QGRD vs. SMOX

Last updated Aug 2, 2026

QGRD (Horizon NASDAQ-100 Defined Risk ETF) and SMOX (Horizon Small/Mid Cap Core Equity ETF) are both exchange-traded funds - QGRD is a Equity Hedged fund actively managed by Horizon, while SMOX is a Mid Cap Blend Equities fund actively managed by Horizon. Both are actively managed. Their 0.65 correlation means they have sometimes moved together and sometimes differently. QGRD charges 0.85%/yr vs 0.75%/yr for SMOX.

Performance

QGRD vs. SMOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon NASDAQ-100 Defined Risk ETF (QGRD) 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, QGRD achieves a 8.03% return, which is significantly lower than SMOX's 19.65% return.

QGRD

• 1D: 0.40%
• 1M: -2.87%
• 6M: 6.57%
• YTD: 8.03%
• 1Y: 17.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 15.86%

SMOX

• 1D: -0.08%
• 1M: -0.17%
• 6M: 13.12%
• YTD: 19.65%
• 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)
QGRD Horizon NASDAQ-100 Defined Risk ETF	$4.82M	$2.43M	$1.27M
SMOX Horizon Small/Mid Cap Core Equity ETF	$3.90M	$1.99M	$982.26K

QGRD vs. SMOX - Yearly Performance Comparison

	2026 (YTD)	2025
QGRD Horizon NASDAQ-100 Defined Risk ETF	8.03%	-1.45%
SMOX Horizon Small/Mid Cap Core Equity ETF	19.65%	0.44%

Correlation

The correlation between QGRD and SMOX is 0.65, 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	0.65

Return for Risk

QGRD vs. SMOX — Risk / Return Rank

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

QGRD

QGRD Risk / Return Rank: 40
QGRD Sharpe Ratio Rank: 40
QGRD Sortino Ratio Rank: 38
QGRD Omega Ratio Rank: 38
QGRD Calmar Ratio Rank: 45
QGRD Martin Ratio Rank: 41

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.

QGRD vs. SMOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon NASDAQ-100 Defined Risk ETF (QGRD) 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.

	QGRD	SMOX	Difference
Sharpe ratio: Return per unit of total volatility	1.01	—	—
Sortino ratio: Return per unit of downside risk	1.43	—	—
Omega ratio: Gain probability vs. loss probability	1.18	—	—
Calmar ratio: Return relative to maximum drawdown	1.62	—	—
Martin ratio: Return relative to average drawdown	4.52	—	—

Drawdowns

QGRD vs. SMOX - Drawdown Comparison

The maximum QGRD drawdown since its inception was -9.41%, which is greater than SMOX's maximum drawdown of -7.76%. Use the drawdown chart below to compare losses from any high point for QGRD and SMOX.

Drawdown Indicators

	QGRD	SMOX	Difference
Max Drawdown Largest peak-to-trough decline	-9.41%	-7.76%	-1.65%
Max Drawdown (1Y) Largest decline over 1 year	-9.41%	—	—
Current Drawdown Current decline from peak	-6.25%	-1.91%	-4.34%
Average Drawdown Average peak-to-trough decline	-2.40%	-1.41%	-0.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.37%	—	—

Volatility

Volatility by Period

	QGRD	SMOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.01%	—	—
Volatility (6M) Calculated over the trailing 6-month period	11.98%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	15.15%	15.03%	+0.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.75%	15.03%	-0.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.75%	15.03%	-0.28%

QGRD vs. SMOX - Expense Ratio Comparison

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

Dividends

QGRD vs. SMOX - Dividend Comparison

QGRD's dividend yield for the trailing twelve months is around 1.45%, more than SMOX's 0.07% yield.

Position	TTM	2025
QGRD Horizon NASDAQ-100 Defined Risk ETF	1.45%	1.57%
SMOX Horizon Small/Mid Cap Core Equity ETF	0.07%	0.08%

Frequently Asked Questions

Can I hold both QGRD and SMOX in my portfolio?

QGRD and SMOX have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, QGRD 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, QGRD or SMOX?

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

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

QGRD has the higher dividend yield at 1.45%, compared with 0.07% for SMOX.

What is the main difference between QGRD and SMOX?

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