NVIR vs. MEDX

Last updated Jun 4, 2026

NVIR (Horizon Kinetics Energy Remediation ETF) and MEDX (Horizon Kinetics Medical ETF) are both exchange-traded funds - NVIR is a Energy Equities fund actively managed by Horizon, while MEDX is a Health & Biotech Equities fund actively managed by Horizon. Both are actively managed. Over the past 3 years, NVIR returned 19.49%/yr vs 5.77%/yr for MEDX. At a 0.23 correlation, their price movements are largely independent. Both charge a 0.85% expense ratio.

Performance

NVIR vs. MEDX - Performance Comparison

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

Returns By Period

In the year-to-date period, NVIR achieves a 22.17% return, which is significantly higher than MEDX's 0.84% return.

NVIR

• 1D: 0.66%
• 1M: -1.59%
• YTD: 22.17%
• 6M: 19.29%
• 1Y: 34.67%
• 3Y*: 19.49%
• 5Y*: —
• 10Y*: —

MEDX

• 1D: 0.92%
• 1M: 2.85%
• YTD: 0.84%
• 6M: 0.03%
• 1Y: 29.45%
• 3Y*: 5.77%
• 5Y*: —
• 10Y*: —

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

NVIR vs. MEDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NVIR Horizon Kinetics Energy Remediation ETF	22.17%	9.84%	17.53%	6.90%
MEDX Horizon Kinetics Medical ETF	0.84%	28.62%	-4.68%	-3.21%

Correlation

The correlation between NVIR and MEDX 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 (3Y) Calculated over the trailing 3-year period	0.22
Correlation (All Time) Calculated using the full available price history since Feb 23, 2023	0.23

The correlation between NVIR and MEDX shifts across timeframes, from 0.08 (1 year) to 0.23 (all time), reflecting how their relationship changes across market environments.

NVIR vs. MEDX - Sectors Allocation Comparison

Sectors	NVIR	MEDX
Energy	78.9%	-
Industrials	11.1%	-
Utilities	3.1%	-
Technology	2.6%	-
Basic Materials	1.6%	-
Healthcare	1.1%	100.0%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Real Estate	-	-

Return for Risk

NVIR vs. MEDX — Risk / Return Rank

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

NVIR

NVIR Risk / Return Rank: 70
NVIR Sharpe Ratio Rank: 66
NVIR Sortino Ratio Rank: 62
NVIR Omega Ratio Rank: 62
NVIR Calmar Ratio Rank: 87
NVIR Martin Ratio Rank: 75

MEDX

MEDX Risk / Return Rank: 50
MEDX Sharpe Ratio Rank: 48
MEDX Sortino Ratio Rank: 53
MEDX Omega Ratio Rank: 45
MEDX Calmar Ratio Rank: 57
MEDX 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.

NVIR vs. MEDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Kinetics Energy Remediation ETF (NVIR) and Horizon Kinetics Medical ETF (MEDX). 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	MEDX	Difference
Sharpe ratio: Return per unit of total volatility	2.18	1.65	+0.53
Sortino ratio: Return per unit of downside risk	2.88	2.57	+0.31
Omega ratio: Gain probability vs. loss probability	1.37	1.29	+0.09
Calmar ratio: Return relative to maximum drawdown	4.95	2.81	+2.14
Martin ratio: Return relative to average drawdown	14.32	7.81	+6.51
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. MEDX - Sharpe Ratio Comparison

The current NVIR Sharpe Ratio is 2.18, which is higher than the MEDX Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of NVIR and MEDX, 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	MEDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.18	1.65	+0.53
Sharpe Ratio (All Time) Calculated using the full available price history	0.90	0.27	+0.63

Drawdowns

NVIR vs. MEDX - Drawdown Comparison

The maximum NVIR drawdown since its inception was -22.47%, roughly equal to the maximum MEDX drawdown of -23.10%. Use the drawdown chart below to compare losses from any high point for NVIR and MEDX.

Drawdown Indicators

	NVIR	MEDX	Difference
Max Drawdown Largest peak-to-trough decline	-22.47%	-23.10%	+0.63%
Max Drawdown (1Y) Largest decline over 1 year	-7.04%	-10.54%	+3.50%
Max Drawdown (3Y) Largest decline over 3 years	-22.47%	-23.10%	+0.63%
Current Drawdown Current decline from peak	-3.08%	-5.55%	+2.47%
Average Drawdown Average peak-to-trough decline	-4.58%	-6.72%	+2.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.43%	3.78%	-1.35%

Volatility

NVIR vs. MEDX - Volatility Comparison

Horizon Kinetics Energy Remediation ETF (NVIR) has a higher volatility of 5.78% compared to Horizon Kinetics Medical ETF (MEDX) at 4.92%. This indicates that NVIR's price experiences larger fluctuations and is considered to be riskier than MEDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NVIR	MEDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.78%	4.92%	+0.86%
Volatility (6M) Calculated over the trailing 6-month period	12.26%	13.08%	-0.82%
Volatility (1Y) Calculated over the trailing 1-year period	16.05%	17.88%	-1.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.24%	16.97%	+2.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.24%	16.97%	+2.27%

NVIR vs. MEDX - Expense Ratio Comparison

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

Dividends

NVIR vs. MEDX - Dividend Comparison

NVIR's dividend yield for the trailing twelve months is around 0.75%, less than MEDX's 1.22% yield.

Position	TTM	2025	2024	2023
MEDX Horizon Kinetics Medical ETF	1.22%	1.23%	1.92%	4.94%
NVIR Horizon Kinetics Energy Remediation ETF	0.75%	0.92%	1.50%	1.34%

Frequently Asked Questions

Can I hold both NVIR and MEDX in my portfolio?

NVIR and MEDX 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 MEDX?

NVIR has higher volatility (5.78%) compared to MEDX (4.92%). In terms of maximum drawdown, NVIR dropped -22.47% vs MEDX's -23.10%.

Which ETF is better, NVIR or MEDX?

On 3-year performance, NVIR leads with 19.49% vs 5.77% for MEDX. Both ETFs have the same 0.85% expense ratio. On volatility, MEDX has been the lower-risk option at 4.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVIR or MEDX?

Over the 3-year period, NVIR has performed better with a 19.49% return vs 5.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVIR or MEDX?

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

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

MEDX has the higher dividend yield at 1.22%, compared with 0.75% for NVIR.

What is the main difference between NVIR and MEDX?

NVIR is categorized as Energy Equities, while MEDX is Health & Biotech Equities.

Which has better risk-adjusted returns?

NVIR currently has the higher Sharpe Ratio (2.18 vs 1.65), 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.