Horizon Kinetics Medical ETF (MEDX) Performance
MEDX total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +10.0% since Dec 31, 2025
- 1 year
- +17.1% total return
- 3 years
- +12.2% a year
- Since first price
- +6.8% a year since 2023
MEDX trailing returns vs SPY, QQQ, AGG
| Period | MEDX total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +3.2% | +3.2% | −1.0% | −5.0% | +0.9% |
| 3 months | +3.3% | +3.3% | +3.2% | +1.9% | −0.4% |
| 6 months | +11.4% | +11.4% | +7.8% | +8.4% | −1.5% |
| YTD | +10.0% | +10.0% | +12.3% | +15.1% | −1.0% |
| 1 year | +17.1% | +15.7% | +14.4% | +15.9% | −1.1% |
| 3 years | +41.4%+12.2%/yr | +29.5% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| Since inceptionJan 31, 2023 | +27.7%+6.8%/yr | +16.9% | — | — | — |
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: MEDX vs SPY
From Jan 31, 2023: MEDX grew to $12,770, SPY to $19,602.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
MEDX returns by calendar year
1 of 2 full years positive. Best 2025 (+28.6%), worst 2024 (−4.7%). 2026 is year to date.
MEDX annual returns table
| Year | MEDX | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +10.0% | −10.5% | +12.3% | +15.1% | −1.0% |
| 2025 | +28.6% | −17.1% | +17.7% | +20.8% | +7.2% |
| 2024 | −4.7% | −16.6% | +24.9% | +25.6% | +1.3% |
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.
MEDX largest drawdowns
Now 3.5% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Aug 30, 2024 | −23.1% | Apr 10, 2025 | Oct 1, 2025 | 7 months | 1.1 years |
| May 10, 2023 | −15.5% | Oct 27, 2023 | Feb 27, 2024 | 6 months | 10 months |
| Feb 24, 2026 | −10.5% | Apr 29, 2026 | Jun 25, 2026 | 2 months | 4 months |
| Feb 28, 2024 | −10.3% | Apr 19, 2024 | Jul 11, 2024 | 51 days | 4 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
MEDX risk statistics
| Statistic | 3 years | Since 2023 |
|---|---|---|
| Annualized return | +9.6% | +5.9% |
| Volatility (annualized) | 15.4% | 14.6% |
| Sharpe ratio | 0.39 | 0.16 |
| Sortino ratio | 0.58 | 0.23 |
| Best month | +8.6% | +8.6% |
| Worst month | −6.5% | −6.5% |
| Best 12 months | +39.4% | +39.4% |
| Worst 12 months | −9.0% | −9.0% |
| Positive months | 58% | 57% |
| Beta vs S&P 500 | 0.45 | — |
| Correlation with S&P 500 | 0.37 | — |
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.
MEDX rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 34 | −9.0% | +7.5% | +39.4% | 65% |
| 3-year (a year) | 10 | +5.4% | +8.8% | +13.4% | 100% |
Every holding period starting at a month-end since 2023. Returns for 3 years and longer are annualized.
MEDX performance overview
Horizon Kinetics Medical ETF (MEDX) returned +17.1% over the past year, with distributions reinvested. Since its first recorded price in 2023 it has returned +6.8% a year, turning $10,000 into about $12,770. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −23.1%, from Aug 30, 2024 to Apr 10, 2025, and it took 6 months to get back to the old high. Volatility has been 14.6% a year.
Related: MEDX chart, MEDX holdings, MEDX dividends, MEDX valuation. See the MEDX overview for the latest quote and fund facts.
MEDX performance FAQ
What is the MEDX return over the past year?
MEDX returned +17.1% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 15.7%.
How much would $10,000 invested in MEDX be worth?
$10,000 invested in MEDX at its first recorded close on January 31, 2023 would be worth about $12,770 on October 23, 2026 with distributions reinvested.
What was the worst year for MEDX?
The worst calendar year was 2024, with a total return of −4.7%. The best was 2025 at +28.6%.
What is the biggest drawdown of MEDX?
The largest peak-to-trough decline was −23.1% between August 30, 2024 and April 10, 2025. It recovered to the old high on October 1, 2025, 6 months after the bottom.
How volatile is MEDX?
Over the past 3 years MEDX had an annualized volatility of 15.4% and a Sharpe ratio of 0.39 (excess return over 1–3 month T-bills per unit of risk).