QGRD vs. JAPN

Last updated Jun 23, 2026

QGRD (Horizon NASDAQ-100 Defined Risk ETF) and JAPN (Horizon Kinetics Japan Owner Operator ETF) are both exchange-traded funds - QGRD is a Equity Hedged fund actively managed by Horizon, while JAPN is a Japan Equities fund actively managed by Horizon. Both are actively managed. At a 0.33 correlation, their price movements are largely independent. Both charge a 0.85% expense ratio.

Performance

QGRD vs. JAPN - Performance Comparison

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

Returns By Period

In the year-to-date period, QGRD achieves a 14.58% return, which is significantly higher than JAPN's -12.32% return.

QGRD

• 1D: -0.24%
• 1M: 2.94%
• YTD: 14.58%
• 6M: 13.42%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

JAPN

• 1D: -0.08%
• 1M: -0.84%
• YTD: -12.32%
• 6M: -10.76%
• 1Y: -17.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QGRD vs. JAPN - Yearly Performance Comparison

	2026 (YTD)	2025
QGRD Horizon NASDAQ-100 Defined Risk ETF	14.58%	8.15%
JAPN Horizon Kinetics Japan Owner Operator ETF	-12.32%	-6.41%

Correlation

The correlation between QGRD and JAPN is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 10, 2025	0.33

Return for Risk

QGRD vs. JAPN — 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.

JAPN

JAPN Risk / Return Rank: 2
JAPN Sharpe Ratio Rank: 2
JAPN Sortino Ratio Rank: 2
JAPN Omega Ratio Rank: 2
JAPN Calmar Ratio Rank: 3
JAPN Martin Ratio Rank: 2

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. JAPN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon NASDAQ-100 Defined Risk ETF (QGRD) and Horizon Kinetics Japan Owner Operator ETF (JAPN). 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	JAPN	Difference
Sharpe ratio: Return per unit of total volatility	—	-0.90	—
Sortino ratio: Return per unit of downside risk	—	-1.21	—
Omega ratio: Gain probability vs. loss probability	—	0.86	—
Calmar ratio: Return relative to maximum drawdown	—	-0.73	—
Martin ratio: Return relative to average drawdown	—	-1.30	—

Drawdowns

QGRD vs. JAPN - Drawdown Comparison

The maximum QGRD drawdown since its inception was -9.41%, smaller than the maximum JAPN drawdown of -23.94%. Use the drawdown chart below to compare losses from any high point for QGRD and JAPN.

Drawdown Indicators

	QGRD	JAPN	Difference
Max Drawdown Largest peak-to-trough decline	-9.41%	-23.94%	+14.53%
Max Drawdown (1Y) Largest decline over 1 year	—	-23.94%	—
Current Drawdown Current decline from peak	-0.57%	-22.00%	+21.43%
Average Drawdown Average peak-to-trough decline	-2.19%	-9.98%	+7.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	13.44%	—

Volatility

Volatility by Period

	QGRD	JAPN	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	6.41%	—
Volatility (6M) Calculated over the trailing 6-month period	—	16.06%	—
Volatility (1Y) Calculated over the trailing 1-year period	14.15%	19.43%	-5.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.15%	19.51%	-5.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.15%	19.51%	-5.36%

QGRD vs. JAPN - Expense Ratio Comparison

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

Dividends

QGRD vs. JAPN - Dividend Comparison

QGRD's dividend yield for the trailing twelve months is around 1.37%, more than JAPN's 0.27% yield.

Position	TTM	2025
JAPN Horizon Kinetics Japan Owner Operator ETF	0.27%	0.24%
QGRD Horizon NASDAQ-100 Defined Risk ETF	1.37%	1.57%

Frequently Asked Questions

Can I hold both QGRD and JAPN in my portfolio?

QGRD and JAPN have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, QGRD or JAPN?

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 JAPN?

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

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

QGRD has the higher dividend yield at 1.37%, compared with 0.27% for JAPN.

What is the main difference between QGRD and JAPN?

QGRD is categorized as Equity Hedged, while JAPN is Japan Equities.