NVIR vs. DIVN

Last updated Aug 2, 2026

NVIR (Horizon Kinetics Energy Remediation ETF) and DIVN (Horizon Dividend Income ETF) are both exchange-traded funds - NVIR is a Energy Equities fund actively managed by Horizon, while DIVN is a Large Cap Value Equities fund actively managed by Horizon. Both are actively managed. Over the past year, NVIR returned 32.95% vs 22.54% for DIVN. Their 0.37 correlation means their historical movements had little consistent relationship. NVIR charges 0.85%/yr vs 0.70%/yr for DIVN.

Performance

NVIR vs. DIVN - Performance Comparison

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

Returns By Period

In the year-to-date period, NVIR achieves a 19.87% return, which is significantly higher than DIVN's 14.80% return.

NVIR

• 1D: 1.02%
• 1M: 3.92%
• 6M: 8.24%
• YTD: 19.87%
• 1Y: 32.95%
• 3Y*: 14.61%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 15.25%

DIVN

• 1D: 0.20%
• 1M: 1.14%
• 6M: 8.07%
• YTD: 14.80%
• 1Y: 22.54%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 21.81%

*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)
DIVN Horizon Dividend Income ETF	$10.90M	$5.41M	$2.61M
NVIR Horizon Kinetics Energy Remediation ETF	$13.32K	$14.45K	$24.85K

NVIR vs. DIVN - Yearly Performance Comparison

	2026 (YTD)	2025
NVIR Horizon Kinetics Energy Remediation ETF	19.87%	9.63%
DIVN Horizon Dividend Income ETF	14.80%	8.11%

Correlation

The correlation between NVIR and DIVN is 0.38, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.38
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025	0.37

Return for Risk

NVIR vs. DIVN — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

NVIR

NVIR Risk / Return Rank: 76
NVIR Sharpe Ratio Rank: 77
NVIR Sortino Ratio Rank: 73
NVIR Omega Ratio Rank: 72
NVIR Calmar Ratio Rank: 86
NVIR Martin Ratio Rank: 71

DIVN

DIVN Risk / Return Rank: 88
DIVN Sharpe Ratio Rank: 89
DIVN Sortino Ratio Rank: 92
DIVN Omega Ratio Rank: 87
DIVN Calmar Ratio Rank: 91
DIVN Martin Ratio Rank: 84

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.

NVIR vs. DIVN - Risk-Adjusted Trends Comparison

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

	NVIR	DIVN	Difference
Sharpe ratio: Return per unit of total volatility	1.78	2.19	-0.41
Sortino ratio: Return per unit of downside risk	2.36	3.36	-1.00
Omega ratio: Gain probability vs. loss probability	1.30	1.39	-0.09
Calmar ratio: Return relative to maximum drawdown	3.33	4.08	-0.75
Martin ratio: Return relative to average drawdown	8.79	11.49	-2.70

NVIR vs. DIVN - Sharpe Ratio Comparison

The current NVIR Sharpe Ratio is 1.78, which is comparable to the DIVN Sharpe Ratio of 2.19. The chart below compares the historical Sharpe Ratios of NVIR and DIVN, 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

NVIR vs. DIVN - Drawdown Comparison

The maximum NVIR drawdown since its inception was -22.47%, which is greater than DIVN's maximum drawdown of -5.55%. Use the drawdown chart below to compare losses from any high point for NVIR and DIVN.

Drawdown Indicators

	NVIR	DIVN	Difference
Max Drawdown Largest peak-to-trough decline	-22.47%	-5.55%	-16.92%
Max Drawdown (1Y) Largest decline over 1 year	-9.09%	-5.55%	-3.54%
Max Drawdown (3Y) Largest decline over 3 years	-22.47%	—	—
Current Drawdown Current decline from peak	-4.91%	-1.39%	-3.52%
Average Drawdown Average peak-to-trough decline	-4.66%	-1.35%	-3.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.45%	1.97%	+1.48%

Volatility

NVIR vs. DIVN - Volatility Comparison

Horizon Kinetics Energy Remediation ETF (NVIR) has a higher volatility of 4.75% compared to Horizon Dividend Income ETF (DIVN) at 3.15%. This indicates that NVIR's price experiences larger fluctuations and is considered to be riskier than DIVN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NVIR	DIVN	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.75%	3.15%	+1.60%
Volatility (6M) Calculated over the trailing 6-month period	12.94%	7.55%	+5.39%
Volatility (1Y) Calculated over the trailing 1-year period	17.05%	10.52%	+6.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.26%	10.53%	+8.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.26%	10.53%	+8.73%

NVIR vs. DIVN - Expense Ratio Comparison

NVIR has a 0.85% expense ratio, which is higher than DIVN's 0.70% expense ratio.

Dividends

NVIR vs. DIVN - Dividend Comparison

NVIR's dividend yield for the trailing twelve months is around 0.76%, less than DIVN's 3.70% yield.

Position	TTM	2025	2024	2023
DIVN Horizon Dividend Income ETF	3.70%	1.47%	0.00%	0.00%
NVIR Horizon Kinetics Energy Remediation ETF	0.76%	0.92%	1.50%	1.34%

Frequently Asked Questions

Can I hold both NVIR and DIVN in my portfolio?

NVIR and DIVN have a correlation of 0.38, 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 DIVN?

NVIR has higher volatility (4.75%) compared to DIVN (3.15%). In terms of maximum drawdown, NVIR dropped -22.47% vs DIVN's -5.55%.

Which ETF is better, NVIR or DIVN?

On 1-year performance, NVIR leads with 32.95% vs 22.54% for DIVN. On fees, DIVN is cheaper at 0.70% per year. On volatility, DIVN has been the lower-risk option at 3.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVIR or DIVN?

Over the 1-year period, NVIR has performed better with a 32.95% return vs 22.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVIR or DIVN?

DIVN is cheaper with a 0.70% expense ratio, compared with 0.85% for NVIR.

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

DIVN has the higher dividend yield at 3.70%, compared with 0.76% for NVIR.

What is the main difference between NVIR and DIVN?

NVIR is categorized as Energy Equities, while DIVN is Large Cap Value Equities. Their fees differ too: 0.85% for NVIR and 0.70% for DIVN.

Which has better risk-adjusted returns?

DIVN currently has the higher Sharpe Ratio (2.19 vs 1.78), 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.