JAPN achieves a -2.20% return, which is significantly lower than BNDY's 0.23% return.

JAPN

• 1D: 0.18%
• 1M: 8.13%
• 6M: 3.31%
• YTD: -2.20%
• 1Y: -8.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 0.67%

BNDY

• 1D: 0.16%
• 1M: -1.09%
• 6M: -0.55%
• YTD: 0.23%
• 1Y: 4.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.01%

*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)
BNDY Horizon Core Bond ETF	$15.53M	$7.64M	$3.89M
JAPN Horizon Kinetics Japan Owner Operator ETF	$237.11K	$161.04K	$133.74K

JAPN vs. BNDY - Yearly Performance Comparison

	2026 (YTD)	2025
JAPN Horizon Kinetics Japan Owner Operator ETF	-2.20%	-6.82%
BNDY Horizon Core Bond ETF	0.23%	5.21%

Correlation

The correlation between JAPN and BNDY is 0.22, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.22
Correlation (All Time) Calculated using the full available price history since Jul 3, 2025	0.24

Return for Risk

JAPN vs. BNDY — Risk / Return Rank

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

JAPN

JAPN Risk / Return Rank: 6
JAPN Sharpe Ratio Rank: 5
JAPN Sortino Ratio Rank: 5
JAPN Omega Ratio Rank: 5
JAPN Calmar Ratio Rank: 6
JAPN Martin Ratio Rank: 7

BNDY

BNDY Risk / Return Rank: 33
BNDY Sharpe Ratio Rank: 33
BNDY Sortino Ratio Rank: 32
BNDY Omega Ratio Rank: 32
BNDY Calmar Ratio Rank: 32
BNDY 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.

JAPN vs. BNDY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Kinetics Japan Owner Operator ETF (JAPN) and Horizon Core Bond ETF (BNDY). 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.

	JAPN	BNDY	Difference
Sharpe ratio: Return per unit of total volatility	-0.43	0.91	-1.34
Sortino ratio: Return per unit of downside risk	-0.50	1.31	-1.81
Omega ratio: Gain probability vs. loss probability	0.94	1.17	-0.22
Calmar ratio: Return relative to maximum drawdown	-0.37	1.16	-1.52
Martin ratio: Return relative to average drawdown	-0.59	4.35	-4.94

JAPN vs. BNDY - Sharpe Ratio Comparison

The current JAPN Sharpe Ratio is -0.43, which is lower than the BNDY Sharpe Ratio of 0.91. The chart below compares the historical Sharpe Ratios of JAPN and BNDY, 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

JAPN vs. BNDY - Drawdown Comparison

The maximum JAPN drawdown since its inception was -23.94%, which is greater than BNDY's maximum drawdown of -3.93%. Use the drawdown chart below to compare losses from any high point for JAPN and BNDY.

Drawdown Indicators

	JAPN	BNDY	Difference
Max Drawdown Largest peak-to-trough decline	-23.94%	-3.93%	-20.01%
Max Drawdown (1Y) Largest decline over 1 year	-23.94%	-3.93%	-20.01%
Current Drawdown Current decline from peak	-13.01%	-1.78%	-11.23%
Average Drawdown Average peak-to-trough decline	-10.71%	-0.72%	-9.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.73%	1.04%	+13.69%

Volatility

JAPN vs. BNDY - Volatility Comparison

Horizon Kinetics Japan Owner Operator ETF (JAPN) has a higher volatility of 6.62% compared to Horizon Core Bond ETF (BNDY) at 1.35%. This indicates that JAPN's price experiences larger fluctuations and is considered to be riskier than BNDY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JAPN	BNDY	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.62%	1.35%	+5.27%
Volatility (6M) Calculated over the trailing 6-month period	16.88%	4.27%	+12.61%
Volatility (1Y) Calculated over the trailing 1-year period	20.17%	5.03%	+15.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.81%	5.06%	+14.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.81%	5.06%	+14.75%

JAPN vs. BNDY - Expense Ratio Comparison

JAPN has a 0.85% expense ratio, which is higher than BNDY's 0.66% expense ratio.

Dividends

JAPN vs. BNDY - Dividend Comparison

JAPN's dividend yield for the trailing twelve months is around 0.25%, less than BNDY's 6.53% yield.

Position	TTM	2025
BNDY Horizon Core Bond ETF	6.53%	1.89%
JAPN Horizon Kinetics Japan Owner Operator ETF	0.25%	0.24%

Frequently Asked Questions

Can I hold both JAPN and BNDY in my portfolio?

JAPN and BNDY have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JAPN or BNDY?

JAPN has higher volatility (6.62%) compared to BNDY (1.35%). In terms of maximum drawdown, JAPN dropped -23.94% vs BNDY's -3.93%.

Which ETF is better, JAPN or BNDY?

On 1-year performance, BNDY leads with 4.53% vs -8.72% for JAPN. On fees, BNDY is cheaper at 0.66% per year. On volatility, BNDY has been the lower-risk option at 1.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JAPN or BNDY?

Over the 1-year period, BNDY has performed better with a 4.53% return vs -8.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JAPN or BNDY?

BNDY is cheaper with a 0.66% expense ratio, compared with 0.85% for JAPN.

Which ETF pays a higher dividend yield, JAPN or BNDY?

BNDY has the higher dividend yield at 6.53%, compared with 0.25% for JAPN.

What is the main difference between JAPN and BNDY?

JAPN is categorized as Japan Equities, while BNDY is Intermediate Core Bond. Their fees differ too: 0.85% for JAPN and 0.66% for BNDY.

Which has better risk-adjusted returns?

BNDY currently has the higher Sharpe Ratio (0.91 vs -0.43), 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.