QGRD vs. HBTA

Last updated Jun 26, 2026

QGRD (Horizon NASDAQ-100 Defined Risk ETF) and HBTA (Horizon Expedition Plus ETF) are both exchange-traded funds - QGRD is a Equity Hedged fund actively managed by Horizon, while HBTA is a Derivative Income fund actively managed by Horizon. Both are actively managed. Their correlation of 0.93 suggests significant overlap in exposure. Both charge a 0.85% expense ratio.

Performance

QGRD vs. HBTA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon NASDAQ-100 Defined Risk ETF (QGRD) and Horizon Expedition Plus ETF (HBTA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QGRD achieves a 11.56% return, which is significantly higher than HBTA's 9.67% return.

QGRD

• 1D: 0.61%
• 1M: -1.23%
• YTD: 11.56%
• 6M: 9.97%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

HBTA

• 1D: 0.33%
• 1M: -2.74%
• YTD: 9.67%
• 6M: 8.14%
• 1Y: 29.34%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QGRD vs. HBTA - Yearly Performance Comparison

	2026 (YTD)	2025
QGRD Horizon NASDAQ-100 Defined Risk ETF	11.56%	8.15%
HBTA Horizon Expedition Plus ETF	9.67%	14.00%

Correlation

The correlation between QGRD and HBTA is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 10, 2025	0.93

Return for Risk

QGRD vs. HBTA — Risk / Return Rank

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

QGRD

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

HBTA

HBTA Risk / Return Rank: 53
HBTA Sharpe Ratio Rank: 53
HBTA Sortino Ratio Rank: 49
HBTA Omega Ratio Rank: 50
HBTA Calmar Ratio Rank: 50
HBTA Martin Ratio Rank: 63

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.

QGRD vs. HBTA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon NASDAQ-100 Defined Risk ETF (QGRD) and Horizon Expedition Plus ETF (HBTA). 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.

	QGRD	HBTA	Difference
Sharpe ratio: Return per unit of total volatility	—	1.62	—
Sortino ratio: Return per unit of downside risk	—	2.19	—
Omega ratio: Gain probability vs. loss probability	—	1.29	—
Calmar ratio: Return relative to maximum drawdown	—	2.24	—
Martin ratio: Return relative to average drawdown	—	10.01	—

Drawdowns

QGRD vs. HBTA - Drawdown Comparison

The maximum QGRD drawdown since its inception was -9.41%, smaller than the maximum HBTA drawdown of -26.73%. Use the drawdown chart below to compare losses from any high point for QGRD and HBTA.

Drawdown Indicators

	QGRD	HBTA	Difference
Max Drawdown Largest peak-to-trough decline	-9.41%	-26.73%	+17.32%
Max Drawdown (1Y) Largest decline over 1 year	—	-13.18%	—
Current Drawdown Current decline from peak	-3.19%	-4.50%	+1.31%
Average Drawdown Average peak-to-trough decline	-2.21%	-4.17%	+1.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.94%	—

Volatility

Volatility by Period

	QGRD	HBTA	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	7.14%	—
Volatility (6M) Calculated over the trailing 6-month period	—	14.56%	—
Volatility (1Y) Calculated over the trailing 1-year period	14.36%	18.22%	-3.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.36%	24.97%	-10.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.36%	24.97%	-10.61%

QGRD vs. HBTA - Expense Ratio Comparison

Both QGRD and HBTA have an expense ratio of 0.85%.

Dividends

QGRD vs. HBTA - Dividend Comparison

QGRD's dividend yield for the trailing twelve months is around 1.40%, more than HBTA's 0.58% yield.

Position	TTM	2025
HBTA Horizon Expedition Plus ETF	0.58%	0.64%
QGRD Horizon NASDAQ-100 Defined Risk ETF	1.40%	1.57%

Frequently Asked Questions

Can I hold both QGRD and HBTA in my portfolio?

With a correlation of 0.93, QGRD and HBTA move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, QGRD or HBTA?

Both ETFs have the same 0.85% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, QGRD or HBTA?

QGRD and HBTA have the same expense ratio: 0.85% per year.

Which ETF pays a higher dividend yield, QGRD or HBTA?

QGRD has the higher dividend yield at 1.40%, compared with 0.58% for HBTA.

What is the main difference between QGRD and HBTA?

QGRD is categorized as Equity Hedged, while HBTA is Derivative Income.