SMOX vs. FFSM

Last updated Jun 25, 2026

SMOX (Horizon Small/Mid Cap Core Equity ETF) and FFSM (Fidelity Fundamental Small-Mid Cap ETF) are both Mid Cap Blend Equities funds. Both are actively managed. Their correlation of 0.93 suggests significant overlap in exposure. SMOX charges 0.75%/yr vs 0.43%/yr for FFSM.

Performance

SMOX vs. FFSM - Performance Comparison

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

Returns By Period

In the year-to-date period, SMOX achieves a 19.91% return, which is significantly lower than FFSM's 22.47% return.

SMOX

• 1D: 0.19%
• 1M: 3.62%
• YTD: 19.91%
• 6M: 17.45%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

FFSM

• 1D: 0.64%
• 1M: 5.51%
• YTD: 22.47%
• 6M: 19.44%
• 1Y: 39.96%
• 3Y*: 22.39%
• 5Y*: 10.98%
• 10Y*: —

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

SMOX vs. FFSM - Yearly Performance Comparison

	2026 (YTD)	2025
SMOX Horizon Small/Mid Cap Core Equity ETF	19.91%	0.44%
FFSM Fidelity Fundamental Small-Mid Cap ETF	22.47%	1.28%

Correlation

The correlation between SMOX and FFSM is 0.93, 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 3, 2025	0.93

SMOX vs. FFSM - Sectors Allocation Comparison

Sectors	SMOX	FFSM
Industrials	20.9%	29.5%
Technology	14.0%	14.0%
Financial Services	12.7%	22.7%
Healthcare	8.4%	9.1%
Consumer Cyclical	8.2%	12.2%
Energy	6.7%	2.2%
Real Estate	6.3%	0.0%
Consumer Defensive	5.5%	2.3%
Basic Materials	2.4%	6.2%
Communication Services	1.4%	-
Utilities	1.4%	1.8%

Return for Risk

SMOX vs. FFSM — 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.

FFSM

FFSM Risk / Return Rank: 78
FFSM Sharpe Ratio Rank: 76
FFSM Sortino Ratio Rank: 76
FFSM Omega Ratio Rank: 71
FFSM Calmar Ratio Rank: 81
FFSM Martin Ratio Rank: 85

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. FFSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Small/Mid Cap Core Equity ETF (SMOX) and Fidelity Fundamental Small-Mid Cap ETF (FFSM). 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	FFSM	Difference
Sharpe ratio: Return per unit of total volatility	—	2.16	—
Sortino ratio: Return per unit of downside risk	—	3.01	—
Omega ratio: Gain probability vs. loss probability	—	1.37	—
Calmar ratio: Return relative to maximum drawdown	—	3.87	—
Martin ratio: Return relative to average drawdown	—	15.58	—

Drawdowns

SMOX vs. FFSM - Drawdown Comparison

The maximum SMOX drawdown since its inception was -7.76%, smaller than the maximum FFSM drawdown of -26.65%. Use the drawdown chart below to compare losses from any high point for SMOX and FFSM.

Drawdown Indicators

	SMOX	FFSM	Difference
Max Drawdown Largest peak-to-trough decline	-7.76%	-26.65%	+18.89%
Max Drawdown (1Y) Largest decline over 1 year	—	-10.37%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-24.78%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-26.65%	—
Current Drawdown Current decline from peak	-0.32%	-0.87%	+0.55%
Average Drawdown Average peak-to-trough decline	-1.38%	-7.78%	+6.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.57%	—

Volatility

Volatility by Period

	SMOX	FFSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	6.37%	—
Volatility (6M) Calculated over the trailing 6-month period	—	14.65%	—
Volatility (1Y) Calculated over the trailing 1-year period	15.45%	18.63%	-3.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.45%	20.76%	-5.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.45%	20.61%	-5.16%

SMOX vs. FFSM - Expense Ratio Comparison

SMOX has a 0.75% expense ratio, which is higher than FFSM's 0.43% expense ratio.

Dividends

SMOX vs. FFSM - Dividend Comparison

SMOX's dividend yield for the trailing twelve months is around 0.07%, less than FFSM's 0.43% yield.

Position	TTM	2025	2024	2023	2022	2021
FFSM Fidelity Fundamental Small-Mid Cap ETF	0.43%	0.56%	0.62%	0.56%	0.58%	0.37%
SMOX Horizon Small/Mid Cap Core Equity ETF	0.07%	0.08%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SMOX and FFSM in my portfolio?

With a correlation of 0.93, SMOX and FFSM move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, SMOX or FFSM?

On fees, FFSM is cheaper at 0.43% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SMOX or FFSM?

FFSM is cheaper with a 0.43% expense ratio, compared with 0.75% for SMOX.

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

FFSM has the higher dividend yield at 0.43%, compared with 0.07% for SMOX.

What is the main difference between SMOX and FFSM?

They also come from different issuers: Horizon and Fidelity. Their fees differ too: 0.75% for SMOX and 0.43% for FFSM.