MEDX vs. QGRD

Last updated Jul 17, 2026

MEDX (Horizon Kinetics Medical ETF) and QGRD (Horizon NASDAQ-100 Defined Risk ETF) are both exchange-traded funds - MEDX is a Health & Biotech 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, MEDX returned 28.56% vs 19.20% for QGRD. At a 0.07 correlation, their price movements are largely independent. Both charge a 0.85% expense ratio.

Performance

MEDX vs. QGRD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Kinetics Medical ETF (MEDX) 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, MEDX achieves a 6.55% return, which is significantly lower than QGRD's 10.23% return.

MEDX

• 1D: 1.12%
• 1M: 3.47%
• 6M: 6.78%
• YTD: 6.55%
• 1Y: 28.56%
• 3Y*: 8.26%
• 5Y*: —
• 10Y*: —

QGRD

• 1D: -1.30%
• 1M: -2.77%
• 6M: 9.01%
• YTD: 10.23%
• 1Y: 19.20%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MEDX vs. QGRD - Yearly Performance Comparison

	2026 (YTD)	2025
MEDX Horizon Kinetics Medical ETF	6.55%	20.72%
QGRD Horizon NASDAQ-100 Defined Risk ETF	10.23%	8.15%

Correlation

The correlation between MEDX and QGRD is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.07
Correlation (All Time) Calculated using the full available price history since Jul 10, 2025	0.07

Return for Risk

MEDX vs. QGRD — Risk / Return Rank

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

MEDX

MEDX Risk / Return Rank: 59
MEDX Sharpe Ratio Rank: 56
MEDX Sortino Ratio Rank: 65
MEDX Omega Ratio Rank: 51
MEDX Calmar Ratio Rank: 69
MEDX Martin Ratio Rank: 53

QGRD

QGRD Risk / Return Rank: 45
QGRD Sharpe Ratio Rank: 45
QGRD Sortino Ratio Rank: 42
QGRD Omega Ratio Rank: 43
QGRD Calmar Ratio Rank: 50
QGRD Martin Ratio Rank: 47

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. QGRD - Risk-Adjusted Trends Comparison

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

	MEDX	QGRD	Difference
Sharpe ratio: Return per unit of total volatility	1.52	1.31	+0.21
Sortino ratio: Return per unit of downside risk	2.41	1.79	+0.62
Omega ratio: Gain probability vs. loss probability	1.26	1.23	+0.03
Calmar ratio: Return relative to maximum drawdown	2.72	2.05	+0.67
Martin ratio: Return relative to average drawdown	7.29	6.18	+1.11

MEDX vs. QGRD - Sharpe Ratio Comparison

The current MEDX Sharpe Ratio is 1.52, which is comparable to the QGRD Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of MEDX 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

MEDX vs. QGRD - Drawdown Comparison

The maximum MEDX drawdown since its inception was -23.10%, which is greater than QGRD's maximum drawdown of -9.41%. Use the drawdown chart below to compare losses from any high point for MEDX and QGRD.

Drawdown Indicators

	MEDX	QGRD	Difference
Max Drawdown Largest peak-to-trough decline	-23.10%	-9.41%	-13.69%
Max Drawdown (1Y) Largest decline over 1 year	-10.54%	-9.41%	-1.13%
Max Drawdown (3Y) Largest decline over 3 years	-23.10%	—	—
Current Drawdown Current decline from peak	-6.14%	-4.34%	-1.80%
Average Drawdown Average peak-to-trough decline	-6.58%	-2.25%	-4.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.93%	3.11%	+0.82%

Volatility

MEDX vs. QGRD - Volatility Comparison

Horizon Kinetics Medical ETF (MEDX) has a higher volatility of 7.07% compared to Horizon NASDAQ-100 Defined Risk ETF (QGRD) at 5.86%. This indicates that MEDX'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

	MEDX	QGRD	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.07%	5.86%	+1.21%
Volatility (6M) Calculated over the trailing 6-month period	14.26%	11.69%	+2.57%
Volatility (1Y) Calculated over the trailing 1-year period	18.98%	14.72%	+4.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.21%	14.61%	+2.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.21%	14.61%	+2.60%

MEDX vs. QGRD - Expense Ratio Comparison

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

Dividends

MEDX vs. QGRD - Dividend Comparison

MEDX's dividend yield for the trailing twelve months is around 1.16%, less than QGRD's 1.42% yield.

Position	TTM	2025	2024	2023
MEDX Horizon Kinetics Medical ETF	1.16%	1.23%	1.92%	4.94%
QGRD Horizon NASDAQ-100 Defined Risk ETF	1.42%	1.57%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MEDX and QGRD in my portfolio?

MEDX and QGRD have a correlation of 0.07, 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 QGRD?

MEDX has higher volatility (7.07%) compared to QGRD (5.86%). In terms of maximum drawdown, MEDX dropped -23.10% vs QGRD's -9.41%.

Which ETF is better, MEDX or QGRD?

On 1-year performance, MEDX leads with 28.56% vs 19.20% for QGRD. Both ETFs have the same 0.85% expense ratio. On volatility, QGRD has been the lower-risk option at 5.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MEDX or QGRD?

Over the 1-year period, MEDX has performed better with a 28.56% return vs 19.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MEDX or QGRD?

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

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

QGRD has the higher dividend yield at 1.42%, compared with 1.16% for MEDX.

What is the main difference between MEDX and QGRD?

MEDX is categorized as Health & Biotech Equities, while QGRD is Equity Hedged.

Which has better risk-adjusted returns?

MEDX currently has the higher Sharpe Ratio (1.52 vs 1.31), 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.