YNOT vs. HBTA

Last updated Jul 14, 2026

YNOT (Horizon Digital Frontier ETF) and HBTA (Horizon Expedition Plus ETF) are both exchange-traded funds - YNOT is a Technology Equities fund actively managed by Horizon, while HBTA is a Derivative Income fund actively managed by Horizon. Both are actively managed. Over the past year, YNOT returned 25.34% vs 27.18% for HBTA. Their correlation of 0.91 suggests significant overlap in exposure. YNOT charges 0.75%/yr vs 0.85%/yr for HBTA.

Performance

YNOT vs. HBTA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Digital Frontier ETF (YNOT) and Horizon Expedition Plus ETF (HBTA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with YNOT having a 12.07% return and HBTA slightly lower at 11.62%.

YNOT

• 1D: -2.13%
• 1M: -2.25%
• 6M: 5.87%
• YTD: 12.07%
• 1Y: 25.34%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HBTA

• 1D: -1.62%
• 1M: 0.93%
• 6M: 9.32%
• YTD: 11.62%
• 1Y: 27.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

YNOT vs. HBTA - Yearly Performance Comparison

	2026 (YTD)	2025
YNOT Horizon Digital Frontier ETF	12.07%	12.46%
HBTA Horizon Expedition Plus ETF	11.62%	14.00%

Correlation

The correlation between YNOT and HBTA is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (All Time) Calculated using the full available price history since Jul 10, 2025	0.91

The correlation between YNOT and HBTA has been stable across timeframes, ranging from 0.91 to 0.91 - a consistent structural relationship.

Return for Risk

YNOT vs. HBTA — Risk / Return Rank

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

YNOT

YNOT Risk / Return Rank: 35
YNOT Sharpe Ratio Rank: 35
YNOT Sortino Ratio Rank: 33
YNOT Omega Ratio Rank: 33
YNOT Calmar Ratio Rank: 37
YNOT Martin Ratio Rank: 37

HBTA

HBTA Risk / Return Rank: 55
HBTA Sharpe Ratio Rank: 54
HBTA Sortino Ratio Rank: 52
HBTA Omega Ratio Rank: 53
HBTA Calmar Ratio Rank: 52
HBTA Martin Ratio Rank: 64

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.

YNOT vs. HBTA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Digital Frontier ETF (YNOT) and Horizon Expedition Plus ETF (HBTA). 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.

	YNOT	HBTA	Difference
Sharpe ratio: Return per unit of total volatility	1.04	1.48	-0.45
Sortino ratio: Return per unit of downside risk	1.47	2.04	-0.57
Omega ratio: Gain probability vs. loss probability	1.18	1.26	-0.08
Calmar ratio: Return relative to maximum drawdown	1.52	2.07	-0.55
Martin ratio: Return relative to average drawdown	4.61	9.11	-4.50

YNOT vs. HBTA - Sharpe Ratio Comparison

The current YNOT Sharpe Ratio is 1.04, which is lower than the HBTA Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of YNOT and HBTA, 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

YNOT vs. HBTA - Drawdown Comparison

The maximum YNOT drawdown since its inception was -16.73%, smaller than the maximum HBTA drawdown of -26.73%. Use the drawdown chart below to compare losses from any high point for YNOT and HBTA.

Drawdown Indicators

	YNOT	HBTA	Difference
Max Drawdown Largest peak-to-trough decline	-16.73%	-26.73%	+10.00%
Max Drawdown (1Y) Largest decline over 1 year	-16.73%	-13.18%	-3.55%
Current Drawdown Current decline from peak	-9.59%	-2.80%	-6.79%
Average Drawdown Average peak-to-trough decline	-4.10%	-4.12%	+0.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.52%	2.99%	+2.53%

Volatility

YNOT vs. HBTA - Volatility Comparison

Horizon Digital Frontier ETF (YNOT) has a higher volatility of 9.00% compared to Horizon Expedition Plus ETF (HBTA) at 6.66%. This indicates that YNOT's price experiences larger fluctuations and is considered to be riskier than HBTA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	YNOT	HBTA	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.00%	6.66%	+2.34%
Volatility (6M) Calculated over the trailing 6-month period	20.10%	15.04%	+5.06%
Volatility (1Y) Calculated over the trailing 1-year period	24.63%	18.48%	+6.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.54%	24.83%	-0.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.54%	24.83%	-0.29%

YNOT vs. HBTA - Expense Ratio Comparison

YNOT has a 0.75% expense ratio, which is lower than HBTA's 0.85% expense ratio.

Dividends

YNOT vs. HBTA - Dividend Comparison

YNOT has not paid dividends to shareholders, while HBTA's dividend yield for the trailing twelve months is around 0.57%.

Position	TTM	2025
HBTA Horizon Expedition Plus ETF	0.57%	0.64%
YNOT Horizon Digital Frontier ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both YNOT and HBTA in my portfolio?

With a correlation of 0.91, YNOT and HBTA move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, YNOT or HBTA?

YNOT has higher volatility (9.00%) compared to HBTA (6.66%). In terms of maximum drawdown, YNOT dropped -16.73% vs HBTA's -26.73%.

Which ETF is better, YNOT or HBTA?

On 1-year performance, HBTA leads with 27.18% vs 25.34% for YNOT. On fees, YNOT is cheaper at 0.75% per year. On volatility, HBTA has been the lower-risk option at 6.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, YNOT or HBTA?

Over the 1-year period, HBTA has performed better with a 27.18% return vs 25.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, YNOT or HBTA?

YNOT is cheaper with a 0.75% expense ratio, compared with 0.85% for HBTA.

Which ETF pays a higher dividend yield, YNOT or HBTA?

HBTA has the higher dividend yield at 0.57%, compared with 0.00% for YNOT.

What is the main difference between YNOT and HBTA?

YNOT is categorized as Technology Equities, while HBTA is Derivative Income. Their fees differ too: 0.75% for YNOT and 0.85% for HBTA.

Which has better risk-adjusted returns?

HBTA currently has the higher Sharpe Ratio (1.48 vs 1.04), 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.