NVIR vs. UPGR

Last updated Apr 2, 2026

Compare and contrast key facts about Horizon Kinetics Energy Remediation ETF (NVIR) and Xtrackers US Green Infrastructure Select Equity ETF (UPGR).

NVIR and UPGR are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. NVIR is an actively managed fund by Horizon. It was launched on Feb 21, 2023. UPGR is a passively managed fund by Xtrackers that tracks the performance of the Solactive United States Green Infrastructure ESG Screened Index - Benchmark TR Gross. It was launched on Jul 12, 2023.

Performance

NVIR vs. UPGR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Kinetics Energy Remediation ETF (NVIR) and Xtrackers US Green Infrastructure Select Equity ETF (UPGR). The values are adjusted to include any dividend payments, if applicable.

NVIR vs. UPGR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NVIR Horizon Kinetics Energy Remediation ETF	19.55%	9.84%	17.53%	0.45%
UPGR Xtrackers US Green Infrastructure Select Equity ETF	-1.84%	35.25%	-14.72%	-15.29%

Returns By Period

In the year-to-date period, NVIR achieves a 19.55% return, which is significantly higher than UPGR's -1.84% return.

NVIR

• 1D: -2.96%
• 1M: -1.80%
• YTD: 19.55%
• 6M: 20.43%
• 1Y: 28.28%
• 3Y*: 18.94%
• 5Y*: —
• 10Y*: —

UPGR

• 1D: 0.49%
• 1M: -5.50%
• YTD: -1.84%
• 6M: -2.02%
• 1Y: 54.66%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NVIR vs. UPGR - Expense Ratio Comparison

NVIR has a 0.85% expense ratio, which is higher than UPGR's 0.35% expense ratio.

NVIR

Horizon Kinetics Energy Remediation ETF

UPGR

Xtrackers US Green Infrastructure Select Equity ETF

Return for Risk

NVIR vs. UPGR — Risk / Return Rank

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

NVIR

NVIR Risk / Return Rank: 65
NVIR Sharpe Ratio Rank: 69
NVIR Sortino Ratio Rank: 63
NVIR Omega Ratio Rank: 70
NVIR Calmar Ratio Rank: 58
NVIR Martin Ratio Rank: 63

UPGR

UPGR Risk / Return Rank: 81
UPGR Sharpe Ratio Rank: 83
UPGR Sortino Ratio Rank: 84
UPGR Omega Ratio Rank: 72
UPGR Calmar Ratio Rank: 91
UPGR Martin Ratio Rank: 74

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. UPGR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Kinetics Energy Remediation ETF (NVIR) and Xtrackers US Green Infrastructure Select Equity ETF (UPGR). 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	UPGR	Difference
Sharpe ratio Return per unit of total volatility	1.28	1.70	-0.42
Sortino ratio Return per unit of downside risk	1.69	2.35	-0.66
Omega ratio Gain probability vs. loss probability	1.28	1.28	0.00
Calmar ratio Return relative to maximum drawdown	1.67	3.44	-1.77
Martin ratio Return relative to average drawdown	7.18	8.66	-1.48
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. UPGR - Sharpe Ratio Comparison

The current NVIR Sharpe Ratio is 1.28, which is comparable to the UPGR Sharpe Ratio of 1.70. The chart below compares the historical Sharpe Ratios of NVIR and UPGR, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	NVIR	UPGR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.28	1.70	-0.42
Sharpe Ratio (All Time) Calculated using the full available price history	0.91	-0.05	+0.96

Correlation

The correlation between NVIR and UPGR is 0.53, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

NVIR vs. UPGR - Dividend Comparison

NVIR's dividend yield for the trailing twelve months is around 0.77%, more than UPGR's 0.34% yield.

	TTM	2025	2024	2023
NVIR Horizon Kinetics Energy Remediation ETF	0.77%	0.92%	1.50%	1.34%
UPGR Xtrackers US Green Infrastructure Select Equity ETF	0.34%	0.39%	1.16%	0.32%

Drawdowns

NVIR vs. UPGR - Drawdown Comparison

The maximum NVIR drawdown since its inception was -22.47%, smaller than the maximum UPGR drawdown of -46.60%. Use the drawdown chart below to compare losses from any high point for NVIR and UPGR.

Drawdown Indicators

	NVIR	UPGR	Difference
Max Drawdown Largest peak-to-trough decline	-22.47%	-46.60%	+24.13%
Max Drawdown (1Y) Largest decline over 1 year	-17.59%	-16.55%	-1.04%
Current Drawdown Current decline from peak	-5.16%	-12.90%	+7.74%
Average Drawdown Average peak-to-trough decline	-4.62%	-21.52%	+16.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.09%	6.57%	-2.48%

Volatility

NVIR vs. UPGR - Volatility Comparison

The current volatility for Horizon Kinetics Energy Remediation ETF (NVIR) is 4.94%, while Xtrackers US Green Infrastructure Select Equity ETF (UPGR) has a volatility of 8.69%. This indicates that NVIR experiences smaller price fluctuations and is considered to be less risky than UPGR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NVIR	UPGR	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.94%	8.69%	-3.75%
Volatility (6M) Calculated over the trailing 6-month period	12.09%	23.85%	-11.76%
Volatility (1Y) Calculated over the trailing 1-year period	22.25%	32.40%	-10.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.33%	30.47%	-11.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.33%	30.47%	-11.14%