SFTX vs. JAPN

Last updated Jun 4, 2026

SFTX (Horizon International Managed Risk ETF) and JAPN (Horizon Kinetics Japan Owner Operator ETF) are both exchange-traded funds - SFTX is a Tactical Allocation fund actively managed by Horizon, while JAPN is a Japan Equities fund actively managed by Horizon. Both are actively managed. At a 0.47 correlation, their price movements are largely independent. SFTX charges 0.82%/yr vs 0.85%/yr for JAPN.

Performance

SFTX vs. JAPN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon International Managed Risk ETF (SFTX) 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, SFTX achieves a 22.26% return, which is significantly higher than JAPN's -13.33% return.

SFTX

• 1D: -0.29%
• 1M: 7.93%
• YTD: 22.26%
• 6M: 24.22%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

JAPN

• 1D: -1.75%
• 1M: -2.99%
• YTD: -13.33%
• 6M: -13.01%
• 1Y: -16.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SFTX vs. JAPN - Yearly Performance Comparison

	2026 (YTD)	2025
SFTX Horizon International Managed Risk ETF	22.26%	1.61%
JAPN Horizon Kinetics Japan Owner Operator ETF	-13.33%	0.37%

Correlation

The correlation between SFTX and JAPN is 0.47, 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 Dec 4, 2025	0.47

Return for Risk

SFTX vs. JAPN — Risk / Return Rank

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

JAPN

JAPN Risk / Return Rank: 2
JAPN Sharpe Ratio Rank: 2
JAPN Sortino Ratio Rank: 3
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.

SFTX vs. JAPN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon International Managed Risk ETF (SFTX) 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.

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

Sharpe Ratios by Period

	SFTX	JAPN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-0.90	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.57	-0.54	+3.11

Drawdowns

SFTX vs. JAPN - Drawdown Comparison

The maximum SFTX drawdown since its inception was -12.75%, smaller than the maximum JAPN drawdown of -23.94%. Use the drawdown chart below to compare losses from any high point for SFTX and JAPN.

Drawdown Indicators

	SFTX	JAPN	Difference
Max Drawdown Largest peak-to-trough decline	-12.75%	-23.94%	+11.19%
Max Drawdown (1Y) Largest decline over 1 year	—	-23.94%	—
Current Drawdown Current decline from peak	-0.29%	-22.90%	+22.61%
Average Drawdown Average peak-to-trough decline	-2.78%	-9.47%	+6.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	12.54%	—

Volatility

Volatility by Period

	SFTX	JAPN	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.33%	—
Volatility (6M) Calculated over the trailing 6-month period	—	15.41%	—
Volatility (1Y) Calculated over the trailing 1-year period	21.65%	18.77%	+2.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.65%	19.24%	+2.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.65%	19.24%	+2.41%

SFTX vs. JAPN - Expense Ratio Comparison

SFTX has a 0.82% expense ratio, which is lower than JAPN's 0.85% expense ratio.

Dividends

SFTX vs. JAPN - Dividend Comparison

SFTX's dividend yield for the trailing twelve months is around 0.20%, less than JAPN's 0.28% yield.

Position	TTM	2025
JAPN Horizon Kinetics Japan Owner Operator ETF	0.28%	0.24%
SFTX Horizon International Managed Risk ETF	0.20%	0.25%

Frequently Asked Questions

Can I hold both SFTX and JAPN in my portfolio?

SFTX and JAPN have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SFTX or JAPN?

On fees, SFTX is cheaper at 0.82% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SFTX or JAPN?

SFTX is cheaper with a 0.82% expense ratio, compared with 0.85% for JAPN.

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

JAPN has the higher dividend yield at 0.28%, compared with 0.20% for SFTX.

What is the main difference between SFTX and JAPN?

SFTX is categorized as Tactical Allocation, while JAPN is Japan Equities. Their fees differ too: 0.82% for SFTX and 0.85% for JAPN.