SMOX vs. EPU

Last updated Jul 14, 2026

SMOX (Horizon Small/Mid Cap Core Equity ETF) and EPU (iShares MSCI Peru ETF) are both Mid Cap Blend Equities funds. SMOX is actively managed, while EPU is passively managed. A 0.58 correlation means they provide meaningful diversification when combined. SMOX charges 0.75%/yr vs 0.59%/yr for EPU.

Performance

SMOX vs. EPU - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with SMOX having a 19.11% return and EPU slightly higher at 19.72%.

SMOX

• 1D: -0.61%
• 1M: -0.36%
• 6M: 14.01%
• YTD: 19.11%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

EPU

• 1D: -1.33%
• 1M: -1.08%
• 6M: 7.53%
• YTD: 19.72%
• 1Y: 78.12%
• 3Y*: 43.35%
• 5Y*: 29.94%
• 10Y*: 13.64%

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

SMOX vs. EPU - Yearly Performance Comparison

	2026 (YTD)	2025
SMOX Horizon Small/Mid Cap Core Equity ETF	19.11%	0.44%
EPU iShares MSCI Peru ETF	19.72%	12.34%

Correlation

The correlation between SMOX and EPU is 0.58, 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 3, 2025	0.58

SMOX vs. EPU - Sectors Allocation Comparison

Sectors	SMOX	EPU
Industrials	21.3%	2.6%
Financial Services	13.1%	27.9%
Technology	12.0%	-
Healthcare	8.8%	0.9%
Consumer Cyclical	8.6%	4.1%
Real Estate	6.8%	3.0%
Energy	5.9%	-
Consumer Defensive	4.2%	3.0%
Basic Materials	3.4%	54.2%
Communication Services	2.0%	1.5%
Utilities	1.0%	2.8%

Return for Risk

SMOX vs. EPU — Risk / Return Rank

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

SMOX

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

EPU

EPU Risk / Return Rank: 83
EPU Sharpe Ratio Rank: 91
EPU Sortino Ratio Rank: 82
EPU Omega Ratio Rank: 83
EPU Calmar Ratio Rank: 85
EPU Martin Ratio Rank: 72

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. EPU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Small/Mid Cap Core Equity ETF (SMOX) and iShares MSCI Peru ETF (EPU). 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.

	SMOX	EPU	Difference
Sharpe ratio: Return per unit of total volatility	—	2.49	—
Sortino ratio: Return per unit of downside risk	—	2.91	—
Omega ratio: Gain probability vs. loss probability	—	1.39	—
Calmar ratio: Return relative to maximum drawdown	—	3.77	—
Martin ratio: Return relative to average drawdown	—	10.39	—

Drawdowns

SMOX vs. EPU - Drawdown Comparison

The maximum SMOX drawdown since its inception was -7.76%, smaller than the maximum EPU drawdown of -60.62%. Use the drawdown chart below to compare losses from any high point for SMOX and EPU.

Drawdown Indicators

	SMOX	EPU	Difference
Max Drawdown Largest peak-to-trough decline	-7.76%	-60.62%	+52.86%
Max Drawdown (1Y) Largest decline over 1 year	—	-20.85%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-20.85%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-35.59%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-50.97%	—
Current Drawdown Current decline from peak	-2.35%	-7.70%	+5.35%
Average Drawdown Average peak-to-trough decline	-1.37%	-18.76%	+17.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	7.54%	—

Volatility

Volatility by Period

	SMOX	EPU	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	9.54%	—
Volatility (6M) Calculated over the trailing 6-month period	—	27.25%	—
Volatility (1Y) Calculated over the trailing 1-year period	15.30%	31.60%	-16.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.30%	25.20%	-9.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.30%	23.65%	-8.35%

SMOX vs. EPU - Expense Ratio Comparison

SMOX has a 0.75% expense ratio, which is higher than EPU's 0.59% expense ratio.

Dividends

SMOX vs. EPU - Dividend Comparison

SMOX's dividend yield for the trailing twelve months is around 0.07%, less than EPU's 2.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EPU iShares MSCI Peru ETF	2.00%	1.63%	5.78%	4.17%	5.56%	3.13%	1.91%	2.67%	1.53%	3.30%	0.85%	1.90%
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 EPU in my portfolio?

SMOX and EPU have a correlation of 0.58, 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 EPU?

On fees, EPU is cheaper at 0.59% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SMOX or EPU?

EPU is cheaper with a 0.59% expense ratio, compared with 0.75% for SMOX.

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

EPU has the higher dividend yield at 2.00%, compared with 0.07% for SMOX.

What is the main difference between SMOX and EPU?

They also come from different issuers: Horizon and iShares. Their fees differ too: 0.75% for SMOX and 0.59% for EPU.