SFTY vs. JAPN

Last updated Aug 1, 2026

SFTY (Horizon Managed Risk ETF) and JAPN (Horizon Kinetics Japan Owner Operator ETF) are both exchange-traded funds - SFTY is a Tactical Allocation fund actively managed by Horizon, while JAPN is a Japan Equities fund actively managed by Horizon. Both are actively managed. Over the past year, SFTY returned 20.79% vs -8.89% for JAPN. Their 0.36 correlation means their historical movements had little consistent relationship. SFTY charges 0.77%/yr vs 0.85%/yr for JAPN.

Performance

SFTY vs. JAPN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Managed Risk ETF (SFTY) 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, SFTY achieves a 9.95% return, which is significantly higher than JAPN's -2.38% return.

SFTY

• 1D: 0.62%
• 1M: 0.72%
• 6M: 8.11%
• YTD: 9.95%
• 1Y: 20.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 21.03%

JAPN

• 1D: 0.26%
• 1M: 7.93%
• 6M: 2.43%
• YTD: -2.38%
• 1Y: -8.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 0.53%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
JAPN Horizon Kinetics Japan Owner Operator ETF	$244.63K	$159.98K	$135.76K
SFTY Horizon Managed Risk ETF	$25.18M	$13.16M	$6.88M

SFTY vs. JAPN - Yearly Performance Comparison

	2026 (YTD)	2025
SFTY Horizon Managed Risk ETF	9.95%	12.10%
JAPN Horizon Kinetics Japan Owner Operator ETF	-2.38%	-7.09%

Correlation

The correlation between SFTY and JAPN is 0.38, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.38
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025	0.36

Return for Risk

SFTY vs. JAPN — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SFTY

SFTY Risk / Return Rank: 68
SFTY Sharpe Ratio Rank: 67
SFTY Sortino Ratio Rank: 66
SFTY Omega Ratio Rank: 66
SFTY Calmar Ratio Rank: 63
SFTY Martin Ratio Rank: 77

JAPN

JAPN Risk / Return Rank: 7
JAPN Sharpe Ratio Rank: 6
JAPN Sortino Ratio Rank: 6
JAPN Omega Ratio Rank: 6
JAPN Calmar Ratio Rank: 7
JAPN Martin Ratio Rank: 8

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SFTY vs. JAPN - Risk-Adjusted Trends Comparison

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

	SFTY	JAPN	Difference
Sharpe ratio: Return per unit of total volatility	1.56	-0.37	+1.93
Sortino ratio: Return per unit of downside risk	2.19	-0.40	+2.59
Omega ratio: Gain probability vs. loss probability	1.28	0.95	+0.33
Calmar ratio: Return relative to maximum drawdown	2.22	-0.31	+2.53
Martin ratio: Return relative to average drawdown	9.81	-0.51	+10.31

SFTY vs. JAPN - Sharpe Ratio Comparison

The current SFTY Sharpe Ratio is 1.56, which is higher than the JAPN Sharpe Ratio of -0.37. The chart below compares the historical Sharpe Ratios of SFTY and JAPN, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SFTY vs. JAPN - Drawdown Comparison

The maximum SFTY drawdown since its inception was -8.64%, smaller than the maximum JAPN drawdown of -23.94%. Use the drawdown chart below to compare losses from any high point for SFTY and JAPN.

Drawdown Indicators

	SFTY	JAPN	Difference
Max Drawdown Largest peak-to-trough decline	-8.64%	-23.94%	+15.30%
Max Drawdown (1Y) Largest decline over 1 year	-8.64%	-23.94%	+15.30%
Current Drawdown Current decline from peak	-0.58%	-13.16%	+12.58%
Average Drawdown Average peak-to-trough decline	-1.13%	-10.71%	+9.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.96%	14.71%	-12.75%

Volatility

SFTY vs. JAPN - Volatility Comparison

The current volatility for Horizon Managed Risk ETF (SFTY) is 3.23%, while Horizon Kinetics Japan Owner Operator ETF (JAPN) has a volatility of 6.83%. This indicates that SFTY experiences smaller price fluctuations and is considered to be less risky than JAPN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SFTY	JAPN	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.23%	6.83%	-3.60%
Volatility (6M) Calculated over the trailing 6-month period	9.54%	16.88%	-7.34%
Volatility (1Y) Calculated over the trailing 1-year period	12.29%	20.20%	-7.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.92%	19.84%	-7.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.92%	19.84%	-7.92%

SFTY vs. JAPN - Expense Ratio Comparison

SFTY has a 0.77% expense ratio, which is lower than JAPN's 0.85% expense ratio.

Dividends

SFTY vs. JAPN - Dividend Comparison

SFTY's dividend yield for the trailing twelve months is around 0.17%, less than JAPN's 0.25% yield.

Position	TTM	2025
JAPN Horizon Kinetics Japan Owner Operator ETF	0.25%	0.24%
SFTY Horizon Managed Risk ETF	0.17%	0.19%

Frequently Asked Questions

Can I hold both SFTY and JAPN in my portfolio?

SFTY and JAPN have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SFTY or JAPN?

JAPN has higher volatility (6.83%) compared to SFTY (3.23%). In terms of maximum drawdown, SFTY dropped -8.64% vs JAPN's -23.94%.

Which ETF is better, SFTY or JAPN?

On 1-year performance, SFTY leads with 20.79% vs -8.89% for JAPN. On fees, SFTY is cheaper at 0.77% per year. On volatility, SFTY has been the lower-risk option at 3.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SFTY or JAPN?

Over the 1-year period, SFTY has performed better with a 20.79% return vs -8.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SFTY or JAPN?

SFTY is cheaper with a 0.77% expense ratio, compared with 0.85% for JAPN.

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

JAPN has the higher dividend yield at 0.25%, compared with 0.17% for SFTY.

What is the main difference between SFTY and JAPN?

SFTY is categorized as Tactical Allocation, while JAPN is Japan Equities. Their fees differ too: 0.77% for SFTY and 0.85% for JAPN.

Which has better risk-adjusted returns?

SFTY currently has the higher Sharpe Ratio (1.56 vs -0.37), 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.