Horizons betaPro launched an actively managed ETF on January 7 2009, the "Horizons AlphaPro Managed S&P/TSX 60", trading under ther symbol HAX.to on the TSX. BetaPro president Howard Atkinson says the ETF can go to cash if necessary and will use technical analysis from Phases & Cycles' Ron Meisels to over- and under-weight sectors of the TSX60 index. The Management Expense Ratio (MER) is 0.70% and there will be a 20% performance fee levied on top of that.
So, how well did it perform since the close of January 7?
- S$P60: 565.38 vs 550.77, ROI: +2.65%
- XIU.TO: an S&P60 tracking ETF: 14.24 vs 13.87, ROI:+2.66%
- HAX.to: 9.25 vs 9.60, -3.6%
We knew that leveraged ETFs are big money losers, this "actively managed" ETF appears to following on the same path.
Note also how well the XIU ETF tracks the underlying index (XIU is an iShares product).
You can readily see this in this 3-month chart comparing all three:
(kindly click to enlarge)
You can easily compare the performance of these ETFs (or any stocks) with the Paired Performance tool for Firefox, as well as analyze long-short strategies.
Thursday, April 30, 2009
Performance of HAX Actively Managed ETF
Subscribe to:
Post Comments (Atom)
Blog Archive
-
▼
2009
(843)
-
▼
April
(53)
- Performance of HAX Actively Managed ETF
- Earnings Straddles Update
- FAS FAZ Banging Again
- US GDP Q1 2009 Is Just an Advanced Release, to be ...
- Under Armour Shares Rise on Earnings
- S&P500 Most Oversold and Most Overbought Companies
- Daily MultiPeriod Performance of Leveraged ETFs
- FAS-FAZ Eclipse Update
- Straddles Update April 24
- Stock Paired Performance Tool Released
- The Next FAS-FAZ Eclipse
- Zenn Motor Update (ZNN), EEstor Announces Results
- Straddles April 23, Amazon
- Natural Gas Inventories
- S&P500 Most Overbought and Most Oversold Companies
- World GDP Growth for 2009 and 2010
- Leveraged ETFs Performance Since Inception
- Straddles Update April 21
- US Treasury on The Bank Stress Tests
- S&P 500 Most Oversold and Overbought Stocks, April 20
- Straddles Update
- UCO Straddles for May
- The Citibank Arbitrage: Extreme Number of Options ...
- Straddles for The Week April 20-24 (Optimal Sizing)
- S&P 500 Most Oversold and Overbought Stocks By RSI
- The Great FAS and FAZ Loss
- Dennis Gartman on BNN: Short Gold
- Earnings Calendar for the Week April 20 to April 24
- New Citibank Straddles
- S&P 500 PE Tracker
- USO Rollover Report for April
- Cheapest Stocks in the S&P 500 by P/E
- Citibank Straddles and Strangles
- UCO Down Sharply , USO Rollover Ends today, Straddles
- GM and The Easter Bunny
- Straddles for the Week April 13 - April 17 (optimal)
- Natural Gas Inventories Touching 5 year Top of Cha...
- Upcoming Earnings Straddles
- A Night With The Bears - Part II, Roubini says No ...
- A Night With the Bears
- Performance of XLF vs SKF, UYG, FAS, FAZ
- Stock Correlation Tool Released
- USO Rollover
- Alcoa Strangle
- Gold and Silver Straddles Update
- Straddles for the Week April 5-April 9
- Brazil Will Loan To the IMF
- UCO Straddles April 2
- Natural Gas Update
- USO Rollover for April
- FAS FAZ Live Loss-O-Meter
- Quotes from Mark Carney
- Performance of Direxion Leveraged ETFs
-
▼
April
(53)
3 comments:
HAX has underpeformed due to underweight in financials also had a large cash postion. Leveraged ETFs work very well when you understand how the products work and know how to trade!!! Find a trend and follow it. Look at TNA bull 3x small cap in the US or HOD.
'more alpha', thank you for your comments.
On HAX: thanks, that may well be the reason for its very poor performance. The point is that it is underpeforming the S&P60 index.
With regards to TNA: TNA has lost 53.4% since inception, and TZA has lost 50%.
If you can somehow ride these things when they move in the direction you chose then yes you will make money. The issue is that the vast majority of people lose money on them. Anyone who holds them for more than even 1 day has lost money - *on average*. There are see other posts about this on this blog. The losses are indeed mindboggling. What is worse, is that people are now using them to gamble, they bet on a direction and buy. On average gamblers also lose.
With regards to HOU and HOD, HOU has lost 94.27% sicne inception, while HOD has gained 122%. So here there is a slight gain, but at a very high risk. It is only a matter of time (days) until these too lose money as a paired trade.
Post a Comment