NVIR vs. RAYS

Last updated Aug 2, 2026

NVIR (Horizon Kinetics Energy Remediation ETF) and RAYS (Global X Solar ETF) are both exchange-traded funds - NVIR is a Energy Equities fund actively managed by Horizon, while RAYS is a Alternative Energy Equities fund tracking the Solactive Solar Index. NVIR is actively managed, while RAYS is passively managed. NVIR charges 0.85%/yr vs 0.50%/yr for RAYS.

Performance

NVIR vs. RAYS - Performance Comparison

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

Returns By Period

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%

RAYS

• 1D: 0.00%
• 1M: 0.00%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*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)
NVIR Horizon Kinetics Energy Remediation ETF	$13.32K	$14.45K	$24.85K
RAYS Global X Solar ETF	$0.00	$0.00	$0.00

NVIR vs. RAYS - Yearly Performance Comparison

	2026 (YTD)
NVIR Horizon Kinetics Energy Remediation ETF	8.69%
RAYS Global X Solar ETF	0.00%

Return for Risk

NVIR vs. RAYS — 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

RAYS

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. RAYS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Kinetics Energy Remediation ETF (NVIR) and Global X Solar ETF (RAYS). 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	RAYS	Difference
Sharpe ratio: Return per unit of total volatility	1.78	—	—
Sortino ratio: Return per unit of downside risk	2.36	—	—
Omega ratio: Gain probability vs. loss probability	1.30	—	—
Calmar ratio: Return relative to maximum drawdown	3.33	—	—
Martin ratio: Return relative to average drawdown	8.79	—	—

Drawdowns

NVIR vs. RAYS - Drawdown Comparison

The maximum NVIR drawdown since its inception was -22.47%, which is greater than RAYS's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for NVIR and RAYS.

Drawdown Indicators

	NVIR	RAYS	Difference
Max Drawdown Largest peak-to-trough decline	-22.47%	0.00%	-22.47%
Max Drawdown (1Y) Largest decline over 1 year	-9.09%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-22.47%	—	—
Current Drawdown Current decline from peak	-4.91%	0.00%	-4.91%
Average Drawdown Average peak-to-trough decline	-4.66%	0.00%	-4.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.45%	—	—

Volatility

Volatility by Period

	NVIR	RAYS	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%	0.00%	+17.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.26%	0.00%	+19.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.26%	0.00%	+19.26%

NVIR vs. RAYS - Expense Ratio Comparison

NVIR has a 0.85% expense ratio, which is higher than RAYS's 0.50% expense ratio.

Dividends

NVIR vs. RAYS - Dividend Comparison

NVIR's dividend yield for the trailing twelve months is around 0.76%, while RAYS has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
NVIR Horizon Kinetics Energy Remediation ETF	0.76%	0.92%	1.50%	1.34%
RAYS Global X Solar ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Which ETF is better, NVIR or RAYS?

On fees, RAYS is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, NVIR or RAYS?

RAYS is cheaper with a 0.50% expense ratio, compared with 0.85% for NVIR.

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

NVIR has the higher dividend yield at 0.76%, compared with 0.00% for RAYS.

What is the main difference between NVIR and RAYS?

NVIR is categorized as Energy Equities, while RAYS is Alternative Energy Equities. They also come from different issuers: Horizon and Global X. Their fees differ too: 0.85% for NVIR and 0.50% for RAYS.