SMOX vs. FRGN

Last updated Jun 3, 2026

SMOX (Horizon Small/Mid Cap Core Equity ETF) and FRGN (Horizon International Equity ETF) are both exchange-traded funds - SMOX is a Mid Cap Blend Equities fund actively managed by Horizon, while FRGN is a Foreign Large Cap Equities fund actively managed by Horizon. Both are actively managed. A 0.70 correlation means they provide meaningful diversification when combined. Both charge a 0.75% expense ratio.

Performance

SMOX vs. FRGN - Performance Comparison

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

Returns By Period

In the year-to-date period, SMOX achieves a 17.05% return, which is significantly lower than FRGN's 25.22% return.

SMOX

• 1D: 1.19%
• 1M: 1.76%
• YTD: 17.05%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

FRGN

• 1D: 0.93%
• 1M: 8.29%
• YTD: 25.22%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SMOX vs. FRGN - Yearly Performance Comparison

	2026 (YTD)	2025
SMOX Horizon Small/Mid Cap Core Equity ETF	17.05%	0.44%
FRGN Horizon International Equity ETF	25.22%	1.47%

Correlation

The correlation between SMOX and FRGN is 0.70, 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	0.70

SMOX vs. FRGN - Sectors Allocation Comparison

Sectors	SMOX	FRGN
Industrials	22.1%	12.1%
Financial Services	15.3%	16.2%
Technology	14.4%	28.2%
Consumer Cyclical	11.4%	5.9%
Healthcare	8.8%	10.1%
Energy	8.0%	8.0%
Real Estate	7.6%	0.9%
Consumer Defensive	4.9%	3.7%
Basic Materials	4.0%	8.6%
Utilities	1.9%	1.9%
Communication Services	1.6%	4.5%

Return for Risk

SMOX vs. FRGN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Small/Mid Cap Core Equity ETF (SMOX) and Horizon International Equity ETF (FRGN). 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	FRGN	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	2.53	2.97	-0.45

Drawdowns

SMOX vs. FRGN - Drawdown Comparison

The maximum SMOX drawdown since its inception was -7.76%, smaller than the maximum FRGN drawdown of -12.40%. Use the drawdown chart below to compare losses from any high point for SMOX and FRGN.

Drawdown Indicators

	SMOX	FRGN	Difference
Max Drawdown Largest peak-to-trough decline	-7.76%	-12.40%	+4.64%
Current Drawdown Current decline from peak	-0.09%	0.00%	-0.09%
Average Drawdown Average peak-to-trough decline	-1.50%	-2.42%	+0.92%

Volatility

Volatility by Period

	SMOX	FRGN	Difference
Volatility (1Y) Calculated over the trailing 1-year period	15.61%	21.38%	-5.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.61%	21.38%	-5.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.61%	21.38%	-5.77%

SMOX vs. FRGN - Expense Ratio Comparison

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

Dividends

SMOX vs. FRGN - Dividend Comparison

SMOX's dividend yield for the trailing twelve months is around 0.07%, less than FRGN's 0.20% yield.

Position	TTM	2025
FRGN Horizon International Equity ETF	0.20%	0.25%
SMOX Horizon Small/Mid Cap Core Equity ETF	0.07%	0.08%

Frequently Asked Questions

Can I hold both SMOX and FRGN in my portfolio?

SMOX and FRGN have a correlation of 0.70, 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 FRGN?

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 FRGN?

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

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

FRGN has the higher dividend yield at 0.20%, compared with 0.07% for SMOX.

What is the main difference between SMOX and FRGN?

SMOX is categorized as Mid Cap Blend Equities, while FRGN is Foreign Large Cap Equities.