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SMOX vs. EPU
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SMOX vs. EPU

Last updated Aug 4, 2026
Documentation

SMOX (Horizon Small/Mid Cap Core Equity ETF) and EPU (iShares MSCI Peru ETF) are both exchange-traded funds - SMOX is a Mid Cap Blend Equities fund actively managed by Horizon, while EPU is a Latin America Equities fund tracking the MSCI All Peru Capped Index. SMOX is actively managed, while EPU is passively managed. Their 0.59 correlation means they have sometimes moved together and sometimes differently. 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.

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Returns By Period

The year-to-date returns for both investments are quite close, with SMOX having a 20.87% return and EPU slightly higher at 21.67%.

SMOX

1D
1.02%
1M
0.84%
6M
12.83%
YTD
20.87%
1Y
—
3Y*
—
5Y*
—
10Y*
—
ALL TIME*
—

EPU

1D
0.72%
1M
2.93%
6M
0.72%
YTD
21.67%
1Y
82.82%
3Y*
43.36%
5Y*
32.28%
10Y*
13.28%
ALL TIME*
10.69%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

EPU

iShares MSCI Peru ETF
$4.58M$4.06M$5.78M

SMOX

Horizon Small/Mid Cap Core Equity ETF
$4.42M$2.24M$1.08M

SMOX vs. EPU - Yearly Performance Comparison

2026 (YTD)2025
SMOX
Horizon Small/Mid Cap Core Equity ETF		20.87%0.44%
EPU
iShares MSCI Peru ETF		21.67%12.34%

Correlation

The correlation between SMOX and EPU is 0.59, 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

0.59

SMOX vs. EPU - Sectors Allocation Comparison

Sectors
SMOX
EPU

Industrials

22.6%
2.9%

Technology

16.5%

-

Financial Services

15.4%
31.6%

Consumer Cyclical

10.5%
4.5%

Healthcare

9.2%
1.0%

Real Estate

7.3%
3.0%

Energy

6.8%

-

Consumer Defensive

4.9%
3.3%

Basic Materials

3.6%
49.5%

Utilities

1.8%
2.9%

Communication Services

1.4%
1.4%

Industrials

SMOX
22.6%
EPU
2.9%

Technology

SMOX
16.5%
EPU

-

Financial Services

SMOX
15.4%
EPU
31.6%

Consumer Cyclical

SMOX
10.5%
EPU
4.5%

Healthcare

SMOX
9.2%
EPU
1.0%

Real Estate

SMOX
7.3%
EPU
3.0%

Energy

SMOX
6.8%
EPU

-

Consumer Defensive

SMOX
4.9%
EPU
3.3%

Basic Materials

SMOX
3.6%
EPU
49.5%

Utilities

SMOX
1.8%
EPU
2.9%

Communication Services

SMOX
1.4%
EPU
1.4%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Horizon Small/Mid Cap Core Equity ETF

iShares MSCI Peru ETF

Often compared with SMOX:
SMOX vs. SFTXSMOX vs. QGRDSMOX vs. FRGNSMOX vs. DIVNSMOX vs. JAPNSMOX vs. MEDXSMOX vs. HBTA
Often compared with EPU:
EPU vs. ECHEPU vs. ILFEPU vs. ARGTEPU vs. EISEPU vs. EVXEPU vs. EPIEPU vs. EWS

Return for Risk

SMOX vs. EPU — Risk / Return Rank

Compare historical risk-adjusted metric ranks 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: 8888
Overall Rank
EPU Sharpe Ratio Rank: 9393
Sharpe Ratio Rank
EPU Sortino Ratio Rank: 8787
Sortino Ratio Rank
EPU Omega Ratio Rank: 8888
Omega Ratio Rank
EPU Calmar Ratio Rank: 9090
Calmar Ratio Rank
EPU Martin Ratio Rank: 8080
Martin Ratio Rank
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.

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.

SMOXEPUDifference
Sharpe ratioReturn per unit of total volatility

—

2.60

—

Sortino ratioReturn per unit of downside risk

—

3.02

—

Omega ratioGain probability vs. loss probability

—

1.40

—

Calmar ratioReturn relative to maximum drawdown

—

3.99

—

Martin ratioReturn relative to average drawdown

—

10.75

—

SMOX vs. EPU - Sharpe Ratio Comparison

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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.

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Drawdown Indicators

SMOXEPUDifference

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

-0.91%

-6.19%

+5.28%

Average Drawdown

Average peak-to-trough decline

-1.40%

-18.72%

+17.32%

Ulcer Index

Depth and duration of drawdowns from previous peaks

—

7.73%

—

Volatility

SMOX vs. EPU - Volatility Comparison

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Volatility by Period

SMOXEPUDifference

Volatility (1M)

Calculated over the trailing 1-month period

—

8.89%

—

Volatility (6M)

Calculated over the trailing 6-month period

—

26.65%

—

Volatility (1Y)

Calculated over the trailing 1-year period

15.02%

32.07%

-17.05%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.02%

25.10%

-10.08%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.02%

23.72%

-8.70%

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 1.97% yield.

PositionTTM20252024202320222021202020192018201720162015
EPU
iShares MSCI Peru ETF		1.97%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

SMOX and EPU have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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.

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

EPU has the higher dividend yield at 1.97%, compared with 0.07% for SMOX.

SMOX is categorized as Mid Cap Blend Equities, while EPU is Latin America Equities. They also come from different issuers: Horizon and iShares. Their fees differ too: 0.75% for SMOX and 0.59% for EPU.

Portfolio Optimizer

Find the right allocation for SMOX and EPU

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