JAPN vs. TFLO
JAPN (Horizon Kinetics Japan Owner Operator ETF) and TFLO (iShares Treasury Floating Rate Bond ETF) are both exchange-traded funds - JAPN is a Japan Equities fund actively managed by Horizon, while TFLO is a Government Bonds fund tracking the Bloomberg U.S. Treasury Floating Rate Index. JAPN is actively managed, while TFLO is passively managed. Over the past year, JAPN returned -19.28% vs 3.99% for TFLO. At a correlation of -0.12, they often move in opposite directions. JAPN charges 0.85%/yr vs 0.15%/yr for TFLO.
Performance
JAPN vs. TFLO - Performance Comparison
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Returns By Period
In the year-to-date period, JAPN achieves a -14.01% return, which is significantly lower than TFLO's 1.81% return.
JAPN
- 1D
- -1.93%
- 1M
- -2.75%
- YTD
- -14.01%
- 6M
- -14.07%
- 1Y
- -19.28%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TFLO
- 1D
- 0.02%
- 1M
- 0.31%
- YTD
- 1.81%
- 6M
- 1.91%
- 1Y
- 3.99%
- 3Y*
- 4.72%
- 5Y*
- 3.68%
- 10Y*
- 2.38%
JAPN vs. TFLO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
JAPN Horizon Kinetics Japan Owner Operator ETF | -14.01% | 3.10% |
TFLO iShares Treasury Floating Rate Bond ETF | 1.81% | 2.67% |
Correlation
The correlation between JAPN and TFLO is -0.11, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.11 |
Correlation (All Time) Calculated using the full available price history since May 13, 2025 | -0.12 |
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Return for Risk
JAPN vs. TFLO — Risk / Return Rank
JAPN
TFLO
JAPN vs. TFLO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Horizon Kinetics Japan Owner Operator ETF (JAPN) and iShares Treasury Floating Rate Bond ETF (TFLO). 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 | TFLO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -15.11 | ||
| Sortino ratioReturn per unit of downside risk | -52.47 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 14.01 | -13.16 |
| Calmar ratioReturn relative to maximum drawdown | -0.81 | 202.27 | -203.07 |
| Martin ratioReturn relative to average drawdown | -1.43 | 827.47 | -828.90 |
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Drawdowns
JAPN vs. TFLO - Drawdown Comparison
The maximum JAPN drawdown since its inception was -23.94%, which is greater than TFLO's maximum drawdown of -5.01%. Use the drawdown chart below to compare losses from any high point for JAPN and TFLO.
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Drawdown Indicators
| JAPN | TFLO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.94% | -5.01% | -18.93% |
Max Drawdown (1Y)Largest decline over 1 year | -23.94% | -0.02% | -23.92% |
Max Drawdown (3Y)Largest decline over 3 years | — | -0.04% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -0.13% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -0.16% | — |
Current DrawdownCurrent decline from peak | -23.51% | 0.00% | -23.51% |
Average DrawdownAverage peak-to-trough decline | -10.03% | -0.10% | -9.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.52% | 0.00% | +13.52% |
Volatility
JAPN vs. TFLO - Volatility Comparison
Horizon Kinetics Japan Owner Operator ETF (JAPN) has a higher volatility of 6.67% compared to iShares Treasury Floating Rate Bond ETF (TFLO) at 0.08%. This indicates that JAPN's price experiences larger fluctuations and is considered to be riskier than TFLO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| JAPN | TFLO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.67% | 0.08% | +6.59% |
Volatility (6M)Calculated over the trailing 6-month period | 16.17% | 0.20% | +15.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.48% | 0.29% | +19.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.56% | 0.35% | +19.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.56% | 0.46% | +19.10% |
JAPN vs. TFLO - Expense Ratio Comparison
JAPN has a 0.85% expense ratio, which is higher than TFLO's 0.15% expense ratio.
Dividends
JAPN vs. TFLO - Dividend Comparison
JAPN's dividend yield for the trailing twelve months is around 0.28%, less than TFLO's 3.89% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
JAPN Horizon Kinetics Japan Owner Operator ETF | 0.28% | 0.24% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TFLO iShares Treasury Floating Rate Bond ETF | 3.89% | 4.16% | 5.21% | 4.88% | 1.68% | 0.00% | 0.36% | 2.08% | 1.65% | 0.86% | 0.31% | 0.15% |
Frequently Asked Questions
JAPN and TFLO have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
JAPN has higher volatility (6.67%) compared to TFLO (0.08%). In terms of maximum drawdown, JAPN dropped -23.94% vs TFLO's -5.01%.
On 1-year performance, TFLO leads with 3.99% vs -19.28% for JAPN. On fees, TFLO is cheaper at 0.15% per year. On volatility, TFLO has been the lower-risk option at 0.08%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, TFLO has performed better with a 3.99% return vs -19.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TFLO is cheaper with a 0.15% expense ratio, compared with 0.85% for JAPN.
TFLO has the higher dividend yield at 3.89%, compared with 0.28% for JAPN.
JAPN is categorized as Japan Equities, while TFLO is Government Bonds. They also come from different issuers: Horizon and iShares. Their fees differ too: 0.85% for JAPN and 0.15% for TFLO.
TFLO currently has the higher Sharpe Ratio (14.11 vs -0.99), 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.
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