MEDX vs. JAPN

Last updated Jun 5, 2026

MEDX (Horizon Kinetics Medical ETF) and JAPN (Horizon Kinetics Japan Owner Operator ETF) are both exchange-traded funds - MEDX is a Health & Biotech Equities fund actively managed by Horizon, while JAPN is a Japan Equities fund actively managed by Horizon. Both are actively managed. Over the past year, MEDX returned 32.14% vs -14.10% for JAPN. At a 0.21 correlation, their price movements are largely independent. Both charge a 0.85% expense ratio.

Performance

MEDX vs. JAPN - Performance Comparison

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

Returns By Period

In the year-to-date period, MEDX achieves a 3.90% return, which is significantly higher than JAPN's -9.77% return.

MEDX

• 1D: 3.04%
• 1M: 5.53%
• YTD: 3.90%
• 6M: 3.58%
• 1Y: 32.14%
• 3Y*: 6.55%
• 5Y*: —
• 10Y*: —

JAPN

• 1D: 4.11%
• 1M: 0.86%
• YTD: -9.77%
• 6M: -9.79%
• 1Y: -14.10%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MEDX vs. JAPN - Yearly Performance Comparison

	2026 (YTD)	2025
MEDX Horizon Kinetics Medical ETF	3.90%	32.58%
JAPN Horizon Kinetics Japan Owner Operator ETF	-9.77%	2.80%

Correlation

The correlation between MEDX and JAPN is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (All Time) Calculated using the full available price history since May 14, 2025	0.21

Return for Risk

MEDX vs. JAPN — Risk / Return Rank

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

MEDX

MEDX Risk / Return Rank: 55
MEDX Sharpe Ratio Rank: 53
MEDX Sortino Ratio Rank: 59
MEDX Omega Ratio Rank: 50
MEDX Calmar Ratio Rank: 63
MEDX Martin Ratio Rank: 51

JAPN

JAPN Risk / Return Rank: 3
JAPN Sharpe Ratio Rank: 3
JAPN Sortino Ratio Rank: 3
JAPN Omega Ratio Rank: 3
JAPN Calmar Ratio Rank: 4
JAPN Martin Ratio Rank: 4

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.

MEDX vs. JAPN - Risk-Adjusted Trends Comparison

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

	MEDX	JAPN	Difference
Sharpe ratio: Return per unit of total volatility	1.78	-0.74	+2.52
Sortino ratio: Return per unit of downside risk	2.77	-0.96	+3.72
Omega ratio: Gain probability vs. loss probability	1.31	0.89	+0.42
Calmar ratio: Return relative to maximum drawdown	3.06	-0.59	+3.65
Martin ratio: Return relative to average drawdown	8.51	-1.12	+9.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MEDX vs. JAPN - Sharpe Ratio Comparison

The current MEDX Sharpe Ratio is 1.78, which is higher than the JAPN Sharpe Ratio of -0.74. The chart below compares the historical Sharpe Ratios of MEDX and JAPN, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MEDX	JAPN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.78	-0.74	+2.52
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	-0.35	+0.67

Drawdowns

MEDX vs. JAPN - Drawdown Comparison

The maximum MEDX drawdown since its inception was -23.10%, roughly equal to the maximum JAPN drawdown of -23.94%. Use the drawdown chart below to compare losses from any high point for MEDX and JAPN.

Drawdown Indicators

	MEDX	JAPN	Difference
Max Drawdown Largest peak-to-trough decline	-23.10%	-23.94%	+0.84%
Max Drawdown (1Y) Largest decline over 1 year	-10.54%	-23.94%	+13.40%
Max Drawdown (3Y) Largest decline over 3 years	-23.10%	—	—
Current Drawdown Current decline from peak	-2.68%	-19.74%	+17.06%
Average Drawdown Average peak-to-trough decline	-6.72%	-9.50%	+2.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.79%	12.60%	-8.81%

Volatility

MEDX vs. JAPN - Volatility Comparison

The current volatility for Horizon Kinetics Medical ETF (MEDX) is 5.68%, while Horizon Kinetics Japan Owner Operator ETF (JAPN) has a volatility of 6.01%. This indicates that MEDX experiences smaller price fluctuations and is considered to be less risky than JAPN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MEDX	JAPN	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.68%	6.01%	-0.33%
Volatility (6M) Calculated over the trailing 6-month period	13.41%	15.83%	-2.42%
Volatility (1Y) Calculated over the trailing 1-year period	18.12%	19.21%	-1.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.04%	19.62%	-2.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.04%	19.62%	-2.58%

MEDX vs. JAPN - Expense Ratio Comparison

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

Dividends

MEDX vs. JAPN - Dividend Comparison

MEDX's dividend yield for the trailing twelve months is around 1.19%, more than JAPN's 0.27% yield.

Position	TTM	2025	2024	2023
JAPN Horizon Kinetics Japan Owner Operator ETF	0.27%	0.24%	0.00%	0.00%
MEDX Horizon Kinetics Medical ETF	1.19%	1.23%	1.92%	4.94%

Frequently Asked Questions

Can I hold both MEDX and JAPN in my portfolio?

MEDX and JAPN have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MEDX or JAPN?

JAPN has higher volatility (6.01%) compared to MEDX (5.68%). In terms of maximum drawdown, MEDX dropped -23.10% vs JAPN's -23.94%.

Which ETF is better, MEDX or JAPN?

On 1-year performance, MEDX leads with 32.14% vs -14.10% for JAPN. Both ETFs have the same 0.85% expense ratio. On volatility, MEDX has been the lower-risk option at 5.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MEDX or JAPN?

Over the 1-year period, MEDX has performed better with a 32.14% return vs -14.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MEDX or JAPN?

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

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

MEDX has the higher dividend yield at 1.19%, compared with 0.27% for JAPN.

What is the main difference between MEDX and JAPN?

MEDX is categorized as Health & Biotech Equities, while JAPN is Japan Equities.

Which has better risk-adjusted returns?

MEDX currently has the higher Sharpe Ratio (1.78 vs -0.74), 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.