SMOX vs. CSD

Last updated Jun 4, 2026

SMOX (Horizon Small/Mid Cap Core Equity ETF) and CSD (Invesco S&P Spin-Off ETF) are both Mid Cap Blend Equities funds. SMOX is actively managed, while CSD is passively managed. Their correlation of 0.87 suggests significant overlap in exposure. SMOX charges 0.75%/yr vs 0.65%/yr for CSD.

Performance

SMOX vs. CSD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Small/Mid Cap Core Equity ETF (SMOX) and Invesco S&P Spin-Off ETF (CSD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMOX achieves a 17.11% return, which is significantly lower than CSD's 39.67% return.

SMOX

• 1D: 0.05%
• 1M: 2.23%
• YTD: 17.11%
• 6M: 17.62%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CSD

• 1D: 0.47%
• 1M: 8.22%
• YTD: 39.67%
• 6M: 39.98%
• 1Y: 71.88%
• 3Y*: 36.42%
• 5Y*: 16.45%
• 10Y*: 14.07%

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

SMOX vs. CSD - Yearly Performance Comparison

	2026 (YTD)	2025
SMOX Horizon Small/Mid Cap Core Equity ETF	17.11%	0.44%
CSD Invesco S&P Spin-Off ETF	39.67%	0.23%

Correlation

The correlation between SMOX and CSD is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 4, 2025	0.87

SMOX vs. CSD - Sectors Allocation Comparison

Sectors	SMOX	CSD
Industrials	22.1%	31.1%
Financial Services	15.3%	0.1%
Technology	14.4%	18.6%
Consumer Cyclical	11.4%	2.9%
Healthcare	8.8%	13.1%
Energy	8.0%	-
Real Estate	7.6%	5.1%
Consumer Defensive	4.9%	-
Basic Materials	4.0%	11.1%
Utilities	1.9%	7.0%
Communication Services	1.6%	9.0%

Return for Risk

SMOX vs. CSD — Risk / Return Rank

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

CSD

CSD Risk / Return Rank: 88
CSD Sharpe Ratio Rank: 89
CSD Sortino Ratio Rank: 84
CSD Omega Ratio Rank: 81
CSD Calmar Ratio Rank: 92
CSD Martin Ratio Rank: 93

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. CSD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Small/Mid Cap Core Equity ETF (SMOX) and Invesco S&P Spin-Off ETF (CSD). 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	CSD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	3.03	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.71	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.57	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.52	0.43	+2.09

Drawdowns

SMOX vs. CSD - Drawdown Comparison

The maximum SMOX drawdown since its inception was -7.76%, smaller than the maximum CSD drawdown of -70.47%. Use the drawdown chart below to compare losses from any high point for SMOX and CSD.

Drawdown Indicators

	SMOX	CSD	Difference
Max Drawdown Largest peak-to-trough decline	-7.76%	-70.47%	+62.71%
Max Drawdown (1Y) Largest decline over 1 year	—	-11.34%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-30.15%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-30.15%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-57.55%	—
Current Drawdown Current decline from peak	-0.04%	0.00%	-0.04%
Average Drawdown Average peak-to-trough decline	-1.49%	-14.23%	+12.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.89%	—

Volatility

Volatility by Period

	SMOX	CSD	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	6.19%	—
Volatility (6M) Calculated over the trailing 6-month period	—	18.29%	—
Volatility (1Y) Calculated over the trailing 1-year period	15.55%	23.87%	-8.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.55%	23.26%	-7.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.55%	24.83%	-9.28%

SMOX vs. CSD - Expense Ratio Comparison

SMOX has a 0.75% expense ratio, which is higher than CSD's 0.65% expense ratio.

Dividends

SMOX vs. CSD - Dividend Comparison

SMOX's dividend yield for the trailing twelve months is around 0.07%, less than CSD's 0.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CSD Invesco S&P Spin-Off ETF	0.11%	0.16%	0.17%	0.51%	0.86%	0.73%	0.99%	1.08%	0.99%	0.60%	1.62%	2.61%
SMOX Horizon Small/Mid Cap Core Equity ETF	0.07%	0.08%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SMOX and CSD in my portfolio?

SMOX and CSD have a correlation of 0.87, 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 CSD?

On fees, CSD is cheaper at 0.65% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SMOX or CSD?

CSD is cheaper with a 0.65% expense ratio, compared with 0.75% for SMOX.

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

CSD has the higher dividend yield at 0.11%, compared with 0.07% for SMOX.

What is the main difference between SMOX and CSD?

They also come from different issuers: Horizon and Invesco. Their fees differ too: 0.75% for SMOX and 0.65% for CSD.