NVIR vs. BENJ

Last updated Jun 3, 2026

NVIR (Horizon Kinetics Energy Remediation ETF) and BENJ (Horizon Landmark ETF) are both exchange-traded funds - NVIR is a Energy Equities fund actively managed by Horizon, while BENJ is a Ultrashort Bond fund actively managed by Horizon. Both are actively managed. Over the past year, NVIR returned 36.03% vs 3.79% for BENJ. At a 0.10 correlation, their price movements are largely independent. NVIR charges 0.85%/yr vs 0.40%/yr for BENJ.

Performance

NVIR vs. BENJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Kinetics Energy Remediation ETF (NVIR) and Horizon Landmark ETF (BENJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NVIR achieves a 21.37% return, which is significantly higher than BENJ's 1.46% return.

NVIR

• 1D: 1.44%
• 1M: -1.99%
• YTD: 21.37%
• 6M: 21.15%
• 1Y: 36.03%
• 3Y*: 19.23%
• 5Y*: —
• 10Y*: —

BENJ

• 1D: 0.00%
• 1M: 0.26%
• YTD: 1.46%
• 6M: 1.83%
• 1Y: 3.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NVIR vs. BENJ - Yearly Performance Comparison

	2026 (YTD)	2025
NVIR Horizon Kinetics Energy Remediation ETF	21.37%	2.83%
BENJ Horizon Landmark ETF	1.46%	3.75%

Correlation

The correlation between NVIR and BENJ is 0.08, 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	0.08
Correlation (All Time) Calculated using the full available price history since Jan 24, 2025	0.10

Return for Risk

NVIR vs. BENJ — Risk / Return Rank

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

NVIR

NVIR Risk / Return Rank: 72
NVIR Sharpe Ratio Rank: 67
NVIR Sortino Ratio Rank: 62
NVIR Omega Ratio Rank: 62
NVIR Calmar Ratio Rank: 89
NVIR Martin Ratio Rank: 78

BENJ

BENJ Risk / Return Rank: 98
BENJ Sharpe Ratio Rank: 98
BENJ Sortino Ratio Rank: 99
BENJ Omega Ratio Rank: 99
BENJ Calmar Ratio Rank: 96
BENJ Martin Ratio Rank: 97

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.

NVIR vs. BENJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Kinetics Energy Remediation ETF (NVIR) and Horizon Landmark ETF (BENJ). 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.

	NVIR	BENJ	Difference
Sharpe ratio Return per unit of total volatility	2.26	5.68	-3.42
Sortino ratio Return per unit of downside risk	2.98	9.18	-6.20
Omega ratio Gain probability vs. loss probability	1.38	5.01	-3.62
Calmar ratio Return relative to maximum drawdown	5.33	9.81	-4.49
Martin ratio Return relative to average drawdown	15.46	46.41	-30.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NVIR vs. BENJ - Sharpe Ratio Comparison

The current NVIR Sharpe Ratio is 2.26, which is lower than the BENJ Sharpe Ratio of 5.68. The chart below compares the historical Sharpe Ratios of NVIR and BENJ, 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

	NVIR	BENJ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.26	5.68	-3.42
Sharpe Ratio (All Time) Calculated using the full available price history	0.89	6.43	-5.53

Drawdowns

NVIR vs. BENJ - Drawdown Comparison

The maximum NVIR drawdown since its inception was -22.47%, which is greater than BENJ's maximum drawdown of -0.39%. Use the drawdown chart below to compare losses from any high point for NVIR and BENJ.

Drawdown Indicators

	NVIR	BENJ	Difference
Max Drawdown Largest peak-to-trough decline	-22.47%	-0.39%	-22.08%
Max Drawdown (1Y) Largest decline over 1 year	-7.04%	-0.39%	-6.65%
Max Drawdown (3Y) Largest decline over 3 years	-22.47%	—	—
Current Drawdown Current decline from peak	-3.72%	0.00%	-3.72%
Average Drawdown Average peak-to-trough decline	-4.58%	-0.02%	-4.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.42%	0.08%	+2.34%

Volatility

NVIR vs. BENJ - Volatility Comparison

Horizon Kinetics Energy Remediation ETF (NVIR) has a higher volatility of 5.74% compared to Horizon Landmark ETF (BENJ) at 0.08%. This indicates that NVIR's price experiences larger fluctuations and is considered to be riskier than BENJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NVIR	BENJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.74%	0.08%	+5.66%
Volatility (6M) Calculated over the trailing 6-month period	12.25%	0.23%	+12.02%
Volatility (1Y) Calculated over the trailing 1-year period	16.07%	0.67%	+15.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.25%	0.60%	+18.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.25%	0.60%	+18.65%

NVIR vs. BENJ - Expense Ratio Comparison

NVIR has a 0.85% expense ratio, which is higher than BENJ's 0.40% expense ratio.

Dividends

NVIR vs. BENJ - Dividend Comparison

NVIR's dividend yield for the trailing twelve months is around 0.75%, while BENJ has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
BENJ Horizon Landmark ETF	0.00%	0.00%	0.00%	0.00%
NVIR Horizon Kinetics Energy Remediation ETF	0.75%	0.92%	1.50%	1.34%

Frequently Asked Questions

Can I hold both NVIR and BENJ in my portfolio?

NVIR and BENJ have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NVIR or BENJ?

NVIR has higher volatility (5.74%) compared to BENJ (0.08%). In terms of maximum drawdown, NVIR dropped -22.47% vs BENJ's -0.39%.

Which ETF is better, NVIR or BENJ?

On 1-year performance, NVIR leads with 36.03% vs 3.79% for BENJ. On fees, BENJ is cheaper at 0.40% per year. On volatility, BENJ has been the lower-risk option at 0.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVIR or BENJ?

Over the 1-year period, NVIR has performed better with a 36.03% return vs 3.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVIR or BENJ?

BENJ is cheaper with a 0.40% expense ratio, compared with 0.85% for NVIR.

Which ETF pays a higher dividend yield, NVIR or BENJ?

NVIR has the higher dividend yield at 0.75%, compared with 0.00% for BENJ.

What is the main difference between NVIR and BENJ?

NVIR is categorized as Energy Equities, while BENJ is Ultrashort Bond. Their fees differ too: 0.85% for NVIR and 0.40% for BENJ.

Which has better risk-adjusted returns?

BENJ currently has the higher Sharpe Ratio (5.68 vs 2.26), 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.