Horizon Kinetics Japan Owner Operator ETF (JAPN) Performance
JAPN total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +1.5% since Dec 31, 2025
- 1 year
- −8.4% total return
- Since first price
- +4.4% since 2025
JAPN trailing returns vs SPY, QQQ, AGG
| Period | JAPN total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +2.1% | +2.1% | −1.0% | −5.0% | +0.9% |
| 3 months | +12.4% | +12.4% | +3.2% | +1.9% | −0.4% |
| 6 months | +12.7% | +12.7% | +7.8% | +8.4% | −1.5% |
| YTD | +1.5% | +1.5% | +12.3% | +15.1% | −1.0% |
| 1 year | −8.4% | −8.6% | +14.4% | +15.9% | −1.1% |
| Since inceptionMay 13, 2025 | +4.4% | +4.1% | — | — | — |
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: JAPN vs SPY
From May 13, 2025: JAPN grew to $10,435, SPY to $13,165.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
JAPN returns by calendar year
2026 is year to date.
JAPN annual returns table
| Year | JAPN | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +1.5% | −16.3% | +12.3% | +15.1% | −1.0% |
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.
JAPN largest drawdowns
Now 9.7% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Aug 18, 2025 | −23.9% | Mar 30, 2026 | not yet | 7 months | 1.2 years so far |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
JAPN risk statistics
| Statistic | Since 2025 |
|---|---|
| Annualized return | −3.6% |
| Volatility (annualized) | 16.5% |
| Sharpe ratio | -0.37 |
| Sortino ratio | -0.56 |
| Best month | +11.6% |
| Worst month | −8.4% |
| Best 12 months | −7.4% |
| Worst 12 months | −19.6% |
| Positive months | 38% |
| Beta vs S&P 500 | — |
| Correlation with S&P 500 | — |
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.
JAPN rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 6 | −19.6% | −9.6% | −4.2% | 0% |
Every holding period starting at a month-end since 2025. Returns for 3 years and longer are annualized.
JAPN performance overview
Horizon Kinetics Japan Owner Operator ETF (JAPN) returned −8.4% over the past year, with distributions reinvested. Since its first recorded price on May 13, 2025 it has returned +4.4%. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −23.9%, from Aug 18, 2025 to Mar 30, 2026; the fund has not yet regained that high. Volatility has been 16.5% a year.
Related: JAPN chart, JAPN holdings, JAPN dividends. See the JAPN overview for the latest quote and fund facts.
JAPN performance FAQ
What is the JAPN return over the past year?
JAPN returned −8.4% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 8.6%.
How much would $10,000 invested in JAPN be worth?
$10,000 invested in JAPN at its first recorded close on May 13, 2025 would be worth about $10,435 on October 23, 2026 with distributions reinvested.
What is the biggest drawdown of JAPN?
The largest peak-to-trough decline was −23.9% between August 18, 2025 and March 30, 2026. It has not yet recovered to that high; it is 9.7% below its peak.
How volatile is JAPN?
Over the past history JAPN had an annualized volatility of 16.5% and a Sharpe ratio of -0.37 (excess return over 1–3 month T-bills per unit of risk).