STOX vs. JAPN

Last updated Jun 20, 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 managed by Horizon, while JAPN is a Japan Equities fund actively managed by Horizon. At a 0.36 correlation, their price movements are largely independent. 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 9.22% return, which is significantly higher than JAPN's -12.25% return.

STOX

• 1D: 1.12%
• 1M: 1.04%
• YTD: 9.22%
• 6M: 9.80%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

JAPN

• 1D: 1.34%
• 1M: -1.14%
• YTD: -12.25%
• 6M: -11.91%
• 1Y: -17.66%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

STOX vs. JAPN - Yearly Performance Comparison

	2026 (YTD)	2025
STOX Horizon Core Equity ETF	9.22%	13.00%
JAPN Horizon Kinetics Japan Owner Operator ETF	-12.25%	-7.09%

Correlation

The correlation between STOX and JAPN is 0.36, 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 Jun 26, 2025	0.36

Return for Risk

STOX vs. JAPN — Risk / Return Rank

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

STOX

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.

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	—	-0.91	—
Sortino ratio: Return per unit of downside risk	—	-1.23	—
Omega ratio: Gain probability vs. loss probability	—	0.86	—
Calmar ratio: Return relative to maximum drawdown	—	-0.74	—
Martin ratio: Return relative to average drawdown	—	-1.32	—

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	—	-23.94%	—
Current Drawdown Current decline from peak	-0.89%	-21.94%	+21.05%
Average Drawdown Average peak-to-trough decline	-1.19%	-9.94%	+8.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	13.37%	—

Volatility

Volatility by Period

	STOX	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	12.80%	19.45%	-6.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.80%	19.55%	-6.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.80%	19.55%	-6.75%

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 0.27% yield.

Position	TTM	2025
JAPN Horizon Kinetics Japan Owner Operator ETF	0.27%	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 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, STOX or JAPN?

On fees, STOX is cheaper at 0.70% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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 0.27%, 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.