JAPN vs. SMOX

Last updated Jul 15, 2026

JAPN (Horizon Kinetics Japan Owner Operator ETF) and SMOX (Horizon Small/Mid Cap Core Equity ETF) are both exchange-traded funds - JAPN is a Japan Equities fund actively managed by Horizon, while SMOX is a Mid Cap Blend Equities fund actively managed by Horizon. Both are actively managed. At a 0.27 correlation, their price movements are largely independent. JAPN charges 0.85%/yr vs 0.75%/yr for SMOX.

Performance

JAPN vs. SMOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Kinetics Japan Owner Operator ETF (JAPN) 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, JAPN achieves a -3.49% return, which is significantly lower than SMOX's 19.74% return.

JAPN

• 1D: 0.47%
• 1M: 10.76%
• 6M: -2.57%
• YTD: -3.49%
• 1Y: -8.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SMOX

• 1D: 0.52%
• 1M: 0.16%
• 6M: 14.48%
• YTD: 19.74%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

JAPN vs. SMOX - Yearly Performance Comparison

	2026 (YTD)	2025
JAPN Horizon Kinetics Japan Owner Operator ETF	-3.49%	-0.14%
SMOX Horizon Small/Mid Cap Core Equity ETF	19.74%	0.44%

Correlation

The correlation between JAPN and SMOX is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 3, 2025	0.27

Return for Risk

JAPN vs. SMOX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

JAPN

JAPN Risk / Return Rank: 6
JAPN Sharpe Ratio Rank: 6
JAPN Sortino Ratio Rank: 5
JAPN Omega Ratio Rank: 5
JAPN Calmar Ratio Rank: 6
JAPN Martin Ratio Rank: 7

SMOX

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

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

JAPN vs. SMOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Kinetics Japan Owner Operator ETF (JAPN) 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.

	JAPN	SMOX	Difference
Sharpe ratio: Return per unit of total volatility	-0.41	—	—
Sortino ratio: Return per unit of downside risk	-0.45	—	—
Omega ratio: Gain probability vs. loss probability	0.95	—	—
Calmar ratio: Return relative to maximum drawdown	-0.34	—	—
Martin ratio: Return relative to average drawdown	-0.57	—	—

Drawdowns

JAPN vs. SMOX - Drawdown Comparison

The maximum JAPN drawdown since its inception was -23.94%, which is greater than SMOX's maximum drawdown of -7.76%. Use the drawdown chart below to compare losses from any high point for JAPN and SMOX.

Drawdown Indicators

	JAPN	SMOX	Difference
Max Drawdown Largest peak-to-trough decline	-23.94%	-7.76%	-16.18%
Max Drawdown (1Y) Largest decline over 1 year	-23.94%	—	—
Current Drawdown Current decline from peak	-14.15%	-1.84%	-12.31%
Average Drawdown Average peak-to-trough decline	-10.47%	-1.38%	-9.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.24%	—	—

Volatility

Volatility by Period

	JAPN	SMOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.67%	—	—
Volatility (6M) Calculated over the trailing 6-month period	16.82%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	19.90%	15.26%	+4.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.74%	15.26%	+4.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.74%	15.26%	+4.48%

JAPN vs. SMOX - Expense Ratio Comparison

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

Dividends

JAPN vs. SMOX - Dividend Comparison

JAPN's dividend yield for the trailing twelve months is around 0.25%, more than SMOX's 0.07% yield.

Position	TTM	2025
JAPN Horizon Kinetics Japan Owner Operator ETF	0.25%	0.24%
SMOX Horizon Small/Mid Cap Core Equity ETF	0.07%	0.08%

Frequently Asked Questions

Can I hold both JAPN and SMOX in my portfolio?

JAPN and SMOX have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, JAPN 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, JAPN or SMOX?

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

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

JAPN has the higher dividend yield at 0.25%, compared with 0.07% for SMOX.

What is the main difference between JAPN and SMOX?

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