JAPN vs. QGRD

Last updated Aug 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. Over the past year, JAPN returned -8.72% vs 18.26% for QGRD. Their 0.29 correlation means their historical movements had little consistent relationship. 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 -2.20% return, which is significantly lower than QGRD's 9.04% return.

JAPN

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

QGRD

• 1D: 0.93%
• 1M: -1.97%
• 6M: 6.86%
• YTD: 9.04%
• 1Y: 18.26%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 16.74%

*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)
JAPN Horizon Kinetics Japan Owner Operator ETF	$237.11K	$161.04K	$133.74K
QGRD Horizon NASDAQ-100 Defined Risk ETF	$5.61M	$2.83M	$1.42M

JAPN vs. QGRD - Yearly Performance Comparison

	2026 (YTD)	2025
JAPN Horizon Kinetics Japan Owner Operator ETF	-2.20%	-6.41%
QGRD Horizon NASDAQ-100 Defined Risk ETF	9.04%	8.15%

Correlation

The correlation between JAPN and QGRD is 0.31, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.31
Correlation (All Time) Calculated using the full available price history since Jul 10, 2025	0.29

Return for Risk

JAPN vs. QGRD — 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

QGRD

QGRD Risk / Return Rank: 45
QGRD Sharpe Ratio Rank: 45
QGRD Sortino Ratio Rank: 42
QGRD Omega Ratio Rank: 42
QGRD Calmar Ratio Rank: 50
QGRD Martin Ratio Rank: 45

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. 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.

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	QGRD	Difference
Sharpe ratio: Return per unit of total volatility	-0.43	1.22	-1.65
Sortino ratio: Return per unit of downside risk	-0.50	1.70	-2.19
Omega ratio: Gain probability vs. loss probability	0.94	1.21	-0.27
Calmar ratio: Return relative to maximum drawdown	-0.37	1.95	-2.32
Martin ratio: Return relative to average drawdown	-0.59	5.40	-5.99

JAPN vs. QGRD - Sharpe Ratio Comparison

The current JAPN Sharpe Ratio is -0.43, which is lower than the QGRD Sharpe Ratio of 1.22. The chart below compares the historical Sharpe Ratios of JAPN and QGRD, 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. 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%	-9.41%	-14.53%
Current Drawdown Current decline from peak	-13.01%	-5.38%	-7.63%
Average Drawdown Average peak-to-trough decline	-10.71%	-2.42%	-8.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.73%	3.39%	+11.34%

Volatility

JAPN vs. QGRD - Volatility Comparison

Horizon Kinetics Japan Owner Operator ETF (JAPN) has a higher volatility of 6.62% compared to Horizon NASDAQ-100 Defined Risk ETF (QGRD) at 4.94%. This indicates that JAPN's price experiences larger fluctuations and is considered to be riskier than QGRD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JAPN	QGRD	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.62%	4.94%	+1.68%
Volatility (6M) Calculated over the trailing 6-month period	16.88%	11.96%	+4.92%
Volatility (1Y) Calculated over the trailing 1-year period	20.17%	15.10%	+5.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.81%	14.74%	+5.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.81%	14.74%	+5.07%

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 0.25%, less than QGRD's 1.44% yield.

Position	TTM	2025
JAPN Horizon Kinetics Japan Owner Operator ETF	0.25%	0.24%
QGRD Horizon NASDAQ-100 Defined Risk ETF	1.44%	1.57%

Frequently Asked Questions

Can I hold both JAPN and QGRD in my portfolio?

JAPN and QGRD have a correlation of 0.31, 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 QGRD?

JAPN has higher volatility (6.62%) compared to QGRD (4.94%). In terms of maximum drawdown, JAPN dropped -23.94% vs QGRD's -9.41%.

Which ETF is better, JAPN or QGRD?

On 1-year performance, QGRD leads with 18.26% vs -8.72% for JAPN. Both ETFs have the same 0.85% expense ratio. On volatility, QGRD has been the lower-risk option at 4.94%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JAPN or QGRD?

Over the 1-year period, QGRD has performed better with a 18.26% 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 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 1.44%, compared with 0.25% for JAPN.

What is the main difference between JAPN and QGRD?

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

Which has better risk-adjusted returns?

QGRD currently has the higher Sharpe Ratio (1.22 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.