Horizon Kinetics Inflation Beneficiaries ETF (INFL) Performance
INFL total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +15.1% since Dec 31, 2025
- 1 year
- +17.5% total return
- 5 years
- +11.7% a year
- Since first price
- +14.5% a year since 2021
INFL trailing returns vs SPY, QQQ, AGG
| Period | INFL total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −1.9% | −1.9% | −1.0% | −5.0% | +0.9% |
| 3 months | −0.4% | −0.5% | +3.2% | +1.9% | −0.4% |
| 6 months | −4.3% | −4.7% | +7.8% | +8.4% | −1.5% |
| YTD | +15.1% | +14.5% | +12.3% | +15.1% | −1.0% |
| 1 year | +17.5% | +16.5% | +14.4% | +15.9% | −1.1% |
| 3 years | +76.9%+20.9%/yr | +69.6% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +73.7%+11.7%/yr | +60.9% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| Since inceptionJan 12, 2021 | +118.7%+14.5%/yr | +101.5% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: INFL vs SPY
From Jan 12, 2021: INFL grew to $21,868, SPY to $21,662.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
INFL returns by calendar year
4 of 4 full years positive. Best 2024 (+23.3%), worst 2023 (+1.6%). 2026 is year to date.
INFL annual returns table
| Year | INFL | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +15.1% | −12.2% | +12.3% | +15.1% | −1.0% |
| 2025 | +18.3% | −13.0% | +17.7% | +20.8% | +7.2% |
| 2024 | +23.3% | −12.9% | +24.9% | +25.6% | +1.3% |
| 2023 | +1.6% | −12.1% | +26.2% | +54.9% | +5.7% |
| 2022 | +2.7% | −21.3% | −18.2% | −32.6% | −13.0% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
INFL largest drawdowns
Now 9.0% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Apr 20, 2022 | −21.3% | Sep 26, 2022 | Jul 2, 2024 | 5 months | 2.2 years |
| Nov 22, 2024 | −15.6% | Apr 8, 2025 | May 20, 2025 | 5 months | 6 months |
| Mar 2, 2026 | −12.2% | Jun 24, 2026 | Aug 21, 2026 | 4 months | 6 months |
| Aug 25, 2026 | −10.3% | Sep 30, 2026 | not yet | 36 days | 59 days so far |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
INFL risk statistics
| Statistic | 3 years | 5 years | Since 2021 |
|---|---|---|---|
| Annualized return | +19.8% | +13.1% | +15.3% |
| Volatility (annualized) | 17.0% | 18.2% | 17.6% |
| Sharpe ratio | 0.90 | 0.57 | 0.72 |
| Sortino ratio | 1.51 | 0.91 | 1.17 |
| Best month | +11.3% | +11.3% | +11.3% |
| Worst month | −10.2% | −10.8% | −10.8% |
| Best 12 months | +40.2% | +40.2% | +40.2% |
| Worst 12 months | +5.2% | −7.1% | −7.1% |
| Positive months | 69% | 63% | 66% |
| Beta vs S&P 500 | 0.39 | 0.71 | — |
| Correlation with S&P 500 | 0.29 | 0.61 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
INFL rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 58 | −7.1% | +13.8% | +40.2% | 83% |
| 3-year (a year) | 34 | +4.5% | +12.0% | +23.3% | 100% |
| 5-year (a year) | 10 | +11.8% | +14.0% | +18.0% | 100% |
Every holding period starting at a month-end since 2021. Returns for 3 years and longer are annualized.
INFL performance overview
Horizon Kinetics Inflation Beneficiaries ETF (INFL) returned +17.5% over the past year and +11.7% a year over five years, with distributions reinvested. Since its first recorded price in 2021 it has returned +14.5% a year, turning $10,000 into about $21,868. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −21.3%, from Apr 20, 2022 to Sep 26, 2022, and it took 1.8 years to get back to the old high. INFL finished 4 of its 4 full calendar years with a gain; the best year was 2024 (+23.3%) and the worst 2023 (+1.6%). Volatility has been 17.6% a year.
Related: INFL chart, INFL holdings, INFL dividends. See the INFL overview for the latest quote and fund facts.
INFL performance FAQ
What is the INFL return over the past year?
INFL returned +17.5% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 16.5%.
What is the average annual return of INFL?
INFL has returned +11.7% a year over 5 years, +14.5% a year since January 12, 2021 (total return, distributions reinvested).
How much would $10,000 invested in INFL be worth?
$10,000 invested in INFL at its first recorded close on January 12, 2021 would be worth about $21,868 on October 23, 2026 with distributions reinvested.
What was the worst year for INFL?
The worst calendar year was 2023, with a total return of +1.6%. The best was 2024 at +23.3%.
What is the biggest drawdown of INFL?
The largest peak-to-trough decline was −21.3% between April 20, 2022 and September 26, 2022. It recovered to the old high on July 2, 2024, 1.8 years after the bottom.
How volatile is INFL?
Over the past 3 years INFL had an annualized volatility of 17.0% and a Sharpe ratio of 0.90 (excess return over 1–3 month T-bills per unit of risk).