HBTA vs. SMOX

Last updated Aug 4, 2026

HBTA (Horizon Expedition Plus ETF) and SMOX (Horizon Small/Mid Cap Core Equity ETF) are both exchange-traded funds - HBTA is a Derivative Income fund actively managed by Horizon, while SMOX is a Mid Cap Blend Equities fund actively managed by Horizon. Both are actively managed. Their 0.72 correlation means they have sometimes moved together and sometimes differently. HBTA charges 0.85%/yr vs 0.75%/yr for SMOX.

Performance

HBTA vs. SMOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Expedition Plus ETF (HBTA) and Horizon Small/Mid Cap Core Equity ETF (SMOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HBTA achieves a 10.56% return, which is significantly lower than SMOX's 20.87% return.

HBTA

• 1D: 2.33%
• 1M: -0.34%
• 6M: 8.25%
• YTD: 10.56%
• 1Y: 25.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 17.03%

SMOX

• 1D: 1.02%
• 1M: 0.84%
• 6M: 12.83%
• YTD: 20.87%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*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)
HBTA Horizon Expedition Plus ETF	$6.09M	$3.31M	$2.82M
SMOX Horizon Small/Mid Cap Core Equity ETF	$4.42M	$2.24M	$1.08M

HBTA vs. SMOX - Yearly Performance Comparison

	2026 (YTD)	2025
HBTA Horizon Expedition Plus ETF	10.56%	0.46%
SMOX Horizon Small/Mid Cap Core Equity ETF	20.87%	0.44%

Correlation

The correlation between HBTA and SMOX is 0.72, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 3, 2025	0.72

Return for Risk

HBTA vs. SMOX — Risk / Return Rank

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

HBTA

HBTA Risk / Return Rank: 51
HBTA Sharpe Ratio Rank: 49
HBTA Sortino Ratio Rank: 48
HBTA Omega Ratio Rank: 47
HBTA Calmar Ratio Rank: 51
HBTA Martin Ratio Rank: 60

SMOX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

HBTA vs. SMOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Expedition Plus ETF (HBTA) and Horizon Small/Mid Cap Core Equity ETF (SMOX). 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.

	HBTA	SMOX	Difference
Sharpe ratio: Return per unit of total volatility	1.31	—	—
Sortino ratio: Return per unit of downside risk	1.88	—	—
Omega ratio: Gain probability vs. loss probability	1.23	—	—
Calmar ratio: Return relative to maximum drawdown	1.97	—	—
Martin ratio: Return relative to average drawdown	7.73	—	—

Drawdowns

HBTA vs. SMOX - Drawdown Comparison

The maximum HBTA drawdown since its inception was -26.73%, which is greater than SMOX's maximum drawdown of -7.76%. Use the drawdown chart below to compare losses from any high point for HBTA and SMOX.

Drawdown Indicators

	HBTA	SMOX	Difference
Max Drawdown Largest peak-to-trough decline	-26.73%	-7.76%	-18.97%
Max Drawdown (1Y) Largest decline over 1 year	-13.18%	—	—
Current Drawdown Current decline from peak	-3.73%	-0.91%	-2.82%
Average Drawdown Average peak-to-trough decline	-4.18%	-1.40%	-2.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.35%	—	—

Volatility

Volatility by Period

	HBTA	SMOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.65%	—	—
Volatility (6M) Calculated over the trailing 6-month period	16.53%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	19.87%	15.02%	+4.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.18%	15.02%	+10.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.18%	15.02%	+10.16%

HBTA vs. SMOX - Expense Ratio Comparison

HBTA has a 0.85% expense ratio, which is higher than SMOX's 0.75% expense ratio.

Dividends

HBTA vs. SMOX - Dividend Comparison

HBTA's dividend yield for the trailing twelve months is around 0.58%, more than SMOX's 0.07% yield.

Position	TTM	2025
HBTA Horizon Expedition Plus ETF	0.58%	0.64%
SMOX Horizon Small/Mid Cap Core Equity ETF	0.07%	0.08%

Frequently Asked Questions

Can I hold both HBTA and SMOX in my portfolio?

HBTA and SMOX have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HBTA or SMOX?

On fees, SMOX is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HBTA or SMOX?

SMOX is cheaper with a 0.75% expense ratio, compared with 0.85% for HBTA.

Which ETF pays a higher dividend yield, HBTA or SMOX?

HBTA has the higher dividend yield at 0.58%, compared with 0.07% for SMOX.

What is the main difference between HBTA and SMOX?

HBTA is categorized as Derivative Income, while SMOX is Mid Cap Blend Equities. Their fees differ too: 0.85% for HBTA and 0.75% for SMOX.