JAPN vs. HBTA

Last updated Jul 14, 2026

JAPN (Horizon Kinetics Japan Owner Operator ETF) and HBTA (Horizon Expedition Plus ETF) are both exchange-traded funds - JAPN is a Japan Equities fund actively managed by Horizon, while HBTA is a Derivative Income fund actively managed by Horizon. Both are actively managed. Over the past year, JAPN returned -8.90% vs 27.18% for HBTA. At a 0.33 correlation, their price movements are largely independent. Both charge a 0.85% expense ratio.

Performance

JAPN vs. HBTA - Performance Comparison

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

Returns By Period

In the year-to-date period, JAPN achieves a -3.93% return, which is significantly lower than HBTA's 11.62% return.

JAPN

• 1D: 1.83%
• 1M: 10.24%
• 6M: -6.01%
• YTD: -3.93%
• 1Y: -8.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HBTA

• 1D: -1.62%
• 1M: 0.93%
• 6M: 9.32%
• YTD: 11.62%
• 1Y: 27.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

JAPN vs. HBTA - Yearly Performance Comparison

	2026 (YTD)	2025
JAPN Horizon Kinetics Japan Owner Operator ETF	-3.93%	3.10%
HBTA Horizon Expedition Plus ETF	11.62%	25.96%

Correlation

The correlation between JAPN and HBTA is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (All Time) Calculated using the full available price history since May 13, 2025	0.33

Return for Risk

JAPN vs. HBTA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments 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: 6

HBTA

HBTA Risk / Return Rank: 55
HBTA Sharpe Ratio Rank: 54
HBTA Sortino Ratio Rank: 52
HBTA Omega Ratio Rank: 53
HBTA Calmar Ratio Rank: 52
HBTA Martin Ratio Rank: 64

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.

JAPN vs. HBTA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Kinetics Japan Owner Operator ETF (JAPN) and Horizon Expedition Plus ETF (HBTA). 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	HBTA	Difference
Sharpe ratio: Return per unit of total volatility	-0.45	1.48	-1.93
Sortino ratio: Return per unit of downside risk	-0.52	2.04	-2.56
Omega ratio: Gain probability vs. loss probability	0.94	1.26	-0.33
Calmar ratio: Return relative to maximum drawdown	-0.37	2.07	-2.45
Martin ratio: Return relative to average drawdown	-0.63	9.11	-9.73

JAPN vs. HBTA - Sharpe Ratio Comparison

The current JAPN Sharpe Ratio is -0.45, which is lower than the HBTA Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of JAPN and HBTA, 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. HBTA - Drawdown Comparison

The maximum JAPN drawdown since its inception was -23.94%, smaller than the maximum HBTA drawdown of -26.73%. Use the drawdown chart below to compare losses from any high point for JAPN and HBTA.

Drawdown Indicators

	JAPN	HBTA	Difference
Max Drawdown Largest peak-to-trough decline	-23.94%	-26.73%	+2.79%
Max Drawdown (1Y) Largest decline over 1 year	-23.94%	-13.18%	-10.76%
Current Drawdown Current decline from peak	-14.55%	-2.80%	-11.75%
Average Drawdown Average peak-to-trough decline	-10.45%	-4.12%	-6.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.21%	2.99%	+11.22%

Volatility

JAPN vs. HBTA - Volatility Comparison

The current volatility for Horizon Kinetics Japan Owner Operator ETF (JAPN) is 5.73%, while Horizon Expedition Plus ETF (HBTA) has a volatility of 6.66%. This indicates that JAPN experiences smaller price fluctuations and is considered to be less risky than HBTA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JAPN	HBTA	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.73%	6.66%	-0.93%
Volatility (6M) Calculated over the trailing 6-month period	16.82%	15.04%	+1.78%
Volatility (1Y) Calculated over the trailing 1-year period	19.94%	18.48%	+1.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.77%	24.83%	-5.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.77%	24.83%	-5.06%

JAPN vs. HBTA - Expense Ratio Comparison

Both JAPN and HBTA have an expense ratio of 0.85%.

Dividends

JAPN vs. HBTA - Dividend Comparison

JAPN's dividend yield for the trailing twelve months is around 0.25%, less than HBTA's 0.57% yield.

Position	TTM	2025
HBTA Horizon Expedition Plus ETF	0.57%	0.64%
JAPN Horizon Kinetics Japan Owner Operator ETF	0.25%	0.24%

Frequently Asked Questions

Can I hold both JAPN and HBTA in my portfolio?

JAPN and HBTA have a correlation of 0.35, 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 HBTA?

HBTA has higher volatility (6.66%) compared to JAPN (5.73%). In terms of maximum drawdown, JAPN dropped -23.94% vs HBTA's -26.73%.

Which ETF is better, JAPN or HBTA?

On 1-year performance, HBTA leads with 27.18% vs -8.90% for JAPN. Both ETFs have the same 0.85% expense ratio. On volatility, JAPN has been the lower-risk option at 5.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JAPN or HBTA?

Over the 1-year period, HBTA has performed better with a 27.18% return vs -8.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JAPN or HBTA?

JAPN and HBTA have the same expense ratio: 0.85% per year.

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

HBTA has the higher dividend yield at 0.57%, compared with 0.25% for JAPN.

What is the main difference between JAPN and HBTA?

JAPN is categorized as Japan Equities, while HBTA is Derivative Income.

Which has better risk-adjusted returns?

HBTA currently has the higher Sharpe Ratio (1.48 vs -0.45), 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.