JAPN vs. QGRD

Last updated Jun 4, 2026

JAPN (Horizon Kinetics Japan Owner Operator ETF) and QGRD (Horizon NASDAQ-100 Defined Risk ETF) are both exchange-traded funds - JAPN is a Japan Equities fund actively managed by Horizon, while QGRD is a Equity Hedged fund actively managed by Horizon. Both are actively managed. At a 0.33 correlation, their price movements are largely independent. Both charge a 0.85% expense ratio.

Performance

JAPN vs. QGRD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Kinetics Japan Owner Operator ETF (JAPN) and Horizon NASDAQ-100 Defined Risk ETF (QGRD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JAPN achieves a -13.33% return, which is significantly lower than QGRD's 15.09% return.

JAPN

• 1D: -1.75%
• 1M: -2.99%
• YTD: -13.33%
• 6M: -13.01%
• 1Y: -16.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —

QGRD

• 1D: -0.13%
• 1M: 8.60%
• YTD: 15.09%
• 6M: 13.18%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

JAPN vs. QGRD - Yearly Performance Comparison

	2026 (YTD)	2025
JAPN Horizon Kinetics Japan Owner Operator ETF	-13.33%	-7.02%
QGRD Horizon NASDAQ-100 Defined Risk ETF	15.09%	8.34%

Correlation

The correlation between JAPN and QGRD is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 11, 2025	0.33

Return for Risk

JAPN vs. QGRD — Risk / Return Rank

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

JAPN

JAPN Risk / Return Rank: 2
JAPN Sharpe Ratio Rank: 2
JAPN Sortino Ratio Rank: 3
JAPN Omega Ratio Rank: 2
JAPN Calmar Ratio Rank: 3
JAPN Martin Ratio Rank: 2

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. QGRD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Kinetics Japan Owner Operator ETF (JAPN) and Horizon NASDAQ-100 Defined Risk ETF (QGRD). 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.

	JAPN	QGRD	Difference
Sharpe ratio: Return per unit of total volatility	-0.90	—	—
Sortino ratio: Return per unit of downside risk	-1.18	—	—
Omega ratio: Gain probability vs. loss probability	0.86	—	—
Calmar ratio: Return relative to maximum drawdown	-0.70	—	—
Martin ratio: Return relative to average drawdown	-1.34	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	JAPN	QGRD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.90	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.54	2.16	-2.70

Drawdowns

JAPN vs. QGRD - Drawdown Comparison

The maximum JAPN drawdown since its inception was -23.94%, which is greater than QGRD's maximum drawdown of -9.41%. Use the drawdown chart below to compare losses from any high point for JAPN and QGRD.

Drawdown Indicators

	JAPN	QGRD	Difference
Max Drawdown Largest peak-to-trough decline	-23.94%	-9.41%	-14.53%
Max Drawdown (1Y) Largest decline over 1 year	-23.94%	—	—
Current Drawdown Current decline from peak	-22.90%	-0.13%	-22.77%
Average Drawdown Average peak-to-trough decline	-9.47%	-2.19%	-7.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.54%	—	—

Volatility

Volatility by Period

	JAPN	QGRD	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.33%	—	—
Volatility (6M) Calculated over the trailing 6-month period	15.41%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	18.77%	12.92%	+5.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.24%	12.92%	+6.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.24%	12.92%	+6.32%

JAPN vs. QGRD - Expense Ratio Comparison

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

Dividends

JAPN vs. QGRD - Dividend Comparison

JAPN's dividend yield for the trailing twelve months is around 0.28%, less than QGRD's 1.36% yield.

Position	TTM	2025
JAPN Horizon Kinetics Japan Owner Operator ETF	0.28%	0.24%
QGRD Horizon NASDAQ-100 Defined Risk ETF	1.36%	1.57%

Frequently Asked Questions

Can I hold both JAPN and QGRD in my portfolio?

JAPN and QGRD have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, JAPN or QGRD?

Both ETFs have the same 0.85% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, JAPN or QGRD?

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

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

QGRD has the higher dividend yield at 1.36%, compared with 0.28% for JAPN.

What is the main difference between JAPN and QGRD?

JAPN is categorized as Japan Equities, while QGRD is Equity Hedged.