SMOX vs. CPAI

Last updated Jun 5, 2026

SMOX (Horizon Small/Mid Cap Core Equity ETF) and CPAI (Counterpoint Quantitative Equity ETF) are both Mid Cap Blend Equities funds. Both are actively managed. A 0.69 correlation means they provide meaningful diversification when combined. Both charge a 0.75% expense ratio.

Performance

SMOX vs. CPAI - Performance Comparison

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

Returns By Period

In the year-to-date period, SMOX achieves a 17.59% return, which is significantly lower than CPAI's 28.83% return.

SMOX

• 1D: 0.42%
• 1M: 1.48%
• YTD: 17.59%
• 6M: 17.58%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CPAI

• 1D: 1.12%
• 1M: 8.90%
• YTD: 28.83%
• 6M: 30.54%
• 1Y: 47.21%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SMOX vs. CPAI - Yearly Performance Comparison

	2026 (YTD)	2025
SMOX Horizon Small/Mid Cap Core Equity ETF	17.59%	0.44%
CPAI Counterpoint Quantitative Equity ETF	28.83%	1.63%

Correlation

The correlation between SMOX and CPAI is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 4, 2025	0.69

SMOX vs. CPAI - Sectors Allocation Comparison

Sectors	SMOX	CPAI
Industrials	22.1%	5.7%
Financial Services	15.3%	4.3%
Technology	14.4%	45.4%
Consumer Cyclical	11.4%	4.2%
Healthcare	8.8%	16.0%
Energy	8.0%	3.7%
Real Estate	7.6%	-
Consumer Defensive	4.9%	9.5%
Basic Materials	4.0%	3.3%
Utilities	1.9%	-
Communication Services	1.6%	7.9%

Return for Risk

SMOX vs. CPAI — Risk / Return Rank

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

CPAI

CPAI Risk / Return Rank: 80
CPAI Sharpe Ratio Rank: 82
CPAI Sortino Ratio Rank: 78
CPAI Omega Ratio Rank: 75
CPAI Calmar Ratio Rank: 84
CPAI Martin Ratio Rank: 83

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.

SMOX vs. CPAI - Risk-Adjusted Trends Comparison

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

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

Sharpe Ratios by Period

	SMOX	CPAI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.62	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.58	1.81	+0.78

Drawdowns

SMOX vs. CPAI - Drawdown Comparison

The maximum SMOX drawdown since its inception was -7.76%, smaller than the maximum CPAI drawdown of -21.46%. Use the drawdown chart below to compare losses from any high point for SMOX and CPAI.

Drawdown Indicators

	SMOX	CPAI	Difference
Max Drawdown Largest peak-to-trough decline	-7.76%	-21.46%	+13.70%
Max Drawdown (1Y) Largest decline over 1 year	—	-10.48%	—
Current Drawdown Current decline from peak	0.00%	-0.75%	+0.75%
Average Drawdown Average peak-to-trough decline	-1.47%	-2.97%	+1.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.87%	—

Volatility

Volatility by Period

	SMOX	CPAI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.40%	—
Volatility (6M) Calculated over the trailing 6-month period	—	14.51%	—
Volatility (1Y) Calculated over the trailing 1-year period	15.49%	18.13%	-2.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.49%	19.18%	-3.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.49%	19.18%	-3.69%

SMOX vs. CPAI - Expense Ratio Comparison

Both SMOX and CPAI have an expense ratio of 0.75%.

Dividends

SMOX vs. CPAI - Dividend Comparison

SMOX's dividend yield for the trailing twelve months is around 0.07%, less than CPAI's 0.69% yield.

Position	TTM	2025	2024	2023
CPAI Counterpoint Quantitative Equity ETF	0.69%	0.89%	0.41%	0.06%
SMOX Horizon Small/Mid Cap Core Equity ETF	0.07%	0.08%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SMOX and CPAI in my portfolio?

SMOX and CPAI have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SMOX or CPAI?

Both ETFs have the same 0.75% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SMOX or CPAI?

SMOX and CPAI have the same expense ratio: 0.75% per year.

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

CPAI has the higher dividend yield at 0.69%, compared with 0.07% for SMOX.

What is the main difference between SMOX and CPAI?

They also come from different issuers: Horizon and Counterpoint Funds.