NVIR vs. FRGN
NVIR (Horizon Kinetics Energy Remediation ETF) and FRGN (Horizon International Equity ETF) are both exchange-traded funds - NVIR is a Energy Equities fund actively managed by Horizon, while FRGN is a Foreign Large Cap Equities fund actively managed by Horizon. Both are actively managed. Their 0.14 correlation means their historical movements had little consistent relationship. NVIR charges 0.85%/yr vs 0.75%/yr for FRGN.
Performance
NVIR vs. FRGN - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with NVIR having a 19.87% return and FRGN slightly higher at 20.36%.
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%
FRGN
- 1D
- 0.13%
- 1M
- -0.46%
- 6M
- 11.92%
- YTD
- 20.36%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $7.87M | $4.12M | $1.66M | |
| $13.32K | $14.45K | $24.85K |
NVIR vs. FRGN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
NVIR Horizon Kinetics Energy Remediation ETF | 19.87% | -0.18% |
FRGN Horizon International Equity ETF | 20.36% | 1.47% |
Correlation
The correlation between NVIR and FRGN is 0.14, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Dec 3, 2025 | 0.14 |
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Return for Risk
NVIR vs. FRGN — Risk / Return Rank
NVIR
FRGN
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
NVIR vs. FRGN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Horizon Kinetics Energy Remediation ETF (NVIR) and Horizon International Equity ETF (FRGN). 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 | FRGN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.30 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 3.33 | — | — |
| Martin ratioReturn relative to average drawdown | 8.79 | — | — |
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Drawdowns
NVIR vs. FRGN - Drawdown Comparison
The maximum NVIR drawdown since its inception was -22.47%, which is greater than FRGN's maximum drawdown of -12.40%. Use the drawdown chart below to compare losses from any high point for NVIR and FRGN.
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Drawdown Indicators
| NVIR | FRGN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.47% | -12.40% | -10.07% |
Max Drawdown (1Y)Largest decline over 1 year | -9.09% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -22.47% | — | — |
Current DrawdownCurrent decline from peak | -4.91% | -4.50% | -0.41% |
Average DrawdownAverage peak-to-trough decline | -4.66% | -2.69% | -1.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.45% | — | — |
Volatility
NVIR vs. FRGN - Volatility Comparison
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Volatility by Period
| NVIR | FRGN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.75% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 12.94% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 17.05% | 22.02% | -4.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.26% | 22.02% | -2.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.26% | 22.02% | -2.76% |
NVIR vs. FRGN - Expense Ratio Comparison
NVIR has a 0.85% expense ratio, which is higher than FRGN's 0.75% expense ratio.
Dividends
NVIR vs. FRGN - Dividend Comparison
NVIR's dividend yield for the trailing twelve months is around 0.76%, more than FRGN's 0.21% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
FRGN Horizon International Equity ETF | 0.21% | 0.25% | 0.00% | 0.00% |
NVIR Horizon Kinetics Energy Remediation ETF | 0.76% | 0.92% | 1.50% | 1.34% |
Frequently Asked Questions
NVIR and FRGN have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, FRGN is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FRGN is cheaper with a 0.75% expense ratio, compared with 0.85% for NVIR.
NVIR has the higher dividend yield at 0.76%, compared with 0.21% for FRGN.
NVIR is categorized as Energy Equities, while FRGN is Foreign Large Cap Equities. Their fees differ too: 0.85% for NVIR and 0.75% for FRGN.
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