YNOT vs. JAPN

Last updated Aug 2, 2026

YNOT (Horizon Digital Frontier ETF) and JAPN (Horizon Kinetics Japan Owner Operator ETF) are both exchange-traded funds - YNOT is a Technology 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, YNOT returned 20.97% vs -8.89% for JAPN. Their 0.30 correlation means their historical movements had little consistent relationship. YNOT charges 0.75%/yr vs 0.85%/yr for JAPN.

Performance

YNOT vs. JAPN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Digital Frontier ETF (YNOT) 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, YNOT achieves a 10.10% return, which is significantly higher than JAPN's -2.38% return.

YNOT

• 1D: 1.85%
• 1M: -2.51%
• 6M: 5.98%
• YTD: 10.10%
• 1Y: 20.97%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 22.40%

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
YNOT Horizon Digital Frontier ETF	$6.05M	$3.30M	$1.56M

YNOT vs. JAPN - Yearly Performance Comparison

	2026 (YTD)	2025
YNOT Horizon Digital Frontier ETF	10.10%	12.46%
JAPN Horizon Kinetics Japan Owner Operator ETF	-2.38%	-6.41%

Correlation

The correlation between YNOT and JAPN is 0.32, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.32
Correlation (All Time) Calculated using the full available price history since Jul 10, 2025	0.30

Return for Risk

YNOT vs. JAPN — Risk / Return Rank

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

YNOT

YNOT Risk / Return Rank: 30
YNOT Sharpe Ratio Rank: 29
YNOT Sortino Ratio Rank: 28
YNOT Omega Ratio Rank: 27
YNOT Calmar Ratio Rank: 31
YNOT Martin Ratio Rank: 32

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.

YNOT vs. JAPN - Risk-Adjusted Trends Comparison

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

	YNOT	JAPN	Difference
Sharpe ratio: Return per unit of total volatility	0.69	-0.37	+1.06
Sortino ratio: Return per unit of downside risk	1.09	-0.40	+1.49
Omega ratio: Gain probability vs. loss probability	1.13	0.95	+0.18
Calmar ratio: Return relative to maximum drawdown	1.04	-0.31	+1.35
Martin ratio: Return relative to average drawdown	2.87	-0.51	+3.38

YNOT vs. JAPN - Sharpe Ratio Comparison

The current YNOT Sharpe Ratio is 0.69, which is higher than the JAPN Sharpe Ratio of -0.37. The chart below compares the historical Sharpe Ratios of YNOT 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

YNOT vs. JAPN - Drawdown Comparison

The maximum YNOT drawdown since its inception was -17.25%, smaller than the maximum JAPN drawdown of -23.94%. Use the drawdown chart below to compare losses from any high point for YNOT and JAPN.

Drawdown Indicators

	YNOT	JAPN	Difference
Max Drawdown Largest peak-to-trough decline	-17.25%	-23.94%	+6.69%
Max Drawdown (1Y) Largest decline over 1 year	-17.25%	-23.94%	+6.69%
Current Drawdown Current decline from peak	-11.18%	-13.16%	+1.98%
Average Drawdown Average peak-to-trough decline	-4.51%	-10.71%	+6.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.22%	14.71%	-8.49%

Volatility

YNOT vs. JAPN - Volatility Comparison

Horizon Digital Frontier ETF (YNOT) has a higher volatility of 9.30% compared to Horizon Kinetics Japan Owner Operator ETF (JAPN) at 6.83%. This indicates that YNOT's price experiences larger fluctuations and is considered to be riskier than JAPN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	YNOT	JAPN	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.30%	6.83%	+2.47%
Volatility (6M) Calculated over the trailing 6-month period	21.31%	16.88%	+4.43%
Volatility (1Y) Calculated over the trailing 1-year period	25.79%	20.20%	+5.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.20%	19.84%	+5.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.20%	19.84%	+5.36%

YNOT vs. JAPN - Expense Ratio Comparison

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

Dividends

YNOT vs. JAPN - Dividend Comparison

YNOT has not paid dividends to shareholders, while JAPN's dividend yield for the trailing twelve months is around 0.25%.

Position	TTM	2025
JAPN Horizon Kinetics Japan Owner Operator ETF	0.25%	0.24%
YNOT Horizon Digital Frontier ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both YNOT and JAPN in my portfolio?

YNOT and JAPN have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, YNOT or JAPN?

YNOT has higher volatility (9.30%) compared to JAPN (6.83%). In terms of maximum drawdown, YNOT dropped -17.25% vs JAPN's -23.94%.

Which ETF is better, YNOT or JAPN?

On 1-year performance, YNOT leads with 20.97% vs -8.89% for JAPN. On fees, YNOT is cheaper at 0.75% per year. On volatility, JAPN has been the lower-risk option at 6.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, YNOT or JAPN?

Over the 1-year period, YNOT has performed better with a 20.97% return vs -8.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, YNOT or JAPN?

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

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

JAPN has the higher dividend yield at 0.25%, compared with 0.00% for YNOT.

What is the main difference between YNOT and JAPN?

YNOT is categorized as Technology Equities, while JAPN is Japan Equities. Their fees differ too: 0.75% for YNOT and 0.85% for JAPN.

Which has better risk-adjusted returns?

YNOT currently has the higher Sharpe Ratio (0.69 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.