NZAC vs. INFL
NZAC (SPDR MSCI ACWI Climate Paris Aligned ETF) and INFL (Horizon Kinetics Inflation Beneficiaries ETF) are both Global Equities funds. NZAC is passively managed, while INFL is actively managed. Over the past 5 years, NZAC returned 9.25%/yr vs 11.71%/yr for INFL. A 0.64 correlation means they provide meaningful diversification when combined. NZAC charges 0.12%/yr vs 0.85%/yr for INFL.
Performance
NZAC vs. INFL - Performance Comparison
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Returns By Period
In the year-to-date period, NZAC achieves a 6.02% return, which is significantly lower than INFL's 10.49% return.
NZAC
- 1D
- -1.70%
- 1M
- -1.26%
- YTD
- 6.02%
- 6M
- 5.37%
- 1Y
- 20.66%
- 3Y*
- 17.81%
- 5Y*
- 9.25%
- 10Y*
- 12.17%
INFL
- 1D
- -0.93%
- 1M
- -7.92%
- YTD
- 10.49%
- 6M
- 9.44%
- 1Y
- 18.20%
- 3Y*
- 19.92%
- 5Y*
- 11.71%
- 10Y*
- —
NZAC vs. INFL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF | 6.02% | 20.55% | 16.67% | 23.22% | -19.77% | 16.17% |
INFL Horizon Kinetics Inflation Beneficiaries ETF | 10.49% | 18.30% | 23.34% | 1.62% | 2.65% | 25.22% |
Correlation
The correlation between NZAC and INFL is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.45 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.54 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.63 |
Correlation (All Time) Calculated using the full available price history since Jan 12, 2021 | 0.64 |
The correlation between NZAC and INFL shifts across timeframes, from 0.45 (1 year) to 0.64 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
NZAC vs. INFL — Risk / Return Rank
NZAC
INFL
NZAC vs. INFL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI ACWI Climate Paris Aligned ETF (NZAC) and Horizon Kinetics Inflation Beneficiaries ETF (INFL). 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.
| NZAC | INFL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.39 | ||
| Sortino ratioReturn per unit of downside risk | +0.60 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.20 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.05 | 1.67 | +0.38 |
| Martin ratioReturn relative to average drawdown | 8.63 | 5.11 | +3.51 |
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Drawdowns
NZAC vs. INFL - Drawdown Comparison
The maximum NZAC drawdown since its inception was -33.72%, which is greater than INFL's maximum drawdown of -21.30%. Use the drawdown chart below to compare losses from any high point for NZAC and INFL.
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Drawdown Indicators
| NZAC | INFL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.72% | -21.30% | -12.42% |
Max Drawdown (1Y)Largest decline over 1 year | -10.10% | -10.92% | +0.82% |
Max Drawdown (3Y)Largest decline over 3 years | -16.19% | -15.56% | -0.63% |
Max Drawdown (5Y)Largest decline over 5 years | -28.31% | -21.30% | -7.01% |
Max Drawdown (10Y)Largest decline over 10 years | -33.72% | — | — |
Current DrawdownCurrent decline from peak | -3.38% | -10.92% | +7.54% |
Average DrawdownAverage peak-to-trough decline | -5.31% | -5.13% | -0.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.40% | 3.57% | -1.17% |
Volatility
NZAC vs. INFL - Volatility Comparison
SPDR MSCI ACWI Climate Paris Aligned ETF (NZAC) has a higher volatility of 5.41% compared to Horizon Kinetics Inflation Beneficiaries ETF (INFL) at 5.08%. This indicates that NZAC's price experiences larger fluctuations and is considered to be riskier than INFL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NZAC | INFL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.41% | 5.08% | +0.33% |
Volatility (6M)Calculated over the trailing 6-month period | 11.34% | 12.83% | -1.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.73% | 16.18% | -2.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.94% | 17.78% | -0.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.13% | 17.68% | -0.55% |
NZAC vs. INFL - Expense Ratio Comparison
NZAC has a 0.12% expense ratio, which is lower than INFL's 0.85% expense ratio.
Dividends
NZAC vs. INFL - Dividend Comparison
NZAC's dividend yield for the trailing twelve months is around 2.09%, more than INFL's 0.96% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
INFL Horizon Kinetics Inflation Beneficiaries ETF | 0.96% | 1.26% | 1.77% | 1.60% | 1.65% | 0.91% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF | 2.09% | 1.90% | 1.88% | 1.65% | 1.81% | 1.62% | 1.59% | 2.17% | 2.53% | 2.20% | 2.00% | 2.40% |
Frequently Asked Questions
NZAC and INFL have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NZAC has higher volatility (5.41%) compared to INFL (5.08%). In terms of maximum drawdown, NZAC dropped -33.72% vs INFL's -21.30%.
On 5-year performance, INFL leads with 11.71% vs 9.25% for NZAC. On fees, NZAC is cheaper at 0.12% per year. On volatility, INFL has been the lower-risk option at 5.08%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, INFL has performed better with a 11.71% return vs 9.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
NZAC is cheaper with a 0.12% expense ratio, compared with 0.85% for INFL.
NZAC has the higher dividend yield at 2.09%, compared with 0.96% for INFL.
They also come from different issuers: State Street and Horizon Kinetics LLC. Their fees differ too: 0.12% for NZAC and 0.85% for INFL.
NZAC currently has the higher Sharpe Ratio (1.52 vs 1.13), 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.
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