STOX vs. QGRD

Last updated Jul 29, 2026

STOX (Horizon Core Equity ETF) and QGRD (Horizon NASDAQ-100 Defined Risk ETF) are both exchange-traded funds - STOX is a Large Cap Blend Equities fund actively managed by Horizon, while QGRD is a Equity Hedged fund actively managed by Horizon. Both are actively managed. Over the past year, STOX returned 18.43% vs 13.76% for QGRD. Their correlation of 0.88 means they have usually moved in the same direction. STOX charges 0.70%/yr vs 0.85%/yr for QGRD.

Performance

STOX vs. QGRD - Performance Comparison

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

Returns By Period

In the year-to-date period, STOX achieves a 9.05% return, which is significantly higher than QGRD's 6.74% return.

STOX

• 1D: 0.43%
• 1M: 1.84%
• 6M: 6.61%
• YTD: 9.05%
• 1Y: 18.43%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 21.18%

QGRD

• 1D: -0.61%
• 1M: -3.68%
• 6M: 4.15%
• YTD: 6.74%
• 1Y: 13.76%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 14.67%

*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)
QGRD Horizon NASDAQ-100 Defined Risk ETF	$190.02K	$258.66K	$528.04K
STOX Horizon Core Equity ETF	$905.82K	$921.25K	$857.62K

STOX vs. QGRD - Yearly Performance Comparison

	2026 (YTD)	2025
STOX Horizon Core Equity ETF	9.05%	10.69%
QGRD Horizon NASDAQ-100 Defined Risk ETF	6.74%	8.15%

Correlation

The correlation between STOX and QGRD is 0.89, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.89
Correlation (All Time) Calculated using the full available price history since Jul 10, 2025	0.88

The correlation between STOX and QGRD has been stable across timeframes, ranging from 0.88 to 0.89 - a consistent structural relationship.

Return for Risk

STOX vs. QGRD — Risk / Return Rank

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

STOX

STOX Risk / Return Rank: 62
STOX Sharpe Ratio Rank: 62
STOX Sortino Ratio Rank: 61
STOX Omega Ratio Rank: 61
STOX Calmar Ratio Rank: 56
STOX Martin Ratio Rank: 72

QGRD

QGRD Risk / Return Rank: 37
QGRD Sharpe Ratio Rank: 36
QGRD Sortino Ratio Rank: 34
QGRD Omega Ratio Rank: 34
QGRD Calmar Ratio Rank: 40
QGRD Martin Ratio Rank: 39

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. QGRD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Core Equity ETF (STOX) and Horizon NASDAQ-100 Defined Risk ETF (QGRD). 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	QGRD	Difference
Sharpe ratio: Return per unit of total volatility	1.44	0.93	+0.51
Sortino ratio: Return per unit of downside risk	2.05	1.32	+0.73
Omega ratio: Gain probability vs. loss probability	1.26	1.17	+0.09
Calmar ratio: Return relative to maximum drawdown	1.98	1.47	+0.52
Martin ratio: Return relative to average drawdown	8.90	4.20	+4.69

STOX vs. QGRD - Sharpe Ratio Comparison

The current STOX Sharpe Ratio is 1.44, which is higher than the QGRD Sharpe Ratio of 0.93. The chart below compares the historical Sharpe Ratios of STOX and QGRD, 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. QGRD - Drawdown Comparison

The maximum STOX drawdown since its inception was -9.33%, roughly equal to the maximum QGRD drawdown of -9.41%. Use the drawdown chart below to compare losses from any high point for STOX and QGRD.

Drawdown Indicators

	STOX	QGRD	Difference
Max Drawdown Largest peak-to-trough decline	-9.33%	-9.41%	+0.08%
Max Drawdown (1Y) Largest decline over 1 year	-9.33%	-9.41%	+0.08%
Current Drawdown Current decline from peak	-1.52%	-7.37%	+5.85%
Average Drawdown Average peak-to-trough decline	-1.20%	-2.35%	+1.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.08%	3.28%	-1.20%

Volatility

STOX vs. QGRD - Volatility Comparison

The current volatility for Horizon Core Equity ETF (STOX) is 2.97%, while Horizon NASDAQ-100 Defined Risk ETF (QGRD) has a volatility of 5.01%. This indicates that STOX experiences smaller price fluctuations and is considered to be less risky than QGRD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	STOX	QGRD	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.97%	5.01%	-2.04%
Volatility (6M) Calculated over the trailing 6-month period	9.81%	11.73%	-1.92%
Volatility (1Y) Calculated over the trailing 1-year period	12.86%	14.93%	-2.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.57%	14.62%	-2.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.57%	14.62%	-2.05%

STOX vs. QGRD - Expense Ratio Comparison

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

Dividends

STOX vs. QGRD - Dividend Comparison

STOX's dividend yield for the trailing twelve months is around 0.17%, less than QGRD's 1.47% yield.

Position	TTM	2025
QGRD Horizon NASDAQ-100 Defined Risk ETF	1.47%	1.57%
STOX Horizon Core Equity ETF	0.17%	0.19%

Frequently Asked Questions

Can I hold both STOX and QGRD in my portfolio?

STOX and QGRD have a correlation of 0.89, 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 QGRD?

QGRD has higher volatility (5.01%) compared to STOX (2.97%). In terms of maximum drawdown, STOX dropped -9.33% vs QGRD's -9.41%.

Which ETF is better, STOX or QGRD?

On 1-year performance, STOX leads with 18.43% vs 13.76% for QGRD. On fees, STOX is cheaper at 0.70% per year. On volatility, STOX has been the lower-risk option at 2.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, STOX or QGRD?

Over the 1-year period, STOX has performed better with a 18.43% return vs 13.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, STOX or QGRD?

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

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

QGRD has the higher dividend yield at 1.47%, compared with 0.17% for STOX.

What is the main difference between STOX and QGRD?

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

Which has better risk-adjusted returns?

STOX currently has the higher Sharpe Ratio (1.44 vs 0.93), 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.