STOX vs. JAPN

Last updated Jul 31, 2026

STOX (Horizon Core Equity ETF) and JAPN (Horizon Kinetics Japan Owner Operator ETF) are both exchange-traded funds - STOX is a Large Cap Blend Equities fund actively managed by Horizon, while JAPN is a Japan Equities fund actively managed by Horizon. Both are actively managed. Over the past year, STOX returned 18.67% vs -7.65% for JAPN. Their 0.35 correlation means their historical movements had little consistent relationship. STOX charges 0.70%/yr vs 0.85%/yr for JAPN.

Performance

STOX vs. JAPN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Core Equity ETF (STOX) 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, STOX achieves a 9.30% return, which is significantly higher than JAPN's -2.64% return.

STOX

• 1D: 1.99%
• 1M: -0.18%
• 6M: 7.07%
• YTD: 9.30%
• 1Y: 18.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 21.32%

JAPN

• 1D: 1.35%
• 1M: 11.31%
• 6M: 1.74%
• YTD: -2.64%
• 1Y: -7.65%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 0.31%

*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	$245.29K	$164.54K	$137.22K
STOX Horizon Core Equity ETF	$1.12M	$999.24K	$890.97K

STOX vs. JAPN - Yearly Performance Comparison

	2026 (YTD)	2025
STOX Horizon Core Equity ETF	9.30%	13.00%
JAPN Horizon Kinetics Japan Owner Operator ETF	-2.64%	-7.09%

Correlation

The correlation between STOX and JAPN is 0.37, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.37
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025	0.35

Return for Risk

STOX vs. JAPN — Risk / Return Rank

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

STOX

STOX Risk / Return Rank: 63
STOX Sharpe Ratio Rank: 62
STOX Sortino Ratio Rank: 61
STOX Omega Ratio Rank: 60
STOX Calmar Ratio Rank: 58
STOX Martin Ratio Rank: 73

JAPN

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

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.

STOX vs. JAPN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Core Equity ETF (STOX) 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.

	STOX	JAPN	Difference
Sharpe ratio: Return per unit of total volatility	1.43	-0.38	+1.81
Sortino ratio: Return per unit of downside risk	2.03	-0.41	+2.45
Omega ratio: Gain probability vs. loss probability	1.26	0.95	+0.31
Calmar ratio: Return relative to maximum drawdown	2.01	-0.32	+2.33
Martin ratio: Return relative to average drawdown	8.96	-0.52	+9.49

STOX vs. JAPN - Sharpe Ratio Comparison

The current STOX Sharpe Ratio is 1.43, which is higher than the JAPN Sharpe Ratio of -0.38. The chart below compares the historical Sharpe Ratios of STOX 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

STOX vs. JAPN - Drawdown Comparison

The maximum STOX drawdown since its inception was -9.33%, smaller than the maximum JAPN drawdown of -23.94%. Use the drawdown chart below to compare losses from any high point for STOX and JAPN.

Drawdown Indicators

	STOX	JAPN	Difference
Max Drawdown Largest peak-to-trough decline	-9.33%	-23.94%	+14.61%
Max Drawdown (1Y) Largest decline over 1 year	-9.33%	-23.94%	+14.61%
Current Drawdown Current decline from peak	-1.29%	-13.39%	+12.10%
Average Drawdown Average peak-to-trough decline	-1.21%	-10.70%	+9.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.09%	14.68%	-12.59%

Volatility

STOX vs. JAPN - Volatility Comparison

The current volatility for Horizon Core Equity ETF (STOX) is 3.69%, while Horizon Kinetics Japan Owner Operator ETF (JAPN) has a volatility of 6.87%. This indicates that STOX 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

	STOX	JAPN	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.69%	6.87%	-3.18%
Volatility (6M) Calculated over the trailing 6-month period	10.15%	16.89%	-6.74%
Volatility (1Y) Calculated over the trailing 1-year period	13.13%	20.21%	-7.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.78%	19.87%	-7.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.78%	19.87%	-7.09%

STOX vs. JAPN - Expense Ratio Comparison

STOX has a 0.70% expense ratio, which is lower than JAPN's 0.85% expense ratio.

Dividends

STOX vs. JAPN - Dividend Comparison

STOX'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%
STOX Horizon Core Equity ETF	0.17%	0.19%

Frequently Asked Questions

Can I hold both STOX and JAPN in my portfolio?

STOX and JAPN have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, STOX or JAPN?

JAPN has higher volatility (6.87%) compared to STOX (3.69%). In terms of maximum drawdown, STOX dropped -9.33% vs JAPN's -23.94%.

Which ETF is better, STOX or JAPN?

On 1-year performance, STOX leads with 18.67% vs -7.65% for JAPN. On fees, STOX is cheaper at 0.70% per year. On volatility, STOX has been the lower-risk option at 3.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, STOX or JAPN?

Over the 1-year period, STOX has performed better with a 18.67% return vs -7.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, STOX or JAPN?

STOX is cheaper with a 0.70% expense ratio, compared with 0.85% for JAPN.

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

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

What is the main difference between STOX and JAPN?

STOX is categorized as Large Cap Blend Equities, while JAPN is Japan Equities. Their fees differ too: 0.70% for STOX and 0.85% for JAPN.

Which has better risk-adjusted returns?

STOX currently has the higher Sharpe Ratio (1.43 vs -0.38), 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.